Courant Fund,

Ltd.

Fund Investment Objectives

The investment objective of the Fund is to seek consistent positive returns on an absolute basis, irrespective of trends in equity and bond markets. The Fund will also seek to preserve capital at all times. The Fund intends to achieve its investment objectives through short term long-short statistical stock trading and long-term capital hedging from inflationary depreciation in a diversified portfolio of currencies and commodities. The primary strategy consist of short term stock trading and is mainly based on proprietary statistical scanning models and the variables include price, volume, earnings per share, book value per share, revenue per share and others. The trading strategy exploits the rebounds of prices of the oversold and overbought stocks. Further discretionary picking and control are found on day-to-day basis using primarily the industries fundamentals view. Notwithstanding the currency of the Fund is US Dollars and the main capital is hold typically in US Dollars, depending on long-term fundamental view, the Fund intends invest the part of capital in different currencies and commodities portfolio aiming to preserve the capital from inflation and depreciation. That allocation of capital incurs higher volatility of returns.