Hedge Funds up +2.18% in May, +6.84% Ytd; Strongest Returns since '03

The Greenwich Global Hedge Fund Index (the "Index") returned
+2.18% in May (+6.84% YTD). The Greenwich Investable Index closely
followed, up +1.95 (+6.05% YTD). By comparison, the MSCI World Equity,
FTSE 100, and Lehman Brothers Aggregate Bond indices returned +2.47%
(+8.98% YTD), +2.67% (+6.44% YTD), and -0.76% (+1.27% YTD),
respectively.

"Hedge funds are off to strongest start since 2003 when the Index
was up +7.14% through May, ultimately ending 2003 up +18.55%," notes
Ben Rossman, General Manager. "All 18 strategies, with the exception
of short sellers, are on track for double-digit returns in '07."

The May Index includes 901 funds. Final results will be posted at
www.greenwichai.com by month end, after additional funds have
submitted returns.

-0-
*T
May Return YTD Return
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Greenwich Global
Hedge Fund Index 2.18% 6.84%
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Market Neutral
Group 1.39% 6.09%
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Equity Market
Neutral 1.32% 5.02%
Event-Driven 1.92% 8.26%
Distressed
Securities 1.87% 7.98%
Merger Arbitrage 2.36% 7.78%
Special
Situations 1.78% 8.65%
Market Neutral
Arbitrage 1.01% 4.90%
Convertible
Arbitrage 0.64% 4.45%
Fixed Income
Arbitrage 0.76% 4.50%
Other Arbitrage 1.65% 5.90%
Statistical
Arbitrage 1.23% 4.86%
----------------------------------------------------------------------
Long-Short Equity
Group 2.52% 7.81%
----------------------------------------------------------------------
Aggressive Growth 3.44% 8.71%
Opportunistic 2.61% 8.09%
Short Selling -1.61% -4.65%
Value 2.46% 7.96%
----------------------------------------------------------------------
Directional Trading
Group 2.34% 3.86%
----------------------------------------------------------------------
Futures 2.62% 3.37%
Macro 1.83% 4.27%
Market Timing 1.98% 5.26%
----------------------------------------------------------------------
Specialty Strategies
Group 2.64% 8.78%
----------------------------------------------------------------------
Emerging Markets 3.60% 10.53%
Income 0.55% 3.93%
Multi-Strategy 1.99% 8.13%
----------------------------------------------------------------------
*T

Greenwich Investable Index

The Greenwich Investable Index, comprising 48 funds, adds
investability, active management and liquidity to the diversification
and performance benefits of the broad Greenwich Global Hedge Fund
Index. It references actual hedge fund vehicles as opposed to
separately managed accounts or synthetic replication that attempt to
duplicate actual hedge fund returns. Since inception in January 2003,
the Investable Index has achieved an annualized return of +11.1%
versus +12.2% for the Greenwich Global Hedge Fund Index. Past
performance and index construction rules may be viewed at
www.greenwichai.com.

Greenwich Alternative Investments, LLC (and its affiliates)
manages one of the world's largest hedge fund databases and is among
the oldest providers of hedge fund indices, asset management services
and research to institutional investors worldwide.