Risk Management

Risk is minimised by diversification - > 20 underlying hedge funds

AFM avoids speculative or opaque strategies

Robust framework of risk controls in place:

Risk Controls Maximum Typical Exposure to Long/Short equity 100% 90% Exposure to Arbitrage and other strategies 20% 10% Position in any single underlying hedge fund 10% 5% Percentage owned of any hedge fund 10% <10% Leverage of Absolute Focus* 15%* NIL Liquidity of underlying hedge funds Quarterly Monthly, Quarterly

*Solely and temporarily to fund redemptions
†With limited exceptions

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