Net Asset Values, 31st March 2010

Bramdean Alternatives Limited (the "Company")

22nd April 2010

Net Asset Values, 31st March 2010

Ordinary Shares

As at the close of business on 31st March 2010, the Net Asset Value of Bramdean Alternatives Limited wasas follows:-

This valuation, which has been prepared in good faith by the Company's Fund Administrator, is for information purposes only. The valuation is based on the unaudited estimated valuations made available to the Company's Fund Administrator by service providers acting on behalf of funds held by the Company. Such estimates may not be subject to any independent verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. In addition, some estimates may not be supplied on a regular or timely basis with the result that the values of such investments are based on the latest available estimates which may relate to some time before the date set out above. Alternatively, and with specific reference to the Fund's Hedge Fund investments, should the Fund's last business day not correlate with that of the domicile in which the investments are made, the price used in the valuation will be that provided by the Hedge Fund Manager. Other risk factors which may be relevant to this valuation are set out in the Company's Prospectus dated 6th June 2007.