X-Alpha May 2008

X-Alpha May 08 Inception Returns vs. S&P 500

DATE Closing Index Level % Change Since 05/12/2008 $1,000 S&P 500 S&P Return Since 05/12/2008

5/12/2008 2019.03 1403.58

5/13/2008 2019.03 0.00% 1403.04 -0.04%

5/14/2008 2008.56 -0.52% $994.81 1408.66 0.36%

5/15/2008 2011.88 -0.35% $996.46 1423.57 1.42%

5/16/2008 2012.37 -0.33% $996.70 1425.35 1.55%

5/17/2008 2011.59 -0.37% $996.32 1425.35 1.55%

5/18/2008 2012.79 -0.31% $996.91 1425.35 1.55%

5/19/2008 2003.51 -0.77% $992.31 1426.63 1.64%

5/20/2008 2012.79 -0.31% $996.91 1413.40 0.70%

5/21/2008 2003.51 -0.77% $992.31 1390.71 -0.92%

5/22/2008 2004.62 -0.71% $992.86 1394.35 -0.66%

5/23/2008 2005.57 -0.67% $993.33 1375.93 -1.97%

5/24/2008 2005.57 -0.67% $993.33 1375.93 -1.97%

5/25/2008 2005.57 -0.67% $993.33 1375.93 -1.97%

5/26/2008 2004.21 -0.73% $992.66 1375.93 -1.97%

5/27/2008 2007.90 -0.55% $994.49 1385.35 -1.30%

5/28/2008 2011.48 -0.37% $996.26 1390.84 -0.91%

5/29/2008 2000.82 -0.90% $990.98 1398.26 -0.38%

5/30/2008 2001.88 -0.85% $991.51 1400.38 -0.23%

5/31/2008 2001.88 -0.85% $991.51 1400.38 -0.23%

6/1/2008 2001.88 -0.85% $991.51 1400.38 -0.23%

6/2/2008 2001.36 -0.88% $991.25 1385.67 -1.28%

6/3/2008 1993.15 -1.28% $987.18 1377.65 -1.85%

6/4/2008 1996.82 -1.10% $989.00 1377.20 -1.88%

6/5/2008 2000.04 -0.94% $990.59 1404.05 0.03%

6/6/2008 1996.78 -1.10% $988.98 1360.68 -3.06%

6/7/2008 1996.78 -1.10% $988.98 1360.68 -3.06%

6/8/2008 1996.78 -1.10% $988.98 1360.68 -3.06%

6/9/2008 1991.12 -1.38% $986.18 1361.76 -2.98%

6/10/2008 1987.94 -1.54% $984.60 1358.44 -3.22%

6/11/2008 1989.44 -1.47% $985.34 1335.49 -4.85%

6/12/2008 1986.75 -1.60% $984.01 1339.87 -4.54%

6/13/2008 1987.19 -1.58% $984.23 1360.03 -3.10%

6/14/2008 1987.19 -1.58% $984.23 1360.03 -3.10%

6/15/2008 1987.19 -1.58% $984.23 1360.03 -3.10%

6/16/2008 1985.43 -1.66% $983.36 1360.14 -3.09%

6/17/2008 1988.22 -1.53% $984.74 1350.93 -3.75%

6/18/2008 1982.64 -1.80% $981.98 1337.81 -4.69%

6/19/2008 1972.10 -2.32% $976.76 1342.83 -4.33%

6/20/2008 1974.11 -2.22% $977.75 1317.93 -6.10%

6/21/2008 1974.11 -2.22% $977.75 1317.93 -6.10%

6/22/2008 1974.11 -2.22% $977.75 1317.93 -6.10%

6/23/2008 1975.32 -2.16% $978.35 1318.00 -6.10%

6/24/2008 1970.36 -2.41% $975.89 1314.29 -6.36%

6/25/2008 1969.86 -2.44% $975.65 1308.19 -6.80%

6/26/2008 1970.68 -2.39% $976.05 1283.15 -8.58%

