The 20 Rising Stars of Hedge Funds 2008

Top 10 Funds by Strategy Strategy/Fund Event Driven Multi-Strategy Rosseau Limited Partnership Deltec Special Situations Partners, L.P Lionhart Global Appreciation Europe Fund Class A USD Starboard Value & Opportunity Partner, L.P. Owl Creek Overseas Fund Ltd IBS Turnaround Fund, L.P. Longacre Special Equities Fund, L.P. Argo Global Special Situations Fund SP First Eagle Fund NV Class A TT Event-Driven Fund (Class A EUR) Sector Prosperity Quest Fund (Power) Gazinvest Fund 303 Energy Trading Alliance, LLC Caritas Royalties Fund (Bermuda) Ltd. Dynamis Energy Fund, Ltd. RAB Energy Fund- Class C (EUR) Dorset Energy Fund Limited Lucas Energy Total Return Offshore, Ltd. Class C X-10 Capital Partners (QP), LP Global Beverage Fund A Global Macro Balestra Capital Partners, LP Everest Capital Global Clarium LP Global Undervalued Securities Fund MaxQ Fund Limited EUR Portage Fund, Ltd AIS TAAP Composite Atlas Global Investments, Ltd. Wexford Offshore Spectrum Fund Class A Fidúcia Diamond Equity Long/Short Passport II, LP - Global Dynamic Power Hedge Fund SR Phoenicia (Class A) Loyola Capital Partners, LP UFG Russia Select Fund Class A BTR Global Prospector Fund Eastern Advisors LLC Ginger Capital Fund Krohne Fund, L.P. Polar Capital Paragon Absolute Return Fund GBP Fund of Funds FMG Rising 3 - Class B USD Balestra Spectrum Partners, LLC Magnum Russia Fund GAM Multi-China-USD Open SPI International, LP Merriwell Fund Signet Global Equity Fund Gold in USD Berens Global Value Fund, Ltd. EFG Equity Fund- Asia Gems Russia Fund Portfolio 2005-2007 3 Yr Return (%)* 3 Yr Ann. Stdev.(%) Incept. Date Assets ($ Million) average or believed in pop culture or the market.” For the rest of 2008, Burbank is not convinced investors or fund managers have seen the last of the financial crisis. “There is a huge amount of leverage that needs to be worked off, and liquidity should remain an issue,” he said. However, he is not terribly concerned about any effect the U.S. credit crunch will have on the rest of the world, his happy hunting ground. “That is already happening to some extent in earnings in places where we are invested, but as a result of decoupling we are not seeing too much of an effect,” he added. Value Equals Opportunity These days also should be a happy time for advisors who specialize in picking up distressed securities. Indeed, they have rarely seen such a buyers’ market. But as the bargain hunting rolls along, it also would seem too early for big wins. In reality, however, Joseph Strubel, senior advisor for credit, equity and special situations for the Millennium Global High Yield Fund, has managed a top-four finish in each of the past three years. Strubel said the key to his consistency is a value approach and a wide view. “We look around the world for late-cycle distress and early-cycle recovery, buying credit with the potential for equity upside,” he explained. “That is the sweet spot.” In going about his business, Strubel said he is not just making money for his investors, but he also is filling an important role in the global markets by injecting liquidity where it is most needed. “We have a unique environment,” he added. “The banks have been out of the market for an extended time.” As a result, there is a ready market for distressed securities tied to assets that are not really distressed. MAY 2008 1 2 3 4 5 6 7 8 9 10 162.52% 79.17% 70.91% 69.30% 66.04% 63.76% 61.41% 52.94% 45.49% 45.48% 24.75% 7.78% 10.06% 11.44% 9.22% 11.34% 11.02% 3.48% 8.18% 8.42% 31-Jan-99 31-Jan-03 31-Oct-99 31-Mar-04 28-Feb-02 30-Jun-94 30-Jun-04 31-Aug-04 30-Nov-77 31-May-04 160.00 31.73 10.00 2350.00 96.30 24.00 422.40 155.26 1 2 3 4 5 6 7 8 9 10 664.26% 529.29% 242.23% 132.31% 108.77% 107.75% 106.74% 95.64% 90.77% 90.01% 26.47% 58.40% 22.22% 6.20% 21.56% 18.27% 17.00% 17.27% 13.15% 12.76% 31-Jan-00 31-Oct-03 31-Mar-04 31-Jul-04 31-Jan-05 30-Jun-04 30-Nov-00 31-May-04 31-Jul-04 31-Jul-95 514.01 6.97 65.00 30.78 55.84 980.00 866.49 720.00 1 2 3 4 5 6 7 8 9 10 228.10% 103.65% 103.39% 98.51% 96.04% 95.60% 87.63% 86.51% 64.05% 61.80% 27.07% 19.40% 21.02% 11.81% 11.01% 13.39% 14.91% 9.53% 10.61% 3.30% 31-Jan-99 31-Jan-90 31-Oct-02 29-Feb-96 31-Jan-03 31-Jan-05 30-Apr-92 31-Mar-04 30-Apr-97 30-Nov-03 400.00 2938.00 3547.00 25.54 46.90 1969.30 1 2 3 4 5 6 7 8 9 10 353.43% 311.00% 185.42% 182.30% 176.02% 161.24% 158.90% 157.73% 151.56% 150.49% 35.11% 36.23% 16.41% 32.34% 19.69% 19.91% 19.11% 24.17% 14.25% 16.01% 31-Oct-03 30-Jun-02 31-Aug-01 31-Oct-00 31-Jan-03 31-May-03 30-Apr-03 31-Jul-04 31-May-04 30-Apr-04 862.60 445.68 82.50 139.00 358.00 433.18 28.08 604.90 1 2 3 4 5 6 7 8 9 10 156.47% 151.15% 137.43% 134.49% 123.36% 123.08% 116.77% 114.20% 106.36% 104.51% 13.90% 15.91% 16.95% 19.44% 12.98% 11.01% 18.42% 8.24% 15.78% 14.70% 30-Nov-03 31-Jan-99 30-Nov-94 29-Feb-04 31-Jan-95 31-Jul-90 31-Oct-03 29-Feb-04 31-Oct-04 31-Jan-95 99.15 67.00 17.00 27.60 9.30 225.00 7.94 152.00 35.11 22.55 Source: CASAM CISDM Database (www.casamhedge.com) * cumulative % returns For inclusion in the CASAM CISDM Database or for more information, please email data@casamhedge.com, or call (212) 603-5036. 16 HEDGE FUND RISING STARS http://www.casamhedge.com

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The 20 Rising Stars of Hedge Funds 2008 Contents Looking Great for 2008 A Matter of Supply and Demand Return Performance Highlights Challenging Period 20 Rising Stars of Hedge Funds Mentors' Page

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