London and Hong Kong – 7th November 2005:  HFR Asset Management (“HFR”)
and Oria Capital (“Oria”) have joined forces to launch a principle
protected fund of funds that will provide the stability of investing in
the HFRX Global Index with the more aggressive return characteristics of
Asian hedge funds.  The new Asian focused fund, to be called the HFR Oria
Asia Principal Protected Note, will be 50% invested in the Oria Asia Fund,
which consists of 20 Asian based sub-funds covering 8 different hedge fund
investment strategies and offering exposure to up to 14 countries in the
region including China and Japan.  The other 50% will be invested in four
HFR sub-indices with low correlation to the Oria Asia Fund and will be
actively managed by HFR.  An 8 year principle protection will be provided
by Barclays Capital.

The fund will be distributed by Oria Capital and Barclays Capital in Asia
and by HFR in Europe and will be offered to sophisticated institutional
investors only.  Investment in the fund will be available in US Dollars.
The fund will be launched today and will close on January 9th, 2006.

The Asia markets have been one of the most dynamic areas for hedge fund
investing over recent years and now account for over $80 billion of hedge
fund assets with more than $25 billion flowing into hedge fund investments
in the region in 2004 alone.

Oria Capital’s management team has an average of over 15 years of
dedicated experience of Asian market investing thereby offering investors
their extensive knowledge of, familiarity with, and exposure to Asian
market opportunities.  In keeping with Oria Capital’s existing investment
strategy, the new fund will seek to tap into very specific and diversified
Asian alpha sources in contrast to the general trend amongst Asian fund of
funds which predominantly invest in long/short strategies, with a primary
emphasis on long.

Launching the fund, John Godden, Managing Director of HFR Asset
Management, commented: “Oria Capital specializes in one of the world’s
hottest investment markets and has a team with unparalleled experience.
With good funds in Asia closing to investment on average just 12-24 months
after their launch, there is constant demand for exposure to and expertise
within the region.  Teaming up with Oria Capital will enable HFR to offer
its investors access to the very best of available investment
opportunities in Asia.”

Jennifer Carver, Chief Executive Officer of Oria Capital, added:  “Oria
Capital and HFR Asset Management are natural partners as our businesses
both share a common philosophy based on rigorous reporting and full
transparency for investors.  This is an enormously exciting product which
will add to our stable of existing fund offerings at Oria Capital as well
as the universe of possible investment opportunities for those seeking
exposure to the rapidly growing high return markets of Asia Pacific.”