Private Mutual Funds

ADMINISTRATIVE, REGISTRAR AND TRANSFER AGENT SERVICES

Detailed below are the duties and responsibilities of Montaque Securities International, Ltd. ("MSI") regarding each of the described functions in respect of private mutual funds.

A. Corporate Services

• Provides all office staff and accommodation required by the Fund and maintains the principal corporate records and all financial records of the Fund.
• Effects the issue of shares and accepts subscription monies.
• Calls and holds all meetings of shareholders.
• Effects the redemption of shares.
• Arranges for publication of the Funds net asset value in such periodicals as may be requested by the sponsor.
• Maintains the register of shareholders.
• Maintains records in respect of each shareholder/partner including subscription agreements, correspondence, transfer forms, redemption request net asset value in such periodicals as may be requested by the sponsor.
• Maintains the register of shareholders.
• Maintains records in respect of each shareholder/partner including subscription agreements, correspondence, transfer forms, redemption requests, etc.
• Arranges for preparation and filing of the Fund's local regulatory and annual tax filings as necessary.
• Communicates to shareholders/partners all pertinent information on the Fund including net asset value, dividend distributions and mailing of interim and annual reports (both financial and performance reports).

B. Fund Accounting/Valuation Services

In addition to the responsibilities described above, MSI provides comprehensive accounting services as detailed below.

• Maintains full accounting records for the Fund.
• Calculates the Fund's net asset value on a periodic basis.
• Prepares portfolio valuations, financial statements, and other reporting, as required.
• Arranges for annual audit of the Fund's books and records.
• Prepares and files the Fund's audited annual financial statements.
• Calculates and disburses dividends to shareholders, as approved by the Board.
• Calculates and arranges for payment of fees for the investment advisors, custodian and administrator.
• Reviews invoices and disburses payments for legal fees, accounting fees, government fees and all other expenses of the Fund.
• Reviews the provision of services provided by the Fund's independent accountants.
• Establishes accounting policies for the Fund.
• Reconciles accounting issues with the Fund's officers, independent accountants, legal counsel, advisor and custodian, as necessary.

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