UBP Asset Management LLC

Chairman

Sheldon S. Gordon is the Chairman of UBPAM. Mr. Gordon, the former Vice Chairman of Shearson Lehman Brothers, has been involved in fund management directly and indirectly for over thirty years. In his early years in the asset management business, he was President and Chief Investment Officer of Hedberg & Gordon, Inc., which pioneered quantitative stock selection techniques and ran one of the best performing no-load, common stock mutual funds in the 1960s. Before the firm was purchased by Philadelphia Life Insurance Co. in 1971, it also had introduced the first SEC-registered hedge fund. In the mid 1970s, Mr. Gordon organized Lehman Brothers' diverse investment management operation into Lehman Management Company ("LEMCO") and served as its President. LEMCO became one of the early leaders in both equity and fixed income management for institutions within investment bank sponsored asset management groups. Subsequently, Mr. Gordon was in charge of fixed income and then equity capital market activities at Lehman Brothers, after which he became head of all investment banking. In the 1990s, Mr. Gordon was a general partner of The Blackstone Group and Chairman of Blackstone Alternative Asset Management L.P., which acted as General Partner of non-traditional multi-manager funds. Mr. Gordon is a Director of UBP and Chairman of its affiliate, UBPI Holdings, Inc., which is the holding company for UBP's interests in the United States. This background has given him extensive exposure to and experience in all elements of the investment process. Mr. Gordon earned his AB in Economics from Harvard College, his MBA in Finance from the Wharton Business School at the University of Pennsylvania and completed course work for a doctorate in Economics at the University of Pennsylvania.

Management Team

Matthew Stadtmauer is a Managing Partner, the Chief Executive Officer and Co-President of the Investment Manager and the General Partner. Mr. Stadtmauer is a member of the Board of Managers of the Investment Manager and the General Partner, is responsible for all non-investment activities of the Investment Manager and the General Partner and co-leads the Management Committee, which is responsible for governing day to day matters. Prior to becoming a Managing Partner, Mr. Stadtmauer was the Investment Manager’s Chief Marketing Officer and led the Investment Manager’s marketing and business development efforts for over five years. Prior to joining the Investment Manager in 2002, Mr. Stadtmauer was a Vice President at Salomon Smith Barney's Managed Futures Division. In his role, his responsibilities included sales and marketing of all Salomon Smith Barney's proprietary managed futures funds. Prior to joining Salomon Smith Barney in 1997, Mr. Stadtmauer worked at Mellon Private Asset Management (Boston Safe Deposit & Trust Company) as the Portfolio Administrator for Mellon's value and growth funds. Mr. Stadtmauer earned a BS degree in Consumer Economics from the University of Delaware and passed the Series 7, 31 and 63 examinations administered by the National Association of Securities Dealers, Inc.

Roman Igolnikov is a Managing Partner, the Chief Investment Officer, and a Co-President of the Adviser. Mr. Igolnikov is a member of the Board of Managers of UBPAM, is responsible for all investment activities of UBPAM and co-leads the Management Committee, which is responsible for governing the day to day matters of the firm. Mr. Igolnikov has seventeen years of experience in the financial services industry focusing on strategic asset allocation, alternative products development, portfolio construction, evaluation and selection of investment managers, and risk management. Prior to joining UBPAM in 2000, Mr. Igolnikov was a Firm Director at Deloitte & Touche LLP where he led the portfolio and securities valuation and risk management practice. Mr. Igolnikov received his Engineering Degree from Moscow Technical University and an advanced degree in Physics and Mathematics with a specialization in Optimization Theory from Russia’s Academy of Sciences.

John Levitt is a Senior Managing Director and the Chief Operating Officer. Mr. Levitt is a member of the UBPAM Management Committee and UBPAM Investment Committee. Mr. Levitt, prior to joining UBPAM, was a Principal of Gregoire Capital LLC where he directed product development and co-managed the firm’s proprietary funds. His responsibilities there included the analysis of funds-of-funds, as well as relative-value strategies research. Prior to joining Gregoire, he was the Managing Member of The Harvest Fund Group LLC, a global convertible arbitrage fund. From 1991 to 1994, he was Vice-President and Manager of convertible securities trading at Spear, Leeds & Kellogg (now a division of Goldman Sachs). Mr. Levitt has spent more than three decades investing in convertible arbitrage, merger arbitrage, and fixed-income strategies for institutional investors, and for the proprietary capital accounts of firms such as Smith Barney and Mabon Nugent & Co. Mr. Levitt earned a BA degree from The Johns Hopkins University and holds a Masters degree from the University of Chicago. He also holds the designation of Chartered Alternative Investment Analyst.

David G. Logan is a Senior Managing Director and Chief Financial Officer. Mr. Logan is a member of the firm’s Management Committee. He has more than twenty years of public accounting experience in the financial services industry. He began his career with Oppenheim, Appel, Dixon & Co. and after two years moved to Deloitte & Touche LLP holding various positions until joining UBPAM in 2005. Mr. Logan has specialized in the alternative investments area since 1993 providing tax, structuring and operational consulting services to hedge funds, fund of funds and private equity fund structures and the related management company entities. He became a Partner of Deloitte in 1997. Mr. Logan received his BBA in Public Accounting from Pace University. He is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. He is also a member of the Managed Funds Association and the Wall Street Tax Association.

Kristy W. Rudel is a Senior Managing Director, Chief Administration Officer. Ms. Rudel is a member of the firm’s Management Committee. She has worked extensively in alternative asset management finance, operations and administration for the past seven years. Ms. Rudel began her career at the General Foods Corporation, later moving to the Nestlé Corporation and then to the Dreyfus Service Corporation where she was Vice President and Senior Marketing Manager. Ms. Rudel holds a BA degree from Dartmouth College and an MBA from the Stanford Graduate School of Business.