The HSBC Fund of Funds Limited is an open end mutual fund company          
incorporated in Bermuda on May 26, 1998. The principal objective of the    
Company is to achieve capital growth while attempting to limit investment  
risk.

The Company aims to achieve its objective on behalf of the Equity    
 Fund and Bond Fund by applying an asset allocation strategy focused        
 primarily on open ended collective investment schemes investing in         
 international equity and bond markets respectively. Diversification of     
 investments is fundamental to the investment strategy. Each Fund will       
 normally consist of five open ended collective schemes and may include     
 other collective investment schemes managed by the Investment Manager,     
 Bermuda International Investment Management Limited, (a wholly owned       
 subsidiary of HSBC  Global Asset Management (Bermuda) Limited, (a wholly owned subsidiary of HSBC Bank Bermuda Limited), of Hamilton, Bermuda.

Investment selection is based on stringent criteria established by the Investment Manager and  includes quantitative and qualitative evaluation of all prospective and  continuing investments.

The investment policy is to be substantially fully  invested, however each Fund may invest in cash equivalents, including money market funds managed by the Investment Manager, during periods of pending  investments.