Cumulative Performance [through Dec 2009]

Contravest finished the year up 18%, in line with broader hedge fund indices, following a 5% gain in 2008. This came on the back of conservative portfolio construction and no use of leverage, with portfolio’s beta averaging under 0.4 in 2009. As at the end of December 2009, Contravest was up 23% since inception in 2H08. That compares with -12%, -13%, -3%, and +5% for S&P 500, Russell 2000, CST AllHedge, and Barclays Global Bond Aggregate respectively, over the same period.

Exhibit - Cumulative performance through 12/31/09

Note: CST AllHedge performance for 12/09 is not available

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.