Cumulative Performance [thru Mid-Sept 2009]

Note: CS-Tremont AllHedge performance for 1H of September 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, 35, 36 and 16 pps respectively*. Contravest was up 4.5% (unlevered) in 2008 and remains up 16%+ in 2009 YTD*. Following a strong surge in equities in September, Contravest now trails the broader equity benchmarks for 2009 YTD*.

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