NYLIM European Equity Market Neutral Fund) - July 2008

The NYLIM European Equity Market Neutral Fund seeks to deliver absolute returns with moderate volatility and little or no correlation to the broad equity markets.

It is a quantitative market-neutral, long and short European equities with a limited exposures to beta, countries, currencies, industries and size.

The fund leverage is around four times capital (200% long/200% short).

Co-portfolio managers are Luke Smith, responsible for the development and implementation of international quantitative equity strategies, and Andrew Ver Planck, a director and portfolio manager for NYLIM Equity Investors responsible for the development and implementation of

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