REGISTERED WITH THE MONETARY AUTHORITY OF SINGAPORE
REGISTERED WITH THE FINANCIAL SERVICES AUTHORITY OF JAPAN

ISIN NUMBER: VGG8993Y1007E — A British Virgin Islands Company
Text Box: October 2008 Text Box: Welcome to Tranen Capital Alternative Investment Fund, Ltd. This is a dynamic asset class, not correlated to either general economic conditions, the performance of securities markets, commodity prices or interest rates. It is an exciting time to be in the world of alternative investments. We are happy to provide this information on the life settlement industry, and hope you find it educational and useful. Tranen Capital Alternative Investment Fund, Ltd. launched in July, 2008. This is the forth issue of what will be monthly newsletters updating investors and other interested parties in the progress of the Fund. Tranen Capital Alternative Investment Fund, Ltd. is unique in that the initial strategy of the Fund is to hold the assets and then re-sell in approximately a twenty-four month period.

Tranen Capital Ltd.

Tortola BVI: (284) 494-9082
Boston:        (857) 241 3816

Singapore:    65 6248 4661

info@tranencapital.com

www.tranencapital.com

Tranen Capital Fund Unaffected By Market Turmoil

July 2008

Tranen + .7%

S&P –0.84%

August 2008

Tranen + 4.2%

S&P +1.45%

September 2008

Tranen + 2.6%

S&P –9.21%

October 2008

Tranen +3.02%

S&P –16.80%