61% in April led by poor performance in
Convertible Arbitrage.S. Special Situations and Distressed
were negatively impacted by a general widening of spreads and increased
investor caution.73%
SPHGARB S +P
Arbitrage
Index 1051.03%) 7.35%)
S+P Europe
350 Index
(USD) 1,238. In addition, the new
Ixquick delivers to users the following tools and features:

International Phone Directory: Find people and businesses
worldwide.

December Rally Adds to Hedge Fund Returns for 2005

equity market relative
to Asia, yielding solid gains as the Nikkei performed strongly and U.
markets lagged .
The S+P Arbitrage Index gained 0.33 0.68% 4.96% 5.

synthetically naturalistic

The
largest losses occurred in the S+P Directional/Tactical and S+P Arbitrage
Indices as many of the factors that contributed to economic bullishness such
as low inflation, surging corporate profitability and accommodative economic
policy are now predicted to weaken from previous levels.sp-hedgefundindex.com for daily
updates of returns, as well as methodology, index change announcements, and
constituents.16% 43.99%) 15. "We believe that Ixquick's metasearch technology is
not only unique as compared to other search engines in the
marketplace, but one that enables users to find the best results
across the Web and the world.48% (0.29 (0.09%) 1.88 2.
Returns for some constituents may not extend back to January 1998 for
S+P HFI + S+P MFI, or April 1999 for S+P ELSI. The S+P Managed Futures
Index is an expanded version of the Managed Futures strategy and the S+P
Equity Long/Short Index is an expanded version of the Equity Long/Short
strategy represented in the main index with constituents added to ensure
broader representativeness.
For more information, visit http://www .

International Auxiliary Languages (IALs) are languages constructed with the aim of facilitating communication between people who would otherwise have no other language in common.

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"S+P research
shows a general trend in portfolios toward higher cash balances and a more
defensive position higher in the capital structure.48% in April as all three
of its broad underlying strategies, Macro, Managed Futures and Equity
Long/Short, experienced varying levels of negative returns.69% 20.07% 30.42% (20.71% ) (3.ixquick. For
calendar year 2005, the S+P HFI rose 2.26% (0.

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yield curve
flattening trades , as weaker than expected GDP data and durable goods orders
pushed interest rates down on the long end of the curve in the U.01%) (4.

Actual Inception of the S+P HFI, S+P MFI, + S+P ELSI is on 10/2002,
1/2003, and 4/2004, respectively. The index
currently has 41 constituents grouped into three sub-indices: S+P Arbitrage
Index, S+P Event-Driven Index and S+P Directional/Tactical Index, which in
turn represent a total of nine specific strategies. Standard + Poor's makes no representation as to the adequacy or
accuracy of the information used in its calculation of Index returns.
According to Standard + Poor's Senior Hedge Fund Specialist, Justin Dew,
hedge fund performance during the month of December was dominated by three
main occurrences: a strong equity market rally in many Asian markets (notably
Japan), a correlated decline in the U.02% in December, as losses in
the Managed Futures sector were only partially offset by gains in the Equity
Long/Short sector -- a result of long Japanese stock positions. Strong
corporate balance sheets and a sizeable shift on the part of Japanese retail
investors from riskless investment assets to domestic equity investments , led
the Nikkei higher during the month. Higher
volatility early in December helped returns as well, though it declined as the
holidays and the end of the year drew near.

STANDARD + POOR'S REPORTS DECEMBER 2005 HEDGE FUND INDICES RETURNS

Index
Ticker Index Values(1) MTD QTD YTD

SPHG S+P Hedge Fund Index 1199.54%
SPINGLOB S+P Global 1200 Index 1,383 .00% 12.03% 1.69% 16. With approximately 6,300 employees
located in 20 countries and markets, Standard + Poor's is an essential part of
the world's financial infrastructure and has played a leading role for more
than 140 years in providing investors with the independent benchmarks they
need to feel more confident about their investment and financial decisions.

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A table showing the current performance of S+P Hedge Fund Index Series in
April can be found below.54%) 7.51%) (12.38%) 18.51%
SPHGELSG S+P Equity
Long/Short
Index -
Global
Ex-US 985. The strategies are equally weighted to ensure well-rounded
representation of hedge fund investment approaches and to avoid
overrepresentation of currently popular strategies. Today's
launch is strong evidence of our efforts, and we look forward to
hearing from our users and continuing to enhance the Ixquick
metasearch engine in 2005 and beyond," said van Eesteren.95%) (6.76 3.69%

