MAVERICK FUND LTD COMPANY ANNOUNCEMENT RE: APPOINTMENT OF ADDITIONAL PRIME

Date27-Sep-2004
Maverick Fund Ltd

Re: Appoint - Prime Brokers

 

Company Announcement

For Immediate Release 22 September 2004

Maverick Fund, Ltd.

RE: Appointment of Additional Prime Brokers

 

The Board of Directors (the "Directors") of Maverick Fund, Ltd. (the "Fund") wish to announce that with effect from April 17, 2002, Barclays Capital Securities Limited ("BCSL"), a wholly owned subsidiary of Barclays Bank plc, regulated by the Financial Securities Authority in the United Kingdom, has been appointed to act as an additional Prime Broker to the Fund pursuant to a prime brokerage agreement and supporting documentation each dated April 17, 2002 (together, the "BCSL Prime Brokerage Agreement").

In addition, with effect from February 25, 2002, Barclays Capital Inc. ("BCI"), which is also a wholly owned subsidiary of Barclays Bank plc, and which is a regulated broker dealer regulated by the Securities and Exchange Commission in the United States, was appointed as an additional Prime Broker of the Fund pursuant to a prime brokerage agreement and supporting documentation each dated February 25, 2002 (together, the "BCI Prime Brokerage Agreement"). The BCSL Prime Brokerage Agreement and the BCI Prime Brokerage Agreement are collectively referred to as the "Barclays Prime Brokerage Agreements".

At the time of publication, Barclays Bank PLC has a long-term debt rating of AA with S&P, Aa1 with Moody's and AA+ with Fitch and BCSL has financial resources in excess of US$200 million.

In its capacity as a Prime Broker, each of BCSL and BCI will take custody over the assets of the Fund delivered to it. BCSL and BCI may also provide services that include securities lending financing, foreign exchange and other services as required by the Fund from time to time. Except in relation to securities lending, the Barclays Prime Brokerage Agreements do not cover the execution of transactions by BCSL or BCI. The Fund may pay each of BCSL and BCI a transaction based fee or commission charged at commercial rates negotiated in the ordinary course of business.

Each of the Barclays Prime Brokerage Agreements may be terminated by either party thereto at any time upon notice as provided in the Agreement.

Each of BCSL and BCI may appoint sub-custodians of the assets of the Fund. Each of BCSL and BCI will exercise reasonable skill, care and diligence in the selection of any such sub-custodian and will be responsible to the Fund for satisfying itself as to the ongoing suitability of such sub-custodian to provide custodian services to the Fund, will maintain an appropriate level of supervision over such sub-custodian and will make appropriate enquiries periodically to confirm that the obligations of such sub-custodian continue to be competently discharged. None of BCSL, BCI or their respective directors, officers, employees or agents will be liable for any loss or damage to the Fund caused by the failure of a third party or by matters beyond BCSL's or BCI’s reasonable control.

The BCSL Prime Brokerage Agreement will provide BCSL with a charge over the assets of the fund delivered to it. BCSL will also have the right to take title over the assets of the fund and in the event of BCSL's default, these assets may not be segregated from the proprietary assets of BCSL.

The BCI Prime Brokerage Agreement grants BCI a first priority security interest over the assets of the Fund delivered to it. In the event of a default by the Fund, BCI will have the right to liquidate the assets of the Fund. The Fund’s fully paid up assets are segregated from BCI’s proprietary assets and are not available to general creditors of BCI in the event of BCI’s bankruptcy.

The Fund has indemnified each of BCSL and BCI and any custodian, nominee or agent appointed under each of the Barclays Prime Brokerage Agreements from and holds each of them harmless against any loss, liability and expenses arising: 1. as a result of any investments being registered in the name of or held by BCSL, BCI or any such custodian, nominee or agent due to the Fund acting in violation of law; or

1. from BCSL, BCI or any such custodian, nominee or agent carrying out instructions believed by it in good faith to be genuine provided that none of BCSL, BCI or any of their respective custodians, nominees or agents will be indemnified against any liability to the Fund arising primarily out of its or such custodians’, nominees’ or agents’ own bad faith, negligence or wilful default.

The Fund’s Investment Advisor has sole discretion over the Fund’s strategy and investments and neither BCSL nor BCI have decision-making responsibility relating to the Fund’s investments.

The Fund’s investment advisor will, in its sole discretion, allocate assets between the Prime Brokers appointed to the Fund according to prevailing trading and economic conditions.

