BRAL Bramdean �

    RNS Number : 4208K
  Bramdean Alternatives Limited
  18 December 2008
   

    Bramdean Alternatives Limited (the "Company")
    18 December 2008


    Net Asset Values, 28th November 2008

    Ordinary Shares

    As at the close of business on 28th November 2008, the Net Asset Value of Bramdean Alternatives Limited was as follows:-

    
 Share class       Net Asset Value  Net Asset Value 31stOctober 2008  Performance
                 28thNovember 2008
 GBP Shares            95.52 pence                      101.78 pence       -6.15%
 US$ Shares             US$ 0.8138                        US$ 0.9028       -9.86%


    Further to the announcement made by the Company on 12th December 2008 regarding its exposure to hedge funds which, directly or
indirectly, had trading accounts with Bernard L. Madoff Investment Securities LLC, the Company has decided, in consultation with its
auditors PwC CI LLP, to take a full provision against its investments in Rye Select Broad Market XL Portfolio Ltd. ("Rye Select") and
Defender Ltd. ("Defender") to nil in the calculation of the November 2008 Net Asset Value.  The Company will continue to monitor the
situation on behalf of its investors and make every appropriate effort to seek recovery of the assets. 

    Prior to the decision to write down the investments in Rye Select and Defender, the November 2008 valuation showed an increase of 4.17%
in the Sterling Share class and a fall of 0.05% in the U.S. Dollar Share class. The November 2008 valuation now shows a fall of 6.15% in the
Sterling Share class and a fall of 9.86% in the U.S. Dollar Share class, having included that full provision. In November 2008, the HFRI
Fund of Funds Composite Index and the Credit Suisse/Tremont Hedge Fund Index fell by 1.93% and 4.15% respectively.   

    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.  Other risk factors which may be relevant to this valuation are set out in the
Company's Prospectus dated 6th June 2007. 





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