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Click Here for a brochure on the MSCI Hedge Fund Indices.

Product and Delivery Clients can subscribe* to our entire database of indices and funds, or subscribe to one of the five process groups. Information is available at the index level only, or at the index and fund level. Subscribers* have a choice of accessing the MSCI Hedge Fund Indices through:

The MSCI Hedge Fund Indices Subscriber Site, which enables: charting of comparative returns scatter plots searching/filtering saving custom searches downloading and printing of reports Direct XML or CSV file delivery from MSCI, either through Report Delivery or FTP Vendors - PerTrac

Product	Index Level Availability	Index Level and Hedge Fund Availability
Total Module (entire database - all process groups) MSCI Hedge Fund Indices Subscriber Site XML or CSV (Report Delivery and Comet FTP) PerTrac
Single Process Group (one of the five process groups) MSCI Hedge Fund Indices Subscriber Site XML or CSV (Report Delivery and Comet FTP)

Features and Benefits Transparency MSCI's complete, published methodology clarifies how MSCI constructs and maintains the indices. Subscribers* to the indices and fund database will be able to thoroughly analyze the composition of each MSCI Hedge Fund Index. MSCI is the first hedge fund index provider where data of constituent hedge funds is available and linked directly to the index, enabling clients subscribing* to the indices and fund database to better analyze index performance and risk characteristics. MSCI has developed a flexible, web-based analytical tool - the MSCI Hedge Fund Indices Subscriber Site - that enables comparison of fund statistics to the indices and other funds, facilitating index and fund analysis. This tool also offers charting, scatter plot, downloading and reporting capabilities.

MSCI Hedge Fund Indices Subscriber Site The MSCI Hedge Fund Indices Subscriber Site offers full index transparency. For clients* that subscribe to the indices and fund database, a simple mouse click will enable them to view index level data as well as detailed information on the constituent hedge funds that make up an index.

Superior Hedge Fund Classification and Index Definition MSCI Hedge Fund Classification Standard The MSCI Hedge Fund Classification Standard uses three primary characteristics - the hedge fund investment process, asset class and geography - to classify hedge funds and define hedge fund strategy. Secondary classification characteristics are the Global Industry Classification Standard (GICS) and capitalization size for equity-oriented strategies, and fixed income focus for credit-oriented strategies. It provides the basis for several levels of index detail, enabling a more accurate definition of peer groups. MSCI Hedge Fund Indices Overview To facilitate index analysis, MSCI provides equal weighted indices at all four levels of aggregation and asset weighted indices at the two highest levels of aggregation (composite and process group levels). MSCI offers three index domicile families (onshore, offshore, all domicile). Comprehensive and Reliable Database MSCI seeks to ensure that all data is complete and reliable by collecting it directly from hedge fund managers. Managers are required to supply audited financials, and offering memoranda for their funds where available. Finally, MSCI reviews all data prior to releasing it to clients. MSCI offers a comprehensive set of index and fund level data, including index values, index performance and risk statistics at the index level. Fund level data includes the identity of the constituents included in each index, including assets under management, specific fund performance, risk statistics and contact information.

Index Level Product - Examples of Data Elements	Index+Fund Level Product - Examples of Data Elements
Index Value Index Returns Monthly Year to Date Three Month Quartile Returns Quarter to Date Year to Date One Year Three Year Five Year Risk Statistics Alpha (vs. MSCI World Equity Index) Beta (vs. MSCI World Equity Index) Standard Deviation Sharpe Ratio Sortino Ratio	Index Level data elements, plus Manager name and address Fund classification Fund capital Fees and structure Fund returns Monthly Year to Date Three Month Fund risk statistics Alpha (vs. MSCI World Equity Index) Beta (vs. MSCI World Equity Index) Standard Deviation Sharpe Ratio Sortino Ratio

* To be able to access information on hedge funds, subscribers must meet the "accredited investor" criteria as per the United States Securities Act of 1933.