Opus Commodities Fund Ltd.

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NewFinance Capital

Opus Commodities Fund Ltd.

01 November 2008

678m (USD)

Share Class Performance Oct 31 2008¹ NAV Oct 31 2008 Annualised Return Since Inception Annualised Volatility¹ A (USD) -1.16% -4.61% 123.23 6.47% 8.18% B (EUR) -1.68% -4.29% 117.94 5.08% 8.06% E (GBP) -1.58% -3.32% 120.41 6.57% 8.48% CHF -1.75% -5.70% 101.58 0.75% 8.58% Dear Investors,

In October 2008 Opus Commodities Fund posted an estimated net performance of -1.16% for the dollar share class -1.68% for the euro share class, -1.58% for the sterling share class and -1.75% for the swiss share class. Year to date returns stand at 4.61%, 4.29%, -3.32% and -5.70% respectively.

This outcome was driven by near breakeven returns generated by commodities-trading hedge funds (90% of the portfolio), but further losses were sustained by commodities-equities managers.

October 2008 was by any measure an extraordinary month. Both commodities indices and related equities prices fell sharply in response to concerns about the global economy. During the month, the benchmark DJAIG index fell by 21% while the SPGSCI fell by 28% - their biggest ever one month moves, and leaving the SPGSCI down more than 50% off its 2008 high. Commodities equities fell in tandem, with the EPX down 23% and the OSX down 36% - down 63% since its high point in June. Sentiment changed radically in response to these moves. Issues regarded as central to understanding commodities markets earlier in 2008, such as supply insecurity for hydrocarbons and the impact of Asian industrialization on metals demand, are now seen as irrelevant in the medium term. Three areas related to commodities markets are also in severe distress. First, the global shipping market, essentially bulk freight costs, has traded sharply lower – down 73% in October and an extraordinary 93% since mid-year. Second, financing has, predictably, dried up for commodities related projects. Third, we see every indication that trade finance is seriously rationed, hampering even the most basic commodities transactions. All of these events can be attributed to factors outside of the immediate commodities universe – all relate to the global slowdown and credit crisis. The task for participants in commodities markets is to interpret these changes and attempt to predict their consequences.

It was a commonplace observation up until mid-year that higher commodities prices were stimulating a long overdue investment in infrastructure and extractive industries. Years of under-investment, this argument went, had left the world ill-prepared for the economic growth that occurred in the decade 1998-2008, particular the resource intensive growth that took place in Asia. The events since July suggest that another plunge into under-investment is well underway. Projects once considered vital will be mothballed, infrastructure transactions sharply curtailed and in shipping, a key form of infrastructure, disastrous freight rates will destroy global capacity and lead to large scale scrapping of ships. Nobody could deny, especially in retrospect, that there was a frothy component to the commodities price boom. The subsequent bust may ironically set the stage for another boom as the same problems that caused global supply to tighten in the mid years of this decade are set to recur. In October, our funds operated at a dramatically reduced level of risk. A cardinal virtue of commodities trading hedge funds is that their instruments of choice (futures and options) are largely exchange traded (hence no counterparty or issuer risk), transparent and liquid. In markets that are so uncertain, commodities managers have used their capacity to scale their risks to match opportunity and conviction to reduce their open positions until fundamental factors come to the fore.

We made no new investments on November 1. We thank you for your continued trust and confidence.

Marc Hotimsky Georges Saier David Mooney co-CIO co-CIO Portfolio Manager 2008

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List of Holdings

(as of 01 November 2008)

Commodities - Equity 8.40%

Galena Special Situation 1.50% RAB Energy Fund (USD Class) 1.80% Southport Energy Plus Offshore Fund Inc 5.10%

Commodities - Trading 89.30%

AAA Asset Management Offshore Fund Ltd 5.60% Anglian Commodities Fund 2.00% Blenheim Global Markets Fund Ltd 2.60% Blenheim Commodity Fund 5.60% Brocade fund 3.30% Castalia Springs Fund Ltd. 1.70% CC Plus Fund 4.20% Czar+ Fund 2.20% Fortress Commodities Fund LP 6.10% Galena Fund Ltd 7.20% Galtere International Fund 6.60% Kottke Swinford - Managed Account 4.40% Ospraie Fund Ltd 0.70% Phibro Offshore Commodities Fund li Ltd 5.80% CMF Sandridge Feeder (Cayman) Ltd 4.00% Saracen Energy Offshore Ltd 5.60% Touradji Global Resources Offshore Fund Ltd 10.20% Velite Energy Offshore Ltd 5.50% Viridian Fund Ltd 3.00% Whiteside Energy Offshore Ltd 3.00%

Commodities - Farm 4.70%

Cash -2.40%

Fund Statistics

(Class A USD)

Monthly Average Return 0.55%

Sharpe Ratio 0.23 Sortino Ratio 1.09 Maximum Drawdown -11.00% Best Month 4.78% Skew -0.58 Kurtosis 3.56

Fund Allocation by Strategy

(as of 01 November 2008)