STANDARD + POOR'S REPORTS DECEMBER 2005 HEDGE FUND INDICES RETURNS

12 Month
Ticker Index Return 3yr Ann Ret 5yr Ann Ret(2)
SPHG S+P Hedge Fund Index 2.40% 1.80%
SPHGEVT S+P Event-Driven
Index 3. Standard + Poor's cannot verify, and is
not responsible for, the basis, adequacy , accuracy or completeness of this
information.standardandpoors.

substitution jespersen

40 (6.18 (1.90%) (1.89%

SPX S+P 500
Index 1,156.85 (2.
Returns for some constituents may not extend back to January 1998 for
S+P HFI + S+P MFI, or April 1999 for S+P ELSI.sp -hedgefundindex.99% 6.
Pro Forma Index returns are based on information provided to Standard +
Poor's by the constituents themselves.

auxiliary volap

72% 40.61%) (0.49%) (0.23% 53.91%

SPHGELS S+P Equity
Long/Short
Index 1,000.93%) (1.66%) 13.54% ) 7.47%)

(1) Daily indicative index values and returns as of April 29, 2005

(2) For purposes of analysis, Standard + Poor's constructed pro forma
versions of the S+P HFI, S+P MFI, and S+P ELSI that are based on
respective index constituents at time of launch using monthly
performance data from the constituents themselves going back to
January 1998 for S+P HFI + S+P MFI, and to April 1999 for S+P ELSI.
See http://www.

Repetitive Results Removal: Follow-up searches only show new
results -- previous results are omitted -- saving users time. If
a result is especially good, users can click the checkmark to
find results that are similar, and if a result is not what the
users are searching for, they can click the "X" to remove
results that are like it.32% during December led higher by the
performance of all three of its underlying strategies, particularly Equity
Market Neutral.27 2.91% 9.51% 4.76% 11.

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Gains in
financial futures, especially those in Europe, were offset by losses in
currency, energy and metals positions. Small-caps, particularly in the
United States, were hit the hardest in April.05%) 16.53% 39.61%) 24.37% (6.58%)
SPINGLOB S+P Global
1200
Index 1,233.

"Now, more than ever, Ixquick is delivering on its mission of
developing the best Web search resource for users globally. The Special
Situations sector performed well during December with strong credit enabling a
few key transactions to be realized and making future deals more likely. In addition, the yield curve flattened and then
inverted briefly during the month, causing short positions in U.
A table showing the current performance of the daily indicative S+P Hedge
Fund Index Series can be found below.61 3.79% 6. The strategies are equally weighted to ensure well-rounded
representation of hedge fund investment approaches and to avoid
overrepresentation of currently popular strategies .

They are usually designed to be significantly simpler, and thus in theory easier to learn than natural languages.

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Hedge Funds Experience Slow Start to 2nd Quarter Says S+P

The net result, as indicated by the S+P
Equity Long/Short Index, was a loss of 1. Some fixed income managers profited from U.

STANDARD + POOR'S REPORTS APRIL 2005 HEDGE FUND INDICES RETURNS

Index 3 5
Ticker Index Values(1) MTD QTD YTD Years(2) Years(2)
SPHG S+P Hedge
Fund Index 1160.48 %) (1.41 (1."
Today's released Ixquick includes a re-engineered metasearch
algorithm delivering the best results, and its user interface has been
updated with a simpler and cleaner design.11% 6.10% 6. The main
S+P Hedge Fund Index offers an investable benchmark that is representative of
the broad range of major strategies that hedge funds employ.

auxiliary sumus

"Increased investor concern over financing conditions is producing a
difficult investment environment for credit related securities ," says Charles
Davidson, Senior Hedge Fund Specialist at Standard + Poor's.29 (0.81%
SPHGDIR S+P
Directional
/Tactical
Index 1170.com) is a powerful metasearch engine which,
unlike single search engines, such as Google and Ask Jeeves, among
others, simultaneously searches multiple Internet databases, gathering
and displaying comprehensive and accurate Web results to Internet
users.24%.
Merger Arbitrage managers also performed quite well, as a number of deals
closed during the month. Many see this economic upswing as a
more extended phenomenon than what has occurred in that region during the past
few decades.00%
S+P Europe 350 Index
(USD) 1,368.81%

(1) Daily indicative index values and returns as of December 30, 2005

(2) For purposes of analysis, Standard + Poor's constructed pro forma
versions of the S+P HFI, S+P MFI, and S +P ELSI that are based on
respective index constituents at time of launch using monthly
performance data from the constituents themselves going back to
January 1998 for S +P HFI + S+P MFI, and to April 1999 for S+P ELSI.

perfective traunm

As a result, managers have begun to
reduce their net market exposure.85%) (0.00 (1.51%) (6. With 6,000 employees
located in 21 countries, Standard + Poor's is an essential part of the world's
financial infrastructure and has played a leading role for more than 140 years
in providing investors with the independent benchmarks they need to feel more
confident about their investment and financial decisions.standardandpoors.ixquick.26% in December as a widespread
reduction in risk appetite drove performance down during the month. Value models performed well as some traditionally growth-
oriented stocks began to look attractive from a value perspective.com for daily
updates of returns, as well as finalized monthly values, methodology, index
change announcements, and constituents.99% 8.29%

SPHGELS S+P Equity Long/Short
Index 9.

