Hedge Funds Deliver Strong Start in 2006; Greenwich-Van Global Hedge Fund Index Gains 3.5% in January.

GREENWICH, Conn. -- The Greenwich-Van Global Hedge Fund Index gained 3.5% in January according to a preliminary report by Greenwich-Van Advisors, LLC, a leading hedge fund index provider. In comparison, the S&P 500 returned 2.7%, the Morgan Stanley Capital International World Equity Index returned 4.4%, while the Lehman Brothers Aggregate Bond Index was flat.

"Strong global equity indices propelled most hedge funds higher during the first few weeks of 2006," notes Wade McKnight, Vice President of Greenwich-Van. "Emerging market managers remain frontrunners, as was the case in 2005, returning 7.1%. The second strongest hedge fund strategy in January, with a preliminary return of 5.3%, was the Aggressive Growth long/short equity strategy group. This strategy could perform very well in 2006 if the so-called "January Barometer" holds true. Short Selling managers, not surprisingly, generated the worst showing of -4.7%."

The Index represents average performance, net of fees, of hedge fund managers reporting to Greenwich-Van. It has shown gains over each of the last 17 calendar years, underscoring hedge funds' reputation as absolute return vehicles. Since its inception through last month, the Index has produced a compound annualized return of 15.7% net. Past performance and index construction methodology may be viewed at www.vanhedge.com.

January 2006 Greenwich-Van Global Hedge Fund Index preliminary results included 426 funds. An updated January return for the Index, based on a larger sample of funds, will be released in mid-February; final results will be available at the end of February. Additional Greenwich-Van Indices, which show average February hedge fund performance for individual investment strategies and broad strategy groups, will also be available at mid-month and month-end.

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.