Chelston Park Energy &

Natural Resource Hedge Fund

Fund Investment Objectives

The Fund's investment objective is to achieve maximum capital appreciation by investing primarily in a diversified portfolio consisting primarily of equity and equity related securities of small and medium-sized business entities in a range of energy-related industries including oil and gas exploration and production, servicing and drilling, the power generation market, including coal, liquefied natural gas, nuclear and electricity, and alternative energy-related projects including fuel cell, power generation and wind power projects, as well as other related natural resource sector industries including mineral resource mining and exploration, forestry and water resource projects. The Fund will maintain a specific investment focus and will endeavor to manage the Portfolio by focusing on the purchase of equity and equity-related securities of business entities in the energy and natural resource area. Capital growth will be targeted through the selection and strategic trading of both long and short positions in equity, debt and derivative securities.