Leading Investable Hedge Fund Indices

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February 21, 2006 – The Greenwich-Van Composite Investable Hedge Fund Index (“Investable Index”) continued its third straight year out performing competing investable indices according to hedge fund index provider Greenwich-Van Advisors, LLC. Each year since its inception January 2003, the Greenwich-Van Investable Index has out performed the other investable indices, achieving the highest total annualized return (January 2003 – December 2005) of 10.7% versus CSFB, HFR, S&P, FTSE and MSCI (6.6%, 6.1%, 5.9%, 5.8% and 5.0%, respectively).

Greenwich-Van Investable Index returns are reported net of 4bps per month calculation fee. Tracking Error represents the difference between the annualized return of the broad Index and its corresponding investable index from January 2003 through December 2005.

“In addition to return, measuring how well an investable index tracks its respective benchmark is important to investors looking to achieve hedge fund asset class performance,” notes Margaret Gilbert, Greenwich-Van Managing Director. Of all the investable indices, the Greenwich-Van Composite Investable Index has tracked the closest to its broad benchmark.”

Since inception in January 2003, Greenwich-Van’s Investable Index reports an annualized return of 10.7% versus 11.5% for the Greenwich-Van Global Hedge Fund Index, a difference of less than 1% over the three year period. By comparison, annualized tracking error of CSFB, MSCI and HFR is 4.2%, 5.1% and 6.4%, respectively. S&P, FTSE and Dow Jones do not publish a corresponding broad hedge fund index.

The Greenwich-Van Composite Investable Index is reported monthly net of a .04% Index calculation fee. Past performance and Greenwich-Van Hedge Fund Index construction rules may be viewed at www.vanhedge.com (as well as additional information and historical results for the Index).

Greenwich-Van Advisors, LLC manages one of the world’s largest hedge fund databases and is among the oldest providers of hedge fund indices and research to institutional investors worldwide.

Accuracy of compiled information reported by managers is not audited or independently verified and may not represent all hedge funds. Greenwich-Van does not necessarily perform due diligence on reporting managers. Hedge fund returns are net of underlying fees and performance allocations.

Timing of fee and performance allocations may affect the reported performance. Averages are equal-weighted.

Past results are not indicative of future performance.