 

The delay in notifying the Irish Stock Exchange of this appointment was due to an oversight of an administrative nature.

 

Enquiries:

The Irish Trust Company (Cayman) Ltd Ms Michelle Boucher

Phone: +13458147150

NCB Stockbrokers Limited Ms Margot McDonagh

Phone: +353 1 611 5907

For Immediate Release 22 September 2004

Maverick Fund, Ltd.

RE: Appointment of Additional Prime Broker

The Board of Directors (the "Directors") of Maverick Fund, Ltd. (the "Fund") wish to announce that Goldman, Sachs & Co. ("GS") has been appointed as a prime broker and custodian to the Fund pursuant to an account agreement and prime brokerage supplement to the account agreement, dated as of November 1, 1994 (together the "Prime Brokerage Agreement"). GS is primarily regulated in the conduct of its brokerage business by the U.S. Securities Exchange Commission and the New York Stock Exchange. It has financial resources in excess of US$200 million and its ultimate parent, The Goldman Sachs Group Inc., has a Specified Credit Rating (as defined by the Irish Stock Exchange).

In its capacity as prime broker, GS will execute purchase and sale orders as directed by the Fund and clear and settle such orders and orders executed by other brokers (on the basis of payment against delivery). In addition, GS may enter into off-exchange contracts with the Fund as principal. GS will also provide the Fund with short selling facilities.

As custodian, GS will be responsible for the safekeeping of the investments and other assets of the Fund delivered to it in accordance with general brokerage laws of the U.S. applicable to GS (the "Fund’s Property"). GS will identify, record and hold the Fund’s Property in such a manner that the identity and location thereof can be identified at any time and so that the Fund’s Property shall be readily identifiable as property belonging to, and held for the benefit of, the Fund and as separate from any of GS’s own property.

GS may hold the Fund’s Property with a sub-custodian, depository or clearing agent, including a person connected with GS (each a "sub-custodian") in a single account that is identified as belonging to customers of GS. GS will identify in its own books and records that part of the Fund’s Property held by a sub-custodian as being held for the Fund. Consistent with general brokerage laws of the U.S. applicable to GS, certain assets of the Fund are not required to be segregated and in the event of GS’s insolvency, may not be recoverable in full.

GS will exercise reasonable skill, care and diligence in the selection of a suitable sub-custodian and will be responsible to the Fund for the duration of any sub-custody agreement for satisfying itself as to the ongoing suitability of the sub-custodian to provide custodial services to the Fund. GS will maintain an appropriate level of supervision over the sub-custodian(s) and will periodically make appropriate inquiries to confirm that the obligations of the sub-custodian(s) continue to be competently discharged. GS will not be liable for the loss of any assets held by sub-custodians. The fees of any sub-custodians, which will be at rates negotiated in the ordinary course of business, will be borne by the Fund.

The Prime Brokerage Agreement provides that GS shall have no liability to the Fund for any cost, loss, liability or expense suffered by the Fund in the absence of gross negligence or willful misconduct on the part of GS or any of its affiliates and that the Fund shall indemnify GS against any cost, loss, liability or expense suffered by GS except to the extent that the same is due to the gross negligence or willful misconduct or breach of the Prime Brokerage Agreement by GS or any of its affiliates.

The Fund’s obligations to GS will be secured by way of a security interest in and first priority lien over the Fund’s Property. Assets held as collateral by GS will be deemed pledged to GS and may be re-hypothecated or otherwise used by GS for its own purposes to the extent permitted under general brokerage laws applicable to GS. The Fund will have a right against GS for the return of equivalent assets. Cash held or received for the Fund by GS may be used by GS in the course of its business. However, U.S. federal regulations require GS to maintain a "Special Reserve Bank Account for the Exclusive Benefit of Customers" into which GS must deposit a sufficient amount of cash and/or U.S. Government securities to cover the net amount of unencumbered cash held on behalf of clients after deducting customer debits owed to GS. GS may not commingle its own cash with the assets held in the Special Reserve Bank Account. Under the Securities Investor Protection Act ("SIPA"), cash for investment is considered "customer property" and would be subject to the SIPA customer protection scheme in the event of GS’s insolvency.

The Fund may, depending on the transaction, pay GS a transaction based fee or commission charged at commercial rates negotiated in the ordinary course of business.

The Prime Brokerage Agreement may be terminated by either party at any time. GS may decline to act as a prime broker at any time. The terms of the Prime Brokerage Agreement may be amended from time to time as agreed to between the Fund and GS.

