ENHANCED INDEX FUND (CAYMAN) LIMITED ANNOUNCES CHANGE OF

DIRECTOR

3-Jan-2007

"We are writing to you with regard to the resignation of Russell Davidson as a director of the Enhanced Index Fund (Cayman) Limited (the "Company"), Enhanced Index Funds PCC (the "Master Fund") and as director of Enhanced Investment Products (Cayman) Limited (the "Investment Manager"), and the appointment of Rory Macdiarmid as a director of the Investment Manager in Mr. Davidson's place.

Mr. Davidson resigned as a director of the Company on 11 July 2007, as a director of the Master Fund on 14 June 2007 and as a director of the Investment Manager on 1 August 2007. Mr. Davidson's resignation from the Company, Master Fund and Investment Manager is a result of his desire to pursue other interests.

Mr. Macdiarmid was appointed as a director of the Investment Manager on 1 August 2007 as a replacement director for Mr. Davidson. Mr. Macdiarmid has over 25 years experience in financial markets starting in the early 1980’s as a futures and options broker in Chicago and London. He is a registered Responsible Officer with the Stock Exchange of Hong Kong.

Tobias Bland, CEO

on behalf of the Board of Directors"