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1、October 24, 2008Bluefin Mutli Strategy Fund SPC Karasel Enhanced Portfolio SPSuspension of Redemption NoticeDear Investors：As you well know, the global equity markets are in disarray, caused largely by the ensuring credit crunch and technical forced liquidations plaguing all in the industry. We have
2、 managed to weather the storm considerably well to this point reflected in the funds performance, which must be viewed in a global context as world markets have suffered some of the largest drawdowns in history. Year to Date*Karasel Enhanced SP+0.10% *S&P 500 Index-33.83%DJ Euro Stoxx 50 Index-38.63
3、%Nikkei 225 Index-35.64%Hang Seng Index-44.41%CS/Tremont Hedge Fund Index-3.55% * YTD performance up to August 2008.* YTD performance up to 21 August 2008.Credit markets are expected to improve over the coming months, signs of which are beginning to form, after the global co-operation and efforts in
4、stituted over the last several weeks by international governments. Large-scale collaboration was imperative to restore order after the worldwide panic and monumental market meltdowns, which are still working their way through the system. For now, we have been informed by a considerable portion of ou
5、r underlying funds that they are suspending redemptions due to the current environment and liquidity therein.Many of these funs have received overwhelming redemptions and with the shortage of credit and buyers in many sectors, have deemed it prudent to NOT liquidate assets at fire sale prices, which
6、 would be to the detriment of not only redeeming investors, but of course to those who remain as well. In most instances, we actually welcome this decision as we have always set out to attempt to preserve investor capital and believe our results are testament to that. With global indices down 30-60%
7、+, we have managed to produce positive returns in an environment not seen for decades. In so doing and favoring certain more stable asset class though, we have fallen victim to liquidity along with many others and therefore as a conduit fund or fund of funds, have no choice but to suspend redemption
8、s ourselves. As the market condition allows, hopefully, by the end of this year, we will start accepting investors redemption request. We can assure you this will be done with your best interests at heart and as quickly as possible WITHOUT forcing inopportune liquidations and thereby resulting in lo
9、sses for the investor. We have taken this course of action as we need to protect all our investors and not merely pay out what we can now, leaving those who remain invested in our fund with a less liquid portfolio and hence more onerous restrictions. We trust you will respect and appreciate this pos
10、ition. We reiterate that the portfolio is performing well and the steps taken are being done for investors protection. In the future, the fund itself will continue to publish the fund NAV and monthly factsheet to update you latest market and fund situations.Best Regards, The Bluefin Investment Team藍
11、鰭多重策略基金 Karasel Enhanced 分離式組合暫停贖回通知 正如大家所知道，目前全球資本市場的混亂，主要原因是信貸緊縮和投資部位技術性被迫非理性出清造成的。 本基金已盡所能在此次金融風暴襲擊下，維持穩定的基金投資績效。 從全球各大股市指數表現觀察，我們可以看到大多知名指數皆下跌30%至45%不等，相較之下，本基金表現相當不錯。年初至今 *藍鰭多重策略基金 - Karasel Enhanced SP+0.10% *美國標準普爾500指數-33.83%道瓊歐洲 50指數-38.63%日本日經255指數-35.64%香港恆生指數-44.41%CS/Tremont 避險基金指數-3.55
12、% *年初至8月份的基金表現* 年初至10月21日的指數表現在國際政府單位全力合作和努力之下，信貸市場可望在今後的幾個月裡獲得改善，這些跡象已開始形成。 在全世界的恐慌和巨大的市場崩潰，大規模的合作是必要方式，此將有助於市場恢復秩序。 這些合作方案與效應已持續進入整體市場中。 在現階段，我們被多數的子基金告知他們將暫停接受贖回，主要原因是目前市場環境與市場流通性不足。在市場欠缺足夠的買家，信貸短缺的環境下，許多基金已決定不接受贖回要求，主要是避免將資產用不合理的價格被迫賤賣出場，導致對整體基金投資人或是不願出場的基金投資者不公平。 我們對這些子基金的決定表示歡迎，因為我們認為保護投資人的資本是
13、首要任務。 當全球股票指數下跌30至60%，我們仍然可以在這百年一次世紀金融風暴下創造正報酬率! 我們誠希望各位投資人可以注意到我們年初至今的績效，並且體會我們過去的努力維持資本與創造正報酬率。 本基金是組合式基金，旗下部分的基金停止接受贖回，我們也別無選擇需要停止接受投資人的贖回要求。 當市場情況允許之下，希望落在今年年底，我們將重新接受投資人贖回要求。 我們可以確定這決定是對你的投資利益最佳化，在基金不被強迫賤賣資產，導致其他投資人的投資利益的情況下，我們將盡快恢復基金的流通性。我們做了此決定，這決定是保護所有基金投資人的利益與維持公平性。 我們相信你尊重與接受這決策。 我們重申本基金投資組合依然表現穩健，此決定主要是要保護所有投資人的利益。 在未來，我們將持續提供基金淨值與基金月報，讓投資人了解基金與金融市場的現況。藍鰭投資團隊 此致* 以上為中文譯本 (附上英文版本)。若中文及英文版本有不同之處，將以英文版本為準。