The Fund’s investment advisor will, in its sole discretion, allocate assets between the Prime Brokers appointed to the Fund according to prevailing trading and economic conditions.

 

The delay in notifying the Irish Stock Exchange of this appointment was due to an oversight of an administrative nature.

 

Enquiries:

The Irish Trust Company (Cayman) Ltd Ms Michelle Boucher

Phone: +1 345 8147150

NCB Stockbrokers Limited Ms Margot McDonagh

Phone: +353 1 611 5907

For Immediate Release 22 September 2004

Maverick Fund, Ltd.

RE: Appointment of Additional Prime Broker

 

The Board of Directors (the "Directors") of Maverick Fund, Ltd. (the "Fund") wish to announce that with effect from January 30, 2004, Lehman Brothers International (Europe) ("LBIE") was appointed as an additional Prime Broker of the Fund pursuant to the International Prime Brokerage Agreement and certain product specific supplemental documents between the Fund and LBIE (the "LBIE Prime Brokerage Agreement"). LBI is regulated in the conduct of investment business by the Financial Securities Authority in the United Kingdom (the "FSA").

The services provided by LBIE may include the provision to the Fund of, amongst other matters, margin financing, clearing, settlement, stock borrowing and the entry into, settlement or making or receiving delivery or payment in relation to transactions entered into by the Fund. LBIE may also utilise Lehman Brothers Inc., other members of the Lehman Brothers group of companies and other brokers and dealers for the purposes of executing transactions for the Fund. The Fund may pay LBIE a transaction based fee or commission charged at commercial rates negotiated in the ordinary course of business.

As security for the payment and discharge of the liabilities from time to time of the Fund to LBIE, all right, title and interest in and to investments and cash held by the Fund (or which are delivered or paid or treated as delivered or paid to LBIE under the LBIE Prime Brokerage Agreement) will be transferred by the Fund to LBIE and, when so transferred, will constitute collateral (whether or not in the relevant currency) for the purposes of the FSA rules. Any cash that LBIE holds or receives on the Fund’s behalf will not be treated by LBIE as client money and will not be subject to the client money protection conferred by the FSA's client money rules. As a consequence, such cash (and any investments) will not be segregated from LBIE’s own cash (and investments) and will be used by LBIE in the course of its investment business; the Fund will therefore rank as one of LBIE’s general and unsecured creditors in relation thereto. The Fund’s investments may be borrowed, lent or otherwise used by LBIE for its own purposes; such investments will be the property of LBIE and the Fund will have a right against LBIE for the return of equivalent investments. The Fund will rank as an unsecured creditor in relation thereto and, in the event of the insolvency of LBIE, the Fund may not be able to recover such equivalent investments in full.

The Fund has agreed to indemnify and hold LBIE, its directors, officers, employees and agents harmless from and against all taxes, expenses, claims, actions, liabilities, costs or proceedings ("Claims") which they may incur or which arise directly or indirectly in connection with LBIE entering into, or acting in respect of, the LBIE Prime Brokerage Agreement or any transaction or as a result of any dealings with third parties pursuant to the terms of the LBIE Prime Brokerage Agreement and/or any transaction made thereunder and the Fund shall in particular pay any stamp duty or other transfer tax arising in respect of any transaction entered into under the LBIE Prime Brokerage Agreement, unless such Claims arise from negligence, fraud or wilful default on the part of LBIE.

The Fund has also agreed to indemnify LBIE, its directors, officers and employees and hold them harmless from and against all taxes, fees, expenses, actions, liabilities, costs, losses or proceedings arising in connection with the settlement or attempted settlement, of third party transactions, including any novated third party transaction, or any failure to settle any such transactions save to the extent such taxes, fees, expenses, actions, liabilities, costs, losses or proceedings result from the wilful default or negligence of LBIE. LBIE shall not be liable in respect of any failure by a third party to settle its obligations under a third party transaction, including any novated third party transaction, on the contractual settlement date for that transaction or at all.

Either party to the LBIE Prime Brokerage Agreement may terminate such Agreement by giving notice in writing forthwith to the other party. Notwithstanding such notice, the terms of the LBIE Prime Brokerage Agreement shall remain applicable to any transactions entered into under the LBIE Prime Brokerage Agreement but which are then outstanding. In addition, on the occurrence of an event of default under the LBIE Prime Brokerage Agreement, LBIE shall cease to be obligated to use reasonable endeavours to settle any outstanding transaction on behalf of the Fund. Upon such event of default all other outstanding obligations of each party to deliver securities, equivalent securities or cash to the other under the LBIE Prime Brokerage Agreement shall fall due for immediate performance. The terms of the Prime Brokerage Agreement may be amended from time to time as agreed to between the Fund and LBIE.

