Thames River Multi Hedge PCC Limited - Thames River Hedge + cell (the "Company")

Estimated Net Asset Value at 1^st February 2013

As at the close of business on the 1^st February 2013, the estimated net asset value per share of each share class with one month and year to date (from 1 January) comparisons were:

Estimated Net Asset Value at 31^st January 2013

As at the close of business on the 31^st January 2013, the estimated net asset value per share of each share class with one month and year to date (from 1 January) comparisons were:

Please note the % Change (Month to Date) to prior month-end information above relates to NAV performance from the previous month end estimated values and that prior month end NAV is recalculated on a weekly basis throughout the month until such time as the NAV can be finalised. As such the information above is an indication of MTD performance from the most recently calculated month end price which may differ from the original values published

This valuation, which has been prepared in good faith by the Company's Administrator, is for information purposes only.  This estimate is based on the unaudited estimated valuations made available to the Company's 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 most recent prospectus dated 28 April 2008.

Investment Policy

Thames River Multi Hedge PCC Limited is a closed-ended protected cell investment company incorporated in Guernsey.  The Company's investment objective is to produce attractive absolute returns relative to the level of risk assumed, through a dynamic multi manager approach.  The Manager seeks to accomplish this investment objective by investing the assets of Thames River Hedge+ predominantly in absolute return orientated funds worldwide whose managers employ a variety of investment strategies across all asset classes.  A fundamental part of the investment policy is to be innovative in terms of portfolio construction technique as well as in strategy allocation.