6/27/2008 1972.07 -2.33% $976.74 1278.38 -8.92%

6/28/2008 1972.07 -2.33% $976.74 1278.38 -8.92%

6/29/2008 1972.07 -2.33% $976.74 1278.38 -8.92%

6/30/2008 1966.56 -2.60% $974.01 1280.00 -8.80%

7/1/2008 1970.78 -2.39% $976.10 1284.91 -8.45%

7/2/2008 1971.81 -2.34% $976.61 1261.52 -10.12%

7/3/2008 1954.36 -3.20% $967.97 1262.90 -10.02%

7/4/2008 1954.36 -3.20% $967.97 1262.90 -10.02%

7/5/2008 1954.36 -3.20% $967.97 1262.90 -10.02%

7/6/2008 1954.36 -3.20% $967.97 1262.90 -10.02%

7/7/2008 1936.42 -4.09% $959.08 1252.31 -10.78%

7/8/2008 1929.48 -4.44% $955.65 1273.70 -9.25%

7/9/2008 1931.75 -4.32% $956.77 1244.69 -11.32%

7/10/2008 1929.98 -4.41% $955.89 1253.39 -10.70%

7/11/2008 1923.32 -4.74% $952.60 1239.49 -11.69%

7/12/2008 1923.32 -4.74% $952.60 1239.49 -11.69%

7/13/2008 1923.32 -4.74% $952.60 1239.49 -11.69%

7/14/2008 1926.70 -4.57% $954.27 1228.30 -12.49%

7/15/2008 1920.65 -4.87% $951.27 1214.91 -13.44%

7/16/2008 1924.77 -4.67% $953.31 1245.36 -11.27%

7/17/2008 1921.90 -4.81% $951.89 1260.32 -10.21%

7/18/2008 1926.89 -4.56% $954.36 1260.68 -10.18%

7/19/2008 1926.89 -4.56% $954.36 1260.68 -10.18%

7/20/2008 1926.89 -4.56% $954.36 1260.68 -10.18%

7/21/2008 1935.87 -4.12% $958.81 1260.00 -10.23%

7/22/2008 1927.90 -4.51% $954.86 1277.00 -9.02%

7/23/2008 1929.96 -4.41% $955.88 1282.19 -8.65%

7/24/2008 1929.17 -4.45% $955.49 1252.54 -10.76%

7/25/2008 1925.54 -4.63% $953.70 1257.76 -10.39%

7/26/2008 1925.54 -4.63% $953.70 1257.76 -10.39%

7/27/2008 1925.54 -4.63% $953.70 1257.76 -10.39%

7/28/2008 1919.47 -4.93% $950.69 1234.37 -12.06%

7/29/2008 1914.89 -5.16% $948.42 1263.20 -10.00%

7/30/2008 1926.69 -4.57% $954.27 1284.26 -8.50%

7/31/2008 1926.37 -4.59% $954.11 1267.38 -9.70%

8/1/2008 1917.03 -5.05% $949.48 1260.31 -10.21%

8/2/2008 1917.03 -5.05% $949.48 1260.31 -10.21%

8/3/2008 1917.03 -5.05% $949.48 1260.31 -10.21%

8/4/2008 1905.80 -5.61% $943.92 1249.01 -11.01%

8/5/2008 1915.76 -5.11% $948.85 1284.88 -8.46%

8/6/2008 1922.07 -4.80% $951.98 1289.19 -8.15%

8/7/2008 1911.25 -5.34% $946.62 1266.07 -9.80%

8/8/2008 1912.15 -5.29% $947.06 1296.32 -7.64%

8/9/2008 1912.15 -5.29% $947.06 1296.32 -7.64%

8/10/2008 1912.15 -5.29% $947.06 1296.32 -7.64%

8/11/2008 1923.27 -4.74% $952.57 1305.32 -7.00%

8/12/2008 1912.80 -5.26% $947.39 1289.59 -8.12%

8/13/2008 1913.03 -5.25% $947.50 1277.11 -9.01%

8/14/2008 1913.07 -5.25% $947.52 1292.93 -7.88%

