US5O THE 50 LARGEST US MANAGERS

Fourth Edition In association with Newedge Alternative Solutions US50 IN ASSOCIATION WITH

01 02 03 04 Bridgewater J.P. Morgan Asset Och-Ziff Capital Angelo, Gordon & Associates Management Management Co

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $80.93bn $44.40bn $31.00bn $23.98bn

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $76.10bn $44.60bn $29.00bn $21.10bn

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 1 2 3 8

4 4 4 4 Location Location Location Location Westport, CT New York, NY New York, NY New York, NY

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Ray Dalio Not disclosed Daniel Och John M. Angelo Bob Prince Michael L. Gordon Greg Jensen 6 6 Founded Founded 6 6 Not disclosed Not disclosed Founded Founded 1988 1975 7 7 Principal fund(s) Principal (s) 7 7 JP Morgan AM OZ Master Fund Principal hedge fund(s) Principal hedge fund(s) Highbridge Capital Corporation OZ Europe Master Fund Not disclosed Fund name: Pure OZ Asia Master Fund Launch: 1991 Strategy/style: Relative Value, Equity OZ Global Special Master Size: $59.62bn Long/, Macro, Distressed Fund Fund manager: Ray Dalio, Bob Prince, Securities, Merger /Event Greg Jensen Driven, Short Selling Strategy/style:

Fund name: Pure Alpha Major Markets Launch: 2010 Size: $15.00bn Fund manager: Ray Dalio, Bob Prince, Greg Jensen Strategy/style: Global Macro

Fund name: All Weather 12% strategy Launch: 1996 Size: $6.31bn Fund manager: Ray Dalio, Bob Prince, Greg Jensen Strategy/style: Global Macro

KEY

1 Total figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

2 US50 IN ASSOCIATION WITH

05 06 07 08 BlackRock Renaissance Convexity Capital Technologies Management

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $23.75bn (est.) $23.34bn $22.25bn $21.97bn

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $24.00bn $28.00bn $20.0bn (est.) $14.00bn

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 6 4 9 18

4 4 4 4 Location Location Location Location Boston, MA New York, NY East Setauket, NY Boston, MA

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Seth Klarman Larry Fink James Simons (Founder and Chairman Jack Meyer of the Board of Directors) 6 6 6 Founded Founded 6 Founded Not disclosed 1988 Founded Not disclosed 1982 7 7 7 Principal hedge fund(s) Principal hedge fund(s) 7 Principal hedge fund(s) Fund name: Baupost Value Partners Not disclosed Principal hedge fund(s) Not disclosed Launch: Not disclosed Fund name: Renaissance Institutional Size: Not disclosed Equities Funds (“RIEF”) Fund manager: Not disclosed Launch: 08/2005 Strategy/style: Equity Value Size: $5.85bn Fund manager: Peter Brown (Co- President and Co-CEO) and Robert Mercer (Co-President and Co-CEO) Strategy/style: Quantitative, Long- Biased/Equity Securities

Fund name: Renaissance Institutional Diversified Alpha Funds (“RIDA”) Launch: 03/2012 Size: $5.56bn Fund manager: Peter Brown (Co- President and Co-CEO) and Robert Mercer (Co-President and Co-CEO) Strategy/style: Quantitative Global/ Equity Securities

Fund name: Renaissance Institutional Futures Funds (“RIFF”) Launch: 10/2007 Size: $911m Fund manager: Peter Brown (Co- President and Co-CEO) and Robert Mercer (Co-President and Co-CEO) Strategy/style: Futures and Forwards

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

3 US50 IN ASSOCIATION WITH

09 10 11 12 The D. E. Shaw Paulson & Co AQR Capital Group Management Management

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $20.10bn $20.00bn $19.50bn (est.) $18.00bn*

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $17.05bn $19.20bn $22.60bn $14.50bn*

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 13 10 7 17

4 4 4 4 Location Location Location Location New York, NY San Francisco, CA New York, NY Greenwich, CT