Lehman Brothers Holdings Inc., which is a parent company of LBIE, is rated at least "A" by Standard & Poor’s and "A-2" by Moody’s Investors Service for long term debt and is rated "A-1" by Standard & Poor’s and "P-1" by Moody’s Investors Service for short term debt. LBIE has financial resources in excess of US$200 million (or its equivalent in another currency).

LBIE is a service provider to the Fund and is not responsible for the preparation of this document or the activities of the Fund and therefore accepts no responsibility for any information contained in this document. LBIE will not participate in the Fund’s investment decision-making process.

The Fund’s investment advisor will, in its sole discretion, allocate assets between the Prime Brokers appointed to the Fund according to prevailing trading and economic conditions.

 

The delay in notifying the Irish Stock Exchange of this appointment is due to an oversight of an administrative nature.

 

Enquiries:

The Irish Trust Company (Cayman) Ltd Ms Michelle Boucher

Phone: +13458147150

NCB Stockbrokers Limited Ms Margot McDonagh

Phone: +353 1 611 5907

 

Maverick Fund, Ltd.

RE: Appointment of Additional Prime Broker

 

The Board of Directors (the "Directors") of Maverick Fund, Ltd. (the "Fund") wish to announce that with effect from September 2, 2003, Merrill Lynch Professional Clearing Corp. ("Merrill Lynch") has been appointed to act as an additional Prime Broker to the Fund pursuant to pursuant to a prime broker margin account agreement, dated September 2, 2003 between the Fund and Merrill Lynch (the "Prime Broker Agreement").

All of the assets of the Fund allocated to Merrill Lynch will be held with Merrill Lynch or certain of its affiliates in one or more accounts (collectively known as the "Prime Broker Account"). The Fund pays the fees of Merrill Lynch, which fees are at prevailing market rates. The Prime Broker Agreement will continue for an indefinite period but may be terminated at any time by either Merrill Lynch or the Fund (in the case of the Fund, at the direction of the Fund’s Investment Adviser).

The Fund has agreed to indemnify and hold harmless Merrill Lynch from any loss, claim or expense, including attorneys' fees, incurred by Merrill Lynch in connection with acting or declining to act as prime broker for the Fund and to fully reimburse Merrill Lynch for any legal or other expenses (including the cost of any investigation and preparation) which Merrill Lynch may incur in connection with any claim, action, proceeding, or investigation arising out of or in connection with the Prime Broker Agreement or any transactions thereunder.

Merrill Lynch is responsible: for (i) the safekeeping of all the Fund's assets allocated to it; (ii) the provisions of financing for the Fund's assets in the portions of the Prime Broker Account representing margin or short positions; (iii) the collection of dividends and other payments in respect of securities held by Merrill Lynch in the Prime Broker Account on behalf of the Fund; (iv) the delivery of securities sold by the Fund against payment; and (v) the payment for securities purchased by the Fund, assuming the Fund has sufficient assets to pay for such securities.

As the Fund may borrow money from Merrill Lynch or its affiliates or utilize operational leverage, the Fund will post certain of its assets as collateral securing the obligations or leverage ("Margin Securities"). Merrill Lynch generally holds the Margin Securities on a commingled basis with Margin Securities of other customers of Merrill Lynch and may use certain of the Margin Securities to generate cash to fund the Fund's leverage, including pledging such Margin Securities. Some or all of the Margin Securities may be available to creditors of Merrill Lynch or its affiliates in the event of their insolvency. Substantially all of the Fund's assets maintained with Merrill Lynch are expected to comprise Margin Securities. That portion of the Fund's assets that are fully paid and not Margin Securities ("Customer Assets") may be physically commingled with other customer assets but will be properly identified in the name of the Fund in a separate customer account on Merrill Lynch’s official books and records. Customer Assets are held by Merrill Lynch with the assets of other customers on a segregated basis from Merrill Lynch assets and are not subject to the claims of Merrill Lynch creditors. Additionally, in order to ensure that assets of the Merrill Lynch customers are not used by Merrill Lynch to fund Merrill Lynch proprietary business operations, Merrill Lynch is required to maintain a special segregated account for free cash balances (i.e., cash not subject to the claims of the Prime Broker). Merrill Lynch has netting and set off rights over all the assets held by Merrill Lynch (which may indirectly include amounts held for the benefit of the Fund in the special segregated account) to satisfy the Fund's obligations under the Prime Broker Agreement, including obligations relating to any margin or short positions.

