Ping Exceptional Value Fund

Offshore Ltd.

Fund Investment Objectives

The Ping Exceptional Value Fund Offshore Ltd. began trading June 2008 to focus on macro strategies with most emphasis on Latin America and China markets. The Fund invests in a focused strategy of core investment themes with relatively low leverage, developed from economic fundamental research and valuation anomalies in emerging markets. While primarily a directional strategy, the Fund also seeks to profit from relative value and short-term trading opportunities. Instruments traded include local and external bonds, currencies, equities, commodities, and derivatives. The investment manager is Ping Capital. Ping Capital's team has had extensive experience in derivative trading and analysis which is evidenced by the Fund's research driven and quantitative oriented trading approach. Ping Capital's investment process is consistent with that employed by the team while at SAC Capital. The Fund's internal macroeconomic research provides ideas about the valuations and economic risk in the markets; however the investment team does not make the investment decisions based solely on macro research. The Fund has a fully developed approach to investing where potential themes are identified and tested as smaller positions. They may then be further refined and expanded to become core themes. Shorter-term trading books are also utilized to generate trading profits in themes which have moderate scaling potential but excellent risk reward characteristics.