January 2007 Performance Review Of The Dow Jones Hedge Fund Strategy Benchmarks - A Monthly Report From Dow Jones Indexes On The Performance Of The Dow Jones Hedge Fund Strategy Benchmarks

All of the six hedge fund strategies covered by Dow Jones Hedge Fund Indexes posted net-of-fees gains in January 2007.

The net-of-fees returns ranged from a high of 2.49% posted by the merger arbitrage index to a low of 0.52% earned by the equity market neutral index. Equity long/short and event driven gained 2.23% and 1.91%, respectively, in January, while distressed securities and convertible arbitrage were up 1.72% and 0.68%.

DJHFSB	Net-of-fees January 2007 Performance
Convertible Arbitrage	0.68%
Distressed Securities	1.72%
Equity Long/Short	2.23%
Equity Market Neutral	0.52%
Event Driven	1.91%
Merger Arbitrage	2.49%

Dow Jones Wilshire 5000	1.90%
Dow Jones Wilshire Global Index	1.13%
Dow Jones Corporate Bond Index	0.17 %

On a float-adjusted basis, the Dow Jones Wilshire 5000, the only broad measure of the domestic equity market, returned 1.90% (2.02% on a full-cap basis) in January.

The fixed income asset class, as measured by the Dow Jones Corporate Bond Index, returned 0.17% in January.

Finally, the Dow Jones Wilshire Global Index, the broadest measure of global equity markets, was up 1.13%.

Note: January 2007 figures for the Dow Jones Hedge Fund Strategy Benchmarks are based on daily estimates net of fees. Final performance figures for Janaury 2007 will be available towards the end of February 2007. The methodology used to calculate the Dow Jones Hedge Fund Strategy Benchmarks is available on www.djhedgefundindexes.com.