Commodities - Equity 8.4% Commodities - Trading 89.3% Commodities - Farm 4.7% Cash -2.4%

VaR Analysis

Isolated VaR (Sum of Underlying Funds) 12.81%

Marginal VaR (Sum of Underlying Funds) 5.72%

Diversification Ratio 2.24

Marginal VaR by Strategy

Commodities - Equity 11.0% Commodities - Trading 89.0%

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Performance

(net of all fees)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct 1 Nov Dec Year1

A (USD) 2008 -2.22% 2.82% -2.40% 3.05% 3.27% 2.66% -6.59% 0.38% -3.97% -1.16% -4.61% 2007 -1.91% 1.97% 0.44% 0.74% 0.34% 1.21% 1.16% -2.51% 1.43% 0.94% -0.89% 1.80% 4.71% 2006 4.77% -0.85% 3.45% 4.78% -0.48% -0.99% 0.59% -0.68% -1.81% 2.36% 3.41% 1.00% 16.35% 2005 1.32% 0.11% 0.37% -1.13% 2.51% 2.76% 6.03% B (EUR) 2008 -2.26% 2.84% -2.23% 3.14% 3.38% 2.74% -6.53% 0.49% -3.74% -1.68% -4.29% 2007 -2.12% 1.84% 0.33% 0.61% 0.23% 1.11% 1.05% -2.64% 1.27% 0.89% -0.96% 1.78% 3.33% 2006 4.45% -0.97% 3.21% 4.40% -0.68% -1.14% 0.41% -0.92% -2.00% 2.21% 3.08% 0.87% 13.37% 2005 1.21% -0.03% 0.21% -1.26% 2.42% 2.59% 5.20% E (GBP) 2008 -2.13% 2.95% -2.17% 3.19% 3.46% 2.82% -6.39% 0.54% -3.54% -1.58% -3.32% 2007 -1.93% 1.97% 0.44% 0.75% 0.33% 1.23% 1.17% -2.50% 1.45% 0.98% -0.82% 1.91% 4.98% 2006 4.59% -0.86% 3.46% 4.54% -0.52% -1.05% 0.51% -0.75% -1.89% 2.34% 3.28% 0.99% 15.32% 2005 2.87% 2.87% CHF 2008 -2.39% 2.71% -2.38% 3.13% 3.22% 2.58% -6.86% 0.29% -3.86% -1.75% -5.70% 2007 -2.25% 1.72% 0.23% 0.54% 0.08% 1.00% 0.91% -2.77% 1.15% 0.78% -1.10% 1.68% 1.88% 2006 1.87% 2.98% 0.78% 5.73%

Source: NFC as at 31 October 2008. Net of fees. Since Inception, USD 01/07/2005, EUR 01/07/2005, GBP 01/12/2005, CHF 01/10/2006. ¹ The estimate was calculated from estimates received from the hedge funds included in the portfolio. Although the information is believed to be correct, no warranty is given as to the accuracy of the information provided

Performance Attribution by Strategy

(1 month)

-0.51% -8.57% -10% -8% -6% -4% -2% 0% Commodities -Trading Commodities -Equity

Strategy Return - Class A USD

-140 -120 -100 -80 -60 -40 -20 0

Commodities - Trading Commodities - Equity

Contribution (BpS) - Class A USD

Source NFC (as of October 2008) Source NFC (as of October 2008)

Performance Attribution by Strategy

(Since Inception)

30.78% 6.85% -29.39% -40% -30% -20% -10% 0% 10% 20% 30% 40% Commodities -Trading Commodities -Equity Commodities -Systematic

Strategy Return - Class A USD

Source NFC (as of October 2008)

0 500 1000 1500 2000 2500 3000

Commodities - Trading Commodities - Equity Commodities -Systematic

Contribution (BpS) - Class A USD

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Distribution of Returns

(Class A USD)

0 2 4 6 8 10 12 14 16 18 -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

Opus Commodities USD Normal Distribution

F re q u e n c y

Drawdown Analysis

(Class A USD)

Depth Length Recovery Peak Valley Exit Date

-11.00% 4 0 Jul-08 Oct-08

-3.33% 5 2 May-06 Sep-06 Nov-06 -2.51% 1 4 Aug-07 Aug-07 Dec-07 -2.40% 1 1 Mar-08 Mar-08 Apr-08

Cumulative Returns

95 100 105 110 115 120 125 130 135 140 145 J u l-0 5 N o v -0 5 M a r-0 6 J u l-0 6 N o v -0 6 M a r-0 7 J u l-0 7 N o v -0 7 M a r-0 8 J u l-0 8

US 3 Month Libor Opus Commodities Fund

P e rc e n ta g e ( % )

Perf. vs. 10 Best Months of

GSCI Total Return Index

GSCI Total Return Index Opus Commodities Fund USD

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Aug 05 Feb 08 Sep 07 Oct 07 Jun 08 May 08 Apr 08 Apr 06 Dec 07 Jul 07

.