Merrill Lynch will have no investment decision making role nor any duty to monitor the suitability of investments made by the Fund.

Certain of the Fund's assets in the Prime Broker Account are protected by the U.s. Securities Investor Protection Corporation up to US$500,000 (except that claims for cash are limited to US$100,000) and are protected by insurance purchased by Merrill Lynch up to the full amount of the Fund's equity and cash assets held in the Prime Broker Account. Merrill Lynch is a broker-dealer subject to regulation by the U.S. Securities and Exchange Commission, the U.S. National Association of Dealers, Inc. and the New York Stock Exchange. As of August 31, 2004, Merrill Lynch had financial resources in excess of US$200 million and its ultimate parent, Merrill Lynch & Co. Inc. has a credit rating as at the date hereof of at least "A" for long-term debt from Moody's or Standard & Poor's and a minimum of "P-2" or "A-1" respectively for short term debt from those same agencies.

The terms of the Prime Brokerage Agreement may be amended from time to time as agreed between the Fund and Merrill Lynch. Otherwise, the Fund reserves the right, in its sole discretion to change the custodial and brokerage arrangements described above and to appoint additional or alternative prime brokers and/or custodians.

The Fund’s investment advisor will, in its sole discretion, allocate assets between the Prime Brokers appointed to the Fund according to prevailing trading and economic conditions.

 

The delay in notifying the Irish Stock Exchange of this appointment was due to an oversight of an administrative nature.

 

Enquiries:

The Irish Trust Company (Cayman) Ltd Ms Michelle Boucher

Phone: +13458147150

NCB Stockbrokers Limited Ms Margot McDonagh

Phone: +353 1 611 5907

For Immediate Release 22 September 2004

Maverick Fund, Ltd.

RE: Appointment of Additional Prime Broker

 

The Board of Directors (the "Directors") of Maverick Fund, Ltd. (the "Fund") wish to announce that with effect from February 1998, Morgan Stanley & Co. International Limited ("Morgan Stanley"), a member of the Morgan Stanley Group of companies based in London, was appointed as a Prime Broker of the Fund under the terms of the International Prime Brokerage Agreement (the "Agreement") dated on or about February 1998 entered in to by the Fund and Morgan Stanley for itself and as agent and trustee for certain other members of the Morgan Stanley Group of companies (the "Morgan Stanley Companies").

These services may include the provision to the Fund of margin financing, clearing, settlement, stock borrowing and foreign exchange facilities. The Fund may pay Morgan Stanley a transaction based fee or commission charged at commercial rates negotiated in the ordinary course of business. The Fund may also utilize Morgan Stanley & Co. International Limited, other members of the Morgan Stanley Group of companies and other brokers and dealers for the purposes of executing transactions for the Fund.

The Agreement generally may be terminated by either party thereto at any time.

Morgan Stanley also provide a custody service for all the Fund’s investments, including documents of title or certificates evidencing title to investments, held on the books of Morgan Stanley as part of its prime brokerage function in accordance with the terms of the Agreement and the rules of the Financial Services Authority ("FSA") of the United Kingdom by which it is regulated in the conduct of investment business. Morgan Stanley may appoint sub-custodians, including the Morgan Stanley Companies, of such investments. Morgan Stanley will exercise reasonable skill, care and diligence in the selection and monitoring of any such sub-custodian and will be responsible to the Fund for the duration of the sub-custody agreement for satisfying itself as to the ongoing suitability of such sub-custodian to provide custodial services to the Fund, will maintain a level of supervision which Morgan Stanley considers to be appropriate over such sub-custodian and will make what Morgan Stanley considers to be appropriate enquiries periodically to confirm that the obligations of such sub-custodian continue to be competently discharged.