8/15/2008 1909.97 -5.40% $945.98 1298.20 -7.51%

8/16/2008 1909.97 -5.40% $945.98 1298.20 -7.51%

8/17/2008 1909.97 -5.40% $945.98 1298.20 -7.51%

8/18/2008 1904.72 -5.66% $943.38 1278.60 -8.90%

8/19/2008 1902.13 -5.79% $942.10 1266.69 -9.75%

8/20/2008 1903.22 -5.74% $942.64 1274.54 -9.19%

8/21/2008 1903.43 -5.73% $942.74 1277.72 -8.97%

8/22/2008 1902.95 -5.75% $942.51 1292.20 -7.94%

8/23/2008 1902.95 -5.75% $942.51 1292.20 -7.94%

8/24/2008 1902.95 -5.75% $942.51 1292.20 -7.94%

8/25/2008 1902.89 -5.75% $942.48 1266.84 -9.74%

8/26/2008 1900.32 -5.88% $941.20 1271.51 -9.41%

8/27/2008 1900.17 -5.89% $941.13 1281.66 -8.69%

8/28/2008 1903.32 -5.73% $942.69 1300.68 -7.33%

8/29/2008 1905.85 -5.61% $943.94 1294.77 -7.75%

8/30/2008 1905.85 -5.61% $943.94 1294.77 -7.75%

8/31/2008 1905.85 -5.61% $943.94 1294.77 -7.75%

9/1/2008 1905.85 -5.61% $943.94 1294.77 -7.75%

9/2/2008 1906.02 -5.60% $944.03 1277.57 -8.98%

9/3/2008 1898.84 -5.95% $940.47 1274.98 -9.16%

9/4/2008 1891.73 -6.31% $936.95 1236.83 -11.88%

9/5/2008 1892.48 -6.27% $937.32 1242.31 -11.49%

9/6/2008 1892.48 -6.27% $937.32 1242.31 -11.49%

9/7/2008 1892.48 -6.27% $937.32 1242.31 -11.49%

9/8/2008 1898.83 -5.95% $940.47 1267.79 -9.67%

9/9/2008 1878.41 -6.96% $930.35 1224.51 -12.76%

9/10/2008 1874.80 -7.14% $928.56 1232.04 -12.22%

9/11/2008 1872.02 -7.28% $927.19 1249.05 -11.01%

9/12/2008 1886.62 -6.56% $934.42 1251.70 -10.82%

9/13/2008 1886.62 -6.56% $934.42 1251.70 -10.82%

9/14/2008 1886.62 -6.56% $934.42 1251.70 -10.82%

9/15/2008 1878.16 -6.98% $930.23 1192.70 -15.02%

9/16/2008 1887.42 -6.52% $934.82 1213.59 -13.54%

9/17/2008 1891.37 -6.32% $936.77 1156.39 -17.61%

9/18/2008 1897.19 -6.03% $939.65 1206.51 -14.04%

9/19/2008 1921.59 -4.83% $951.74 1255.08 -10.58%

9/20/2008 1921.59 -4.83% $951.74 1255.08 -10.58%

9/21/2008 1921.59 -4.83% $951.74 1255.08 -10.58%

9/22/2008 1934.39 -4.19% $958.08 1207.09 -14.00%

9/23/2008 1918.46 -4.98% $950.19 1188.22 -15.34%

9/24/2008 1914.75 -5.16% $948.35 1185.87 -15.51%

9/25/2008 1905.00 -5.65% $943.52 1209.18 -13.85%

9/26/2008 1880.34 -6.87% $931.31 1213.27 -13.56%

9/27/2008 1880.34 -6.87% $931.31 1213.27 -13.56%

9/28/2008 1880.34 -6.87% $931.31 1213.27 -13.56%

9/29/2008 1854.30 -8.16% $918.41 1106.39 -21.17%

9/30/2008 1860.74 -7.84% $921.60 1166.36 -16.90%

10/1/2008 1838.41 -8.95% $910.54 1161.06 -17.28%

