3A Alternative Funds. 3A Multi Strategy Fund (USD, EUR, CHF, GBP)

3A Alternative Funds is a SICAV (Société d'investissement à Capital Variable) established under of the Luxembourg Law of 20 December 2002 and authorised for public distribution in Switzerland as a fund with special risks. 3A Alternative Funds is a family of funds of hedge funds, representing different investment alternative strategies. It currently comprises the following subfunds: 3A Multi Strategy Fund (USD, EUR, CHF, GBP) The 3A Multi Strategy sub-funds aim to deliver consistent capital appreciation. They invest in a selection of hedge funds representing different investment styles, so as to achieve optimum diversification. 3A Multi Arbitrage Fund (USD, EUR, CHF, GBP) The 3A Multi Arbitrage sub-funds aim to generate steady returns while maintaining low levels of volatility. They invest in a variety of hedge funds featuring Arbitrage and Relative Value strategies. 3A Long Short Fund (USD, EUR, CHF) The 3A Long Short sub-funds seek to ensure diversification across geographies and sectors. They invest in a wide selection of Long/Short Equity strategies. 3A Asia Fund (USD, EUR, CHF, GBP) The 3A Asia sub-funds aim to achieve medium-range absolute rates of return, while maintaining low levels of volatility and risk. They invest in a selection of Asia-focused hedge funds across different strategies. 3A Trading Fund (USD, EUR, CHF, GBP) The 3A Trading sub-funds aim to deliver consistent capital appreciation and achieve superior, risk adjusted performance over the long term by investing in hedge funds using a systematic quantitative approach to trade a broad range of asset classes from Equity to Bonds, Currencies and Commodities, via extremely liquid instruments such as Futures and Forwards. Besides Luxembourg, Switzerland and Singapore, 3A Alternative Funds is neither registered nor available for sale in any other country. This document is therefore not directed to any person in any jurisdiction where, by reason of that person's nationality, residence or otherwise, the publication or availability of this document is prohibited. In particular, the products mentioned herein are not available to persons in the UK who should accordingly not access this document. Similarly, the funds in this document have not been registered under the securities law of the United States and are not being offered in the United States or to US persons. Initially launched in August 1998 as a Cayman Islands limited company called ACE Ltd. Fund, the Company was transferred to Luxembourg in October 2002 and incorporated as a Luxembourg SICAV (part II) under the name Alternative Capital Enhancement. In July 2008, the Company was renamed 3A Alternative Funds. 3A Alternative Funds (the Company) invests as a "fund of funds" in hedge funds. An investment in the Company carries substantial risks. The risks inherent to an investment in hedge funds are of a nature and degree not typically encountered in investments in securities of companies listed on major securities markets worldwide. There can be no assurance that the Company's investment objective will be achieved and investment results may vary substantially over time. Interested parties incur the risk to lose all or part of their investment in the Company. Interested parties should carefully consider whether an investment in shares is suitable for them in the light of their own circumstances and financial resources (see the section captioned "Risk Factors" of the Prospectus). The Board of Directors of 3A Alternative Funds will, however, endeavour to monitor risks through the selection of 3A Alternative Funds' investments based on a due diligence procedure (see the section captioned Management Process of the Prospectus). This document is meant for the information of existing investors only and does not constitute a solicitation, an offer or a recommendation to invest. The information contained herein does not replace the official prospectus as well as the latest annual and/or semi-annual reports. Interested parties may obtain these documents from the registered office or the representative for Switzerland (Banque SYZ & CO SA, Rue du Rhône 30, CH-1204 Geneva). 3A Alternative Funds Rue du Rhône 30 CH-1204 Geneva - Switzerland Tel: +41 (0)58 799 1800 3AAF@syzgroup.com -

3A Multi Strategy Fund (USD) The 3A Multi Strategy Fund (USD) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Aiming to deliver consistent capital appreciation and ensure diversification, this portfolio invests in a selection of hedge funds representing different investment styles (Long/Short, Macro, Arbitrage, etc.). Final NAV (Class A) Final NAV (Class B) Legal Structure Reference Index Returns USD 2'095.27 USD 2'101.62 USD 506'676'190 USD 288'115'033 01-Aug-98 USD Luxembourg SICAV, HFR FoF Composite MTD +2.23% +2.09% YTD +6.12% +5.57% 1-year +6.12% +5.57% 3-year -10.15% -7.47% 5-year +20.62% +12.63% Since inception +110.16% +79.81% 3-year -3.51% -2.55% 5-year +3.82% +2.41% Since inception +6.16% +4.84% 2010 6.12% -0.59% 0.21% 1.79% 1.19% -2.39% -1.07% 0.45% 0.32% 2.55% 1.13% 0.26% 2.23% 2009 12.51% 1.08% 0.37% 0.14% 1.38% 1.64% 0.35% 1.83% 1.04% 1.70% 0.81% 1.11% 0.42% 2008-24.75% -3.46% 2.73% -3.51% 1.08% 2.50% -0.04% -5.52% -2.63% -8.13% -6.30% -2.68% -1.48% 2007 15.87% 0.90% 1.26% 1.33% 1.47% 2.17% 1.55% 2.11% -1.23% 2.70% 3.84% -2.52% 1.39% 2006 15.86% 5.33% 0.44% 2.47% 3.22% -3.14% -1.09% 0.11% 0.84% 0.12% 2.12% 2.64% 2.02% 2005 4.41% -0.72% 2.56% -2.22% -3.59% -1.73% 1.30% 2.97% 1.15% 3.19% -2.94% 1.51% 3.18% 2004 7.60% 1.04% 0.75% 0.31% -1.31% -1.40% 0.36% -0.87% 0.38% 2.15% 1.36% 3.28% 1.40% 2003 6.16% 0.49% 0.42% -0.38% 0.51% 1.38% 0.17% -0.06% 0.49% 0.87% 0.62% 0.10% 1.40% 2002 3.49% 0.36% -0.10% 0.21% 0.59% 0.56% -0.07% -0.59% 0.69% 0.51% 0.19% 0.35% 0.75% 2001 4.42% 0.97% 0.60% 0.81% -0.35% 0.24% 0.39% 0.17% 0.59% 0.18% 0.16% -0.13% 0.69% 2000 9.67% 0.91% 6.98% -0.40% -1.52% -0.07% 0.65% 0.19% 1.75% -0.35% -0.22% -0.18% 1.77% 1999 24.46% 1.68% -0.96% 3.05% 1.54% -0.60% 3.16% 0.80% 0.43% -0.35% 1.50% 3.99% 8.18% 1998-0.96% -5.33% 0.28% -1.10% 2.93% 2.49% All figures prior to 1-Sep-02 refer to the Ace Ltd. Fund, before it was transferred from the Cayman Islands to Luxembourg. Allocation by Style Risk Measures Volatility 7.19% 6.38% Gain Deviation 4.68% 3.75% Loss Deviation 6.49% 5.62% Sharpe Ratio (RFR 4%) +0.32 +0.16 Best Month +8.18% +6.85% Worst Month -8.13% -7.47% % Positive Months 71.81% 65.77% % Negative Months 28.19% 34.23% Correlation 0.90 Maximum Drawdown -25.63% -22.20% Comment The Fund was up for the month of December, closing the year with a strong month. Markets were up, on the month, S&P 500 +6.5% and +12.8% for the year. The Eurostoxx 50 was up +5.4% on the month but down -5.8% on the year, whilst the north south divide in European bourses was apparent with the DAX 30 closing the month and year at +3.37% and +16% respectively whilst the IBEX 35 was up +6.4% for the month but down -17% on the year. For December Equity Long Short, Event Driven and Macro strategies contributed the most, on the back of buoyant equity markets, and very tight supply in commodity subsectors. On the year, 9 of the 11 strategies were positive, whilst non performing silos protected capital in adverse market conditions. Going forward the portfolio is well balanced. We have added more aggressive managers and increased risk in several strategies. Minimum (A) USD 1'000 Minimum (B) USD 10'000 Minimum (C) USD 1'000'000 Notice CH Security Nr (Class A) 1477177 CH Security Nr (Class B) 1477178 CH Security Nr (Class C) 2105052 LU0153293781 LU0153293864 LU0216045269 ACEBLUB LX Reuters Page SYZCW