In accordance with the FSA rules, Morgan Stanley will identify, record and hold the Fund’s investments held by it in its capacity as prime broker and custodian in such a manner that the identity and location of the investments can be identified at any time and that such investments are readily identifiable as belonging to a customer of Morgan Stanley and are separately identifiable from Morgan Stanley’s own investments, and should therefore be unavailable to the creditors of Morgan Stanley. In the event that any of the Fund’s investments are registered in the name of Morgan Stanley where, due to the nature of the law or market practice of jurisdictions outside the United Kingdom, it is in the Fund’s best interests so to do or it is not feasible to do otherwise, such investments will not be segregated from Morgan Stanley’s own investments and in the event of Morgan Stanley’s default may not be as well protected. Investments that constitute collateral for the purposes of the FSA rules, as described below, may not be segregated from Morgan Stanley’s own investments and may be available to creditors of Morgan Stanley or the Morgan Stanley Companies.

As security for the payment and discharge of all liabilities of the Fund to Morgan Stanley and the Morgan Stanley Companies, all investments and cash held by Morgan Stanley and each such Morgan Stanley Company will be charged by the Fund in their favour and will therefore constitute collateral for the purposes of the FSA rules. Investments and cash may also be deposited by the Fund with Morgan Stanley and other members of the Morgan Stanley Companies as margin and will also constitute collateral for the purposes of the FSA rules.

Any cash that Morgan Stanley holds or receives on the Fund’s behalf will not be treated by Morgan Stanley as client money and will not be subject to the client money protections conferred by the FSA’s Client Money Rules. As a consequence, the Fund’s cash will not be segregated from Morgan Stanley’s own cash and will be used by Morgan Stanley in the course of its investment business and other businesses, and the Fund will therefore rank as one of Morgan Stanley’s general creditors in relation thereto.

The Fund’s investments may be borrowed, lent, charged, rehypothecated, disposed of or otherwise used by Morgan Stanley and the Morgan Stanley Companies for its or their own purposes, whereupon such investments will become the property of Morgan Stanley or the relevant Morgan Stanley Company and the Fund will have a right against Morgan Stanley for the return of equivalent assets. The Fund will rank as an unsecured creditor in relation thereto and, in the event of the insolvency of Morgan Stanley, the Fund may not be able to recover such equivalent assets in full.

Neither Morgan Stanley nor any Morgan Stanley Company nor their employees or officers will be liable for any loss to the Fund resulting from any act or omission in relation to the services provided under the terms of the Agreement unless such loss results directly from the negligence, bad faith, wilful default or fraud of Morgan Stanley or any Morgan Stanley Company. Morgan Stanley will not be liable for the solvency, acts or omissions of any sub-custodian or other third party by whom or in whose control any of the Fund’s investments or cash may be held (subject to the obligations of Morgan Stanley regarding the selection and ongoing suitability of such sub-custodian or third party as set out above). Morgan Stanley and the Morgan Stanley Companies accept the same level of responsibility for nominee companies controlled by them as for their own acts. The Fund has agreed to indemnify Morgan Stanley, each Morgan Stanley Company and associated firm and its respective officers and employees against any loss suffered by, and any claims made against, them arising out of the Customer Documents, save where such loss or claims result primarily from the negligence, bad faith, wilful default or fraud of the indemnified person.

It is the responsibility of the Fund (and not Morgan Stanley) to ensure that all assets of the Fund (other than margin deposits) are delivered to Morgan Stanley as prime broker and custodian. Morgan Stanley will not be responsible for monitoring the Fund’s compliance with this obligation. Morgan Stanley will not participate in the investment decision-making process.

Morgan Stanley has financial resources in excess of US$200 million (or its equivalent in another currency) and its ultimate parent company has a credit rating as at the date of this prospectus, of at least ‘A’ for long term debt from the credit agency of Moody’s or Standard & Poor’s and a minimum of ‘P-2’ or ‘A-1’, respectively for short term debt from those same agencies.

The Fund’s investment advisor will, in its sole discretion, allocate assets between the Prime Brokers appointed to the Fund according to prevailing trading and economic conditions.

The Fund reserves the right to change the prime brokerage and custodian arrangements described above by agreement with Morgan Stanley and/or, in its discretion, to appoint additional or alternative prime brokers and custodians.

 

The delay in notifying the Irish Stock Exchange of this appointment was due to an oversight of an administrative nature.

 

Enquiries:

The Irish Trust Company (Cayman) Ltd Ms Michelle Boucher

Phone: +13458147150

NCB Stockbrokers Limited Ms Margot McDonagh

Phone: +353 1 611 5907

For Immediate Release 22 September 2004

Maverick Fund, Ltd.