10/2/2008 1814.20 -10.14% $898.55 1114.28 -20.61%

10/3/2008 1811.35 -10.29% $897.14 1099.23 -21.68%

10/4/2008 1811.35 -10.29% $897.14 1099.23 -21.68%

10/5/2008 1811.35 -10.29% $897.14 1099.23 -21.68%

10/6/2008 1813.08 -10.20% $898.00 1056.89 -24.70%

10/7/2008 1798.96 -10.90% $891.00 996.23 -29.02%

10/8/2008 1809.91 -10.36% $896.43 984.94 -29.83%

10/9/2008 1818.55 -9.93% $900.70 909.92 -35.17%

10/10/2008 1811.99 -10.25% $897.46 899.22 -35.93%

10/11/2008 1811.99 -10.25% $897.46 899.22 -35.93%

10/12/2008 1811.99 -10.25% $897.46 899.22 -35.93%

10/13/2008 1828.00 -9.46% $905.39 1003.35 -28.51%

10/14/2008 1825.28 -9.60% $904.04 998.01 -28.90%

10/15/2008 1812.10 -10.25% $897.51 907.84 -35.32%

10/16/2008 1810.73 -10.32% $896.83 946.43 -32.57%

10/17/2008 1804.32 -10.63% $893.66 940.55 -32.99%

10/18/2008 1804.32 -10.63% $893.66 940.55 -32.99%

10/19/2008 1804.32 -10.63% $893.66 940.55 -32.99%

10/20/2008 1809.83 -10.36% $896.39 985.40 -29.79%

10/21/2008 1808.78 -10.41% $895.87 955.05 -31.96%

10/22/2008 1798.35 -10.93% $890.70 896.78 -36.11%

10/23/2008 1800.46 -10.83% $891.75 908.11 -35.30%

10/24/2008 1802.04 -10.75% $892.53 876.77 -37.53%

10/25/2008 1802.04 -10.75% $892.53 876.77 -37.53%

10/26/2008 1802.04 -10.75% $892.53 876.77 -37.53%

10/27/2008 1806.11 -10.55% $894.54 848.92 -39.52%

10/28/2008 1832.62 -9.23% $907.67 940.51 -32.99%

10/29/2008 1813.63 -10.17% $898.27 930.09 -33.73%

10/30/2008 1833.72 -9.18% $908.22 954.09 -32.02%

10/31/2008 1836.34 -9.05% $909.52 968.75 -30.98%

11/1/2008 1836.34 -9.05% $909.52 968.75 -30.98%

11/2/2008 1836.34 -9.05% $909.52 968.75 -30.98%

11/3/2008 1821.44 -9.79% $902.14 966.30 -31.15%

11/4/2008 1832.60 -9.23% $907.66 991.08 -29.39%

11/5/2008 1834.39 -9.14% $908.55 952.77 -32.12%

11/6/2008 1825.42 -9.59% $904.11 904.88 -35.53%

11/7/2008 1826.64 -9.53% $904.71 930.99 -33.67%

11/8/2008 1826.64 -9.53% $904.71 930.99 -33.67%

11/9/2008 1826.64 -9.53% $904.71 930.99 -33.67%

11/10/2008 1830.89 -9.32% $906.82 919.21 -34.51%

11/11/2008 1827.38 -9.49% $905.08 898.95 -35.95%

11/12/2008 1816.51 -10.03% $899.69 852.30 -39.28%

11/13/2008 1820.94 -9.81% $901.89 911.29 -35.07%

11/14/2008 1816.64 -10.02% $899.76 873.29 -37.78%

11/15/2008 1816.64 -10.02% $899.76 873.29 -37.78%

11/16/2008 1816.64 -10.02% $899.76 873.29 -37.78%

11/17/2008 1815.64 -10.07% $899.26 850.75 -39.39%

