SOURCE OF FUNDS DECLARATION

To:
Citco Fund Services (Europe) B.Y.
Naritaweg 165
1043 BW Amsterdam
The Netherlands
(Place, date)
Re: Declaration of Source of Funds - Mr. Michel Pharaon
Dear Sirs,
I hereby declare and confirm as follows:
I) that I am making this declaration for my own protection as well as for the protection of Citco
Fund Services (Europe) B.Y.;
2) that the funds totaling $3,000,000.00 , which are used to be invested in Park Gate Capital
Liquid Strategies Fund of Hedge Funds Ltd Class A , represent funds obtained by the
undersigned from the following source':

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3) that the monies personal property and that at the time of the transfer to you, I am
legally entitled to transfer such monies; and
4) such monies have been derived from any criminal activities of any nature whatsoever.
Print name: Mr. Michel Pharaon
) Descriptions in generic terms like investment proceeds, business proceeds, savings, life savings and or surplUS
funds are not sufficient and must be supplemented by a description as to the activities and line of business that
generated the funds. FULL DETAILS of source are required, e.g. exercise of stock options earned from
employment [state its name and business], work bonus, sale of company [state its name and business] etc. In
case of inheritance the description should include information on the deceased from whom the funds were
acquired.