RE: Appointment of Additional Prime Broker

 

The Board of Directors (the "Directors") of Maverick Fund, Ltd. (the "Fund") wish to announce that with effect from May 9, 1997, UBS AG ("UBS"), has been appointed to act as an additional Prime Broker to the Fund with responsibility for custody of the Fund’s assets allocated to it.

UBS provides prime brokerage services to the Fund under the terms of the Master Prime Brokerage Agreement between the Fund and UBS (the "Agreement"). The Agreement generally may be terminated by either party at any time. These services may include providing the Fund with margin financing, clearing, settlement, stock borrowing and foreign exchange facilities. The Fund may also use UBS and other brokers and dealers to execute transactions for the Fund. UBS also provides a custody service for all the Fund’s investments held by UBS in accordance with the Agreement. UBS is regulated by the Financial Services Authority in the United Kingdom (the "FSA") in the conduct of its investment business. The Fund may pay UBS a transaction based fee or commission charged at commercial rates negotiated in the ordinary course of business.

UBS may appoint sub-custodians of the Fund’s investments. UBS must exercise reasonable skill, care and diligence in the selection of any sub-custodian. UBS must satisfy itself of the ongoing suitability of the sub-custodian to provide custodial services to the Fund, maintain what UBS considers an appropriate level of supervision over the sub-custodian, and make what UBS considers appropriate periodic inquiries to confirm that the sub-custodian is competently discharging its obligations. In accordance with FSA rules, UBS must identify, record and hold the Fund’s investments held by UBS as custodian so that the identity and location of the investments can be identified at any time. The investments must be readily identifiable as belonging to a customer of UBS, separate from UBS’ own investments and so unavailable to creditors of UBS. The Fund’s investments may be registered in UBS’ name if it is in the Fund’s best interests or UBS cannot do otherwise due to law or practice, in which case the investments might not be segregated from UBS’s own investments, and if UBS defaults may not be as well protected.

As security for the payment and discharge of all liabilities of the Fund to UBS, all investments and cash held by UBS are charged by the Fund in UBS’ favour and constitute collateral for the purposes of the FSA rules. Investments and cash may also be deposited by the Fund with UBS as margin and constitute collateral for the purposes of the FSA rules.

UBS does not give client money protection under the FSA’s Client Money Rules to cash which UBS receives on the Fund’s behalf. The Fund’s cash is not segregated from UBS’ own cash and may be used by UBS in the course of its business. The Fund ranks as one of UBS’ general creditors for the cash balance.

The Fund’s investments may be borrowed, lent or otherwise used by UBS for its own purposes. These investments become the property of UBS and the Fund has a right against UBS for the return of equivalent assets. The Fund ranks as an unsecured creditor for the equivalent assets, and if UBS becomes insolvent the Fund may not be able to recover the equivalent assets in full.

No UBS Group company is liable for any loss of the Fund resulting from any act or omission relating to the services provided under the terms of the Agreement unless the loss results directly from the negligence, bad faith, wilful default or fraud of a UBS Group company. UBS is not liable for the solvency, acts or omissions of any sub-custodian that holds or controls any of the Fund’s investments or cash (other than UBS’ obligations of selection and suitability of the sub-custodian set out above). UBS accepts the same level of responsibility for nominee companies controlled by UBS as for UBS’ own acts. The Fund indemnifies UBS Group against any loss or claims arising out of the Agreement, except to the extent that the losses or claims result from the negligence, bad faith, wilful default or fraud of a UBS Group company.

Fund (and not UBS) is responsible for ensuring that the Fund’s assets are delivered to UBS as prime broker and custodian (other than margin deposits). UBS is not responsible for monitoring the Fund’s compliance with this obligation.

UBS has financial resources in excess of US$200 million and has a credit rating, as at the date of this document, of Aa2 from Moody’s and AA+ from Standard & Poor’s for long term and a rating of P-1 and A-1+, respectively, for short term debt from those agencies.

UBS is a service provider to the Fund and is not responsible for the activities of the Fund. UBS will not participate in the Fund’s investment decision-making process.

The Fund’s investment advisor will, in its sole discretion, allocate assets between the Prime Brokers appointed to the Fund according to prevailing trading and economic conditions.

The Fund reserves the right to change prime brokerage and custodian arrangements by agreement with UBS and to appoint additional or alternative prime brokers and custodians.

 

The delay in notifying the Irish Stock Exchange of this appointment was due to an oversight of an administrative nature.