11/18/2008 1808.77 -10.41% $895.86 859.12 -38.79%

11/19/2008 1809.28 -10.39% $896.11 806.58 -42.53%

11/20/2008 1796.72 -11.01% $889.89 752.44 -46.39%

11/21/2008 1816.70 -10.02% $899.79 800.03 -43.00%

11/22/2008 1816.70 -10.02% $899.79 800.03 -43.00%

11/23/2008 1816.70 -10.02% $899.79 800.03 -43.00%

11/24/2008 1813.47 -10.18% $898.19 851.81 -39.31%

11/25/2008 1813.92 -10.16% $898.41 857.39 -38.91%

11/26/2008 1830.31 -9.35% $906.53 887.68 -36.76%

11/27/2008 1832.75 -9.23% $907.74 887.68 -36.76%

11/28/2008 1829.98 -9.36% $906.37 896.24 -36.15%

11/29/2008 1829.98 -9.36% $906.37 896.24 -36.15%

11/30/2008 1829.98 -9.36% $906.37 896.24 -36.15%

12/1/2008 1818.58 -9.93% $900.72 816.21 -41.85%

12/2/2008 1808.93 -10.41% $895.94 848.81 -39.53%

12/3/2008 1798.68 -10.91% $890.86 870.74 -37.96%

12/4/2008 1789.24 -11.38% $886.19 845.22 -39.78%

12/5/2008 1792.57 -11.22% $887.84 876.07 -37.58%

12/6/2008 1792.57 -11.22% $887.84 876.07 -37.58%

12/7/2008 1792.57 -11.22% $887.84 876.07 -37.58%

12/8/2008 1790.47 -11.32% $886.80 909.70 -35.19%

12/9/2008 1801.60 -10.77% $892.31 888.67 -36.69%

12/10/2008 1821.89 -9.76% $902.36 899.24 -35.93%

12/11/2008 1826.24 -9.55% $904.51 873.59 -37.76%

12/12/2008 1821.46 -9.79% $902.15 879.73 -37.32%

12/13/2008 1821.46 -9.79% $902.15 879.73 -37.32%

12/14/2008 1821.46 -9.79% $902.15 879.73 -37.32%

12/15/2008 1826.44 -9.54% $904.61 868.57 -38.12%

12/16/2008 1827.60 -9.48% $905.19 913.18 -34.94%

12/17/2008 1834.45 -9.14% $908.58 904.42 -35.56%

12/18/2008 1820.45 -9.84% $901.65 885.28 -36.93%

12/19/2008 1823.87 -9.67% $903.34 887.88 -36.74%

12/20/2008 1823.87 -9.67% $903.34 887.88 -36.74%

12/21/2008 1823.87 -9.67% $903.34 887.88 -36.74%

12/22/2008 1819.00 -9.91% $900.93 871.63 -37.90%

12/23/2008 1825.74 -9.57% $904.27 863.16 -38.50%

12/24/2008 1822.19 -9.75% $902.51 868.15 -38.15%

12/25/2008 1823.51 -9.68% $903.16 868.15 -38.15%

12/26/2008 1829.55 -9.38% $906.15 872.80 -37.82%

12/27/2008 1829.55 -9.38% $906.15 872.80 -37.82%

12/28/2008 1829.55 -9.38% $906.15 872.80 -37.82%

12/29/2008 1844.63 -8.64% $913.62 869.42 -38.06%

12/30/2008 1843.24 -8.71% $912.93 890.64 -36.55%

12/31/2008 1842.65 -8.74% $912.64 903.25 -35.65%

1/1/2009 1842.65 -8.74% $912.64 903.25 -35.65%

1/2/2009 1859.67 -7.89% $921.07 931.80 -33.61%

1/3/2009 1859.67 -7.89% $921.07 931.80 -33.61%

1/4/2009 1859.67 -7.89% $921.07 931.80 -33.61%

