Caritas Royalties Fund

(Bermuda) Ltd.

Fund Investment Objectives

The investment objective of the Fund is to receive consistent oil and natural gas royalty income (a percentage of which may be hedged against commodity price movements) as well as underlying royalty interest appreciation through the ownership and active management of a privately-held and diversified portfolio of U.S.-based mineral interests, royalty interests, overriding royalty interests, and non-operated working interests ("Royalties"). Royalties are contractual rights to receive a fixed percentage of revenue from leases on producing oil and natural gas properties which are owned and operated by third-party Exploration and Production companies.