3A Multi Strategy Fund (EUR) The 3A Multi Strategy Fund (EUR) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Aiming to deliver consistent capital appreciation and ensure diversification, this portfolio invests in a selection of hedge funds representing different investment styles (Long/Short, Macro, Arbitrage, etc.). Final NAV (Class A) Final NAV (Class B) Legal Structure Reference Index EUR 1'343.29 EUR 1'347.09 EUR 378'384'818 EUR 215'163'760 01-Feb-03 EUR Luxembourg SICAV, HFR FoF Composite (EUR hedged)* MTD +2.20% +2.13% YTD +5.72% +5.82% 1-year +5.72% +5.82% 3-year -10.83% -5.25% 5-year +14.56% +11.53% Since inception +34.71% +42.50% 3-year -3.75% -1.78% 5-year +2.76% +2.21% Since inception +3.84% +4.58% * HFR FoF Composite (EUR hedged), which refers to the HFR FoF Composite in USD impacted by the USD/EUR interest rate differential. Returns 2010 5.72% -0.62% 0.20% 1.80% 1.20% -2.58% -1.10% 0.44% 0.33% 2.36% 1.16% 0.29% 2.20% 2009 12.35% 1.21% 0.46% 0.16% 1.38% 1.46% 0.40% 1.67% 0.99% 1.64% 0.78% 1.10% 0.46% 2008-24.93% -3.49% 2.71% -3.28% 1.23% 2.67% 0.06% -5.46% -2.61% -8.04% -7.85% -2.46% -1.08% 2007 13.98% 0.72% 1.08% 1.18% 1.30% 2.03% 1.43% 1.94% -1.31% 2.43% 3.74% -2.57% 1.35% 2006 12.71% 4.98% 0.32% 2.22% 2.73% -3.30% -1.29% -0.10% 0.61% -0.07% 1.97% 2.42% 1.80% 2005 2.96% -0.69% 2.47% -2.36% -3.95% -1.72% 1.31% 2.83% 0.97% 3.17% -3.17% 1.38% 3.05% 2004 7.45% 1.09% 0.81% 0.30% -1.27% -1.27% 0.44% -0.83% 0.43% 2.12% 1.24% 3.03% 1.22% 2003 6.29% 0.56% -0.29% 0.57% 1.34% 0.25% -0.02% 0.56% 0.96% 0.70% 0.13% 1.37% Allocation by Style Risk Measures Volatility 7.56% 5.71% Gain Deviation 3.41% 2.56% Loss Deviation 7.28% 5.52% Sharpe Ratio (RFR 4%) +0.02 +0.13 Best Month +4.98% +3.37% Worst Month -8.04% -6.37% % Positive Months 71.58% 70.53% % Negative Months 28.42% 29.47% Correlation 0.93 Maximum Drawdown -25.87% -21.09% Comment The Fund was up for the month of December, closing the year with a strong month. Markets were up, on the month, S&P 500 +6.5% and +12.8% for the year. The Eurostoxx 50 was up +5.4% on the month but down -5.8% on the year, whilst the north south divide in European bourses was apparent with the DAX 30 closing the month and year at +3.37% and +16% respectively whilst the IBEX 35 was up +6.4% for the month but down -17% on the year. For December Equity Long Short, Event Driven and Macro strategies contributed the most, on the back of buoyant equity markets, and very tight supply in commodity subsectors. On the year, 9 of the 11 strategies were positive, whilst non performing silos protected capital in adverse market conditions. Going forward the portfolio is well balanced. We have added more aggressive managers and increased risk in several strategies. Minimum (A) EUR 1'000 Minimum (B) EUR 10'000 Minimum (C) EUR 1'000'000 Notice CH Security Nr (Class A) 1477179 CH Security Nr (Class B) 1477180 CH Security Nr (Class C) 2137402 LU0153294243 LU0153294326 LU0217051951 ACEMSEB LX Reuters Page SYZCW

3A Multi Strategy Fund (CHF) The 3A Multi Strategy Fund (CHF) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Aiming to deliver consistent capital appreciation and ensure diversification, this portfolio invests in a selection of hedge funds representing different investment styles (Long/Short, Macro, Arbitrage, etc.). Final NAV (Class A) CHF 1'185.29 Final NAV (Class B) CHF 1'189.85 MTD +1.97% +2.08% Final NAV (Class C) CHF 1'131.97 YTD +4.99% +5.40% CHF 473'387'564 1-year +4.99% +5.40% CHF 269'185'876 3-year -13.95% -8.33% 01-Aug-03 5-year +7.26% +4.49% CHF Since inception +18.98% +22.08% Legal Structure Luxembourg SICAV, 3-year -4.88% -2.86% 5-year +1.41% +0.88% (CHF hedged)* Since inception +2.37% +2.73% * HFR FoF Composite (CHF hedged), which refers to the HFR FoF Composite in USD impacted by the USD/CHF interest rate differential. Returns 2010 4.99% -0.65% 0.17% 1.71% 1.18% -2.61% -1.11% 0.37% 0.26% 2.39% 1.06% 0.26% 1.97% 2009 11.51% 1.06% 0.38% 0.07% 1.30% 1.39% 0.31% 1.64% 0.97% 1.60% 0.75% 1.07% 0.41% 2008-26.50% -3.59% 2.46% -3.47% 1.00% 2.31% -0.11% -5.74% -2.79% -8.14% -7.25% -2.76% -1.64% 2007 12.22% 0.65% 1.02% 1.03% 1.18% 1.94% 1.34% 1.82% -1.47% 2.34% 3.47% -2.68% 1.08% 2006 11.07% 4.88% 0.28% 2.19% 2.73% -3.32% -1.42% -0.26% 0.48% -0.20% 1.79% 2.26% 1.37% 2005 1.76% -0.84% 2.37% -2.42% -3.79% -2.09% 1.18% 2.77% 0.84% 3.08% -3.20% 1.26% 2.94% 2004 5.90% 0.99% 0.60% 0.25% -1.32% -1.39% 0.24% -0.95% 0.29% 1.99% 1.14% 2.85% 1.14% 2003 2.94% 0.43% 0.75% 0.54% -0.01% 1.21% Allocation by Style Risk Measures Volatility 7.70% 5.90% Gain Deviation 3.34% 2.50% Loss Deviation 7.07% 5.60% Sharpe Ratio (RFR 4%) -0.17-0.18 Best Month +4.88% +3.31% Worst Month -8.14% -6.56% % Positive Months 69.66% 67.42% % Negative Months 30.34% 32.58% Correlation 0.93 Maximum Drawdown -27.70% -23.01% Comment The Fund was up for the month of December, closing the year with a strong month. Markets were up, on the month, S&P 500 +6.5% and +12.8% for the year. The Eurostoxx 50 was up +5.4% on the month but down -5.8% on the year, whilst the north south divide in European bourses was apparent with the DAX 30 closing the month and year at +3.37% and +16% respectively whilst the IBEX 35 was up +6.4% for the month but down -17% on the year. For December Equity Long Short, Event Driven and Macro strategies contributed the most, on the back of buoyant equity markets, and very tight supply in commodity subsectors. On the year, 9 of the 11 strategies were positive, whilst non performing silos protected capital in adverse market conditions. Going forward the portfolio is well balanced. We have added more aggressive managers and increased risk in several strategies. Minimum (A) CHF 1'000 Minimum (B) CHF 10'000 Minimum (C) CHF 1'000'000 Notice CH Security Nr (Class A) 1644653 CH Security Nr (Class B) 1644654 CH Security Nr (Class C) 2105071 LU0173104455 LU0173104885 LU0216045699 ACEMSCB LX

3A Multi Strategy Fund (GBP) The 3A Multi Strategy Fund (GBP) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Aiming to deliver consistent capital appreciation and ensure diversification, this portfolio invests in a selection of hedge funds representing different investment styles (Long/Short, Macro, Arbitrage, etc.). Final NAV (Class B) GBP 972.32 Final NAV (Class C) GBP 932.17 GBP 324'761'202 GBP 184'671'367 01-Sep-08 GBP Legal Structure Luxembourg SICAV, LU (GBP hedged)* MTD +2.25% +2.12% YTD +6.13% +5.87% 1-year +6.13% +5.87% 3-year - - Since inception -2.77% +0.60% 3-year - - Since inception -1.20% +0.26% * HFR FoF Composite (GBP hedged), which refers to the HFR FoF Composite in USD impacted by the USD/GBP interest rate differential. Returns 2010 6.13% -0.58% 0.23% 1.86% 1.17% -2.52% -1.02% 0.43% 0.34% 2.51% 1.13% 0.27% 2.25% 2009 12.25% 1.28% 0.43% 0.14% 1.31% 1.36% 0.31% 1.64% 1.14% 1.71% 0.78% 1.10% 0.44% 2008-18.39% -7.83% -7.61% -2.40% -1.81% Allocation by Style Risk Measures Volatility 8.64% 7.58% Gain Deviation 2.41% 2.95% Loss Deviation - - Sharpe Ratio (RFR 4%) -0.55-0.45 Best Month +2.51% +3.36% Worst Month -7.83% -6.30% % Positive Months 75.00% 64.29% % Negative Months 25.00% 35.71% Correlation 0.97 Maximum Drawdown -18.39% -15.24% Recovery Period NR 24 Comment The Fund was up for the month of December, closing the year with a strong month. Markets were up, on the month, S&P 500 +6.5% and +12.8% for the year. The Eurostoxx 50 was up +5.4% on the month but down -5.8% on the year, whilst the north south divide in European bourses was apparent with the DAX 30 closing the month and year at +3.37% and +16% respectively whilst the IBEX 35 was up +6.4% for the month but down -17% on the year. For December Equity Long Short, Event Driven and Macro strategies contributed the most, on the back of buoyant equity markets, and very tight supply in commodity subsectors. On the year, 9 of the 11 strategies were positive, whilst non performing silos protected capital in adverse market conditions. Going forward the portfolio is well balanced. We have added more aggressive managers and increased risk in several strategies. Minimum (A) 1'000 GBP Minimum (B) 10'000 GBP Minimum (C) 1'000'000 GBP Notice CH Security Nr (Class A) 4315608 CH Security Nr (Class B) 4315611 CH Security Nr (Class C) 4315619 LU0345703374 LU0345703614 LU0345703705 ACEMSGC LX Management Fee (A, B) 1.50% Management Fee (C) 1.00%