1/5/2009 1875.44 -7.11% $928.88 927.45 -33.92%

1/6/2009 1890.44 -6.37% $936.31 934.70 -33.41%

1/7/2009 1884.98 -6.64% $933.61 906.65 -35.40%

1/8/2009 1883.37 -6.72% $932.81 909.73 -35.19%

1/9/2009 1882.01 -6.79% $932.14 890.35 -36.57%

1/10/2009 1882.01 -6.79% $932.14 890.35 -36.57%

1/11/2009 1882.01 -6.79% $932.14 890.35 -36.57%

1/12/2009 1865.46 -7.61% $923.94 870.26 -38.00%

1/13/2009 1868.07 -7.48% $925.23 871.79 -37.89%

1/14/2009 1858.00 -7.98% $920.24 842.62 -39.97%

1/15/2009 1862.34 -7.76% $922.39 843.74 -39.89%

1/16/2009 1860.95 -7.83% $921.70 850.12 -39.43%

1/17/2009 1860.95 -7.83% $921.70 850.12 -39.43%

1/18/2009 1860.95 -7.83% $921.70 850.12 -39.43%

1/19/2009 1860.95 -7.83% $921.70 850.12 -39.43%

1/20/2009 1845.94 -8.57% $914.27 805.22 -42.63%

1/21/2009 1859.66 -7.89% $921.07 840.24 -40.14%

1/22/2009 1853.25 -8.21% $917.89 827.50 -41.04%

1/23/2009 1853.25 -8.21% $917.89 831.95 -40.73%

1/24/2009 1853.25 -8.21% $917.89 831.95 -40.73%

1/25/2009 1853.25 -8.21% $917.89 831.95 -40.73%

1/26/2009 1873.75 -7.20% $928.04 836.57 -40.40%

1/27/2009 1871.05 -7.33% $926.71 845.71 -39.75%

1/28/2009 1883.18 -6.73% $932.72 874.09 -37.72%

1/29/2009 1877.74 -7.00% $930.02 845.14 -39.79%

1/30/2009 1879.45 -6.91% $930.87 825.88 -41.16%

1/31/2009 1879.45 -6.91% $930.87 825.88 -41.16%

2/1/2009 1879.45 -6.91% $930.87 825.88 -41.16%

2/2/2009 1872.86 -7.24% $927.60 825.44 -41.19%

2/3/2009 1876.08 -7.08% $929.20 838.51 -40.26%

2/4/2009 1890.83 -6.35% $936.50 832.23 -40.71%

2/5/2009 1898.47 -5.97% $940.29 845.85 -39.74%

2/6/2009 1899.69 -5.91% $940.89 868.60 -38.12%

2/7/2009 1899.69 -5.91% $940.89 868.60 -38.12%

2/8/2009 1899.69 -5.91% $940.89 868.60 -38.12%

2/9/2009 1909.81 -5.41% $945.90 869.89 -38.02%

2/10/2009 1905.82 -5.61% $943.93 827.16 -41.07%

2/11/2009 1901.83 -5.80% $941.95 833.74 -40.60%

2/12/2009 1905.91 -5.60% $943.97 835.19 -40.50%

2/13/2009 1911.02 -5.35% $946.50 826.84 -41.09%

2/14/2009 1911.02 -5.35% $946.50 826.84 -41.09%

2/15/2009 1911.02 -5.35% $946.50 826.84 -41.09%

2/16/2009 1909.63 -5.42% $945.82 826.84 -41.09%

2/17/2009 1893.62 -6.21% $937.89 789.17 -43.77%

2/18/2009 1891.41 -6.32% $936.79 788.42 -43.83%

2/19/2009 1895.25 -6.13% $938.69 778.94 -44.50%

2/20/2009 1890.54 -6.36% $936.36 770.05 -45.14%

2/21/2009 1890.54 -6.36% $936.36 770.05 -45.14%

2/22/2009 1890.54 -6.36% $936.36