The Relative Value Arbitrage Index recorded a small gain of 0.04%
while almost all the HFRX Hedge Fund Indices lost ground in the
week ended 24 February 2004.

The Relative Value Arbitrage Index recorded a small gain of 0.04%
while almost all the HFRX Hedge Fund Indices lost ground in the
week ended 24 February 2004.

While the Convertible Arbitrage Index was the second best performer,
albeit just managing to hold ground, the worst performer over the
week was the Equity Hedge Index, which returned -0.90%, followed
by the Macro Index, which returned -0.80% over the week.

HFRX Hedge Fund Indices Performance 17 February-24 February

HFRX Global Hedge Fund Index         -0.60%
HFRX Convertible Arbitrage Index        0.00%
HFRX Distressed Securities Index      -0.32%
HFRX Equity Hedge Index                 -0,90%
HFRX Equity Market Neutral Index     -0.15%
HFRX Event Driven Index                   -0.77%
HFRX Macro Index                            -0.80%
HFRX Merger Arbitrage Index            -0.28%
Relative Value Arbitrage Index            0.04%

Background Note: The HFRX Hedge Fund Indices provide investors with
accurate reference for true Hedge Fund single Strategy performance on a daily
basis. HFRX Hedge Fund Indices are designed to be representative of the
overall hedge fund universe and its major component strategies. Construction of
the Global Hedge Fund Index and each HFRX Strategy Index employs state-of-
the-art quantitative techniques and qualitative analysis. HFRX Indices are
calculated and owned by Hedge Fund Research, Inc. using its proprietary
methodology.