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Opalesque Exclusive: Bramdean Alternative negatively impacted by market conditions but global macro style posted a gain, intends to exit long-only exposure Bramdean Alternative announced a 97.13 pence / US$ 0.9650 NAV for January 08. The underlying performance was - 2.29% for the share class and -2.50% for the U.S. Dollar share class. Bramdean was negatively impacted by market conditions and by the performance of hedge funds which struggled to cope with the extreme volatility and news flow. Bramdean maintained its monthly rolling currency hedge of 70% of its U.S. Dollar exposure and expects to keep the hedge in place in the near-term.

The portfolio has minimal long exposure to sub-prime debt. It has benefited from its holding in Paulson Advantage which shorted the sub-prime market in Spring 2007. The managers have reduced their exposure to their long-only managers in the transitional portfolio and intend to exit from these strategies entirely by the end of March 2008.

Strategic Hedge Funds Portfolio January was a turbulent month across all asset classes and the portfolio posted a loss. Global macro was the only style to post a gain.

The Equity Hedged style recorded a loss for the month, as global equity markets suffered an aggressive sell-off. The Event Driven strategy performance was moderately negative. The Global Macro style was flat for the month. Bramdean’s commodities manager was down, as the general downturn in equity markets negatively ......................

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