December 2013 Performance of the HFRX Indices

HFRX INDICES – STRATEGY 2014 Glocap Hedge Fund Compensation Report Monthly Performance Historical Performance DEC ROR NOV ROR 2013 INDEX VALUE (DECEMBER 31, 2013) Last 36 M (ann) Last 48 M (ann) Global HFRX Absolute Return Index 0.29% 0.45% 3.57%   989.00 0.20% 0.12% HFRX Aggregate Index 0.84% 0.57% 8.31% 1,544.18 3.07% 4.17% HFRX Equal Weighted Strategies Index 0.49% 0.33% 6.29% 1,197.06 0.73% 1.85% HFRX Global Hedge Fund Index 0.56% 0.55% 6.72% 1,225.49 0.22% 1.44% HFRX Market Directional Index 0.89% 0.25% 9.50% 1,158.07 -2.76% 0.13% Equity Hedge HFRX Equity Hedge Index 1.25% 0.96% 11.14% 1,165.39 -1.95% 0.66% HFRX EH: Energy/Basic Materials Index 1.23% -0.29% 7.17% 1,503.42 -1.88% 0.50% HFRX EH: Equity Market Neutral Index 0.17% 0.64% 1.72%   951.79 -1.99% -0.85% HFRX EH: Fundamental Growth Index 1.21% 0.52% 4.18% 1,560.52 -1.93% -0.24% HFRX EH: Fundamental Value Index 1.39% 1.24% 16.05% 1,134.53 -1.85% 0.79% HFRX EH: Multi-Strategy Index 1.40% 1.65% 16.48% 1,876.58 4.23% 5.74% HFRX EH: Quantitative Directional Index 1.68% 1.28% 11.03% 1,530.78 4.93% 3.97% HFRX EH: Short Bias Index -0.49% -0.41% -10.29%   579.27 -7.44% -11.91% HFRX EH: Technology/Healthcare Index 2.11% 1.26% 20.88% 1,923.90 8.77% 6.93% Event Driven HFRX Event Driven Index 0.28% 0.60% 13.87% 1,577.27 4.69% 4.01% HFRX ED: Activist Index 1.71% 0.13% 19.32% 1,944.09 2.74% 5.69% HFRX ED: Credit Arbitrage Index 1.06% 1.08% 12.61% 2,067.23 9.06% 9.52% HFRX ED: Distressed Restructuring Index -0.02% -0.005% 5.37% 1,003.73 -0.73% 1.46% HFRX ED: Merger Arbitrage Index 0.45% 0.20% 4.03% 1,568.72 0.93% 2.10% HFRX ED: Multi-Strategy Index 0.53% 0.88% 8.18% 1,748.13 2.84% 3.24% HFRX ED: Special Situations Index 0.38% 0.83% 18.17% 1,336.73 6.28% 5.07% Macro HFRX Macro/CTA Index -0.05% 0.32% -1.79% 1,133.66 -2.57% -2.36% HFRX Macro: Active Trading Index 1.52% 1.47% 3.97% 1,680.83 1.18% 1.97% HFRX Macro: Commodity Index 0.89% -0.95% -1.65% 1,546.76 -3.18% -3.64% HFRX Macro: Commodity: Agriculture Index -0.15% 0.89% 5.69% 1,385.13 -2.19% -0.31% HFRX Macro: Commodity: Energy Index 3.51% 1.48% 1.16% 1,123.35 0.60% 1.79% HFRX Macro: Commodity: Metals Index 2.06% -8.73% -32.86% 1,691.66 -22.71% -12.25% HFRX Macro: Currency Index 0.001% -0.22% 0.42% 1,031.24 -0.15% 0.58% HFRX Macro: Discretionary Thematic Index 1.15% 0.03% 1.79% 1,771.86 3.86% 4.52% HFRX Macro: Multi-Strategy Index 1.02% 0.78% 4.22% 1,697.27 3.00% 3.29% HFRX Macro: Systematic Diversified CTA Index 0.55% 1.60% -1.30% 1,500.22 -3.54% -1.23% Relative Value HFRX Relative Value Arbitrage Index 0.60% 0.27% 2.96% 1,203.65 0.80% 2.47% HFRX RV: Energy Infrastructure Index 1.09% 0.92% 23.80% 2,750.59 11.70% 14.75% HFRX RV: FI-Asset Backed Index 1.21% 1.45% 14.60% 2,817.90 17.44% 16.88% HFRX RV: FI- Convertible Arbitrage Index 1.11% -0.73% 10.42%   775.52 4.69% 5.70% HFRX RV: FI-Corporate Index 0.60% 0.63% 6.61% 1,516.83 5.78% 7.79% HFRX RV: FI-Sovereign Index 0.73% -0.44% 4.47% 1,363.65 2.01% 2.65% HFRX RV: Multi-Strategy Index 0.25% 0.22% 0.92% 1,847.29 1.45% 3.53% HFRX RV: Real Estate Index 0.02% 0.37% 7.38% 1,251.70 2.97% 3.24% HFRX RV: Volatility Index 0.60% 0.61% 5.51% 1,514.94 5.50% 2.95% HFRX RV: Yield Alternative Index 0.56% 0.65% 15.39% 2,048.44 7.36% 8.95% Concept HFRX Alternative Energy Index 1.16% 0.79% 3.45% 1,432.75 5.18% 5.58% HFRX Diversity Index 1.82% 1.16% 12.75% 2,413.53 5.91% 6.61% HFRX Fixed Income – Credit Index 0.45% 0.03% 6.87% 2,001.11 3.51% 5.13% HFRX MLP Index 3.53% 1.06% 26.35% 1,940.51 13.96% 18.03% 2014 Glocap Hedge Fund Compensation Report. >>> Purchase | Learn more HFRX