Actual Inception of the S+P HFI, S+P MFI , + S+P ELSI is on 10/2002,
1/2003, and 4/2004, respectively. Standard + Poor's makes no representation as to the adequacy or
accuracy of the information used in its calculation of Index returns.

traunm glosa

Many managers in this strategy noted that this was the
most difficult month in several years, but see opportunities for value-based
investors as some bond names trade below fair value.86 (0. Fixed Income Arbitrage managers witnessed
mostly flat returns for the month, as a number of them had trades that
suffered temporarily when the yield curve inverted. The index
currently has 42 constituents grouped into three sub-indices: S+P Arbitrage
Index, S+P Event-Driven Index and S+P Directional/Tactical Index, which in
turn represent a total of nine specific strategies.

About Standard + Poor 's
Standard + Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is
the world's foremost provider of independent credit ratings, indices, risk
evaluation, investment research and data.

synthetically noun

Small-cap performance is key to
many managers in the space as they often search for long ideas in this less
researched area of the capitalization range, while hedging market risk in the
more liquid mid- and large-cap area.

International Price Comparison: Comparison-shop over 5,000
merchants with Ixquick's Lowest Price search, an unbiased tool
for finding the lowest prices worldwide.com/press

interest
rates to be unprofitable as prices rose and rates fell on the long end of the
curve.31%) 4.87 0.06% 13.19% 6.91% 7.75% 6.23%
SPINGLOB S+P Global 1200 Index 7.37% 0. These strategies include:
Equity Market Neutral, Fixed Income Arbitrage, Convertible Arbitrage, Merger
Arbitrage, Distressed, Special Situations, Equity Long/Short, Managed Futures
and Macro.

achieves romanova

83% 35.42%) (3. For more
information, visit http://www .02%) 0.

boeree jespersen

The S+P Managed Futures Index declined by 6.14%
SPHGELSU S+P Equity
Long/Short
Index
- US 1,014.96%) (1.

About Standard + Poor's
Standard + Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is
the world's foremost provider of independent credit ratings, indices, risk
evaluation , investment research, data and valuations.
"Ixquick's exclusive Star System delivers more comprehensive and
relevant results through the 'consensus' reached by the search engines
it searches," said Alex van Eesteren, vice president of marketing and
sales, Ixquick. Further information
for the media can be found at www.48% in December, as two of its three
underlying strategies ended the month in positive territory.S.72%) (0.89 (3.11%)

SPHGELS S+P Equity Long/Short
Index 1,111.39% 5.

adequacy novial

World's Leading Provider of Indices Releases April Review

NEW YORK, Seven out of nine hedge fund strategies,
as measured by the S +P Hedge Fund Index (S+P HFI), were down in April as the
S+P HFI lost 0."
The S+P Directional /Tactical Index declined by 1.93% for the index in April.
Pro Forma Index returns are based on information provided to Standard +
Poor's by the constituents themselves.S.
The S+P Directional /Tactical Index lost 0. In the Managed Futures sector, losses were incurred as a
long-standing dollar rally reversed course, particularly versus the Japanese
yen and New Zealand dollar.61% 2.60%

SPX S+P 500 Index 1,248.37% (1.com.

romanova perfective

Standard + Poor's can not verify , and
is not responsible for, the basis, adequacy, accuracy or completeness of this
information .

Result Honing: Next to results a checkmark and "X" appear.28%.
The S+P Event-Driven Index gained 0.69% 2.14%
SPHGARB S+P Arbitrage Index 0.99%
SPHGDIR S+P
Directional/Tactical
Index 2.49%

SPHGMFI S+P Managed Futures
Index -5.20% 10 .

ulango achieves

33 (0.com for daily updates of returns, as well
as methodology, index change announcements, and constituents.
Standard + Poor's offers a growing family of hedge fund indices. World's Leading Index Provider Releases December Hedge Fund Review

NEW YORK, Standard + Poor's, the world 's leading
index provider, announced today that hedge fund returns, as measured by the
S+P Hedge Fund Index (S+P HFI), gained 0. The S+P Equity Long/Short Index
(S+P ELSI) was the best performing index within the S+P Hedge Fund Index
Series during the year, gaining 9.14%) 2.54%

SPHGMFI S+P Managed Futures Index 1,068.

