Credit Suisse/Tremont Hedge Fund Index Shows That Hedge Funds Held Steady Thanks to Nimbleness in 2007.

Hedge funds outperformed many major global equity indices for the year while maintaining considerably less volatility

NEW YORK -- Credit Suisse Index Co., Inc., today released its latest industry research which details the performance of the Credit Suisse/Tremont Hedge Fund Index for 2007 year to date through November 30. The Index finished the period with estimated annual returns of 12.1%, according to Oliver Schupp, President of the Credit Suisse Tremont Index, LLC.

"We are pleased to present a research piece analyzing the performance of the Credit Suisse/Tremont Hedge Fund Index for 2007," said Mr. Schupp. "Hedge funds experienced a challenging year due to certain market events but finished the year through November 30 by outperforming many major global equity indices while maintaining considerably less volatility."

2007 was characterized by unusually high levels of volatility that impacted hedge fund strategies and financial markets throughout the year. The piece includes comments on the volatility trend, and the resultant nimbleness of hedge fund managers as they responded to the following specific factors which influenced financial markets in each of the four quarters of 2007:

* A) China Factor: A major sell-off in China in late February sparked fears of an Asian crisis reminiscent of 1997. Despite the tumult, 9 out of 10 strategies proved profitable during the first quarter and, of particular note, the Emerging Markets sector has returned 19.0% YTD;

* B) Sub-Prime Meltdown: Unexpected liquidation of several high profile hedge funds and apprehension of a contagion to other sectors that were exposed to sub-prime related securities in the early summer (June and July) caused market turmoil, but hedge funds proved nimble and posted strong returns during the second quarter;

* C) Stat Arb Sell-Off: Selling pressure on hedge funds and bank proprietary trading desks to de-leverage and raise cash is widely believed to be the catalyst for the downward spiral in the equity markets during the first 2 weeks of August. Statistical arbitrage managers were caught in a significant level of technical sell-off in combination with abnormally high volatility and low liquidity, but 7 out of 10 strategies ended the third quarter in positive territory; and

* D) Credit Crunch Returns: November's equity sell-off in markets worldwide in anticipation of gradual deflation in the U.S. housing market, drop in consumer spending, and subsequent global economic slowdown caused November to be a difficult month for all investors. Hedge fund strategies performed well nonetheless, and the Broad Index returned 2.0% in the fourth quarter with all 10 sectors in positive territory through November 30th.

The Credit Suisse/Tremont family of hedge fund indices includes three separate indices:

1. The Hedge Fund Index (the "Broad Index"), an asset-weighted benchmark that measures hedge fund performance;

2. The Blue Chip Investable Index ("INVX"), an investable index comprised of 60 funds across the ten style-based sectors in the broad index that are open to investment; and

3. The Sector Invest Indices ("SECT"), which provide investment access to any of the ten style-based sectors in the broad index on an individual basis.

Credit Suisse Index Co., Inc., industry commentaries and publications are available on the Research and News section of our website, www.hedgeindex.com.

Credit Suisse

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