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Argent Classic Convertible Arbitrage Fund Ltd. Announces Change In Administration Fee

14 August 2007

Hamilton, Bermuda: 10^th August 2007 - The Board of Directors (the "Directors") of Argent Classic Convertible Arbitrage Fund Ltd. (the "Fund") wish to announce that the following amendment took effect from 1^st May 2007:

Change in Administration Fee

Fulcrum Limited shall receive a maximum of 12.5 basis points of the Net Asset Value of the Fund per annum subject to a monthly minimum fee of US $2,000.

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