3A Multi Arbitrage Fund (USD) The 3A Multi Arbitrage Fund (USD) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Aiming to generate steady returns while maintaining low levels of volatility, this portfolio invests in a variety of hedge funds featuring Arbitrage and Relative Value strategies. Final NAV (Class A) Final NAV (Class B) Legal Structure Reference Index Returns USD 1'395.75 USD 1'399.43 USD 506'676'190 USD 154'002'248 01-Dec-02 USD Luxembourg SICAV, HFR FoF Composite MTD +1.20% +2.09% YTD +3.80% +5.57% 1-year +3.80% +5.57% 3-year -7.47% -7.47% 5-year +17.26% +12.63% Since inception +39.94% +45.37% 3-year -2.55% -2.55% 5-year +3.24% +2.41% Since inception +4.25% +4.74% 2010 3.80% 0.71% 0.19% 1.37% 0.81% -1.70% -0.88% 0.40% -0.20% 1.46% 0.56% -0.14% 1.20% 2009 11.51% 0.96% 0.06% -0.55% 0.66% 2.32% 1.56% 1.87% 1.73% 1.46% 0.70% 0.23% -0.01% 2008-20.06% -0.51% 0.97% -2.03% 0.02% 1.42% -0.17% -1.78% -0.85% -5.91% -8.25% -3.40% -1.23% 2007 13.25% 1.54% 2.44% 1.11% 1.05% 1.90% 1.11% 1.56% -1.24% 0.87% 3.19% -1.03% 0.09% 2006 11.89% 2.55% 0.89% 0.84% 1.57% -0.52% -0.03% 0.50% 0.45% 0.88% 1.10% 1.40% 1.70% 2005 1.04% -0.10% 1.90% -1.26% -2.35% -1.80% 0.83% 1.69% 0.50% 1.44% -0.97% -0.16% 1.43% 2004 8.15% 1.67% 0.28% 0.27% -0.29% -0.85% 0.20% -0.24% 0.28% 0.84% 0.59% 3.23% 1.95% 2003 8.61% 1.16% 0.53% 0.45% 1.41% 0.95% 0.39% 0.09% -0.06% 1.09% 1.14% 0.45% 0.70% 2002 0.56% 0.56% Allocation by Style Risk Measures Volatility 5.52% 5.75% Gain Deviation 2.47% 2.53% Loss Deviation 6.29% 5.63% Sharpe Ratio (RFR 4%) +0.07 +0.15 Best Month +3.23% +3.32% Worst Month -8.25% -6.54% % Positive Months 70.10% 69.07% % Negative Months 29.90% 30.93% Correlation 0.90 Maximum Drawdown -20.81% -22.20% Comment The Fund ended the year with a positive performance. All strategies but Credit contributed positively to the performance. Event-Driven managers enjoyed a sustained corporate activity together with buoyant financial markets. Multi Strategy funds also benefited from numerous market opportunities across equities and fixed income instruments. The third best contributor was the Equity Market Neutral allocation. This strategy was able to extract alpha from stock dispersion and lower correlations. In terms of managers, December proved to be a strong month for the majority of the underlying positions. The best performers are managers with a company specific investment approach. The asset allocation remained fairly stable over the reporting period. Minimum (A) USD 1'000 Minimum (B) USD 10'000 Minimum (C) USD 1'000'000 Notice CH Security Nr (Class A) 1477194 CH Security Nr (Class B) 1477198 CH Security Nr (Class C) 3202234 LU0153296370 LU0153296453 LU0303831415 ACEMAUB LX Reuters Page SYZCW

3A Multi Arbitrage Fund (EUR) The 3A Multi Arbitrage Fund (EUR) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Aiming to generate steady returns while maintaining low levels of volatility, this portfolio invests in a variety of hedge funds featuring Arbitrage and Relative Value strategies. Final NAV (Class A) Final NAV (Class B) Legal Structure Reference Index EUR 1'228.87 EUR 1'232.56 EUR 378'384'818 EUR 115'008'587 01-Aug-03 EUR Luxembourg SICAV, HFR FoF Composite (EUR hedged)* MTD +1.20% +2.13% YTD +3.51% +5.82% 1-year +3.51% +5.82% 3-year -9.09% -5.25% 5-year +10.77% +11.53% Since inception +23.26% +35.44% 3-year -3.13% -1.78% 5-year +2.07% +2.21% Since inception +2.86% +4.18% * HFR FoF Composite (EUR hedged), which refers to the HFR FoF Composite in USD impacted by the USD/EUR interest rate differential. Returns 2010 3.51% 0.74% 0.20% 1.37% 0.82% -1.82% -0.92% 0.38% -0.21% 1.34% 0.52% -0.13% 1.20% 2009 10.62% 0.68% 0.14% -0.52% 0.61% 2.11% 1.49% 1.69% 1.68% 1.39% 0.67% 0.24% 0.00% 2008-20.61% -0.58% 1.00% -1.86% 0.16% 1.57% -0.06% -1.65% -0.76% -5.61% -10.12% -3.20% -1.14% 2007 11.39% 1.35% 2.24% 0.93% 0.86% 1.75% 1.01% 1.41% -1.33% 0.66% 3.11% -1.10% 0.04% 2006 9.39% 2.39% 0.74% 0.70% 1.29% -0.73% -0.23% 0.29% 0.25% 0.74% 0.94% 1.14% 1.51% 2005-0.46% -0.10% 1.84% -1.38% -2.70% -1.77% 0.82% 1.54% 0.30% 1.32% -1.15% -0.32% 1.26% 2004 8.07% 1.69% 0.35% 0.31% -0.24% -0.75% 0.24% -0.18% 0.31% 0.82% 0.55% 3.03% 1.73% 2003 3.44% -0.01% 1.10% 1.14% 0.47% 0.70% Allocation by Style Risk Measures Volatility 5.99% 5.85% Gain Deviation 2.40% 2.53% Loss Deviation 7.19% 5.52% Sharpe Ratio (RFR 4%) -0.15 +0.06 Best Month +3.11% +3.37% Worst Month -10.12% -6.37% % Positive Months 68.54% 68.54% % Negative Months 31.46% 31.46% Correlation 0.88 Maximum Drawdown -21.45% -21.09% Comment The Fund ended the year with a positive performance. All strategies but Credit contributed positively to the performance. Event-Driven managers enjoyed a sustained corporate activity together with buoyant financial markets. Multi Strategy funds also benefited from numerous market opportunities across equities and fixed income instruments. The third best contributor was the Equity Market Neutral allocation. This strategy was able to extract alpha from stock dispersion and lower correlations. In terms of managers, December proved to be a strong month for the majority of the underlying positions. The best performers are managers with a company specific investment approach. The asset allocation remained fairly stable over the reporting period. Minimum (A) EUR 1'000 Minimum (B) EUR 10'000 Minimum (C) EUR 1'000'000 Notice CH Security Nr (Class A) 1477199 CH Security Nr (Class B) 1477201 CH Security Nr (Class C) 2105065 LU0153296701 LU0153296883 LU0217052090 ACEMAEB LX Reuters Page SYZCW

