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PRESS NEWS -Standard & Poor’s Announces Changes To the S&P Equity Long/Short Index


New York, December 29, 2004- Standard & Poor’s, the leading provider of independent investment research, indices and ratings, will make the following changes to the S&P Equity Long/Short Index (SPELSI):

At the close of business on December 31, 2004, Ridgecrest Partners QP, LP will be removed from the S&P Equity Long/Short Index. This removal is based upon the recent announcement of the manager’s affiliation with Ardsley Partners, a current constituent of the S&P ELSI.

In accordance with existing criteria, the index will be reallocated evenly to the remaining 23 constituents.

The constituent portfolios of S&P ELSI are priced via managed accounts, which are independently verified. Constituent additions to and deletions from the S&P ELSI do not in any way reflect an opinion by Standard & Poor’s on the investment merits of the fund and will each be announced in advance.

S&P Equity Long/Short Index The S&P ELSI is designed to represent the range of hedge funds which rely on fundamentally driven, bottom-up research for long and short stock picks, and which attempts to create alpha on both sides of the market while limiting overall portfolio risk. The S&P ELSI currently includes the five Equity Long/Short funds represented in the flagship S&P HFI, as well as 18 funds added to create a broader, more representative single strategy index. The index includes two regional sub-indices: one with a U.S. focus and one with a Global Ex-U.S. focus, each comprising approximately 12 funds.

S&P Hedge Fund Index The S&P HFI is designed to be both investable and broadly representative of the investment opportunities available in the hedge fund marketplace. It comprises nine distinct hedge fund investment strategies grouped into three broad style categories: Arbitrage, Event-Driven and Directional/Tactical. At the close of trading on December 31, 2004, 41 institutional quality managers will comprise the S&P HFI.


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