September Estimated Net Asset Values

 
TIDMAIDU TIDMAIDE 
 
The Aida Fund Limited ("Aida") 
 
September Estimated Net Asset Values 
 
The Estimated Net Asset Values of Aida's Shares as of 30 September 2009 are as 
follows: 
 
                    US Dollar 
 
NAV                   1.6901 
 
                    US Dollar          US Dollar 
                                      Illustrative 
                                    Unlevered returns 
                                           (1) 
 
Performance 
 
MTD                   1.06%               2.10% 
 
YTD                   2.82%               9.03% 
 
5-Year(2)            (7.74)%             27.94% 
 
(1) As a result of eliminating leverage at the fund level on 30th June 2009, 
the actual historic performance is not a fair representation of how Aida would 
have performed if managed in a manner consistent with how it will be undertaken 
going forward. Therefore, for illustrative purposes in addition to the actual 
returns, the Investment Manager has calculated an estimate of the return of the 
underlying portfolio which is the return that would have been achieved if Aida 
had operated without expenses and the costs of leverage. These are included as 
"illustrative unlevered returns". 
 
(2) Cumulative 
 
These valuations, which have been prepared in good faith by Aida, are based 
principally on formal valuations supplied to Aida by the administrators of 
Aida's underlying investments. In the case where no such formal valuation has 
been received, an estimated valuation prepared by the manager or administrator 
of the underlying investments has been used. Valuations or estimates are 
unaudited and may not comply with generally accepted accounting or valuation 
principles. Other risk factors which may be relevant to this valuation are set 
out in Aida's prospectus dated 4th March 2008. 
 
Investment Manager Comment 
 
During September 2009 the Aida US$ class NAV achieved a performance of +1.06%, 
the underlying portfolio before expenses and the costs of leverage achieved a 
performance of +2.10%. 
 
Since inception until the end of September 2009 the Aida US$ class NAV has 
achieved a performance of +12.67%, the underlying portfolio before leverage and 
expenses achieved a performance of +55.55%. Over the same period the S&P 500 
has fallen (6.75)% and the FTSE 100 has fallen (3.95)%. 
 
Of the underlying funds held by Aida all nineteen reported a positive 
performance. 
 
Restructuring 
 
On 17 December 2008 shareholders approved a change in the strategy of Aida to 
eliminate leverage for investment purposes. This was achieved from the 30 June 
2009. The fund has been debt free from the 17 July 2009 and has a net cash 
position. 
 
A restructuring of Aida was outlined in a circular dated 4 August 2009. At an 
EGM on the 24 August 2009 resolutions were passed to: (a) change Aida's 
investment policy; (b) adopt revised articles of incorporation to provide, 
amongst other things, for the conversion of Euro and Sterling denominated 
Ordinary Shares into US Dollar denominated Ordinary Shares; (c) change the name 
of Aida to the Aida Closed Ended Fund Limited; and (d) undertake a capital 
reorganisation of Aida to create side pocket shares for investments which did 
not satisfy the revised investment policy. 
 
On 28 August 2009 Aida ceased hedging of currency classes and as part of the 
restructuring of the fund Euro and Sterling shares will be converted to US 
Dollar shares at the exchange rates prevailing on 28 August 2009 which, were: 
 
  * Sterling to US Dollar: GBP1:$1.63111 
 
  * Euro to US Dollar: EUR1:$1.43735 
 
The Euro and Sterling shares will therefore be converted to US Dollar shares 
using the following conversion factors: 
 
  * For each EUR share investors will receive 1.3590 USD shares 
 
  * For each GBP share investors will receive 1.3347 USD shares 
 
The conversion will take place on implementation of the proposals. 
 
Documentation was posted to those shareholders who had returned a valid 
Indication of Interest Form to Aida on the 30 September 2009. The anticipated 
dates and expected sequence of events is detailed below: 
 
         2009           Anticipated dates and expected sequence of events 
 
15.00 on Wednesday 4    Latest time and date for receipt of completed 
November                exchange request forms together with any supporting 
                        documentation required 
 
On or after Wednesday   Implementation of Proposals 
18 November 
 
On or after Wednesday   Shares in the Open-Ended Fund issued to valid 
25 November             applicants 
 
Aida Capital, the investment manager, remains available at all times to discuss 
the fund and markets in general. 
 
Contacts: 
 
Colin Clark 
 
Peter Haspel 
 
Nicholas Oppenheim 
 
Aida Capital 
 
[phone] 
 
[e-mail] 
 
Disclaimer 
 
The information in this announcement should be read in conjunction with the 
full text of the Circular to shareholders dated 4th August 2009 and any 
subsequent announcements. Capitalised terms used in this announcement shall, 
unless the context otherwise requires, bear the meaning given to them in the 
Circular. 
 
This announcement does not constitute an offer to sell, exchange or transfer 
any securities of The Aida Fund Limited and is not soliciting an offer to 
purchase, exchange or transfer such securities in any jurisdiction where the 
offer, sale, exchange or transfer is not permitted or to any person or entity 
to whom it is unlawful to make that offer, sale, exchange or transfer. 
 
The registration document published on 4 March 2008 of The Aida Fund Limited 
contains further details of the selling restrictions in such jurisdictions. 
 
This announcement is not an offer of securities for sale in the United States. 
The shares referred to herein have not been and will not be registered under 
the United States Securities Act of 1933, as amended (the "Securities Act") or 
with any securities regulatory authority of any state or other jurisdiction of 
the United States and may not be offered or sold within the United States or 
to, or for the account or benefit of, US Persons (as defined in Regulation S 
under the Securities Act) except in accordance with the Securities Act or an 
exemption therefrom. 
 
                             THE AIDA FUND LIMITED 
 
                                                                    Page 3 of 3 
 
                             THE AIDA FUND LIMITED 
 
   The Aida Fund Ltd., PO Box 246, Canada Court, Upland Road, St Peter Port 
 
Guernsey, GY1 3QE 
 
 
 
END