Cumulative Performance [thru mid-August 2009]

Note: CS-Tremont AllHedge performance for 1H of August 09 is not yet available.

Since inception in mid-08, Contravest has outperformed CS-Tremont AllHedge, Russell 2000, S&P 500 and Barclays Global Bond Aggregate by 29, 43, 41 and 15 pps respectively*. Contravest was up 4.5% (unlevered) in 2008 and remains up and ahead of all benchmarks and most peers in 2009 YTD*.

* as at the end of trading on 08/17/09. Comparison vs. CS-Tremont AllHedge is as at the end of July 2009.

Disclaimer: Performance figures are for informational purposes only and do not constitute investment advice or an offer or solicitation to buy or sell any designated investments discussed herein.