3A Multi Arbitrage Fund (CHF) The 3A Multi Arbitrage Fund (CHF) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Aiming to generate steady returns while maintaining low levels of volatility, this portfolio invests in a variety of hedge funds featuring Arbitrage and Relative Value strategies. Final NAV (Class A) Final NAV (Class B) Legal Structure Reference Index CHF 1'196.34 CHF 1'199.61 CHF 473'387'564 CHF 143'884'300 01-Jul-04 CHF Luxembourg SICAV, HFR FoF Composite (CHF hedged)* MTD +1.09% +2.08% YTD +2.93% +5.40% 1-year +2.93% +5.40% 3-year -11.79% -8.33% 5-year +4.59% +4.49% Since inception +8.45% +14.44% 3-year -4.10% -2.86% 5-year +0.90% +0.88% Since inception +1.26% +2.10% * HFR FoF Composite (CHF hedged), which refers to the HFR FoF Composite in USD impacted by the USD/CHF interest rate differential. Returns 2010 2.93% 0.71% 0.17% 1.29% 0.80% -1.87% -0.94% 0.28% -0.25% 1.35% 0.46% -0.15% 1.09% 2009 10.15% 0.74% 0.06% -0.62% 0.56% 2.05% 1.45% 1.67% 1.65% 1.36% 0.64% 0.22% -0.03% 2008-22.20% -0.80% 0.78% -2.02% -0.03% 1.37% -0.22% -1.90% -0.97% -6.12% -9.36% -3.60% -1.43% 2007 9.79% 1.32% 2.23% 0.81% 0.74% 1.68% 0.91% 1.28% -1.49% 0.52% 2.90% -1.23% -0.20% 2006 8.00% 2.25% 0.76% 0.63% 1.16% -0.85% -0.34% 0.13% 0.11% 0.66% 0.81% 0.98% 1.46% 2005-1.70% -0.25% 1.74% -1.47% -2.55% -2.14% 0.68% 1.48% 0.22% 1.22% -1.24% -0.44% 1.16% 2004 5.49% -0.37% 0.18% 0.68% 0.43% 2.82% 1.67% Allocation by Style Risk Measures Volatility 6.24% 6.19% Gain Deviation 2.34% 2.60% Loss Deviation 6.94% 5.77% Sharpe Ratio (RFR 4%) -0.40-0.27 Best Month +2.90% +3.31% Worst Month -9.36% -6.56% % Positive Months 64.10% 65.38% % Negative Months 35.90% 34.62% Correlation 0.89 Maximum Drawdown -23.31% -23.01% Comment The Fund ended the year with a positive performance. All strategies but Credit contributed positively to the performance. Event-Driven managers enjoyed a sustained corporate activity together with buoyant financial markets. Multi Strategy funds also benefited from numerous market opportunities across equities and fixed income instruments. The third best contributor was the Equity Market Neutral allocation. This strategy was able to extract alpha from stock dispersion and lower correlations. In terms of managers, December proved to be a strong month for the majority of the underlying positions. The best performers are managers with a company specific investment approach. The asset allocation remained fairly stable over the reporting period. Minimum (A) CHF 1'000 Minimum (B) CHF 10'000 Minimum (C) CHF 1'000'000 Notice CH Security Nr (Class A) 1891648 CH Security Nr (Class B) 1886945 CH Security Nr (Class C) 10418237 LU0174505908 LU0174506203 LU0463369925 ACEMACB LX

3A Multi Arbitrage Fund (GBP) The 3A Multi Arbitrage Fund (GBP) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Aiming to generate steady returns while maintaining low levels of volatility, this portfolio invests in a variety of hedge funds featuring Arbitrage and Relative Value strategies. Final NAV (Class B) GBP 930.94 Final NAV (Class C) GBP 935.08 GBP 324'761'202 GBP 98'709'898 01-Sep-08 GBP Legal Structure Luxembourg SICAV, LU, SG (GBP hedged)* MTD +1.21% +2.12% YTD +3.87% +5.87% 1-year +3.87% +5.87% 3-year - - Since inception -6.91% +0.60% 3-year - - Since inception -3.02% +0.26% * HFR FoF Composite (GBP hedged), which refers to the HFR FoF Composite in USD impacted by the USD/GBP interest rate differential. Returns 2010 3.87% 0.73% 0.24% 1.43% 0.80% -1.78% -0.85% 0.38% -0.19% 1.44% 0.57% -0.13% 1.21% 2009 11.03% 1.13% 0.12% -0.54% 0.63% 2.00% 1.37% 1.68% 1.74% 1.47% 0.68% 0.24% 0.01% 2008-19.28% -5.56% -10.08% -3.17% -1.83% Allocation by Style Risk Measures Volatility 8.75% 7.58% Gain Deviation 2.09% 2.95% Loss Deviation - - Sharpe Ratio (RFR 4%) -0.76-0.45 Best Month +2.00% +3.36% Worst Month -10.08% -6.30% % Positive Months 67.86% 64.29% % Negative Months 32.14% 35.71% Correlation 0.92 Maximum Drawdown -19.28% -15.24% Recovery Period NR 24 Comment The Fund ended the year with a positive performance. All strategies but Credit contributed positively to the performance. Event-Driven managers enjoyed a sustained corporate activity together with buoyant financial markets. Multi Strategy funds also benefited from numerous market opportunities across equities and fixed income instruments. The third best contributor was the Equity Market Neutral allocation. This strategy was able to extract alpha from stock dispersion and lower correlations. In terms of managers, December proved to be a strong month for the majority of the underlying positions. The best performers are managers with a company specific investment approach. The asset allocation remained fairly stable over the reporting period. Minimum (A) 1'000 GBP Minimum (B) 10'000 GBP Minimum (C) 1'000'000 GBP Notice CH Security Nr (Class A) 4315639 CH Security Nr (Class B) 2214592 CH Security Nr (Class C) 4315645 LU0345703887 LU0223733154 LU0345703960 ACEMAGC LX Management Fee (A, B) 1.50% Management Fee (C) 1.00%

3A Long Short Fund (USD) The 3A Long Short Fund (USD) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Seeking to ensure diversification across geographies and sectors, this portfolio invests in a wide selection of Long/Short Equity strategies. Final NAV (Class A) Final NAV (Class B) Legal Structure Reference Index Returns USD 1'312.49 USD 1'315.98 USD 506'676'190 USD 33'024'572 01-Dec-02 USD Luxembourg SICAV, HFR FoF Composite MTD +3.19% +2.09% YTD +8.57% +5.57% 1-year +8.57% +5.57% 3-year -19.93% -7.47% 5-year +0.26% +12.63% Since inception +31.60% +45.37% 3-year -7.14% -2.55% 5-year +0.05% +2.41% Since inception +3.46% +4.74% 2010 8.57% -0.44% -0.78% 1.83% 0.22% -1.52% -1.10% 1.53% 0.06% 3.32% 1.61% 0.47% 3.19% 2009 12.26% -0.24% 2.01% 0.03% 2.13% 0.64% -0.38% 2.52% 1.66% 1.83% 0.16% 0.00% 1.32% 2008-34.30% -7.70% 1.76% -4.81% 0.35% 3.48% -0.33% -7.17% -3.01% -9.29% -7.08% -4.14% -2.42% 2007 8.44% 0.79% 1.50% 1.63% 1.62% 1.53% 0.64% -0.22% -3.58% 3.57% 4.98% -5.12% 1.20% 2006 15.47% 5.84% 0.59% 3.21% 3.54% -4.40% -1.49% -0.82% 1.34% 0.25% 2.03% 2.86% 1.90% 2005 13.88% 0.54% 3.00% -1.62% -2.56% -1.14% 2.23% 3.33% 2.05% 3.77% -4.19% 3.75% 4.36% 2004 10.30% 1.41% 0.96% 0.18% -0.99% -1.59% 1.03% -0.81% 0.78% 2.45% 1.65% 3.65% 1.24% 2003 4.36% -0.98% -0.43% -0.89% -0.92% 1.53% 0.71% 1.69% 1.70% -0.14% 1.48% -0.15% 0.74% 2002 0.13% 0.13% Allocation by Style Risk Measures Volatility 9.37% 5.75% Gain Deviation 4.51% 2.53% Loss Deviation 8.60% 5.63% Sharpe Ratio (RFR 4%) -0.01 +0.15 Best Month +5.84% +3.32% Worst Month -9.29% -6.54% % Positive Months 64.95% 69.07% % Negative Months 35.05% 30.93% Correlation 0.90 Maximum Drawdown -37.07% -22.20% Comment The Fund was up for the month of December, closing the year with a strong month. The US saw consumer spending rise more than expected, which resulted in a considerable increase in fourth quarter growth. This combined with the tax deal between the Obama Administration and the Republicans in Congress resulted in a surprise fiscal stimulus to growth instead of an anticipated drag. As a result most equity markets were up, on the month, S&P 500 +6.5% and +12.8% for the year. The biggest contributors on the month were Equity Long Short, followed by Event Driven and then Long Biased managers, which was the exact same order for the three main contributors over the year. The first half of the year was volatile and the lower volatility trading orientated managers capitalised most in this scenario. The latter half of the year saw more directional bullish markets that were more beneficial to managers with higher exposure and with a buy and hold mentality. Overall we were happy to see the mix of the two with an overlay of Event Driven manager allowed us to print positive returns even in months such as August and November. Going into 2011 we have increased allocations to the more aggressive managers and thus increased portfolio risk. We believe the environment for stock picking managers is going to improve significantly, which should in turn allow the traditional long short equity managers to generate alpha on both the long and the short side. We maintain a strong focus on liquid and disciplined managers. Minimum (A) USD 1'000 Minimum (B) USD 10'000 Minimum (C) USD 1'000'000 Notice CH Security Nr (Class A) 1477189 CH Security Nr (Class B) 1477190 LU0153295646 LU0153295729 ACELSUB LX Reuters Page SYZCW may obtain the prospectus, annual and semi-annual reports from the : SYZ Asset Management SA - Rue du Rhône 30 - CH 1204 Geneva T +41 (0)58 799 18 00 SyzAM@syzgroup.com and semi-annual reports free of charge at the Swiss representative and payment service: Banque SYZ & CO S.A. - Rue du Rhône 30 - CH 1204 Geneva - T +41 (0)58 799 10 00 - info@syzgroup.com

