17 February 2009


Addition on New Cell E.I.P. Aleph Fund


We are writing to you with regard to the creation of a new cell E.I.P. Aleph Fund within Enhanced Index Funds PCC (the “Fund”).

The Fund has ten existing cells namely Enhanced Taiwan Index Fund, Enhanced China Index Fund, Enhanced India Index Fund, Enhanced Malaysia Index Fund, Enhanced South Korea Index Fund, Enhanced Thailand Index Fund, Enhanced Indonesia Index Fund, Enhanced Philippines Index Fund, Enhanced Emerging Asia Index Fund and E.I.P. Overlay Fund. On 21 October 2008, the directors of the Fund resolved to create an additional cell to be named E.I.P. Aleph Fund and draft a Private Placement Memorandum relating to the offering of the shares of the New Cell to investors during the Initial Offer Period at an Issue Price of USD 10.00 per Share. The Initial Offer Period is stated as 2 February 2009 to 9 February 2009. Further details of E.I.P. Aleph can be found in the Private Placement Memorandum, a copy of which has been filed with the CSX.

Changes in Directors of Enhanced Investment Products (Cayman) Limited

We are writing to you with regard to the appointment of Asia Alternative Asset Partners (Caymans) Ltd (the “Company”) as an additional director of Enhanced Investment Products (Cayman) Limited (the "Manager").

Asia Alternative Asset Partners (Caymans) Ltd was appointed as an additional director of the Manager on 18 November 2008. The Company was formed in 2007 and is an investment management company which invests in Asian and Emerging Market alternative fund management groups. The Company also seeds the funds of companies they invest in and through its subsidiaries in Hong Kong, USA and UK provides global distribution to these managers and their funds. The Company operates under the Triple A Partners business brand name.

Directors of Asia Alternative Asset Partners (Caymans) Ltd

Hans Tiedemann is the Chairman of the Company's Board of Directors. Mr. Tiedemann has 23 years' experience in international brokerage and 15 years' experience in hedge fund/alternative investment business management. Mr. Tiedemann is a Managing Member of Jadeite. He is also a partner in Tiedemann Investment Group Hedge Funds. He has served as a Board member of Tiedemann Investment Group Hedge Funds since 1990 and was its President until 2000. Mr. Tiedemann founded TIR Securities, an international brokerage with multiple licensed broker-dealers, which was acquired by E*Trade in 2000. Prior to this time, Mr. Tiedemann served as the head of overseas Japanese equity sales for Morgan Stanley Tokyo from 1986-1988. Mr. Tiedemann holds a B.A. in Political Science from Kenyon College. Mr. Tiedemann is a US resident.

Paul Smith is the Chief Executive Officer of the Company. Mr. Smith has over 20 years' experience in the alternative fund industry with significant exposure to the Asian markets. Prior to his involvement with the Company, Mr. Smith served as the Global Head of Alternative Fund Administration Business for HSBC PLC (previously the Bank of Bermuda Ltd) based in New York and Hong Kong from 1996 to 2006. Mr. Smith also worked for Ermitage International Ltd., an alternative funds management company with operations in the United Kingdom, France, Luxembourg and Jersey, as Managing Director. He is a Fellow of the Institute of Chartered Accountants of England and Wales and is a past member of the Hong Kong Securities and Futures Commission's Committee on Unit Trusts and Real Estate Investment Funds. Mr. Smith is a Chartered Financial Analyst and holds a Master of Arts degree from Oxford University. He is a resident of Hong Kong.

Roger Pyrke is alternate Director to Hans Tiedemann. Mr. Pyrke is also the Deputy Chief Executive Officer of the Company. He has over 20 years' experience in the investment management industry with an international focus. He is currently a non-executive director of the 360 Japan Long Short Fund and 360 Japan Long Short Master Fund. Mr. Pyrke previously served as Managing Director of Harcourt Advisory Services Limited in Hong Kong. From 1990 to 2002, Mr. Pyrke served in various capacities for Barclay's and its affiliates, including Director of Barclay's International Funds Asia from 1998 to 2002, Director of BZW Investment Management (Hong Kong) Limited (which was subsequently renamed Barclay's Global Investors (Hong Kong) Limited) from 1995 to 1998 and Regional Director of Barclay's International Funds Manager from 1990 to 1995. Mr. Pyrke is a past Chairman of the Hong Kong Investment Funds Association and a past member of the Hong Kong Securities and Futures Commission Committee on Unit Trusts. Mr. Pyrke is a resident of Hong Kong.

Company Information

Triple A Partners

We support Asian alternative funds on the global stage.

Triple A Partners focuses purely on alternative assets. We believe that there is an increasing demand for Asian and Emerging Market investment strategies and that the best way to deliver them is through talented Asia-focused fund managers. Our expertise is in helping independent managers of Asian and Emerging Market funds grow substantial businesses without losing focus on portfolio performance.

Specifically our services include the provision of working capital, seed capital (coupled with independent risk control), global marketing and distribution services, robust operational infrastructure and ongoing business consultancy.

We are unique in offering such a comprehensive range of services to independent managers - providing them with a convenient means of growing their own businesses on a significant scale, but without the related significant hassle.



CLSA: Triple A Partners is partnered with CLSA, an Asian-focused institutional research and broking, investment banking and asset management group. CLSA has a significant shareholding interest in the business and provides daily reconciliation of manager trade positions and daily portfolio transparency and risk reporting functions to Triple A Partners. Our partnership affords us access to global equity markets with on-the-ground teams and analysts and sales specialists, and 13 offices in 10 Asian countries as well as offices in London, New York and Dubai. For more information on CLSA go to: www.clsa.com


Iveagh Llp: Triple A Partners is partnered with Iveagh Ltd, a London based private investment house of which the Guinness family is a major shareholder and principle client. Iveagh brings to the partnership an innovative combination of long-term wealth preservation experience and modern institutional investment expertise. Iveagh plays a key role in manager selection and ongoing monitoring of asset management. For more information on Iveagh: www.iveaghllp.com


Tobias Bland, CEO

on behalf of the Board of Directors