Hedge Fund Statistics Methodology

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In this section we have outlined the methodology behind how we calculate the performance statistics for our range of Funds of Hedge Funds.

Volatility: is the annualised standard deviation over the chosen time period.

Hedge Funds:

The monthly and consequently YTD figures are estimates only, based on figures provided by the respective Fund Managers. The actual monthly returns will be available later in the month.

The Volatility, % Positive Monthly Return and Correlation to Equities figures are based on the track records of each of the funds, which all use simulated data except for the Matrix CAS Fund. For a full explanation of how these figures are calculated and what time period they cover please see below.

Matrix Asset Based Fund: Gottex Fund Management. The performance statistics are based on the returns of the US$ Class B7A Shares of the Gottex ABL Fund since launch in October 2005 until June 2006 translated into Sterling and on the returns of the Sterling Class F7A Shares of the Gottex ABL Fund since launch in July 2006 to February 2007 and then on the actual returns of the Sterling Institutional Class Shares of the Matrix Asset Based Fund to date.

Matrix Asset Based 2 Fund: Stillwater Capital Partners. The performance statistics are calculated using the actual returns of the underlying funds within the launch portfolio based on their respective initial weightings, net of all fees, employing 1 to 1 gearing, from January 2005 to July 2007 and on the actual returns of the Institutional Class Shares of the Matrix Asset Based 2 Fund from August 2007 to date. Where an underlying fund has launched since January 2005 the portfolio weighting amongst the remaining underlying funds has been adjusted to reflect this during the period prior to its launch.

Matrix Bastion Fund: Gottex Fund Management. The performance statistics are based on the returns of the Gottex Market Neutral Fund from May 1999 to December 2004 and on the actual returns of the Institutional Class Shares of the Matrix Bastion Fund from January 2005 to date.

Matrix Conservative Approach Strategy: Lyster Watson Partners. The performance statistics are based on the returns of a composite of funds and separate accounts managed by Lyster Watson using their Moderate Volatility strategy, and are assetweighted returns of all of the portfolios that comprise the composite, from April 2001 to January 2008 and on the actual performance of the institutional Class of the Matrix CAS Fund from February 2008 to date.

Matrix Emerging Markets Index Fund: MAXAM Capital Management. The performance statistics are based on the fund’s hypothetical performance based on the actual returns of the underlying funds within the launch portfolio using their respective initial weightings from January 2006 to March 2008 and on the actual returns of the Institutional Share Class of the Matrix Emerging Markets Index Fund from April 2008 to date.

Matrix Horizon Fund: Collingham Capital Management. The performance statistics are based on the A Share Performance of Collingham Investment Fund translated into Sterling from January 1999 to November 2002 and on the actual performance of the Institutional Class Shares of the Matrix Horizon Fund from December 2002 to date.

Matrix Orbit Fund: Montier Asset Management. The performance statistics are based on the Sterling Class Share performance of the Montier High Alpha Fund from April 2005 to January 2007 and on the actual performance of the Institutional Class Shares of the Matrix Orbit Fund from February 2007 to date.

Matrix MAX Fund: MAXAM Capital Management. The performance statistics are based on the fund’s hypothetical performance based on the actual returns of the underlying funds within the launch portfolio using their respective initial weightings from January 2005 to March 2006 and on the actual returns of the Institutional Share Class of the Matrix MAX Fund from April 2006 to date.

Indices:

Reuters Hindsight, bid to bid, net income reinvested to date. The Volatility figures are calculated over the same period as our hedge fund with the longest track record, from Jan 1999 to date.