I. Distribution of EUROPEAN hedge fund investors by type of investor.

Please identify which type of investor category you fall into:
Fund of Funds
Family Office/Private Investor
Private Bank
Advisor/Consultant
Endowment/Foundation
Sovereign Wealth Fund
Institution
Governmental Agency
Insurance Company
Corporate Investor
Investment company
Other (Please explain)

What are your assets under management?
Less than $250M
$251M - $500M
$501M - $1,000M
$1,001M - $2,500M
$2,501M - $5,000M
$5,001M - $10,000M
Over $10,000M

% of Overall Asset Allocation in Hedge Funds

What % of overall portfolio asset allocation is allocated to the hedge fund asset class?
Less than 10%
11% - 20%
21% - 30%
31% - 40%
41% - 50%
Over 50%

Is the allocation through single managers or fund of funds? (Please provide %)
Single Managers %
Fund of Funds     %
Both

What are the return objectives of your hedge fund allocation?
Libor plus. Please specify +
Outperform a benchmark. (Please specify)
Absolute Return
Other. Please specify +

What level of volatility should your hedge fund portfolio have?
Volatility less than 2%
Volatility between 2% and 3%
Volatility between 3% and 5%
Volatility between 5% and 7%
Volatility greater than 7%

Do you invest with managers directly or through the use of a consultant?
Direct only
Consultant only
Both

II. Minimum Investment Criteria

What is minimum AUM of fund that you will invest with?
Under $50M
$100M
$250M
$500M
$1bln
+$1bln
No minimum

What is the minimum length of track record for a hedge fund manager you may consider investing with?
Less than 1 yr
At least 1 yr
At least 2 yrs
At least 3 yrs
At least 4 yrs
At least 5 yrs
Over 10 yrs
No minimum

What is the maximum investment as a % of the fund AUM that your investment can represent?
Less than 5%
Less than 10%
Less than 15%
Less than 20%
Less than 25%
Other (Please explain)

What is the minimum liquidity requirement for a fund you would consider investing with?
Weekly liquidity
Monthly liquidity
Quarterly liquidity
Annual liquidity
No liquidity requirement

III. Expected Asset Allocation changes during 2009

Are you expecting your split between single manager and fund of funds to change?
Increase single managers
Increase fund of funds
Decrease single managers
Decrease fund of funds
No change expected

Strategy Outlook (Please rank your top 3 with 1,2,3 - 1 being the highest)

Which strategies will you be adding to in 2009?
Equity Long/Short
Event Driven
Distressed
Credit
Multi-strategy
Merger Arbitrage
Volatility Arbitrage
Convertible Arbitrage
CTA
Market Neutral
Statistical Arbitrage
Fixed Income Arbitrage

Regional Outlook (Please rank your top 3 with 1,2,3 - 1 being the highest)

Which region do you expect to outperform in 2009?
US
Europe
Eastern Europe
Japan
Asia ex-Japan
UK
Emerging Markets
Other

IV. Structured Products

Do you use structured products to access hedge funds?
Yes
No
Sometimes

What is the objective of these structured products?
Capital guarantee
Leverage
Capital/Risk management requirements
Other (Please explain)
N/A

V. Hedge Fund Fees

Do you expect any changes in manager fees in 2009?
Increase
Remain the same
Decrease

Do you negotiate discounts with fund managers?
Yes
No