Hedge Fund Valuation

Administrator as their delegate, determine provides the fairest criterion of value for such asset, by
reference to the (i) closing price on the relevant Recognized Exchange as at a Valuation Date or, (ii) if no such
closing price is available, or is unrepresentative of fair value in the opinion of the Directors or the
Administrator as their delegate, such asset shall be valued at the last traded price or (iii) if the last traded
price is unavailable, or is unrepresentative of fair value in the opinion of the Directors or the Administrator as
their delegate, such asset shall be valued at the probable realization value as certified by a competent
person; or (iv) at such other value as the Directors or the Administrator as their delegate, consider in the
circumstances to be fair;

(B) The value of any Investment that is not traded on a Recognized Exchange shall be at its cost save where there
have been transactions in the relevant security which are known to the Administrator or Directors which
indicate that a different valuation is appropriate;

(C) Cash deposits and similar iliquid investments will be valued at their nominal value together with all interest
declared or accrued and not yet received thereon to the relevant Valuation Date;

(D) Securities may be valued on the basis of their net asset value or (if applicable) current bid price. Where
definitive prices are not available on the applicable Valuation Date, the last definitive or estimated available
prices, provided by the Directors or Administrator, may be used as the basis for the calculation of the Net Asset Value of
the Fund. No adjustment shall be made to such prices, notwithstanding any subsequent adjustment to the
definitive or estimated valuation provided;

(E) All other assets and liabilities of the Fund will be valued in the manner determined by the Directors;

(F) The Directors or the Administrator shall be entitled to adopt an alternative method of valuation in relation to
any particular asset or liability if they consider that the method of valuation otherwise provided for in the
Articles does not provide a fair valuation of that asset or liability.

Values of assets expressed in a currency other than United States Dollars will be converted into United States Dollars
at the latest available exchange rate.

In calculating the Net Asset Value per Share, the Directors or Administrator may rely upon such automatic pricing services as
it shall determine or, if so instructed by the Directors it may use information provided by particular pricing services, brokers, market makers or other intermediaries. In such circumstances, the Directors or Administrator shall not, in
the absence of fraud, gross negligence or wilful default on the part of the Directors or Administrator, be liable for any loss
suffered by the Fund or any Shareholder by reason of any error in the calculation of the Net Asset Value per
Share resulting from any inaccuracy in the information provided by any such pricing service, broker, market
maker or other intermediary. Furthermore, in calculating the Net Asset Value per Share, the Directors or Administrator shall
use reasonable endeavours to verify pricing information supplied by the Fund Manager or any connected
person, but investors should note that in certain circumstances it may not be possible or practicable for the
Directors or Administrator to verify such information. In such circumstances, the Directors or Administrator shall not be liable for any
loss suffered by the Fund or any Shareholder by reason of any error in the calculation of the Net Asset Value per
Share resulting from any inaccuracy in the information provided by any such person.

Publication

Except where the determination of the Net Asset Value per Share has been suspended in the circumstances
described below, the Net Asset Value per Share shall be available at the registered office of the Fund.
The Directors or Administrator will prepare a calculation of the Net Asset Value per Share of the relevant Valuation Date
usually within 2 Business Days of that Valuation Date.