3A Long Short Fund (EUR) The 3A Long Short Fund (EUR) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Seeking to ensure diversification across geographies and sectors, this portfolio invests in a wide selection of Long/Short Equity strategies. Final NAV (Class A) EUR 873.51 Final NAV (Class B) EUR 1'043.00 EUR 378'384'818 EUR 24'662'688 01-Mar-05 EUR Legal Structure Luxembourg SICAV, (EUR hedged)* MTD +3.16% +2.13% YTD +7.90% +5.82% 1-year +7.90% +5.82% 3-year -20.51% -5.25% 5-year -4.23% +11.53% Since inception +4.30% +16.99% 3-year -7.36% -1.78% 5-year -0.86% +2.21% Since inception +0.72% +2.73% * HFR FoF Composite (EUR hedged), which refers to the HFR FoF Composite in USD impacted by the USD/EUR interest rate differential. Returns 2010 7.90% -0.48% -0.82% 1.83% 0.21% -1.65% -1.14% 1.46% 0.07% 3.07% 1.51% 0.54% 3.16% 2009 12.19% -0.12% 2.20% -0.03% 2.13% 0.53% -0.31% 2.31% 1.63% 1.75% 0.14% 0.02% 1.37% 2008-34.33% -7.74% 1.84% -4.47% 0.51% 3.68% -0.23% -7.12% -3.08% -9.26% -8.80% -3.87% -1.73% 2007 6.74% 0.64% 1.33% 1.44% 1.44% 1.39% 0.47% -0.34% -3.67% 3.25% 4.89% -5.07% 1.16% 2006 12.88% 5.65% 0.64% 2.96% 3.10% -4.51% -1.73% -1.01% 1.12% 0.11% 1.89% 2.51% 1.83% 2005 8.90% -1.56% -2.84% -1.05% 2.37% 3.21% 1.87% 3.75% -4.43% 3.70% 3.98% Allocation by Style Risk Measures Volatility 10.72% 6.36% Gain Deviation 4.64% 2.65% Loss Deviation 9.62% 5.75% Sharpe Ratio (RFR 4%) -0.25-0.16 Best Month +5.65% +3.37% Worst Month -9.26% -6.37% % Positive Months 62.86% 65.71% % Negative Months 37.14% 34.29% Correlation 0.92 Maximum Drawdown -37.02% -21.09% Comment The Fund was up for the month of December, closing the year with a strong month. The US saw consumer spending rise more than expected, which resulted in a considerable increase in fourth quarter growth. This combined with the tax deal between the Obama Administration and the Republicans in Congress resulted in a surprise fiscal stimulus to growth instead of an anticipated drag. As a result most equity markets were up, on the month, S&P 500 +6.5% and +12.8% for the year. The biggest contributors on the month were Equity Long Short, followed by Event Driven and then Long Biased managers, which was the exact same order for the three main contributors over the year. The first half of the year was volatile and the lower volatility trading orientated managers capitalised most in this scenario. The latter half of the year saw more directional bullish markets that were more beneficial to managers with higher exposure and with a buy and hold mentality. Overall we were happy to see the mix of the two with an overlay of Event Driven manager allowed us to print positive returns even in months such as August and November. Going into 2011 we have increased allocations to the more aggressive managers and thus increased portfolio risk. We believe the environment for stock picking managers is going to improve significantly, which should in turn allow the traditional long short equity managers to generate alpha on both the long and the short side. We maintain a strong focus on liquid and disciplined managers. Minimum (A) EUR 1'000 Minimum (B) EUR 10'000 Minimum (C) EUR 1'000'000 Notice CH Security Nr (Class A) 1477191 CH Security Nr (Class B) 1477192 CH Security Nr (Class C) 2105063 LU0153295307 LU0153295489 LU0216044882 ACELEUR LX Reuters Page SYZCW and semi-annual reports free of charge at the Swiss representative and payment service: Banque SYZ & CO S.A. - Rue du Rhône 30 - CH 1204 Geneva - T +41 (0)58 799 10 00 - info@syzgroup.com

3A Long Short Fund (CHF) The 3A Long Short Fund (CHF) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multicompartment umbrella structure. Seeking to ensure diversification across geographies and sectors, this portfolio invests in a wide selection of Long/Short Equity strategies. Final NAV (Class A) CHF 851.59 Final NAV (Class B) CHF 971.81 CHF 473'387'564 CHF 30'854'857 01-Mar-05 CHF Legal Structure Luxembourg SICAV, LU,CH,SG (CHF hedged)* MTD +2.88% +2.08% YTD +7.27% +5.40% 1-year +7.27% +5.40% 3-year -22.94% -8.33% 5-year -9.95% +4.49% Since inception -2.82% +8.36% 3-year -8.32% -2.86% 5-year -2.08% +0.88% Since inception -0.49% +1.39% * HFR FoF Composite (CHF hedged), which refers to the HFR FoF Composite in USD impacted by the USD/CHF interest rate differential. Returns 2010 7.27% -0.51% -0.83% 1.75% 0.19% -1.69% -1.17% 1.42% 0.00% 3.11% 1.54% 0.47% 2.88% 2009 11.44% -0.21% 2.09% -0.05% 2.08% 0.43% -0.41% 2.29% 1.59% 1.71% 0.11% -0.02% 1.32% 2008-35.53% -7.60% 1.43% -4.68% 0.30% 3.46% -0.40% -7.46% -3.26% -9.33% -8.09% -4.16% -2.36% 2007 5.06% 0.57% 1.28% 1.32% 1.34% 1.30% 0.38% -0.45% -3.79% 3.10% 4.64% -5.21% 0.87% 2006 11.22% 5.35% 0.48% 2.97% 2.99% -4.50% -1.87% -1.19% 0.97% 0.00% 1.73% 2.35% 1.76% 2005 7.93% -1.81% -2.75% -1.44% 2.23% 3.14% 1.79% 3.67% -4.50% 3.61% 4.16% Allocation by Style Risk Measures Volatility 10.62% 6.42% Gain Deviation 4.53% 2.64% Loss Deviation 9.40% 5.84% Sharpe Ratio (RFR 4%) -0.36-0.37 Best Month +5.35% +3.31% Worst Month -9.33% -6.56% % Positive Months 61.43% 65.71% % Negative Months 38.57% 34.29% Correlation 0.92 Maximum Drawdown -38.49% -23.01% Comment The Fund was up for the month of December, closing the year with a strong month. The US saw consumer spending rise more than expected, which resulted in a considerable increase in fourth quarter growth. This combined with the tax deal between the Obama Administration and the Republicans in Congress resulted in a surprise fiscal stimulus to growth instead of an anticipated drag. As a result most equity markets were up, on the month, S&P 500 +6.5% and +12.8% for the year. The biggest contributors on the month were Equity Long Short, followed by Event Driven and then Long Biased managers, which was the exact same order for the three main contributors over the year. The first half of the year was volatile and the lower volatility trading orientated managers capitalised most in this scenario. The latter half of the year saw more directional bullish markets that were more beneficial to managers with higher exposure and with a buy and hold mentality. Overall we were happy to see the mix of the two with an overlay of Event Driven manager allowed us to print positive returns even in months such as August and November. Going into 2011 we have increased allocations to the more aggressive managers and thus increased portfolio risk. We believe the environment for stock picking managers is going to improve significantly, which should in turn allow the traditional long short equity managers to generate alpha on both the long and the short side. We maintain a strong focus on liquid and disciplined managers. Minimum (A) CHF 1'000 Minimum (B) CHF 10'000 Minimum (C) CHF 1'000'000 Notice CH Security Nr (Class A) 2093025 CH Security Nr (Class B) 2093032 CH Security Nr (Class C) 2257782 LU0174505577 LU0174505734 LU0228026158 ACELCHF LX

