l Ytd (2.81%)14 AHL (cayman) SPC EVOLUTION USD 31 Aug 05 M $1'518M 1.23 25 Apr 1.13% 3.08% 16.91% 23.53% 10.53% 15.27% 12.64% (13.16%) Tim Wong . Matthew Sargaison Jul 13 14 Jun 08 - Oct 08 AHL ALPHA 30 Sep 95 M $198M 8.55 25 Apr 0.01% (1.10%) -1.52% -0.06% -2.75% 12.24% 12.51

28 PM EST a. In March of 2006, David Proshan, your Gen Counsel, and Lawrence Cutler, your chief compliance officer, came to you and told you that Tim Wong, a controller hired in Dec. 05 to conduct an internal audit of the management company, told them that management fees may have been paid premature