EMCOR'S PRINCIPALS

PAOLO G. CUGNASCA

Mr. Cugnasca worked for over 11 years in the Treasury group of Citibank in Milan and New York. His responsibilities included foreign exchange trading, asset and liability management strategies for a multi-billion dollar portfolio, and managing the currency exposure resulting from Citicorp's capital investments worldwide. Mr. Cugnasca left Citibank to found Emcor in 1979 and is one of the firm's Managing Directors.

At Emcor, Mr. Cugnasca's responsibilities include the development of asset allocation strategies for the firm's clients. He manages the relationship with the firm's private clients and directs the development of investment products for institutional clients. Mr. Cugnasca actively participates in the evaluation, selection, and monitoring process of the managers to be considered for an allocation in the firm's funds of funds. He is a Director of Emcor Securities, and serves on the board of directors of a number of investment companies whose shares are listed on the Irish Stock Exchange in Dublin.

GERHARD H. ISELE

Mr. Isele spent 12 years with Citibank in the Frankfurt, New York, and London offices. Among his responsibilities, he formulated and executed Citicorp's foreign exchange exposure management strategy, and was responsible for the funding of the foreign currency portfolio of the New York office. Mr. Isele joined Emcor in 1981 and is one of the Managing Directors of the firm.

Mr. Isele's principal responsibilities at Emcor are the design and execution of investment and liability management strategies in foreign currency markets, and the development of asset allocation strategies for the firm's clients. He also participates in the manager evaluation and the due diligence process of traditional and alternative investment managers. Mr. Isele serves on a roster of Arbitrators for the National Futures Association, and is frequently called to arbitrate in disputes in futures and options markets. He serves on the Board of Directors of Emcor Securities.

VALENTINA CUGNASCA

Ms. Cugnasca started her professional career in advertising, working at Hal Riney & Partners in San Francisco. In early 1998, she joined Meisenbach Capital Management, a long/short U.S. equity manager, eventually becoming its Chief Operating Officer. Ms. Cugnasca joined Emcor in May 2003.

At Emcor, Ms. Cugnasca assists in the development of asset allocation strategies for the firm's clients and the development and marketing of the firm's investment products. She actively participates in the evaluation and due diligence process of hedge fund managers. Ms. Cugnasca holds an undergraduate degree from Georgetown University where she graduated cum laude. She is a Managing Director of Emcor Securities and serves on the firm's Board of Directors. She also serves on Georgetown University's International Board of Advisors, and on the Board of Visitors of Antioch New England Graduate School.

PROFESSIONAL STAFF

BRIAN HARPUR

At Emcor, Mr. Harpur works closely with the Managing Directors to implement the firm's policies and processes. He is responsible for fund administration, the interface with fund administrators and custodians, and is the point man on new projects. Mr. Harpur is a Vice President of the firm.

Mr. Harpur began his career in financial operations with Dean Witter Reynolds in Chicago. He later assisted NYMEX trader Mark Fisher in converting Mr. Fisher's commodity trading system to the equity markets. In 2003, he was hired by Illington Fund Management and charged with streamlining the operations of Illington's alternative investment business and was responsible for managing the currency exposure of Illington's non-USD funds. Mr. Harpur holds a BA in economics from Duke University and is currently completing his MBA in Finance at Fordham University.

BRIAN CLEGG

Mr. Clegg's responsibilities at Emcor are to provide key support to the Managing Directors in the evaluation, selection, and monitoring process of hedge fund managers through in-depth qualitative due diligence and research. He is a Senior Associate of Emcor.

Mr. Clegg started his professional career with Credit Suisse First Boston as a Research Associate in CSFB's Technology Group. In 2003, he joined Solitude Investment Management as an analyst and was responsible for manager due diligence and the statistical modeling of Solitude's fund of funds portfolio. Mr. Clegg graduated from Brigham Young University with a degree in Chemical Engineering and is currently a CFA Level I candidate.

JOHN LIANG

At Emcor, Mr. Liang assists in the quantitative research and analysis of alternative investment managers. He also tests and monitors asset allocation strategies with a special emphasis on quantitative portfolio modeling and risk management. Mr. Liang is a Senior Associate of Emcor.

Mr. Liang spent over 4 years working in Prudential Financial's New York office. As a Strategist in Prudential's Alternative Investment Group, he was responsible for quantitative portfolio analysis and monitoring the risk profile of Prudential's Alternative Investment funds and their constituent managers. Mr. Liang graduated from Columbia University with a BA in economics and is currently a CFA Level III candidate.

ALISON ROGERS

Ms. Rogers manages Emcor's proprietary hedge fund manager database. Ms. Rogers is a Senior Associate of Emcor.

Prior to joining Emcor in 2002, Ms. Rogers was an Executive Assistant with The Guggenheim Group in New York. Her responsibilities included supporting the Managing Director in the operation of the Guggenheim's real estate fund. Ms. Rogers received her BFA from New York University.