 

Enquiries:

The Irish Trust Company (Cayman) Ltd Ms Michelle Boucher

Phone: +13458147150

NCB Stockbrokers Limited Ms Margot McDonagh

Phone: +353 1 611 5907

For Immediate Release 22 September 2004

Maverick Fund, Ltd.

RE: Appointment of Additional Prime Broker

 

The Board of Directors (the "Directors") of Maverick Fund, Ltd. (the "Fund") wish to announce that as of May 9, 1997, the Fund appointed UBS Securities LLC (including its predecessors, "UBS Securities") as an additional Prime Broker of the Fund pursuant to a Prime Brokerage Client Account Agreement (the "Prime Brokerage Agreement") dated May 9, 1997.

Under the Prime Brokerage Agreement, UBS Securities settles and clears all transactions executed by the Fund and provides margin financing, stock brokerage facilities and foreign exchange facilities. Such transactions may be executed through UBS Securities, its affiliates or other brokers. UBS Securities will be responsible for the custody and safekeeping of all assets and for all collateral held by it on behalf of the Fund. Such responsibility will include cash, investments and payments received in connection with such transactions.

UBS Securities may appoint sub-custodians, including UBS Securities’s affiliates, in accordance with the terms of Prime Brokerage Agreement. UBS Securities will exercise reasonable skill, care and diligence in the selection of any such sub-custodian and will be responsible to the Fund for satisfying itself as to the ongoing suitability of such sub-custodian to provide custodian services to the Fund, will maintain what it considers to be an appropriate level of supervision over such sub-custodian and will make appropriate inquiries periodically to confirm that the obligations of such sub-custodian(s) continue to be competently discharged.

UBS Securities will not be liable for any loss resulting from any acts or omissions, or for the insolvency, of any non-affiliated sub-custodian unless UBS Securities was grossly negligent or acted in bad faith in appointing or monitoring the performance of such sub-custodian.

Cash will be subject to the protections conferred by the rules of the United States Securities and Exchange Commission (the "SEC"). UBS Securities and its affiliates may advance loans to the Fund. As continuing security for the payment and discharge of all liabilities of the Fund to UBS Securities and its affiliates, investments held as collateral by UBS Securities and its affiliates are pledged as collateral and UBS Securities and its affiliates are authorized to borrow, lend or otherwise use for their own purposes any of the Fund's investments, subject to and to the extent permitted by applicable laws, rules and regulations. Accordingly, such investments will not be segregated from assets belonging to UBS Securities.

Other than assets held as collateral by UBS Securities and assets deposited as margin, the Fund's investments are held in segregated customer or omnibus accounts and separately identified as belonging to the Fund, or UBS Securities as nominee of the Fund. UBS Securities shall have no decision-making discretion relating to the Fund's investments.

Unless otherwise agreed to between the parties from time to time, Prime Brokerage Agreement between the Fund and UBS Securities generally may be terminated by either party at any time. The Fund has agreed to indemnify UBS Securities and will hold it harmless from, any liability, loss or expense (including reasonable attorney's fees and disbursements) incurred in connection with said custodial agreement, except to the extent that any loss, liability, or expense results from any gross negligence or willful misconduct of UBS Securities. UBS Securities is not liable for the acts or omissions of any third parties.

UBS Securities will not be liable in connection with the execution, clearing, handling, purchasing or selling of securities, commodities or other property, or other action, except for any gross negligence or willful misconduct on its part.

UBS Securities is paid fees, calculated at normal commercial rates, in connection with providing financing to its customers. A financing and fee schedule is negotiated with each client and is a separate agreement.

UBS Securities, an indirect wholly-owned subsidiary of UBS AG. It is a registered broker and dealer in the United States and is a member of the New York Stock Exchange, Inc., the U.S. National Association of Securities Dealers, Inc. and other principal exchanges and is regulated by the U.S. Securities and Exchange Commission. UBS Securities has a credit rating of AA+ from Standard & Poor's for long-term debt and A-1+ from Standard & Poor's for short-term debt and has financial resources in excess of $200 million.

The Fund’s investment advisor will, in its sole discretion, allocate assets between the Prime Brokers appointed to the Fund according to prevailing trading and economic conditions.

 

The delay in notifying the Irish Stock Exchange of this appointment was due to an oversight of an administrative nature.

 

Enquiries:

The Irish Trust Company (Cayman) Ltd Ms Michelle Boucher

Phone: +13458147150

NCB Stockbrokers Limited Ms Margot McDonagh

Phone: +353 1 611 5907