Bermuda Stock Exchange

BSX Shorts June 2008 Edition

Argent Classic Convertible Arbitrage Fund Ltd. Change in Administration Fee

Hamilton, Bermuda, June 25, 2008 – The Board of Directors (the “Directors”) of Argent Classic Convertible Arbitrage Fund Ltd. (the “Fund”) wish to announce that the Directors have approved changes in the administration agreement between the Fund and Fulcrum Fund Services (Cayman) Limited (“Fulcrum”) for the provision of administration services, such that Fulcrum will provide significant additional administrative services to the Fund.

Prior to the change, the Fund paid to Fulcrum a fee of 12.5 basis points (.125%) of the Net Asset Per Annum.

Under the new administration agreement, the Fund shall now pay fees as follows:

(a) On the first $500 million of Net Assets for all funds administered by Fulcrum for the Argent Group of Companies a fee of 26 basis points (0.26%)

(b) On Net Assets over $500 million a fee of 18 basis points (0.18%)

The above rates are subject to a minimum monthly fee shared between all the Argent funds of $108,333 per month.

The fee of $4,000 for the annual audit assistance remains unchanged.

The amended fee schedule reflects an increase in scope of the fund administration services from previously provided month end NAV services to include full daily processing services as detailed in the Service Level Agreement dated 1st May 2008.

For further information on Argent Classic Convertible Arbitrage Fund Ltd., please contact Henry Cox at telephone: + 441-292-9718 or facsimile: 441-292-9576

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