DORCHESTER CAPITAL ADVISORS, LLC Presentation to NCPERS 2009 Public Safety Employees Pension & Benefits Conference Table of Contents The Hedge Fund Industry 3 Fund Of Hedge Funds 15 New Hedge Fund Era 20 © Dorchester Capital Advisors, LLC CONFIDENTIAL 2 The Hedge Fund Industry History of Hedge Funds • Contrary to popular belief, hedge fund investing has been around for decades • Alfred Winslow has been credited by many with starting the first hedge fund in 1949, introducing the