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals David E Shaw Andrew Spokes, Managing Partner John Paulson Cliff Asness David Kabiller 6 6 6 John Liew Founded Founded Founded 1988 1986 Not disclosed 6 Founded 7 7 7 Not disclosed Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) D. E. Shaw Multi-Asset Fund Fund name: Farallon Capital Partners, Paulson Advantage Funds 7 D. E. Shaw Terella Fund L.P. Paulson Credit Opportunities Funds Principal hedge fund(s) D.E. Shaw Composite Fund Launch: 1986 Paulson Partners Funds Not disclosed D.E. Shaw Heliant Fund Size: $20.00bn Paulson Recovery Funds D.E. Shaw Oculus Fund Fund manager: Andrew Spokes Paulson Gold Fund *normalized to 10% volatility Strategy/style: Multi-Strategy Strategy/style: Multi-Strategy, , Event Driven, Macro

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

4 US50 IN ASSOCIATION WITH

13 14 15 16 King Street Capital Davidson Kempner Millennium Lone Pine Capital Management Partners

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $17.60bn $17.00bn (est.) $16.51bn $16.46bn (est.)

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $17.60bn $18.70bn $13.5bn $8.00bn

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 12 13 21 45

4 4 4 4 Location Location Location Location New York, NY New York, NY New York, NY Greenwich, CT

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Brian J. Higgins Thomas Kempner Jr. Israel Englander Stephen Mandel O. Francis Biondi Jr. Marvin Davidson 6 6 6 6 Founded Founded Founded Founded 1989 Not disclosed Not disclosed Not disclosed 7 7 7 7 Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) Fund name: Millennium International/ Not disclosed Not disclosed Fund name: Davidson Kempner USA International, Ltd Launch: 1990 Launch: Not disclosed Size: Not disclosed Size: $7.41bn Fund manager: Not disclosed Fund manager: Not disclosed Strategy/style: Multi-Strategy Strategy/style: Event Driven, Merger Arbitrage, Long/Short,

Fund name: Davidson Kempner Institutional Partners LP Launch: Not disclosed Size: $6.91bn Fund manager: Not disclosed Strategy/style: Event Driven, Merger Arbitrage, Long/Short, Convertible Arbitrage

Fund name: Davidson Kempner Partners Launch: Not disclosed Size: $3.03bn Fund manager: Not disclosed Strategy/style: Event Driven, Merger Arbitrage, Long/Short, Convertible Arbitrage

Fund name: Davidson Kempner Distressed Opportunities International (Cayman) Ltd Launch: Not disclosed Size: $835.37m Fund manager: Not disclosed Strategy/style: Event Driven, Merger Arbitrage, Long/Short, Convertible Arbitrage

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

5 US50 IN ASSOCIATION WITH

17 18 19 = 19 = Viking Global Goldman Sachs Appaloosa Elliott Management Investors Asset Management Management Corporation

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $16.10bn $15.20bn $15.00bn $15.00bn (est.)

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $13.80bn $15.30bn $12.00bn $19.20bn

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 19 14 24 10

4 4 4 4 Location Location Location Location Greenwich, CT New York, NY Short Hills, NJ New York, NY

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Andreas Halvorsen Not disclosed David Tepper Paul Singer David Ott 6 6 6 6 Founded Founded Founded Founded Not disclosed Not disclosed Not disclosed Not disclosed 7 7 7 7 Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) Not disclosed Fund name: Appaloosa Investment I Not disclosed Fund name: Viking Global Equities Launch: Not disclosed Launch: Not disclosed Size: Not disclosed Size: Not disclosed Fund manager: Not disclosed Fund manager: Not disclosed Strategy/style: Distressed Event Driven Strategy/style: Long/Short Equity Fund name: Palomino Fund Launch: Not disclosed Size: Not disclosed Fund manager: Not disclosed Strategy/style: Distressed Event Driven

Fund name: Thoroughbred Master Fund Launch: Not disclosed Size: Not disclosed Fund manager: Not disclosed Strategy/style: Distressed Event Driven

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

6 US50 IN ASSOCIATION WITH

21 22 23 24 Canyon Capital S.A.C. Capital York Capital Moore Capital Advisors Advisors Management

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $14.40bn $14.00bn (est.) $13.70bn $13.50bn (est.)