Perf. vs. 10 Worst Months of

GSCI Total Return Index

Opus Commodities Fund USD GSCI Total Return Index

-30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0%

Oct 08 Sep 08 Jul 08 Sep 06 Oct 05 Feb 06 Aug 06 Dec 06 Aug 08 Aug 07

.

Perf. vs. 10 Best Months of

Philadelphia Stock Exchange Oil Service Sector Index

Opus Commodities Fund USD

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Jan 06 Apr 08 Feb 08 Jul 05 Mar 07 Nov 06 Apr 07 May 07 Sep 07 Mar 06

.

Perf. vs. 10 Worst Months of

Philadelphia Stock Exchange Oil Service Sector Index

Opus Commodities Fund USD

-40.0% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0%

Oct 08 Sep 08 Jan 08 Jul 08 Feb 06 Aug 06 Dec 06 Oct 05 Aug 08 Sep 06

.

Benchmark Analysis

(Class A USD)

GSCI Total Return Index Philadelphia Stock Exchange Oil Service Sector Index

Beta 0.18 0.16 Correlation 61.54% 69.40% Up capture ratio 0.21 0.14 Down capture ratio 0.24 0.24

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Fund Details

Share Classes

Currency

ISIN Code

A

USD

KYG676641056

B

EUR

KYG676641130

C

USD

KYG6769H1039

D

EUR

KYG6769H1112

E

GBP

KYG676641213

CHF

KYG6769H1450

Fund Domicile

Cayman Islands

Valuations

Monthly

Subscriptions

Monthly

Redemptions

Calendar quarterly with 60 days prior notice

High water mark

Yes

Administrator

Fortis Prime Fund Solutions Administration Services (Ireland) Ltd

Custodian

Fortis Prime Fund Solutions Custodial Services (Ireland) Ltd

Auditors

PricewaterhouseCoopers

Definitions

Beta: Beta is the slope of the regression line. Beta measures the

risk of a particular investment relative to the index. It describes the sensitivity of the investment to broad market movements.

Correlation: Measures the extent of linear association of two

variables in this document, between the performance of the Fund and the index. The measure is always comprised between -1 and +1. A measure of +1 reflects a perfect positive relation, a measure of -1, a perfect negative relation and a measure of 0, no relation at all.

Diversification Ratio:The ratio of the sum of isolated VaR to the

sum of marginal VaR for the positions in the portfolio.

Down Capture Ratio:The Down Capture Ratio is a measure of

the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down.

Drawdown:Drawdown is any losing period during an investment

record. It is defined as the percent retrenchment from an equity peak to an equity valley. A drawdown is in effect from the time an valuation retrenchment begins until a new valuation high is reached. (i.e. in terms of time, a drawdown encompasses both the period from equity peak to equity valley (Length) and the time from the equity valley to a new equity high (Recovery).

Isolated VaR:Standalone VaR for the paticular position.

Kurtosis:Kurtosis characterizes the relative peakness or flatness

of a distribution compared with the normal distribution. Positive kurtosis indicates a relatively peaked distribution. Negative kurtosis indicates a relatively flat distribution.

Marginal VaR:Sensitivity of VaR to a marginal change of the size

of the position.

Sharpe Ratio: A return/risk measure. Return (numerator) is

defined as the incremental average return of an investment over the risk free rate. Risk (denominator) is defined as the standard deviation of the investment returns. The risk free rate used is US 3 Month LIBOR.

Skew: Skewness characterizes the degree of asymmetry of a

distribution around its mean. Positive skewness indicates a distribution with an asymmetric tail extending toward more positive values. Negative skewness indicates a distribution with an asymmetric tail extending toward more negative values.

Sortino Ratio: A return/risk measure. Return (numerator) is

defined as the incremental compound average period return over a Minimum Acceptable Return (MAR). Risk (denominator) is defined as the Downside Deviation below a Minimum Acceptable Return (MAR). The MAR used is US 3 Month LIBOR.

Up Capture Ratio: The Up Capture Ratio is a measure of the

Investment’s compound return when the Benchmark was up divided by the Benchmark’s compound return when the Benchmark was up.

VaR (Value at Risk):The expected maximum loss of a portfolio,

within 99% confidence interval and 1 month time interval using the Monte Carlo simulation.

Volatility:A risk measure. Refers to a standard deviation of the

continuously compounded returns over a specific time horizon. It is often used to quantify the risk of the instrument.

For professional advisers only. This material is not suitable for retail clients. This is neither an offer to sell nor a solicitation of any offer to buy shares in any fund managed by NewFinance Capital LLP. Any offering is made only pursuant to the relevant Prospectus, together with the current financial statements of the relevant fund, if available, and the relevant subscription application, all of which must be read in their entirety. No offer to purchase shares can be made or accepted prior to receipt by the offeree of these documents and the completion of all appropriate documentation. The shares have not and will not be registered for sale, and there will be no public offering of the shares. No offer to sell (or solicitation of an offer to buy) will be made in any jurisdiction in which such offer or solicitation would be unlawful. This document is not an advertisement and is not intended for public use or distribution.