1ST PAST 12 HEDGE FUND QUARTER MONTHS

SHORT ALPHA BEAR 39.61% 59.59% REYNARD AMERICAN PARTNERS 18.87 56.42 ARCAS FUND II (ARCAS INTERESTS) 17.46 158.62 PEREGRINE INVESTMENT PARTNERS 17.39 81.47 ARCAS COVERED FUND 12.80 169.53 BAY RESOURCE PARTNERS 7.94 33.30 WATERLOO PARTNERS 6.10 31.46 COMPASS HOLDINGS 5.08 41.20 DANCING BEAR PARTNERS 4.39 11.36 ROCKER PARTNERS 3.27 39.35

Data: Zurich Capital Markets Inc.

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