3A Asia Fund (USD) The 3A Asia Fund (USD) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multi-compartment umbrella structure. Aiming to achieve medium-range absolute rates of return and maintain low levels of volatility and risk, this portfolio invests in a selection of Asia-focused hedge funds across different strategies or investment styles. Final NAV (Class A) USD 923.97 Final NAV (Class B) USD 925.32 USD 506'676'190 USD 11'262'783 1-Dec-04 USD Legal Structure Luxembourg SICAV MTD +1.22% +2.09% YTD -1.23% +5.57% 1-year -1.23% +5.57% 3-year -15.47% -7.47% 5-year +10.33% +12.63% Since inception +16.93% +22.84% 3-year -5.45% -2.55% 5-year +1.98% +2.41% Since inception +2.60% +3.44% Returns 2010-1.23% -1.57% -0.94% 0.71% -1.81% -2.67% -0.37% 0.43% -0.87% 2.58% 1.72% 0.47% 1.22% 2009 5.37% 0.41% -0.19% -0.22% -0.17% 2.11% 0.76% 0.72% 0.03% 0.50% 0.05% 0.81% 0.45% 2008-18.78% -4.40% 3.05% -4.94% 0.65% -0.69% -2.72% -1.89% -1.85% -3.68% -3.22% -0.73% 0.09% 2007 18.21% 0.89% 0.22% -0.12% 2.78% 4.03% 1.34% 2.74% -0.80% 3.32% 3.26% -2.05% 1.44% 2006 10.41% 2.72% -0.73% 2.82% 1.58% -2.87% -1.15% -2.58% 0.45% 1.53% 2.26% 3.30% 2.88% 2005 5.62% 0.10% 1.06% -0.51% -0.93% -0.77% 0.02% 1.33% 0.54% 2.25% -1.61% 1.78% 2.31% 2004 0.35% 0.35% All figures prior to 1-Jun-07 refer to the 3A Asia Fund (Oria Fund), before it was transferred from the Cayman Islands to Luxembourg. Allocation by Style Risk Measures Comment Volatility 6.68% 6.38% Gain Deviation 3.91% 2.63% Loss Deviation 4.51% 5.91% Sharpe Ratio (RFR 4%) -0.17-0.05 Best Month +4.03% +3.32% Worst Month -4.94% -6.54% % Positive Months 60.27% 65.75% % Negative Months 39.73% 34.25% Correlation 0.80 Maximum Drawdown -20.86% -22.20% Allocation by Region The fund delivered strong performance in December. We have seen a large divergence in performance across different markets in Asia. South East Asia continued to trend upwards as the region again saw positive foreign capital inflow. Hong Kong / China was the laggard, ending the month slightly down due to the fear of further tightening as inflation particularly food inflation started worsen and trigger the nerves of the policy makers to contain the situation in order to avoid social unrest. Out of 24 managers, 20 ended up in positive territory. The top 3 contributors were a commodity fund which enjoyed the sharp rally in commodity prices, a Japanese equity long short trading oriented fund which captured the rally of Japanese markets and a Pan Asia equity long short fund. In terms of style contribution, Equity Long Short accounted for more than half of the PnL, followed by Commodities and Market Neutral. In 2011, we believe the market will be similar to 2010. The market will be range-trading with an upward bias and will also see a big dispersion across stocks and sectors. As such, we are in favour of managers which have strong research capabilities. Good stock picking will be crucial to generate good returns in 2011. In view of this, we have decreased our exposure to equity long short managers which rely on top-down macro calls to determine their portfolio allocations. We also believe developed markets will outperform emerging markets in Asia as higher commodity prices cause inflationary pressures in emerging markets. As such, we will overweight developed Asia (Korea, Taiwan, Japan), and be very selective with emerging Asia and other countries which will have inflation problems and interest rate hikes. Minimum (A) USD 1'000 Minimum (B) USD 10'000 Minimum (C) USD 1'000'000 Notice CH Security Nr (Class A) 3133123 CH Security Nr (Class B) 3188228 CH Security Nr (Class C) 3190296 LU0301662218 LU0301662721 LU0301663372 ACEAFUB LX SYZ Asset Management, Geneva Sub-Fund Invest. Manager SYZ & CO (Hong Kong) Limited, Hong Kong Reuters Page SYZCW

3A Asia Fund (EUR) The 3A Asia Fund (EUR) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multi-compartment umbrella structure. Aiming to achieve medium-range absolute rates of return and maintain low levels of volatility and risk, this portfolio invests in a selection of Asia-focused hedge funds across different strategies or investment styles. Final NAV (Class A) EUR 910.58 Final NAV (Class B) EUR 911.96 Final NAV (Class C) EUR 1'001.39 EUR 378'384'818 EUR 8'411'025 01-Jun-07 EUR Legal Structure Luxembourg SICAV, (EUR hedged)* MTD +1.22% +2.13% YTD -2.17% +5.82% 1-year -2.17% +5.82% 3-year -15.88% -5.25% Since inception -8.81% -3.01% 3-year -5.60% -1.78% Since inception -2.54% -0.85% * HFR FoF Composite (EUR hedged), which refers to the HFR FoF Composite in USD impacted by the USD/EUR interest rate differential. Returns 2010-2.17% -1.64% -1.01% 0.69% -1.84% -3.06% -0.42% 0.39% -0.90% 2.34% 1.64% 0.53% 1.22% 2009 5.64% 0.40% -0.15% -0.23% -0.18% 1.95% 1.29% 0.64% 0.02% 0.46% 0.03% 0.81% 0.49% 2008-18.60% -4.45% 3.10% -4.62% 0.80% -0.56% -2.58% -1.79% -1.82% -3.44% -4.20% -0.57% 0.02% 2007 8.40% 1.16% 2.50% -0.84% 2.99% 3.14% -2.10% 1.38% Allocation by Style Risk Measures Volatility 6.80% 7.25% Gain Deviation 3.48% 3.00% Loss Deviation 5.08% 6.45% Sharpe Ratio (RFR 4%) -0.92-0.62 Best Month +3.14% +3.37% Worst Month -4.62% -6.37% % Positive Months 53.49% 60.47% % Negative Months 46.51% 39.53% Correlation 0.80 Maximum Drawdown -21.12% -21.09% Allocation by Region Comment The fund delivered strong performance in December. We have seen a large divergence in performance across different markets in Asia. South East Asia continued to trend upwards as the region again saw positive foreign capital inflow. Hong Kong / China was the laggard, ending the month slightly down due to the fear of further tightening as inflation particularly food inflation started worsen and trigger the nerves of the policy makers to contain the situation in order to avoid social unrest. Out of 24 managers, 20 ended up in positive territory. The top 3 contributors were a commodity fund which enjoyed the sharp rally in commodity prices, a Japanese equity long short trading oriented fund which captured the rally of Japanese markets and a Pan Asia equity long short fund. In terms of style contribution, Equity Long Short accounted for more than half of the PnL, followed by Commodities and Market Neutral. In 2011, we believe the market will be similar to 2010. The market will be range-trading with an upward bias and will also see a big dispersion across stocks and sectors. As such, we are in favour of managers which have strong research capabilities. Good stock picking will be crucial to generate good returns in 2011. In view of this, we have decreased our exposure to equity long short managers which rely on top-down macro calls to determine their portfolio allocations. We also believe developed markets will outperform emerging markets in Asia as higher commodity prices cause inflationary pressures in emerging markets. As such, we will overweight developed Asia (Korea, Taiwan, Japan), and be very selective with emerging Asia and other countries which will have inflation problems and interest rate hikes. Minimum (A) EUR 1'000 Minimum (B) EUR 10'000 Minimum (C) EUR 1'000'000 Notice CH Security Nr (Class A) 3133982 CH Security Nr (Class B) 3142148 CH Security Nr (Class C) 3190300 LU0301664008 LU0301664776 LU0301664859 ACEAFEB LX Syz Asset Management SA, Geneva Sub-Fund Invest. Manager SYZ & CO (Hong Kong) Limited, Hong Kong

