tax advice in connection with an investment in the SVCs. Administrator Apex Fund Services (Charlotte) LLC. Auditors One or more member firms of Deloitte Touche Tohmatsu Limited. 36 EFTA00292317 CONFLICTS OF INTEREST AND FIDUCIARY RESPONSIBILITIES Conflicts of interest exist and may arise in the future as a result of the

e of readily ascertainable fair values. Our opinion is not modified with respect to this matter. pattstkei- jottaw March 14. 2013 Member firm of Deloitte Touche Tohmatsu Limited EFTA00295627 CCM MASTER QUALIFIED FUND, LTD. (A Cayman Islands Exempted Company) CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBE

statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Member of Deloitte Touche Tohmatsu Limited EFTA00595956 Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the finan

was also a member of the Global Board of Directors, Chair of the Global Risk Committee and U.S. Representative of the Global Governance Committee of Deloitte Touche Tohmatsu Limited from 2003 to May 2011. Ms. Allen worked at Deloitte for nearly 40 years in various leadership roles, including partner and regional managing partne