OCTAGON PAN ASIA FUND                                                                                                                         

Octagon Pan Asia Fund is awarded the "Best Local Hedge Fund (Singapore)" at Asian Masters of Hedge Fund Awards 2007. It is a Cayman-domiciled long/short equity fund that invests across Asia. The current investment universe consists of 14 markets, namely Australia, China/Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Pakistan, Singapore, Taiwan, Thailand and Vietnam, covering 2,000+ stocks across all market capitalisations. The strategy aims to generate attractive absolute returns, while preserving capital and controlling downside volatility. Investment decisions are made via a technically-based systematic process. The key driver is a trend following model which is premised on the assumption that profitable trends will exists in a large and heterogeneous universe. Accordingly, the model seeks to identify the best trending stocks to be bought and sold based on a proprietary momentum measure. This is complemented by qualitative judgment, particularly used in portfolio construction and execution, in view of the implementation constraints in Asia. The strategy is likely to have a slight net long bias over time. Gross exposure is not expected to exceed 140%. Net exposure will range from -40% to +100%.

BOARD OF DIRECTORS

In addition to Lam Poh Min and Nelson Chia, Mr Fletcher and Mr van Tuyll have been appointed as independent Directors of the Fund.

PETER H. FLETCHER

Mr. Fletcher is the Managing Director of Parly Company S.A., Geneva. He has over 30 years of international experience that covers a broad spectrum of financial management functions in the trust and banking industry in Canada, Australia, Bermuda, Hong Kong and Switzerland. In addition to holding numerous directorships of investment funds and companies, he has served on various government financial regulatory bodies.

H-W.R. BARON VAN TUYLL VAN SEROOSKERKEN

Mr van Tuyll joined the Cargill group in 1969. After various positions in Holland, Brazil, Belgium, New York and Tokyo, he returned to Geneva in 1979 to be involved in various acquisitions of the group. H-W joined Cargill Investor Services Inc (CIS) in 1983 concentrating on the development of Alternative Investments until 2003 when, after his retirement, he was appointed a CIS Senior Independent Advisor. He was elected to the Alternative Investment Management Association (AIMA, London) Board from 1995-2003 and ended his tenure as Chairman of the Board. From 1997 until 2001, he was Honorary Consul General for the Netherlands in the French speaking part of Switzerland. He is currently active in a number of Board Memberships and/or Director positions.