3A Asia Fund (CHF) The 3A Asia Fund (CHF) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multi-compartment umbrella structure. Aiming to achieve medium-range absolute rates of return and maintain low levels of volatility and risk, this portfolio invests in a selection of Asia-focused hedge funds across different strategies or investment styles. Final NAV (Class A) CHF 875.56 Final NAV (Class B) CHF 831.23 CHF 473'387'564 CHF 10'522'818 01-Jun-07 CHF Legal Structure Luxembourg SICAV, (CHF hedged)* MTD +1.00% +2.08% YTD -2.57% +5.40% 1-year -2.57% +5.40% 3-year -18.33% -8.33% Since inception -12.34% -7.11% 3-year -6.53% -2.86% Since inception -3.61% -2.04% * HFR FoF Composite (CHF hedged), which refers to the HFR FoF Composite in USD impacted by the USD/CHF interest rate differential. Returns 2010-2.57% -1.63% -1.02% 0.65% -1.86% -3.07% -0.51% 0.34% -0.90% 2.40% 1.64% 0.49% 1.00% 2009 4.42% 0.34% -0.18% -0.25% -0.27% 1.86% 0.60% 0.61% -0.01% 0.44% 0.00% 0.77% 0.45% 2008-19.73% -4.42% 2.79% -4.81% 0.64% -0.72% -2.67% -2.00% -1.98% -3.61% -3.90% -0.62% -0.20% 2007 7.34% 1.08% 2.44% -1.04% 2.92% 2.90% -2.21% 1.14% Allocation by Style Risk Measures Volatility 6.68% 7.36% Gain Deviation 3.30% 3.00% Loss Deviation 5.10% 6.56% Sharpe Ratio (RFR 4%) -1.10-0.78 Best Month +2.92% +3.31% Worst Month -4.81% -6.56% % Positive Months 48.84% 60.47% % Negative Months 51.16% 39.53% Correlation 0.80 Maximum Drawdown -23.54% -23.01% Allocation by Region Comment The fund delivered strong performance in December. We have seen a large divergence in performance across different markets in Asia. South East Asia continued to trend upwards as the region again saw positive foreign capital inflow. Hong Kong / China was the laggard, ending the month slightly down due to the fear of further tightening as inflation particularly food inflation started worsen and trigger the nerves of the policy makers to contain the situation in order to avoid social unrest. Out of 24 managers, 20 ended up in positive territory. The top 3 contributors were a commodity fund which enjoyed the sharp rally in commodity prices, a Japanese equity long short trading oriented fund which captured the rally of Japanese markets and a Pan Asia equity long short fund. In terms of style contribution, Equity Long Short accounted for more than half of the PnL, followed by Commodities and Market Neutral. In 2011, we believe the market will be similar to 2010. The market will be range-trading with an upward bias and will also see a big dispersion across stocks and sectors. As such, we are in favour of managers which have strong research capabilities. Good stock picking will be crucial to generate good returns in 2011. In view of this, we have decreased our exposure to equity long short managers which rely on top-down macro calls to determine their portfolio allocations. We also believe developed markets will outperform emerging markets in Asia as higher commodity prices cause inflationary pressures in emerging markets. As such, we will overweight developed Asia (Korea, Taiwan, Japan), and be very selective with emerging Asia and other countries which will have inflation problems and interest rate hikes. Minimum (A) CHF 1'000 Minimum (B) CHF 10'000 Minimum (C) CHF 1'000'000 Notice CH Security Nr (Class A) 3133122 CH Security Nr (Class B) 3188235 CH Security Nr (Class C) 3190305 LU0301665237 LU0301665740 LU0301666045 ACEAFCB LX Management Fee (A, B) Max 1.5% Management Fee (C) Max 1.0% Sub-Fund Invest. Manager SYZ & CO (Hong Kong) Limited, Hong Kong

3A Asia Fund (GBP) The 3A Asia Fund (GBP) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multi-compartment umbrella structure. Aiming to achieve medium-range absolute rates of return and maintain low levels of volatility and risk, this portfolio invests in a selection of Asia-focused hedge funds across different strategies or investment styles. Final NAV (Class C) GBP 890.24 GBP 324'761'202 GBP 7'219'039 01-May-08 GBP Legal Structure Luxembourg SICAV LU (GBP hedged)* MTD +1.27% +2.12% YTD -1.16% +5.87% 1-year -1.16% +5.87% 3-year - - Since inception -10.98% -1.77% 3-year - - Since inception -4.27% -0.67% * HFR FoF Composite (GBP hedged), which refers to the HFR FoF Composite in USD impacted by the USD/GBP interest rate differential. Returns (Class C) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010-1.16% -1.49% -0.96% 0.76% -1.73% -2.91% -0.43% 0.42% -0.83% 2.59% 1.73% 0.54% 1.27% 2009 4.92% 0.40% -0.27% -0.33% -0.17% 1.72% 0.66% 0.72% 0.09% 0.56% 0.09% 0.83% 0.51% 2008-14.15% -0.51% -2.57% -1.79% -1.87% -3.32% -4.08% -0.55% -0.35% Allocation by Style Risk Measures Fund Index Volatility 5.25% 7.39% Gain Deviation 2.39% 2.94% Loss Deviation 4.15% 7.25% Sharpe Ratio (RFR 4%) -1.55-0.59 Best Month +2.59% +3.36% Worst Month -4.08% -6.30% % Positive Months 46.88% 59.38% % Negative Months 53.13% 40.63% Correlation 0.83 Maximum Drawdown -16.23% -18.83% Allocation by Region Comment The fund delivered strong performance in December. We have seen a large divergence in performance across different markets in Asia. South East Asia continued to trend upwards as the region again saw positive foreign capital inflow. Hong Kong / China was the laggard, ending the month slightly down due to the fear of further tightening as inflation particularly food inflation started worsen and trigger the nerves of the policy makers to contain the situation in order to avoid social unrest. Out of 24 managers, 20 ended up in positive territory. The top 3 contributors were a commodity fund which enjoyed the sharp rally in commodity prices, a Japanese equity long short trading oriented fund which captured the rally of Japanese markets and a Pan Asia equity long short fund. In terms of style contribution, Equity Long Short accounted for more than half of the PnL, followed by Commodities and Market Neutral. In 2011, we believe the market will be similar to 2010. The market will be range-trading with an upward bias and will also see a big dispersion across stocks and sectors. As such, we are in favour of managers which have strong research capabilities. Good stock picking will be crucial to generate good returns in 2011. In view of this, we have decreased our exposure to equity long short managers which rely on top-down macro calls to determine their portfolio allocations. We also believe developed markets will outperform emerging markets in Asia as higher commodity prices cause inflationary pressures in emerging markets. As such, we will overweight developed Asia (Korea, Taiwan, Japan), and be very selective with emerging Asia and other countries which will have inflation problems and interest rate hikes. Minimum (A) 1'000 GBP Minimum (B) 10'000 GBP Minimum (C) 1'000'000 GBP Notice CH Security Nr (Class A) 4315590 CH Security Nr (Class B) 4315594 CH Security Nr (Class C) 4315601 LU0359876496 LU0359876579 LU0359876652 ACEASGC LX Management Fee (A, B) 1.50% Management Fee (C) 1.00% Sub-Fund Invest. Manager SYZ & CO (Hong Kong) Limited, Hong Kong

3A Trading Fund (USD) 3A Trading Fund (USD) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multi-compartment umbrella structure. Aiming to deliver consistent capital appreciation and achieve superior, risk-adjusted performance over the long term, it invests in hedge funds using a systematic quantitative approach to trade a broad range of asset classes from Equity to Bonds, Currencies and Commodities, via extremely liquid instruments such as Futures and Forwards. To ensure a proper level of diversification, the portfolio will invest into traditional trend-following funds, with both a short-term and a medium-term trading horizon, as well as into more statistical-driven trading funds. Final NAV (Class A) USD 955.76 Final NAV (Class B) USD 954.29 Final NAV (Class D) USD 969.42 USD 506'676'190 USD 17'989'702 01-Feb-09 USD Legal Structure Luxembourg SICAV, LU, SG * MTD +1.91% +2.09% YTD +5.71% +5.57% 1-year +5.71% +5.57% 3-year +8.37% -7.47% 5-year +46.56% +12.63% Since 01/03 +135.15% +44.39% 3-year +2.71% -2.55% 5-year +7.95% +2.41% Since 01/03 +11.28% +4.70% * Returns (Class B) Year Jan** Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 5.71% -3.41% 0.90% 2.54% 1.76% -0.73% 0.56% -1.16% 3.01% 1.78% 1.42% -2.78% 1.91% 2009-9.48% 0.27% 0.02% -2.04% -2.71% -0.42% -1.65% -0.75% 0.36% 2.06% -1.88% 1.35% -4.36% *Indicative Returns 2008 13.25% 1.20% 4.35% 1.54% -0.04% 1.41% 0.63% -0.17% 0.23% 3.34% -1.57% 1.87% -0.13% 2007 19.14% 1.00% -1.13% 1.02% 2.11% 1.02% 2.51% 0.01% -0.71% 4.06% 4.56% 1.75% 1.59% 2006 13.52% 1.57% -0.74% 2.31% 1.62% 1.70% 1.25% -1.13% 0.54% 0.13% 2.29% 2.54% 0.75% 2005 10.71% -1.66% 0.24% 1.76% 0.33% 2.67% 2.35% -0.69% 1.52% 1.58% 0.31% 1.78% 0.12% 2004 26.30% 0.48% 2.73% -1.80% -2.21% 0.29% -1.65% 14.15% 3.42% 1.61% 3.73% 3.79% 0.00% 2003 14.74% 3.89% 5.53% -6.22% 2.13% 4.21% -1.10% 0.04% 0.95% -0.13% 3.23% -0.51% 2.36% * Figures prior to September 2008 are simulated. From September 2008 until December 2008, figures are realised returns from various SYZ Asset Management-managed portfolios investing in this strategy.** The January 2009 performance is from class A, launched in January 2009. Allocation by Trading Frequency Risk Measures Comment Volatility 8.38% 5.77% Gain Deviation 6.85% 2.54% Loss Deviation 4.79% 5.63% Sharpe Ratio (RFR 4%) +0.85 +0.15 Best Month +14.15% +3.32% Worst Month -6.22% -6.54% % Positive Months 70.83% 68.75% % Negative Months 29.17% 31.25% Correlation 0.14 Maximum Drawdown -12.82% -22.20% Allocation by Trading Style The fund was up in December. Medium term strategies bounced back nicely after the temporary stop in November, while short term strategies despite being slightly positive were still facing substantial headwinds. In December, good performance was generated in the long equity positions, long commodity positions and short USD positions. The long positions on the yield futures and fixed income futures were detractor to the performance. Medium term CTA and Macro Systematic funds performed well in 2010, while short term CTA had a very challenging end of the year, where government interventions and continuous reversals were painful to that strategy. Minimum (A) USD 1'000 Minimum (B,D) USD 10'000 Minimum (C,E) USD 1'000'000 / Notice (A, B, C) Notice (D,E) 15 calendar days ISIN Code (Class A,B) LU0402523632 / LU0402524010 ISIN Code (Class C,D) LU0402524440 / LU0417765368 ISIN Code (Class E) LU0417765442 CH Security Nr (Class A,B) 10029316 / 3730378 CH Security Nr (Class C,D) 10029321 / 10029365 CH Security Nr (Class E) 10029370 AFTRAUB LX Management Fee (C) 1% Management Fee (D) 1.75% Management Fee (E) 1.25% Reuters Page SYZCW