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $12.60bn $12.00bn (est.) $13.60bn $15.00bn

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 23 24 20 15

4 4 4 4 Location Location Location Location Los Angeles, CA Stamford, CT New York, NY New York, NY

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Joshua Friedman Steven A Cohen James Dinan Louis Bacon Mitchell Julis 6 6 6 6 Founded Founded Founded Founded Not disclosed Not disclosed Not disclosed 1990 7 7 7 7 Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) Fund name: International Fund York Multi-Strategy Fund name: Moore Emerging Market Fund name: The Canyon Value Launch: Not disclosed York Credit Opportunities Fund Realization Funds Size: Not disclosed York European Opportunities Launch: Not disclosed Launch: 01/1995 Fund manager: Steven A Cohen York Asian Opportunities Size: Not disclosed Size: Not disclosed Strategy/style: Multi-Strategy, Long/ York Total Return Fund manager: Louis Bacon Fund manager: Not disclosed Short Equity, Fixed Income Credit, Strategy/style: Emerging Markets Strategy/style: Multi-Strategy, Event Global Macro, Convertible Bonds, Strategy/style: Event Driven Driven (Credit Focus) Emerging Markets Fund name: Moore Global Investors Fund Fund name: The Canyon Balanced Launch: Not disclosed Funds Size: Not disclosed Launch: 06/2004 Fund manager: Louis Bacon Size: Not disclosed Strategy/style: Global Macro Fund manager: Not disclosed Strategy/style: Multi-Strategy, Event Fund name: Moore Macro Managers Driven (Credit Focus) Fund Launch: Not disclosed Size: Not disclosed Fund manager: Louis Bacon Strategy/style: Global Macro

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

7 US50 IN ASSOCIATION WITH

25 26 27 28 Citadel Investment Avenue Capital Wellington Asset Goldentree Asset Group Management Management

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM Total AUM (as at 30/09/12) $13.00bn $12.44bn $11.89bn (as at 01/10/2012) $11.70bn

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $11.00bn $13.20bn $11.00bn $10.40bn

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 25 22 25 30

4 4 4 4 Location Location Location Location Chicago, IL New York, NY Boston, MA New York, NY

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Kenneth Griffin Marc Lasry Perry Traquina Not disclosed Sonia E. Gardner 6 6 6 Founded 6 Founded Founded 11/1990 Founded Not disclosed Steven Tananbaum 1995 7 7 7 Principal hedge fund(s) 7 Principal hedge fund(s) Principal hedge fund(s) Not disclosed Principal hedge fund(s) Fund name: Archipelago Not disclosed Fund name: U.S. Distressed Strategy Launch: Not disclosed Launch: Not disclosed Size: Not disclosed Size: $5.4bn Fund manager: Not disclosed Fund manager: Shawn Foley, Rob Strategy/style: Internal Fund of Hedge Symington Funds, Long/Short Equity Strategy/style: Distressed, Special Situations Fund name: Bay Pond Partners Launch: Not disclosed Fund name: Europe Distressed Strategy Size: Not disclosed Launch: Not disclosed Fund manager: Not disclosed Size: $4.0bn Strategy/style: Long/Short Equity, Fund manager: Richard Furst Finance Sector Strategy/style: Distressed, Special Situations Fund name: Iguazu Launch: Not disclosed Fund name: Asia Distressed Strategy Size: Not disclosed Launch: Not disclosed Fund manager: Not disclosed Size: $1.7bn Strategy/style: Emerging Markets Fund manager: Mark R. Harris Macro Strategy/style: Distressed, Special Situations Fund name: Pagosa Partners Launch: Not disclosed Size: Not disclosed Fund manager: Not disclosed Strategy/style: Internal Fund of Hedge Funds, Multistrategy, Low/Variable

