Hedge Funds Up +3.46% YTD; Index Returned +0.09% In February.

GREENWICH, Conn. -- The Greenwich-Van Global Hedge Fund Index (the "Index") gained +0.09% in February (3.46% YTD), according to hedge fund index provider Greenwich-Van Advisors, LLC. In comparison, the S&P 500 and the Lehman Brothers Aggregate Bond Index returned +0.27% (2.93% YTD) and +0.33% (0.34% YTD), respectively.

"Hedge fund returns were flat due to mixed economic data which gave little direction to February's stock and bond markets," notes Wade McKnight, Greenwich-Van Vice President. "February mostly represented a consolidation of events begun in the very busy first four weeks of the year. U.S. monetary policy continues to be the key focus for world bourses."

Approximately 60% of the 856 funds reporting thus far show positive returns. Final returns will be posted at www.vanhedge.com the end of March, after additional funds have reported.

Strategy Group Summary

The Specialty Strategies Group led the four Greenwich-Van Strategy Groups yielding 0.75% in February. Emerging Markets, a strategy that invests in areas such as China, Latin America, and Russia, generated the strongest result within the Group with a 0.99% net return. The Market Neutral Group and Long/Short Equity Groups followed yielding .73% and .27%, respectively. The Directional Trading Group, comprising futures, market timing and macro oriented hedge fund strategies, lost -1.85% in February, most effected by futures managers making strong commodity bets.

Greenwich-Van Composite Investable Hedge Fund Index

The Greenwich-Van Composite Investable Hedge Fund Index continues to show its strength in tracking the hedge fund universe, with a reported gain of 1.06% in February. The Investable Index, comprised of 48 funds, adds investability, active management and liquidity to the diversification and performance benefits of the broad Greenwich-Van Global Hedge Fund Index.

Since its inception January 2003, the Investable Index achieved an annualized return of 11.27% versus 12.40% for the Greenwich-Van Global Hedge Fund Index. Its correlation of 0.95 and Beta of 0.92 to the Greenwich-Van Global Hedge Fund Index further demonstrate the Investable Index's ability to track the hedge fund universe. The 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 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.