October Estimated Net Asset Values


 
TIDMAIDU TIDMAIDE 
 
The Aida Closed-Ended Fund Limited ("Aida") 
 
October Estimated Net Asset Values 
 
The Estimated Net Asset Value of Aida's Shares as of 31 October 2009 is as 
follows: 
 
                  US Dollar 
 
NAV                 1.6912 
 
                  US Dollar        US Dollar 
                                  Illustrative 
                                   Unlevered 
                                   returns (1) 
 
Performance 
 
MTD                (0.34)%            0.02% 
 
YTD                 2.89%             9.54% 
 
5-Year(2)          (9.30)%           27.32% 
 
(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 25 November 2009. 
 
Investment Manager Comment 
 
During October 2009 the Aida US$ class NAV achieved a performance of (0.34)%, 
the underlying portfolio before expenses and the costs of leverage achieved a 
performance of +0.02%. 
 
Since inception until the end of October 2009 the Aida US$ class NAV has 
achieved a performance of +12.75%, the underlying portfolio before leverage and 
expenses achieved a performance of +56.28%. Over the same period the S&P 500 
has fallen (8.59)% and the FTSE 100 has fallen (5.62)%. 
 
Of the underlying funds that Aida fund invests in 10 of our funds who have 
reported have declined during the month whilst 9 of the funds that have 
reported have increased. 
 
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 
 
+44 20 7600 7500 
 
invest@aidacapital.com 
 
Disclaimer 
 
The information in this announcement should be read in conjunction with the 
full text of the registration document, securities note and summary document 
all dated 25 November 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 registration document, securities note and 
summary document. 
 
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 25 November 2009 of The Aida 
Closed-Ended 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 CLOSED-ENDED FUND LIMITED 
 
                      The Aida Closed Ended Fund Limited 
 
          Canada Court, Upland Road, St Peter Port, Guernsey, GY1 3QE 
 
                           Registered Number: 45968 
 
                                                                         Page 2 
 
                      THE AIDA CLOSED-ENDED FUND LIMITED 
 
                      The Aida Closed Ended Fund Limited 
 
          Canada Court, Upland Road, St Peter Port, Guernsey, GY1 3QE 
 
                           Registered Number: 45968 
 
 
 
END
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