Absolute Focus Fund Limited

Class B

Fund Investment Objectives

The primary investment objective of the Company is to seek consistent returns on an absolute basis, irrespective of trends in equity and bond markets. The Company will also seek to limit losses during difficult market conditions. The Company seeks to achieve its investment objectives through investment in a diversified portfolio of hedge funds managed by selected investment managers. The Company intends to invest in no less than 15 and probably no more than 25 underlying hedge funds. It is intended that these will principally comprise long/short equity funds and long only equity funds (investing in the United States, Europe and the Far East) and funds engaging in a range of arbitrage strategies. In addition, the Company may invest in funds which are invested in distressed securities or pursue other event-driven strategies and may also invest in private equity funds. Allocations to macro, trading and other CTA-type funds are, however, intended to be small. A particular feature of the Company is intended to be a significant allocation to long/short equity funds and credit funds which have a short bias and this is consistent with the investment objective of limiting losses during difficult market conditions. AUM reflects all share classes and is denominated in USD.