Investment Funds - Fund of Funds

Shimoda Russia Renaissance Fund
Long only, investing in funds of Russia and the Newly Independent States
Monthly/quarterly liquidity, Cayman-based open-ended fund launched in 1997
** Ranked Top performing Fund of Fund (12 months) - 11/02, Barclay Institutional Report**
** 4th. best performing Fund of Fund (36 months) - 11/02, Barclay Institutional Report**

Shimoda Alliance Fund
Long only, investing in funds and resources projects of Emerging Europe
Quarterly liquidity, Cayman-based open-ended fund launched in 2000 and transferred in 2003.

Fund of Credit Asia
Long only, investing in global opportunites funds and debt markets of Asia.
Quarterly liquidity, Cayman-based open-ended fund launched in 1998 and liquidated in 2003.

Far East Fund
Long only, investing in global opportunites funds and debt markets of Asia.
Quarterly liquidity, Cayman-based open-ended fund launched in 1998 and liquidated in 2003.



Shimoda Capital Advisors Ltd.
c/o Genesis Trust & Corporate Services Ltd.
PO Box 448GT, George Town
Grand Cayman
E-mail: fund@shimoda-ltd.com