Mr. Karr is Managing Director of Asset Allocation at PARADIGM, where he and his team assist Dr. Park in implementing the company's research in the areas of manager selection and portfolio allocation. He joined the firm in 1994 and has more than ten years of hedge fund investment experience. Mr. Karr earned his B.S. in computer science and engineering from the Massachusetts Institute of Technology, where he concentrated his studies on modeling and simulation design. He was a registered Commodity Trading Advisor from 1995 to 2002 and is currently a member of the National Futures Association.

Markus KarrManaging Director

Asset Allocation

Dr. Park is responsible for directing the overall management and investment activities of PARADIGM Global Advisors, LLC. He has 13 years of direct hedge fund investment experience. Between 1991 and 1998, Dr. Park was a professor of finance at Long Island University, where he founded the Center for Financial Markets Research. Dr. Park completed his Ph.D. in financial economics in 1995 at the Columbia Business School, where he also taught. His dissertation on hedge funds is the first of its kind. He is a recognized author of pioneering research on the behavior of hedge funds. Prior to launching his academic and financial careers, Dr. Park was an Assistant District Attorney in Massachusetts. From 2001 to 2003, he served as an elected member of the Nominating Committee for the National Futures Association. Dr. Park earned a B.S. in economics from the Wharton School of Finance, University of Pennsylvania, and a J.D. from Harvard and Columbia Law Schools.

James Park, J.D., Ph.D.Chairman and

Chief Investment Officer

Biographies of Key Personnel

Mr. Farouze joined PARADIGM in early 2003 as Managing Director of Marketing and Structured Products. He has 12 years of experience in alternative investments and derivative products. Prior to joining PARADIGM, Mr. Farouze was the Global Head of Sales and Structuring at Societe Generale Asset Management's Alternative Investments Group, where he grew assets under management from $3.4 billion to over $15 billion in less than three years. He has launched in excess of 100 capital-guaranteed products in Italy, Spain, France, Germany, Hong Kong, Singapore and Japan. Before joining SGAM, Mr. Farouze headed the foreign exchange derivatives desk for the Italian markets at BNP Paribas, Commerz Bank and Smith Barney. He has a B.A. in finance and economics from San Diego State University.

Stephane FarouzeManaging Director

Marketing andStructured Products

T H E B E S T A L T E R N A T I V E

www.paradigmhedgefunds.com© 2004 PARADIGM Global Advisors, LLC. All rights reserved.

Biographies of Key Personnel

PARADIGM Global Advisors, LLC

650 Fifth Avenue, 17th Floor, New York, N.Y., 10019

Tel: 212.271.3388 Fax: 212.271.3395

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Mr. Hirchak is responsible for compliance and risk management at PARADIGM. Before joining the firm in 2002, he was Treasurer and Senior Vice President of Gardner Capital Management, where he was part of an investment team focused on financial, administrative and due diligence issues. Prior to joining Gardner, Mr. Hirchak was Treasurer and Chief Operating Officer of Moran Group, LP, an investment partnership managing U.S. and foreign investments in excess of several hundred million dollars. Between 1990 and 1992, Mr. Hirchak was Treasurer and Chief Operating Officer of Structured Asset Management, a quantitative money manager and wholly owned subsidiary of Templeton International. Prior to 1990, he held various financial and administrative positions on the trading floors of Drexel Burnham Lambert and Kidder Peabody & Co. in New York. Mr. Hirchak holds a B.S. in accounting and a M.B.A. in finance from Utah State University.

P. James Hirchak, CPADirector

Compliance and Risk Management

Mr. Fedorovskiy joined PARADIGM in 2000 as Director of Research responsible for designing and securing the online statistical reporting system used by PARADIGM's asset allocation team. He also leads the research and development of various statistical algorithms used in PARADIGM's quantitative analysis of hedge funds. He gained extensive experience in computer programming and engineering while working for Russia's Institute of Electric Power, where he created a programming language for semantic networks. Mr. Fedorovskiy received his Ph.D. in mathematics from Moscow State University, where he majored in high algebra and computer modeling.

Nikolay Fedorovskiy, Ph.D.Director

Research

Ms. Babikova joined PARADIGM in 2001 as the Director of Marketing and Client Services. She has more than eight years of experience in sales and marketing for the financial and hedge fund industries. Prior to joining PARADIGM, she was the Head of Marketing and Client Services for Waterford Partners, LLC, a global hedge fund manager. From 1996 to 1998, Ms. Babikova covered private and institutional domestic clients as an equity sales professional at Renaissance Capital, LLC, a major Russian investment bank. In 1995, she worked at Credit Suisse First Boston in Moscow. Prior to joining CSFB, she spent two years as an interpreter for a joint venture between Gulf Canada and British Gas. Ms. Babikova holds a B.A. in French and English from Nizhni Novgorod University of Foreign Languages.

Matteo SolbiatiDirector

Head of European Branch

Mr. Solbiati joined PARADIGM in March 2003. From 1995 to 2003, he worked for Fineco Sim (Bipop Group), a leading Italian broker, where he expanded the derivatives desk and eventually became the Head of Trading and Structured Products, managing a team of 35 people. He developed innovative structured products on various underlying commodities for insurance, retail and institutional clients, as well as for fund managers. Mr. Solbiati graduated from Bocconi University in Milan with a Master's degree in applied statistics.

Alla BabikovaDirector

Marketing and Client Services