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On November 1, 2007, each of the Absolute Return Europe Fund Limited, Absolute Octane Fund Limited, Absolute East West Fund Limited, Absolute European Catalyst Fund Limited and Absolute Activist Value Fund Limited transferred certain illiquid assets to their B class (side pocket) portfolios as part of a restructuring plan. These portfolios are being managed with view to completing the disposal process by 2009.

Performance information of the Funds' 2008 A class portfolios is set out below.
2008 Confirmed and Estimated Performance
AGF ALC ARE AEC AEW AOF AAVF
Jan 4.85% 5.58% 2.40% -2.57% -7.34% -1.91% -10.51%
Feb 0.67% -2.43% -3.23% 0.16% -5.42% 0.57% -0.60%
Mar 1.81% 3.45% 0.32% 2.44% -3.71% 1.73% -0.67%
Apr 2.45% 0.10% -0.84% 2.33% -5.20% -1.28% -24.07%
May 0.61% 3.69% -0.01% 0.68% -5.53% -1.41% -0.08%
Jun -0.35% -0.95% 1.28% -2.35% -9.29% -6.77% -9.36%
Jul 1.23% 0.86% -2.08% -3.56% -17.25% -5.53% 2.33%
Aug 6.69% 2.49% 2.81% 6.69% -6.38% -3.53% 2.67%
Sep 3.18% -4.43% -10.21% -4.31% -14.91% -16.90% 0.35%
Oct -2.74% -0.86% 0.46% -3.24% -16.69%* -11.84%* -1.76%*
Nov 0.67% 0.12% 0.34% 0.70%
Dec 0.76% 1.09% -2.88% -0.86%
Total 21.35% 8.60% -11.67% -4.35% -62.15% -39.20% -37.07%

Performance information of the Funds' B class portfolios is set out below.
2007
ARE AEC AAV AOF AEW
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov -24.89% -31.69% -36.63% -27.49% -35.73%
Dec -21.41% 0.53% 1.97% 14.93% -6.70%
2008
ARE AEC AEW AOF AAVF
Jan -27.70% -24.49% -38.42% -25.04% -41.34%
Feb 32.86% 30.98% 66.81% 32.07% 58.65%
Mar -2.23% -5.65% -5.28% -5.05% 2.59%
Apr -2.39% 2.20% 0.80% -2.87% -0.57%
May -6.10% -7.98% -9.45% -2.00% -8.07%
Jun -27.82% -29.05% -36.76% -25.87% -41.57%
Jul -17.26% -21.52% -26.61% -14.77% -29.15%
Aug 11.80% -7.72% 13.54% -10.02% 0.25%
Sep -23.87% -8.22% -6.53% -6.61% -13.06%
Oct -30.97% -30.92% -58.23% -26.40% -59.18%
Nov -13.53% -15.91% -35.80% -10.70% -41.57%
Dec -76.06% -93.51% -87.76% -97.26% 90.49%
2009
ARE AEC AEW AOF AAV
Jan -13.31% -0.08% 1.67% 1.83% 2.08%
Feb -26.69% -13.09% -0.30% -75.46% 11.14%
Mar -5.72% -21.48% 5.10% -22.35% -62.01%
Apr 0.00% -1.69% -1.17% -0.23% -0.68%
May -0.09% -0.68% 0.50% 0.26% 4.63%
Jun 0.09% 0.04% 0.79% 0.25% 6.24%
Jul
Aug
Sep
Oct
Nov
Dec

* Note re Funds' Performance Estimates
Please note that the B–Class performance figures set forth above have been determined by reference to the publicly quoted price of underlying the portfolio assets where such is available. Such performance estimates are provided for reference only. ACM Equity Limited does not believe that such values reflect the likely realisation values of the underlying assets.

Asset realisations / distributions
The Funds have completed the following per–share distributions to shareholders from the proceeds of asset disposals (figures by share class):
October 2008
ARE AEC AAV AOF AEW
EUR 331.08 4.58 268.25 234.36
USD 226.30 213.41 260.12 222.51
GBP 170.30
JPY 12,871.05 11,680.22

Please Note: All of the funds are closed to new subscriptions.
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