3A Trading Fund (EUR) 3A Trading Fund (EUR) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multi-compartment umbrella structure. Aiming to deliver consistent capital appreciation and achieve superior, risk-adjusted performance over the long term, it invests in hedge funds using a systematic quantitative approach to trade a broad range of asset classes from Equity to Bonds, Currencies and Commodities, via extremely liquid instruments such as Futures and Forwards. To ensure a proper level of diversification, the portfolio will invest into traditional trend-following funds, with both a short-term and a medium-term trading horizon, as well as into more statistical-driven trading funds. Final NAV (Class A) EUR 969.43 Final NAV (Class B) EUR 952.29 Final NAV (Class D) EUR 991.58 EUR 378'384'818 EUR 13'434'675 01-Feb-09 EUR Legal Structure Luxembourg SICAV, LU, SG (EUR hedged)* ** MTD +1.89% +2.13% YTD +5.22% +5.82% 1-year +5.22% +5.82% 3-year +9.93% -5.25% 5-year +43.80% +11.53% Since 01/03 +131.87% +43.88% 3-year +3.20% -1.78% 5-year +7.54% +2.21% Since 01/03 +11.08% +4.65% ** * HFR FoF Composite (EUR hedged), which refers to the HFR FoF Composite in USD impacted by the USD/EUR interest rate differential. Returns 2010 5.22% -3.50% 0.90% 2.56% 1.80% -0.72% 0.52% -1.16% 3.08% 1.59% 1.33% -2.94% 1.89% 2009-9.50% 0.07% -1.91% -2.60% -0.39% -1.47% -0.73% 0.32% 1.96% -1.90% 1.35% -4.47% **Indicative Returns 2009 0.45% 0.45% 2008 14.91% 1.17% 4.44% 1.63% 0.09% 1.54% 0.80% -0.01% 0.40% 3.51% -1.48% 2.02% 0.01% 2007 17.72% 0.86% -1.27% 0.89% 1.99% 0.89% 2.41% -0.09% -0.81% 3.95% 4.50% 1.71% 1.55% 2006 11.12% 1.40% -0.92% 2.14% 1.43% 1.50% 1.06% -1.33% 0.35% -0.06% 2.12% 2.38% 0.60% 2005 9.44% -1.68% 0.20% 1.71% 0.27% 2.59% 2.27% -0.79% 1.40% 1.45% 0.16% 1.62% -0.04% 2004 27.10% 0.57% 2.81% -1.73% -2.13% 0.37% -1.57% 14.21% 3.47% 1.65% 3.75% 3.80% -0.01% 2003 15.93% 3.89% 5.65% -6.11% 2.24% 4.31% -1.01% 0.12% 1.04% -0.05% 3.31% -0.43% 2.44% ** Figures prior to September 2008 are simulated. From September 2008 until January 2009, figures are realised returns from various SYZ Asset Management-managed portfolios investing in this strategy. Performance figures as 2009 YTD are calculated from February 2009. Allocation by Trading Frequency Risk Measures Comment Volatility 8.39% 5.69% Gain Deviation 6.92% 2.54% Loss Deviation 4.82% 5.52% Sharpe Ratio (RFR 4%) +0.83 +0.14 Best Month +14.21% +3.37% Worst Month -6.11% -6.37% % Positive Months 68.75% 70.83% % Negative Months 31.25% 29.17% Correlation 0.13 Maximum Drawdown -12.73% -21.09% Allocation by Trading Style The fund was up in December. Medium term strategies bounced back nicely after the temporary stop in November, while short term strategies despite being slightly positive were still facing substantial headwinds. In December, good performance was generated in the long equity positions, long commodity positions and short USD positions. The long positions on the yield futures and fixed income futures were detractor to the performance. Medium term CTA and Macro Systematic funds performed well in 2010, while short term CTA had a very challenging end of the year, where government interventions and continuous reversals were painful to that strategy. Minimum (A) EUR 1'000 Minimum (B,D) EUR 10'000 Minimum (C,E) EUR 1'000'000 / Notice (A, B, C) Notice (D,E) 15 calendar days ISIN Code (Class A,B) LU0402523715 / LU0402524101 ISIN Code (Class C,D) LU0402524523 / LU0417765525 ISIN Code (Class E) LU0417765798 CH Security Nr (Class A,B) 10000132 / 3730382 CH Security Nr (Class C,D) 10029409 / 10029413 CH Security Nr (Class E) 10029418 Management Fee (C) 1% Management Fee (D) 1.75% Management Fee (E) 1.25% may obtain the prospectus, annual and semi-annual reports from the : SYZ Asset Management - Rue du Rhône 30 - CH 1204 Geneva T +41 (0)58 799 18 00 SyzAM@syzgroup.com.

3A Trading Fund (CHF) 3A Trading Fund (CHF) is a sub-fund of the 3A Alternative Funds Luxembourg SICAV, an open-ended multi-compartment umbrella structure. Aiming to deliver consistent capital appreciation and achieve superior, risk-adjusted performance over the long term, it invests in hedge funds using a systematic quantitative approach to trade a broad range of asset classes from Equity to Bonds, Currencies and Commodities, via extremely liquid instruments such as Futures and Forwards. To ensure a proper level of diversification, the portfolio will invest into traditional trend-following funds, with both a short-term and a medium-term trading horizon, as well as into more statistical-driven trading funds. Final NAV (Class D) Legal Structure Reference Index CHF 1'008.23 CHF 473'387'564 CHF 16'807'778 01-Aug-09 CHF Luxembourg SICAV, LU HFR FoF Composite (CHF hedged)* MTD +1.61% +2.08% YTD +4.13% +5.40% 1-year +4.13% +5.40% 3-year - - Since inception +0.82% +9.93% 3-year - - Since inception +0.58% +6.91% * HFR FoF Composite (CHF hedged), which refers to the HFR FoF Composite in USD impacted by the USD/CHF interest rate differential. Returns (Class D) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 4.13% -3.49% 0.85% 2.41% 1.76% -0.80% 0.35% -1.24% 2.82% 1.59% 1.30% -2.88% 1.61% 2009-3.17% 0.28% 1.74% -1.95% 1.31% -4.46% Allocation by Trading Frequency Risk Measures Allocation by Trading Style (Class D) Fund Index Volatility 7.53% 4.22% Gain Deviation - - Loss Deviation - - Sharpe Ratio (RFR 4%) -0.41 +0.68 Best Month +2.82% +2.33% Worst Month -4.46% -2.61% % Positive Months 64.71% 70.59% % Negative Months 35.29% 29.41% Correlation 0.42 Maximum Drawdown -8.41% -3.50% Recovery Period 9 4 Comment The fund was up in December. Medium term strategies bounced back nicely after the temporary stop in November, while short term strategies despite being slightly positive were still facing substantial headwinds. In December, good performance was generated in the long equity positions, long commodity positions and short USD positions. The long positions on the yield futures and fixed income futures were detractor to the performance. Medium term CTA and Macro Systematic funds performed well in 2010, while short term CTA had a very challenging end of the year, where government interventions and continuous reversals were painful to that strategy. Minimum (A) CHF 1'000 Minimum (B,D) CHF 10'000 Minimum (C,E) CHF 1'000'000 Notice (A, B, C) Notice (D,E) 15 calendar days ISIN Code (Class A,B) LU0402523806 / LU0402524283 ISIN Code (Class C,D) LU0402524796 / LU0417765871 ISIN Code (Class E) LU0417765954 CH Security Nr (Class A,B) 3897558 / 10030218 CH Security Nr (Class C,D) 10030717 / 10030805 CH Security Nr (Class E) 10030819 AATRDCD LX Management Fee (C) 1% Management Fee (D) 1.75% Management Fee (E) 1.25%