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

8 US50 IN ASSOCIATION WITH

29 30 31 32 = Highfields Capital Tudor Investment Eton Park Capital Management Investments Corporation Management

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM Total AUM (as at 30/09/12) $11.50bn $11.35bn $11.30bn (as at 01/10/2012) $11.00bn

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $11.00bn $8.50bn $10.30bn $12.00bn

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 25 58 31 24

4 4 4 4 Location Location Location Location Boston, MA New York, NY Greenwich, CT New York, NY

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Jonathon Jacobson David Siegel Paul Tudor Jones Eric Mindich John Overdeck 6 6 6 Founded 6 Founded Founded Not disclosed Founded 1980 Not disclosed 2001 7 7 7 Principal hedge fund(s) 7 Principal hedge fund(s) Principal hedge fund(s) Not disclosed Principal hedge fund(s) Fund name: The Tudor BVI Global Eton Park Overseas Fund Two Sigma Compass Funds Portfolio L.P. Trading Shares Strategy Eton Park Offshore Fund Two Sigma Spectrum Funds Launch: 01/1986 Eton Park Master Fund Two Sigma Horizon Funds Size: $8.90bn Two Sigma Funds Fund manager: Paul Tudor Jones et. al Strategy/style: Multi-Strategy Strategy/style: Global Macro Strategy/style: CTA/Managed Futures, Equity , Global Macro Fund name: Tudor Tensor Portfolio Ltd. & Tensor Managed Accounts Launch: 09/2005 Size: $760m Fund manager: Steve Evans Strategy/style: Quantitative Managed Futures

Fund name: Tudor Discretionary Macro Portfolio L.P. Launch: 07/2012 Size: $750m Fund manager: Certain Discretionary Macro Portfolio Managers Strategy/style: Discretionary Global Macro

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

9 US50 IN ASSOCIATION WITH

32 = 34 35 36 = Adage Capital ESL Investments Anchorage Capital Pershing Square Capital Management Group Management, L.P.

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $11.00bn (est.) $10.58bn (est.) $10.50bn $10.00bn (approx.)

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $8.00bn (est.) $10.00bn (est.) $10.00bn $10.00bn (est.)

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 45 32 32 32

4 4 4 4 Location Location Location Location Boston, MA Greenwich, CT New York New York, NY London 5 5 Sydney 5 Founders/principals Founders/principals Founders/principals Phil Gross Edward Lampet 5 Not disclosed Robert Atchinson William Crowley Founders/principals Kevin Ulrich 6 6 6 Tony Davis Founded Founded Founded Not disclosed Not disclosed Not disclosed 6 Founded 7 7 7 2003 Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) Pershing Square, L.P. Adage Capital Partners Fund name: ESL Partners 7 Pershing Square II, L.P. Launch: Not disclosed Principal hedge fund(s) Pershing Square International, Ltd. Size: Not disclosed Fund name: Anchorage Capital Partners Fund manager: Not disclosed Funds Strategy/style: Distressed Launch: Not disclosed Size: Not disclosed Fund manager: Kevin Ulrich, Tony Davis, Dan Allen Strategy/style: Credit-Focused

Fund name: Anchorage Short Credit Funds Launch: Not disclosed Size: Not disclosed Fund Manager: Kevin Ulrich, Tony Davis, Dan Allen Strategy/style: Short only

Fund name: Anchorage Illiquid Opportunities Funds Launch: Not disclosed Size: Not disclosed Fund manager: Kevin Ulrich, Tony Davis, Dan Allen Strategy/style: Distressed/Special Situations

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

10 US50 IN ASSOCIATION WITH

36 = 36 = 39 40 = Bain Capital Grantham Mayo Van Cerberus Capital Third Point LLC Partners, LLC Otterloo & Co LLC (GMO) Management

