Mr. Karr is Managing Director of Asset Allocation at PARADIGM, where he and his teamassist Dr. Park in implementing the company's research in the areas of manager selectionand portfolio allocation. He joined the firm in 1994 and has more than

ten

years of hedgefund investment experience. Mr. Karr earned his B.S. in computer science andengineering from the Massachusetts Institute of Technology, where he concentrated hisstudies on modeling and simulation design. He was a registered Commodity TradingAdvisor from 1995 to 2002 and is currently a member of the National Futures Association.

Markus Karr

Managing Director Asset Allocation

Dr. Park is responsible for directing the overall management and investment activities ofPARADIGM Global Advisors, LLC. He has

years of direct hedge fund investmentexperience. Between 1991 and 1998, Dr. Park was a professor of finance at Long IslandUniversity, where he founded the Center for Financial Markets Research. Dr. Parkcompleted 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 arecognized author of pioneering research on the behavior of hedge funds. Prior tolaunching his academic and financial careers, Dr. Park was an Assistant District Attorneyin Massachusetts. From 2001 to 2003, he served as an elected member of the NominatingCommittee for the National Futures Association. Dr. Park earned a B.S. in economics fromthe Wharton School of Finance, University of Pennsylvania, and a J.D. from Harvard andColumbia 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 andStructured Products. He has

years of experience in alternative investments andderivative products. Prior to joining PARADIGM, Mr. Farouze was the Global Head ofSales and Structuring at Societe Generale Asset Management's Alternative InvestmentsGroup, where he grew assets under management from $3.4 billion to over $15 billion inless than three years. He has launched in excess of 100 capital-guaranteed products inItaly, Spain, France, Germany, Hong Kong, Singapore and Japan. Before joining SGAM,Mr. Farouze headed the foreign exchange derivatives desk for the Italian markets at BNPParibas, Commerz Bank and Smith Barney. He has a B.A. in finance and economics fromSan Diego State University.

Stephane Farouze

Managing Director Marketing and Structured Products

THE BEST ALTERNATIVE

www.paradigmhedgefunds.com

2004