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75%
SPHGEVT S+P Event-
Driven
Index 1261.81% 41.90%) (1.01%) (2. The main
S+P Hedge Fund Index offers an investable benchmark that is representative of
the broad range of major strategies that hedge funds employ.

Universal Syntax: Ixquick enables users to search with any
power search method , such as Boolean logic, phrases,
wildcards, and field searches, by translating it into the
syntaxes utilized by each of the search engines it searches. As a result, these managers were short the U.S. In the Convertible Arbitrage
sector, small gains emerged from positions in Japanese companies as that
market continued its upward trend.32%)
SPHGEVT S+P Event-Driven Index 1311.86% 0.17% 2.

naturalistic novial

51% for the month as the
majority of the assets in this strategy are managed by medium to long trend-
followers who were adversely affected by several trend reversals.
A decline in the majority of world equity markets, with the exception of
Australia's commodity driven market and a few others, negatively impacted
equity long/short managers during the month.53% 19 .sp-hedgefundindex.

Business Editors/High-Tech Writers

HAARLEM, Netherlands----Ixquick:

-- Ixquick Includes Re-Engineered Metasearch Algorithm Delivering
More Comprehensive and Relevant Results, Simpler and Cleaner
User Experience and Enhanced Features, Including
International Phone Directory

Ixquick (www. For example, a five-star result at Ixquick means that
five search engines found the result Top 10 relevant. Founded in New York and launched on the Web in 1998, Ixquick is
owned by Surfboard Holding BV, a Dutch company.67 (0.78%
SPHGELSG S+P ELSI - Global
Ex-U 1,130.

boeree constructed

85% during the month, Standard + Poor 's reported today.49% for the month as its three
underlying strategies declined in April. See http: //www.31%) 29.96%) (2.71%) (2.42%) (2. These strategies include:
Equity Market Neutral, Fixed Income Arbitrage, Convertible Arbitrage, Merger
Arbitrage, Distressed, Special Situations, Equity Long/Short , Managed Futures
and Macro.
Ixquick's metasearch technology utilizes its exclusive Star
System , which awards a star next to each result for every search
engine that ranks a result as one of the 10 best results for a given
search.

About Ixquick

Ixquick (www. Global institutional investors continue
to allocate massive amounts of capital to the Japanese market causing some
Equity Long/Short managers to take pause.
The Macro sector saw gains during December, as some managers continue to
believe that there is a substantial likelihood of a near-term recession in the
U.59 % 3.55% 8.79%

SPX S+P 500 Index 3.54% 19.

Standard + Poor's offers a growing family of hedge fund indices.

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The post GM spread
blowout in high yield , which represents a high percentage of converts, also
hurt valuations.
The S+P Event-Driven Index lost 0.85%) (1.48%) (3.30%) 21.com.com), an international and award-winning
metasearch engine , today unveiled its more powerful, comprehensive and
accurate search resource for Internet users worldwide. In addition, the International Phone Directory's
Reverse Directory feature can use a phone number to find the
person or business users are seeking and the directory
information for that listing. Crude oil prices were volatile in December as prices moved from $57
per barrel on December 1, to $62 per barrel on December 15 and back to $57
again by the close of the month - causing small losses for many managers.07 0.20%
SPHGELSU S+P ELSI - US 4.

proslava glosa

Macro managers in
April were impacted by range bound trading of energy prices, the decline in
equity markets and uncertainty over the decoupling of the Chinese Yuan to the
US dollar . Merger Arbitrage was negatively impacted by concerns over
the ability of private equity and other financial buyers to access reasonable
financing as spreads widened.49%) 0. The S+P Managed Futures
Index is an expanded version of the Managed Futures strategy and the S+P
Equity Long/Short Index is an expanded version of the Equity Long/Short
strategy represented in the main index with constituents added to ensure
broader representativeness.

New Ixquick International Search Engine Unveiled

In addition, each
language Ixquick metasearches includes local engines. See http://www.64 0.37% 2.12%)
S+P Europe 350 Index
(USD) 6.

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The S+P Arbitrage Index lost 0.61%) (0.03% (15.ixquick.S.28%
SPHGARB S+P Arbitrage Index 1053.32% (0.61%
SPHGDIR S+P
Directional/Tactical
Index 1240.65%) (0.24%
SPHGELSU S+P ELSI - US 1,088.97% 2.

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S.44%

SPHGMFI S+P Managed
Futures
Index 998.93%) (1.49 (1.20 (2.84 (2.

Languages: Ixquick searches in any of 17 languages, now
including Chinese, Japanese and Korean. dollar versus the yen, and a
temporary inversion of the yield curve.S.80% 5.67% 6.26% 6.47%
SPHGELSG S+P ELSI - Global
Ex-US 13.