Pine River Asia Master Fund

Ltd

Fund Investment Objectives

The Pine River Asia Fund is a market-neutral, classic convertible bond arbitrage portfolio that utilizes single stock and credit hedges, expressed primarily through asset swaps and CDS. The Pine River Asia Fund's objective is to profit from persistent convertible bond arbitrage opportunities in public securities. Asian country exposure is diversified across industries and among 10 to 15 countries with a focus on India, Japan, Hong Kong, Singapore and Australia. The fund's long investments are predominantly convertible bonds; but may also include warrants, options, straight bonds or equities, credit derivatives or total return swaps. The fund is hedged with short stock positions, convertible asset swaps, credit default swaps, currency forwards, interest rate or bond futures, short straight bonds, equity put or call options, total return swaps on indices, stocks, bonds or future, variance or volatility swaps and short convertible bonds. We evaluate the portfolio's industry and country concentrations on a regular basis and make adjustments according to risk management limits and changes in market dynamics. This fund was formerly known as the Ishin Fund.