The Alternative Investment Management Association (AIMA), is requested
assistance from investors and practitioners with its latest research project.

AIMA is conducting an in-depth study on asset pricing and fund valuation
practices. In order to accurately and comprehensively assess issues in this area,
AIMA encourages one person per company (institutional investor, fund of funds
manager, hedge fund manager, CPO, CTA, prime broker, FCM, fund
administrator) to complete a questionnaire, which can be found at
http://www.aima.org/aima.asp?id=6.

The deadline for responses has been extended to Wednesday 31st March 2004.

This project will attempt to assess the fair value, performance and risks
associated with investing in certain strategies, for the investor community.  For
the industry, it aims to seek clarification on responsibilities, current common
practices and realistic expectations by investors.

AIMA stated: "As well as providing a meaningful overview of the industry and its
practices, it is our aim to demystify the views surrounding this topic.  We intend to
highlight the differences between hedge funds and their traditional counterparts. 
* Where appropriate, we will classify the differences and commonalities
between these fund types.
* We aim to identify common valuation practices throughout the industry and
identify these within the forthcoming 'Guide to Sound Practices for Hedge
Fund Administrators' as 'Guidelines to Asset Pricing and Hedge Fund NAV
Calculation'.
* The study will also identify possible areas of concern and improvement, and
will present the investors' and industry's views on the way forward."

"It is our goal to provide a concise and representative document.  We would like
one survey per institution.  All those companies who submit a completed survey
and provide their contact information will be offered the final publication at a
discounted rate. AIMA and the author, Edhec, will also be releasing highlights on
the internet and through the media at launch."