ND USD 31 May 09 0 $57M 119.37 17 Apr (0.21%) 1.94% 9.19% 8.74% •7.47% 5.86% 6.04% (9.16%) CLASS COMPOSITE Jan 14 14 Feb 11 - Dec II Hsbc Management (Guernsey) Ltd HSBC SPECIAL OPPORTUNITIES FUND LTD 28 Feb 07 0 $75M 133.31 31 Mar 0.51% 3.24% 13.97% 20.63% -3.5% 4.14% 10.06% (35.45%)