September 13, 2001

Mr. Roger Cave was appointed a director of OAM Asian Recovery Fund on

18th July 2001 following approval of the Cayman Islands Monetary Authority.

Mr. Cave is a Chartered Accountant and a Chartered Financial Analyst. He is

the Managing Director of Fortress Fund Managers based in Barbados. Shares in

OAM Asian Recovery Fund are listed on the Cayman Islands Stock Exchange.

Desmond Kinch, CFA

Chairman