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $10.00bn (est.) $10.00bn (est.) $9.40bn (est.) $9.30bn

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $9.00bn (est.) $9.00bn (est.) $8.80bn (est.) $7.50bn

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 37 37 39 49

4 4 4 4 Location Location Location Location Boston, MA Boston, MA New York, NY New York, NY

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Mitt Romney Jeremy Grantham Stephen Feinberg Daniel S. Loeb Coleman Andrews Richard Mayo William L. Richter Eric Kriss Eyk van Otterloo 6 6 Founded 6 6 Founded 1995 Founded Founded 1992 Not disclosed Not disclosed 7 7 Principal hedge fund(s) 7 7 Principal hedge fund(s) Fund name: Third Point Offshore Fund, Principal hedge fund(s) Principal hedge fund(s) Cerberus International Ltd Brookside Capital Partners Fund GMO Aggressive Long/Short Strategy Cerberus Partners Launch: 1996 Brookside Capital Partners Fund II GMO Emerging Currency Hedge Fund Styx International Size: $4.72bn Sankaty Advisors Prospect Harbour GMO Fixed Income Hedge Fund Styx Partners Fund manager: Daniel S. Loeb Absolute Return Capital Partners GMO Multi-Strategy Fund Cerberus RMBS Opportunities Strategy/style: Event Driven, Value GMO Credit Opportunities Fund Investing Strategy: Distressed Strategy/style: Long/Short, Emerging Fund name: Third Point Partners Currency , Fixed Income, Multi- Qualified LP Strategy, Launch: 2005 Credit Size: $1.66bn Fund manager: Daniel S. Loeb Strategy/style: Event Driven, Value Investing

Fund name: Third Point Ultra Ltd. Launch: 1997 Size: $1.27bn Fund manager: Daniel S. Loeb Strategy/style: Event Driven, Value Investing

Fund name: Third Point Partners LP Launch: 1995 Size: $296.0m Fund manager: Daniel S. Loeb Strategy/style: Event Driven, Value Investing

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

11 US50 IN ASSOCIATION WITH

40 = 42 43 44 Magnetar Capital Taconic Capital Chilton Investment Marathon Asset Advisors Company Management, LP

1 1 1 1 Total AUM (as at 01/10/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $9.30bn $9.00bn (est.) $8.76bn (est.) $8.60bn

2 2 2 2 Total AUM (as at 01/01/12) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $8.10bn $8.20bn (est.) $7.00bn (est.) $8.00bn (est.)

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 43 42 49 45

4 4 4 4 Location Location Location Location Evanston, IL New York, NY Stamford, CT New York, NY

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Alec Litowitz Kenneth Brody Richard Chilton Bruce Richards (Co-Managing Partner Ross Laser Frank Brosens & CEO) Louis Hanover (Co-Managing Partner & David Snyderman 6 Global CIO) 6 Founded Andrew Rabinowitz (Partner & COO) 6 Founded Not disclosed Richard Ronzetti (Partner & Global Founded Not disclosed Head of Investment Analysis and Asset 2005 7 Management) 7 Principal hedge fund(s) Steve Kim (Partner & CIO of Asia) 7 Principal hedge fund(s) Chilton China Opportunities Master Andrew Springer (Partner & Senior Principal hedge fund(s) Taconic Capital Partners Fund Portfolio Manager) Not disclosed Taconic Capital Partners 1.5 Chilton Diversified Gabriel Szpigiel (Partner & Senior Taconic Market Dislocation Fund II Chilton Global Natural Resources Portfolio Manager) Taconic Offshore Fund International II Jake Hyde (Partner & Senior Portfolio Taconic Opportunity Fund Chilton Pan Asia Pacific Fund Manager) Chilton Small Cap Stuart Goldberg (Partner & Senior Portfolio Manager)

