Marilem Fund

Financial Results - As of September 30, 2007

At September 30, 2007, the Fund had $57,202,245 of assets. These assets were
financed by $466,303 of short term liabilities and $56,735,942 of unitholder equity
representing a net asset value of $12.70 per unit.

During the third quarter, the Fund generated $331,114 of revenue from
dividends, interest and distributions from income trusts. During the third
quarter, the Fund incurred expenses of $342,506 resulting in a net investment loss
of $11,392. Included in these expenses were total management fees paid of
$227,269 and a performance fee accrual of $104,675. The balance of the expenses
consists of operational and general and administrative expenses of $10,562.

During the third quarter, the Fund realized net losses from investments totaling
$2,516,772. In addition, the Fund had unrealized gains of $3,241,749 on portfolio
positions and a $21,895 loss on realized and unrealized foreign exchange. In
total, these represent a net realized and unrealized gain of $703,082 which
combined with the $11,392 operating loss cited above equate to a net increase in
the Fund’s assets from operations of $691,690 or $0.15 per unit.

At quarter end, the Fund received redemption requests totaling $26,670.