Montrose Capricorn Finance Fund Report, Sep 2009

Please find attached quarterly report on the Capricorn Finance Fund, produced for those investors requiring additional information on the current status of the Fund. This report contains results and information up to and including September 2009.

The next quarterly report will be released in February, covering material to the end of the December 2009 quarter. The usual monthly newsletters will continue to be distributed.

Please note that the information contained in the liquidity projections is estimated and does not imply or guarantee future performance or warrant that the return of capital will match the estimates. The figures are based on current information, where available, regarding each fund’s ability to meet redemptions. Estimates may therefore be subject to material change without notice as fund circumstances, market conditions and or foreign exchange rates change.