98% (24.73%) HSBC Alternative Investments Limited Mar 14 14 Dec 07 - Nov 08 Macro Ytd Avg. 2014 (4.80%) Yid Avg. 2014 Macro/Global (4.80%) MASTERS FUND LTD MAGNOLIA SERIES 31 Dec 96 0 $237M 4.909.12 25 Apr (1.15%) (4.80%) 11.11% 1.49% .0.36% 9.62% 8.65% (9.96%) Sean M. Doyle Jan 14 14 Jul 98 Oct 98