INDICES – REGIONAL FREE TRIAL for Accredited Investors: HFRDatabase.com Monthly Performance Historical Performance DEC ROR NOV ROR 2013 INDEX VALUE (DECEMBER 31, 2013) Last 36 M (ann) Last 48 M (ann) HFRX Asia Composite Hedge Fund Index 1.55% 0.63% 14.52% 1,986.97 4.10% 5.66% HFRX Asia Equally Weighted Index 1.66% 0.77% 16.77% 2,051.05 4.96% 6.32% HFRX Asia ex-Japan Index 0.94% -0.14% 6.76% 2,101.10 0.15% 2.61% HFRX Asia with Japan Index 1.75% 0.91% 12.32% 2,312.37 4.75% 6.23% HFRX Brazil Index -2.10% -3.28% -10.42% 1,414.75 -6.39% -1.15% HFRX BRIC Index 0.96% -0.28% -2.01% 2,336.55 -3.91% 0.72% HFRX China Index 1.40% 3.14% 19.08% 3,118.02 5.51% 6.46% HFRX Emerging Markets Composite Index 0.10% -1.00% 0.23% 2,053.57 0.67% 4.40% HFRX India Index 2.38% 0.86% -10.48% 1,679.91 -12.17% -5.95% HFRX Japan Index 2.28% 1.54% 32.25% 1,657.72 10.02% 9.60% HFRX Latin America Index -1.11% -0.09% 1.10% 1,844.82 0.36% 4.88% HFRX MENA Index 0.74% 1.89% 20.31% 2,106.41 4.88% 9.07% HFRX Multi-Emerging Markets Index 1.01% 0.40% 8.51% 1,980.18 8.76% 10.85% HFRX Multi-Region Index 0.52% 0.56% 6.73% 1,265.31 -1.52% 0.85% HFRX North America Index 0.97% 0.72% 12.54% 1,488.22 4.73% 4.11% HFRX Northern Europe Index 0.56% 1.28% 6.80% 1,655.62 4.40% 4.70% HFRX Russia Index 1.96% -1.98% -5.22% 2,323.08 -4.00% 1.42% HFRX Russia/Eastern Europe Index -0.01% -1.03% -5.47% 1,787.39 -5.53% 0.63% HFRX Total Emerging Market Index -0.22% -0.01% 2.84% 1,861.76 1.09% 4.88% HFRX Western/Pan Europe Index 1.39% 1.25% 13.63% 1,896.31 7.15% 7.26% HFRX INDICES – FX HEDGED HFR Indices on your iPhone: Learn more at HFR2GO.COM Monthly Performance Historical Performance DEC ROR NOV ROR 2013 INDEX VALUE (DECEMBER 31, 2013) Last 36 M (ann) Last 48 M (ann) HFRX Equal Weighted Strategies CHF Index 0.41% 0.28% 5.79% 1,302.88 -0.03% 1.12% HFRX Equal Weighted Strategies EUR Index 0.46% 0.31% 5.99% 1,122.53 0.61% 1.69% HFRX Equal Weighted Strategies GBP Index 0.50% 0.33% 6.55% 2,212.45 0.87% 1.98% HFRX Equal Weighted Strategies JPY Index 0.46% 0.31% 6.22%   105,785.18 0.57% 1.65% HFRX Global Hedge Fund CHF Index 0.48% 0.51% 6.10% 1,326.02 -0.57% 0.64% HFRX Global Hedge Fund EUR Index 0.53% 0.53% 6.31% 1,135.73 0.01% 1.14% HFRX Global Hedge Fund GBP Index 0.57% 0.55% 6.97% 2,267.73 0.42% 1.59% HFRX Global Hedge Fund JPY Index 0.53% 0.54% 6.67%   108,927.37 0.08% 1.25% HFRX Equity Hedge EUR Index 1.21% 0.94% 10.74% 1,103.32 -2.17% 0.33% HFRX Event Driven EUR Index 0.25% 0.58% 13.44% 1,502.22 4.48% 3.75% HFRX Macro/CTA EUR Index -0.07% 0.31% -2.04% 1,093.82 -2.61% -2.38% HFRX Relative Value Arbitrage EUR Index 0.57% 0.26% 2.64% 1,144.76 0.67% 2.30%

HFRX Indices are designed to be representative of the overall composition of the hedge fund industry.

Hedge Fund Research, Inc. (“HFR”) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Strategy Universe. Construction of each Index employs state-of-the-art quantitative techniques and qualitative analysis. Multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding hedge fund strategy.

The full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded here.

HFRX index performance profiles reflect respective dates of inception. Index values provided prior to the inception of daily performance, are calculated by means of retroactive and iterative application of the index model. The values for the HFRX EUR, JPY, CHF and GBP FX Indices are calculated by applying to the USD index value the cost of a rolling monthly foreign exchange contract on the relevant currency. All HFRX Indices are re-balanced quarterly.

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