Personnel Page

Dermot Butler, Chairman of Custom House Administration and Corporate Services Limited ("Custom House"), has more than 35 years experience in the financial services industry. Dermot has worked variously as both a stockbroker and stock jobber (market maker or specialist) on the London Stock Exchange, and subsequently, as a commodity broker and as a principal dealer in commodity options on the London Metal and London Commodity Exchanges.

He was a founder member of McDonnell & Co Ltd. ("McD"), a Bermuda based fund management company which was set up in 1983 and was one of the first fund management companies to outsource all of its investment management functions. By the end of 1988 McD had over USD$100 million in assets. Early in 1989, Dermot moved to Dublin and established the Custom House Group of Companies, of which, today, the primary operating company is Custom House.

Dermot has written numerous articles on various aspects of the Alternative Investment and Hedge Fund Industry and is a regular speaker at conferences on subjects relating to the management, administration and regulatory of offshore funds. He is a Director of several fund companies many of which are listed on the Irish Stock Exchange and is the Deputy Chairman of AIMA (The Alternative Investment Management Association).

David Blair, Managing Director of Custom House, joined Custom House in May 1996. Prior to joining Custom House, David was a Director of International Fund Managers (Ireland) Limited, the Barings fund administration company and was a Director of Barings (Ireland) Limited, the Barings entity providing custody services to investment funds. David joined Barings in 1990, to establish their fund administration and custody operations in the International Financial Services Centre in Dublin.

Before joining Barings, David had established Windsor Management Services Limited ("Windsor"), a Bermuda registered company, to provide management and administration services to Bermuda exempt companies and investment funds. David sold his interest in Windsor in 1989. David is a Fellow of the Institute of Chartered Accountants in England and Wales.

Tom O'Doherty, Head of Operations at Custom House, joined Custom House in October 2001. Tom is responsible for the Fund Administration, Information Technology and Projects Departments.

Tom has many years experience in the financial services industry both in Dublin and abroad. Most recently he held the position of Director, Loan Operations in the Irish operation of Bankers Trust Corporation of New York. He was also a Director of a number of Bankers Trust fund management companies which operate out of the International Financial Services Centre in Dublin. Prior to joining Bankers Trust, Tom held senior positions with ABN AMRO Bank in Dublin and Amsterdam. Tom is a member of The Institute of Bankers in Ireland.

Lynda Lynch, Head of Human Resources at Custom House, joined Custom House in September 2000 with responsibility to set up and manage a Human Resources department for Custom House.

Lynda moved to Ireland in 1998 and was employed by Daiwa Securities Trust and Banking (Europe) plc. Her role there was a 'start-up' position, including the creation and management of the Human Resources Department, based in Dublin, within the Daiwa organisational structure.

Prior to joining Daiwa, Lynda was employed by Warrior International Ltd, a merchant bank based in London, with the objective of relocating to New Zealand and implementing the start up of a branch office structure.

This objective achieved, Lynda was employed by Garlick & Co, a stockbroker/investment banking company, based in New Zealand. Lynda's primary objective was the set up and subsequent management of a HR department.

Lynda was also employed by the merchant bank Morgan Stanley, in London working in the Investment Banking area. One of her responsibilities was the start up of a Branch office in Zurich. Lynda is a Professional Member of the Society for Human Resource Management.

Mark Hedderman, Head of Business Development and Customer Relations at Custom House, has over eight years experience in Fund Administration. He joined Citibank in 1997 in their Fund Administration department and spent three years there incorporating time in their Luxembourg and Singapore offices. He also spent a year in Sydney, Australia where he held contract positions with the Fund Administration and Portfolio Management departments of State Street an Bankers Trust, respectively. Mark joined Custom House in 2001 and spent four years in the Fund Administration dept, inlcuding two as Manager. As Head of Business Development and Client Relationships Mark is responsible for the development of various aspects of Custom House's business including its venture in Chicago. Mark has a B.A. and M.A., and a H-Dip in Education.

Custom House is regulated by the Irish Financial Services Regulatory Authority ("IFSRA") and authorized to act as administrator of collective investment scheme under Section 10 of the Investment Intermediatories Act of 1995.

Custom House Administration & Corporate Services Ltd.
Address: 25 Eden Quay, Dublin 1, Ireland.
Tel: +353 (0)1 878 0807 / Fax: +353 (0)1 878 0827
E-mail: Dermot S.L. Butler (Chairman) dermot.butler@customhousegroup.com
        or David P.M. Blair (Managing Director) david.blair@customhousegroup.com