Hedge Funds up 7.0% Through November; Hedge Funds Continue to Perform.

GREENWICH, Conn. -- The Greenwich-Van Global Hedge Fund Index ("GVGHFI" or the "Index") gained +2.0% in November, while the Greenwich-Van Composite Investable Index ("Investable Index") gained +1.2%, according to hedge fund index provider Greenwich-Van Advisors, LLC (Greenwich-Van).

"Many hedge fund strategies, with the exception of short sellers and convertible arbitrage managers, posted strong gains in November," noted Wade McKnight, Vice President of Greenwich-Van. "The GVGHFI has returned 7.0% on a year-to-date basis compared to 5.3% for the MSCI World Equity Index, 4.9% for the S&P 500, 3.9% for the Russell 2000 and 2.6% for the Nasdaq. Only one of the twenty hedge fund indices tracked by Greenwich-Van (Convertible Arbitrage) is negative for the year."

Futures managers in November led the pack returning 5.4%, partially deriving their stellar showing from U.S. dollar strength against European and Asian currencies. Other factors enhancing returns for Futures managers include mounting metals prices, long index positions and rehabilitated strength in the Nikkei.

The Greenwich-Van Aggressive Growth Index posted the second best result in November returning 2.9%. This equity-based index benefited from broad stock market vigor spurred on by expansive economic strength and oversold conditions. Recent economic data reported surging productivity increases coupled with subdued inflation and favorable labor costs, which historically have been consistent with broad equity strength. Additionally, most investors seem to be expecting the typical year-end rally.

The Greenwich-Van Emerging Market Index returned 2.3% in November and is the leading sub-strategy index on a year-to-date basis, returning 12.4%. The past 3 years have been extraordinary for emerging market managers due to a very supportive global liquidity environment coupled with low interest rates in the U.S. Many expect volatility to increase which will moderate returns in the near-term.

The Greenwich-Van Global Short Selling Index, which consists of managers with a dedicated short bias, suffered the biggest loss, falling -4.6%, for obvious reasons - rallying equity markets. Short sellers also reported losses from short squeezes.

As currently calculated, November 2005 returns for the Greenwich-Van Global Hedge Fund Indices are shown below.

November  YTD 2005
                                     2005
-----------------------------------------------------
Greenwich-Van Global                  2.0%       7.0%
Hedge Fund Index
-----------------------------------------------------
Market Neutral Group                  0.8%       4.2%
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  Equity Market Neutral               1.0%       6.1%
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  Event-Driven                        1.1%       6.1%
-----------------------------------------------------
     Distressed Securities            1.2%       8.3%
-----------------------------------------------------
     Merger Arbitrage                 0.9%       4.6%
-----------------------------------------------------
     Special Situations               1.1%       5.1%
-----------------------------------------------------
  Market Neutral Arbitrage            0.4%       2.3%
-----------------------------------------------------
     Convertible Arbitrage            0.2%      -2.4%
-----------------------------------------------------
     Fixed Income Arbitrage           0.2%       5.1%
-----------------------------------------------------
     Other Arbitrage                  0.8%       3.7%
-----------------------------------------------------
     Statistical Arbitrage            0.7%       4.6%
-----------------------------------------------------
Long/Short Equity Group               2.1%       8.4%
-----------------------------------------------------
  Aggressive Growth                   2.9%       6.2%
-----------------------------------------------------
  Opportunistic                       2.3%      10.7%
-----------------------------------------------------
  Short Selling                      -4.6%       3.8%
-----------------------------------------------------
  Value                               2.3%       9.2%
-----------------------------------------------------
Directional Trading Group             4.2%       5.2%
-----------------------------------------------------
  Futures                             5.4%       3.7%
-----------------------------------------------------
  Macro                               1.9%       7.4%
-----------------------------------------------------
  Market Timing                       0.9%       0.3%
-----------------------------------------------------
Specialty Strategies Group            1.7%       8.7%
-----------------------------------------------------
  Emerging Markets                    2.3%      12.4%
-----------------------------------------------------
  Income                              0.4%       5.3%
-----------------------------------------------------
  Multi-Strategy                      1.7%       5.8%
-----------------------------------------------------

The Greenwich-Van Global Hedge Fund Index rose to a value of 13,269.85 in November. The Index had an initial value of 1,000 at January 1, 1988. Over its 17 year and 11 month history, the Index generated a net compound annualized return of 15.5%, compared to a 12.0% compound annualized return for the S&P 500. Past performance of the Greenwich-Van Global Hedge Fund Index may be viewed at www.vanhedge.com.

Greenwich-Van Composite Investable Index

The Greenwich-Van Composite Investable Index gained 1.2% in November and is up 4.7% for the year. The Investable Index has achieved an annualized return of 11.2% versus an annualized return of 11.3% for the GVGHFI since the Investable Index's inception. Its correlation of 0.96 and Beta of 0.95 to the Greenwich-Van Global Hedge Fund Index demonstrates the Investable Index's ability to represent the broader hedge fund universe.

Comparative Benchmarks

For comparison purposes, the S&P 500 gained 3.8%, the Morgan Stanley Capital International World Equity Index ("MSCI WEI") gained 3.1%, the Nikkei 225 rose 9.3% and the Dow Jones Europe Stoxx Index gained 0.3% in November. The Lehman Brothers Aggregate Bond Index ("LBABI") gained 0.4%.

Greenwich-VAN Advisors, LLC ("Greenwich-Van") is a global hedge fund index provider that gathers information on hedge funds worldwide. Greenwich-Van bases its work on its pioneering research on hedge funds begun in the early 1990s and by drawing on one of the world's largest hedge fund databases.

The Index represents the average return of hedge funds tracked by Greenwich-Van and serves as one of the hedge fund industry's longest-running benchmarks of overall performance.

Final November returns for the Greenwich-Van Hedge Fund Indices will be calculated at the end of December, after additional funds have submitted their returns to Greenwich-Van. Those results take the place of the returns reported herein. Final November returns for the Greenwich-Van Global Hedge Fund Indices will be posted at www.vanhedge.com when they become available.

Greenwich-Van's hedge fund index information is a compilation of information received (and not audited or independently verified) from the hedge funds in Greenwich-Van's databases and may not be representative of all hedge funds. Greenwich-Van provides no warranties as to the accuracy of the underlying information as reported by the managers, nor does Greenwich-Van perform due diligence on all such reporting managers. Hedge fund returns are net of fees and performance allocations. The timing of the deduction of such fees and performance allocations may affect the reported performance. The November Greenwich-Van Global Hedge Fund Indices as reported herein were created using a sample of 905 funds. Different statistics may be based on different numbers of funds. Averages are equal-weighted. Past results are not indicative of future performance. Please see www.vanhedge.com/pdf/vanindex.pdf for more information regarding the Greenwich-Van Global Hedge Fund Indices and http://www.vanhedge.com/pdf/Van_Composite_Investable_Index_ Construction_Methodology_July_2005_Revision.pdf for more information regarding the Greenwich-Van Composite Investable Index. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)