Fund LLC

Fund Investment Objectives

The Fund's objective is to achieve absolute return primarily by investing and trading in Turkish equities. Its investment process involves dynamic management of exposure to the Turkish equities and investments in listed companies through a strategy as described below: Mid-cap growth stocks at discount - The fund invests in companies in structural growth sectors uniquely positioned and well managed to benefit from demographic changes in Turkey. The fund might attain 5-10% ownership depending on the attractiveness of the stock. Small to mid-cap stocks - The fund seeks companies with substantial discounts to their intrinsic values. Allocation might represent 1-3% ownership. Large-cap blue chip companies- The Fund invests in large cap companies having over 20% discount to their fair values. Positions can be large depending on the discount and the Fund's market outlook. Short term trading - The Fund takes positions to capitalize on trend changes in large-cap stocks with high liquidity. Shorting - The Fund has positions primarily; 1) To reduce market exposure 2) To capture company specific opportunities 3) To capitalize on relative value pair trading. The Fund also invests or trades in fixed income instruments with its cash. FX trading is used to preserve the capital against unfavorable FX movements.