0% 0% -50% 389.7 84.2% 81.0% 55.3% jan.01 jan.02 jan.03 jan.04 jan.05 jan.05 jan.06 jan.07 jan.08 jan.09 jan.10 SPHERA HFRI index CSFB Tremont — Ba clay global hedge index •Sphera returns are net of all fees; 2004-present returns are all in U.S. Dollars (portfolio fully hedged); Historica