6 Founded 1998

7 Principal hedge fund(s) Fund name: Marathon Public Private Investment Program Fund (“PPIP”) Launch: 11/2009 Size: $1.25bn Fund manager: Andrew Springer, Stuart Goldberg Strategy/style: Structured credit securities

Fund name: Marathon Special Opportunity Fund (“MSOF”) Launch: 04/1999 Size: $1.10bn Fund manager: Louis Hanover Strategy/style: Flagship Opportunistic, Multi-Strategy Credit

Fund name: Marathon Securitized Credit Fund (“MSCF”) Launch: 04/2010 Size: $1.10bn Fund manager: Andrew Springer, Stuart Goldberg Strategy/style: Capitalise on undervalued, transitional, distressed structured credit securities

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

12 US50 IN ASSOCIATION WITH

45 46 47 48 INVESCO Asset Mason Capital Graham Capital Management Management Management

1 1 1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) Total AUM (*as at 01/01/12) $8.50bn (est.) $8.20bn $7.75bn $7.70bn*

2 2 2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $8.50bn (est.) $8.05bn $7.70bn $7.50bn (est.)

3 3 3 3 April 2012 position April 2012 position April 2012 position April 2012 position 40 53 48 49

4 4 4 4 Location Location Location Location Atlanta, GA New York, NY Rowayton, CT New York, NY

5 5 5 5 Founders/principals Founders/principals Founders/principals Founders/principals Charles Brady Kenneth Garschina Kenneth G. Tropin David Einhorn Martin L. Flanagan Michael Martino 6 6 6 6 Founded Founded Founded Founded 1994 1996 Not disclosed Not disclosed 7 7 7 7 Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) Principal hedge fund(s) Fund name: Graham Discretionary-12V Greenlight Capital INVESCO ABS Opportunity Fund Not disclosed Portfolio Greenlight Capital Offshore Invesco Absolute Return Fund Launch: 11/2005 Greenlight Capital Qualified Invesco Large Cap Core Directional Size: $2.00bn Long/Short Fund Fund manager: Not disclosed Strategy/style: Long/Short Equity Invesco Small Cap Core Directional Strategy/style: Macro Distressed Long/Short Fund Invesco US Equity Market Neutral Fund Fund name: Graham Discretionary-6V Portfolio Launch: 06/2004 Size: $1.01bn Fund manager: Not disclosed Strategy/style: Macro

Fund name: Graham Proprietary Matrix- 10V Portfolio Launch: 07/1999 Size: $984.41m Fund manager: Not disclosed Strategy/style: Macro

Fund name: Graham K4D-15V Portfolio Launch: 01/2001 Size: $3.00bn Fund manager: Not disclosed Strategy/style: Macro

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

13 US50 IN ASSOCIATION WITH

49 50 Perry Capital

1 1 Total AUM (as at 30/09/12) Total AUM (as at 30/09/12) $7.50bn (est.) $7.34bn

2 2 Total AUM (as at 31/12/11) Total AUM (as at 31/12/11) $9.30bn $7.72bn

3 3 April 2012 position April 2012 position 36 56

4 4 Location Location New York, NY New York, NY

5 5 Founders/principals Founders/principals Bruce Kovner (retired) Not disclosed Peter D'Angelo (retired) Andrew E. Law 6 5O Founded US 6 Not disclosed THE 50 LARGEST US MANAGERS Founded Not disclosed 7 Principal hedge fund(s) 7 Not disclosed Principal hedge fund(s) Caxton Global Investments A.R.T. International Investors Caxton HAWK (Diversified) Wadhwani Asset Management

Available online at www.thehedgefundjournal.com

KEY

1 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 September 2012 2 Total assets under management figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 31 December 2011 3 Position in previous edition of US50 4 Where the business is located 5 The names of the founders or current principals of the business, if the founders have retired from the business 6 The date the business was founded 7 The name/launch date/AUM figure/ portfolio managers/investment strategy for the largest hedge funds managed

14