Greenwich, CT, USA, January 12, 2010 – Hedge funds as measured by the Greenwich Global Hedge Fund

Index (“GGHFI”) advanced during the month of December to close the year near all time highs.  The GGHFI
returned +0.97% while the Greenwich Composite Investable Index (“GI2”) advanced by +0.06% during the
month, compared to global equity returns in the S&P 500 Total Return +1.93%, MSCI World Equity +1.69%,
and FTSE 100 +4.28% equity indices.  Year-to-date, the GGHFI and the GI2 returned +19.38% and +4.16%,
respectively, while the S&P 500 Total Return, MSCI World Equity, and FTSE 100 Indices returned +26.45%,
+26.96%, and +22.06%, correspondingly.  72% of constituent funds in the GGHFI ended the month with
gains.

Greenwich Hedge Fund Index Performance at a Glance

Weight Total Return 5 Yr Annualized 3 Yr Annualized
Dec09 Nov09 YTD 3Month 1Year CAR STD CAR STD
 
Global Hedge Fund Index * 100% 1.0% 1.6% 19.4% 2.3% 19.4% 3.7% 8.1% 6.3% 6.9%
Market Neutral Group 20.2% 1.7% 0.7% 18.4% 2.9% 18.4% 3.8% 6.3% 5.6% 5.1%
Equity Market Neutral 6.3% 0.6% -0.1% 3.6% 0.3% 3.6% 2.3% 3.8% 4.4% 3.3%
Event-Driven 7.1% 3.0% 1.3% 26.4% 5.1% 26.4% 4.6% 8.0% 6.9% 6.6%
Distressed Securities 2.2% 3.0% 1.5% 24.8% 6.5% 24.8% 0.9% 8.9% 5.3% 7.3%
Merger Arbitrage 1.1% 1.0% 0.7% 8.4% 1.6% 8.4% 4.3% 4.6% 6.2% 3.9%
Special Situations 3.9% 4.2% 1.4% 33.5% 6.3% 33.5% 7.3% 9.1% 8.1% 7.5%
Arbitrage 6.8% 1.3% 0.9% 22.1% 2.9% 22.1% 4.3% 7.2% 5.5% 5.7%
Convertible Arbitrage 1.2% 2.2% 1.2% 49.4% 4.1% 49.4% -0.5% 16.6% 1.8% 13.1%
Fixed Income Arbitrage 3.2% 1.1% 0.9% 22.2% 3.5% 22.2% 5.1% 7.0% 6.0% 5.4%
Other Arbitrage 1.7% 0.5% 0.8% 15.9% 0.7% 15.9% 5.9% 5.2% 7.0% 4.3%
Statistical Arbitrage 0.8% 0.8% -0.6% 5.6% 1.2% 5.6% 4.1% 3.9% 5.5% 3.3%
Long/Short Equity Group 35.7% 2.3% 1.7% 23.4% 3.1% 23.4% 2.4% 10.4% 6.0% 8.9%
Growth 8.0% 3.3% 2.8% 28.9% 4.6% 28.9% 1.5% 13.2% 4.8% 11.3%
Opportunistic 8.1% 1.7% 1.4% 16.8% 2.3% 16.8% 4.5% 8.8% 8.0% 8.2%
Short Selling 0.6% -1.3% -0.7% -14.9% 0.2% -14.9% 6.4% 12.5% 3.4% 11.3%
Value 19.0% 2.2% 1.4% 24.8% 2.9% 24.8% 17.9% 13.5% 21.0% 14.0%
Directional Trading Group 21.1% -2.0% 2.6% 2.5% -0.6% 2.5% 7.4% 6.2% 6.7% 6.0%
Futures 13.9% -2.7% 3.3% -1.0% -0.9% -1.0% 9.1% 8.5% 7.3% 8.3%
Macro 6.8% -0.4% 1.1% 9.3% 0.4% 9.3% 5.3% 5.6% 6.3% 4.9%
Market Timing 0.4% 0.5% 3.6% 16.6% 1.9% 16.6% 7.1% 7.0% 6.1% 5.9%
Specialty Strategies Group 23.0% 1.6% 1.3% 31.8% 4.1% 31.8% 4.7% 11.8% 8.5% 9.8%
Emerging Markets 12.8% 2.1% 1.6% 42.5% 5.1% 42.5% 4.0% 16.6% 9.9% 13.9%
Fixed Income 3.6% 2.3% 0.8% 25.8% 5.7% 25.8% 4.3% 6.3% 5.8% 5.0%
Multi-Strategy 6.7% 0.1% 1.0% 17.1% 1.3% 17.1% 5.0% 7.2% 7.4% 6.3%
Investable Hedge Fund Index 100.0% 0.1% 0.8% 4.3% 0.4% 4.3% -4.1% 7.8% 0.5% 6.7%
Market Neutral Group 23.3% 0.7% 0.0% 7.8% 0.4% 7.8% -2.2% 8.5% 1.5% 6.9%
Long/Short Equity Group 39.5% 0.0% 1.3% 10.9% 0.6% 10.9% -1.6% 8.4% 2.8% 7.8%
Directional Trading Group 16.7% -1.7% 0.3% -24.8% -2.0% -24.8% -8.7% 13.7% -4.2% 11.0%
Specialty Strategies Group 20.5% -0.5% 1.1% 8.5% 0.7% 8.5% -11.1% 12.9% -3.6% 10.5%
Comparative Benchmark
Barclays Aggregate Bond Index -1.6% 1.3% 5.9% 0.2% 5.9% 6.0% 4.2% 5.0% 3.7%
S&P 500 1.9% 6.0% 26.5% 6.0% 26.5% -5.6% 19.9% 0.4% 16.1%
MSCI World Equity Index 1.7% 3.9% 27.0% 3.7% 27.0% -7.7% 21.6% 0.0% 17.5%
FTSE 100 4.3% 2.9% 22.1% 5.4% 22.1% -4.5% 18.1% 2.4% 15.0%

*  This table contains estimates.  The GGHFI current month return is an estimate which will be
finalized on the last day of the month.
MACRO MANAGERS TURN BEARISH ON EQUITIES

STAMFORD, CT, USA, December 4, 2009 - Greenwich Alternative Investments, LLC released
today its market sentiment indicators for U.S. equities, the U.S. Dollar and the U.S. Treasury 10-
year Note.

After 8 months of mixed to bearish sentiments, a majority of macro managers were bullish on
equities for December. For the month, 57% of Macro Managers reported a bullish sentiment on
equities while the remaining 43% reported a bearish sentiment. This is a reversal from November,
when 43% of respondents were bearish and 57% bullish on equities. At the same time, a majority of
macromanagers reported bearish sentiments on the US Dollar for December, another response
which has been rare in 2009. Finally, fewer managers were either bullish or bearish on U.S.
Treasuries for December, with 57% reporting a neutral outlook.

Greenwich Alternative Investments Market Sentiment Indicators

U.S. Equities (S&P 500)
Expectation November December January
Bullish 43% 57% 57%
Neutral 0% 0% 0%
Bearish 57% 43% 43%
U.S. Dollar
Bullish 43% 29% 71%
Neutral 29% 14% 14%
Bearish 29% 57% 14%
U.S. Treasury 10-year Note (price)
Bullish 43% 29% 57%
Neutral 14% 57% 0%
Bearish 43% 14% 43%