Christopher Arnaud Sandford Fawcett

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.

Fauchier Partners LLP (Fauchier Partners) is the Great Britain-based specialist alternative investment management subsidiary of The Permal Group Ltd., itself a subsidiary of Legg Mason, Inc. (NYSE: LM) in the US. Established in 1994, the firm is located in London and manages a variety of funds of hedge funds and advises a number of listed closed-end funds of hedge fund vehicles for pension funds, banks, charities, insurance companies, academic institutions, fund management groups and family offices. In 2004, BNP Paribas Asset Management and Fauchier Partners merged their joint venture, BNP Paribas Fauchier Partners, with Fauchier Partners. BNP Paribas Asset Management acquired a 50% economic interest in Fauchier Partners and Fauchier Partners retained management control. Fauchier Partners is the founding co-sponsor of the BNP Paribas Hedge Fund Centre at the London Business School (LBS), the first academic center in the world dedicated to the study of the Hedge Fund industry. In 2006 the BNP Paribas Hedge Fund Centre at the Singapore Management University was launched.