Net Asset Value

Net Asset Value per Common Share as at Mary 31, 2010: $0.042

The Net Asset Value reflects private company investments marked at cost unless there is a clear indication of increase or decrease in value. Public company investments are marked-to-market. TriNorth's Net Asset Value is calculated monthly by subtracting the aggregate value of the Company's liabilities from the aggregate value of its assets. The Net Asset Value per Common Share is calculated by dividing the Net Asset Value by the total number of shares outstanding on the Valuation Date.

RBC Dexia Investor Services is TriNorth's custodian and valuation agent responsible for calculating the NAV per Common Share.