Hedge Fund Report

Performance of Hedge Funds by Geographic Focus (As at August 2012)

8 6 4 2 0

Q1 2012

-2 -4 -6

North America Europe Q1 2012 Q2 2012 North America Europe Asia-Pacific Emerging Markets All Hedge Funds 6.67 4.37 6.38 5.51 5.51 -2.84 -2.34 -3.78 -2.94 -2.94

Q2 2012 Q3 2012 To Date 2012 to Date Last 12 months

Return Period Asia-Pacific Q3 2012 to Date 2.12 1.53 0.40 1.90 1.90 Emerging Markets 2012 to Date 5.84 3.48 2.77 4.34 4.34 All Hedge Funds Last 12 Months 5.27 3.24 -1.30 2.01 2.01

Net Returns (%)