Dear Highbridge Investors

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Got some good news and less good news to share. We'll give you the less good news now, then you tell us what the good news is. Email us at tips at highbridge dot com. Best suggestion wins the option to transfer your investment to a fund run by John Paulson.
1.

Dear Investor:
Highbridge Statistical Opportunities Fund, Ltd.'s Class A & C October
month-end net asset value per share is estimated at US$988.91.
This represents a month-to-date net increase of +2.15% from the final
September 30, 2008 net asset value per share of US$968.12 and a
year-to-date net return of +10.61%.
Yours truly,
Highbridge Statistical Opportunities Fund, Ltd.


2.

Dear Investor:
Highbridge Convertible Arbitrage Fund, Ltd.'s October month-end net
asset value per share is estimated at US$654.44.
This represents a month-to-date net decrease of -23.75% from the final
September 30, 2008 net asset value per share of US$858.24 and a
year-to-date net return of -37.33%.
Yours truly,
Highbridge Convertible Arbitrage Fund, Ltd.

3.

Dear Investor:
Highbridge Asia Opportunities Fund, Ltd. Class A & B October month-end
net asset value per share is estimated at US$988.77.
This represents a month-to-date net decrease of -14.79% from the final
September 30, 2008 net asset value per share of US$1,160.41 and a
year-to-date net return of -32.44%.
Yours truly,
Highbridge Asia Opportunities Fund, Ltd.

4.

Dear Investor:
For the month ended October 31, 2008 Highbridge Capital Corporation's
New Issue Restricted share classes posted an estimated net return of
-12.77%, bringing their year-to-date net return to -25.34%.
Please refer to the October letter that will be posted to Highbridge
Capital Management's website shortly.
Yours truly,
HIGHBRIDGE CAPITAL CORPORATION

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