We aim to achieve superior investment performance through fundamental research. Farringdon Alpha One is an equity long/short fund with a European focus, investing across a wide range of industries and market capitalizations. Our goal is to achieve strong risk-adjusted returns without large exposure to the overall stock market and without taking high volatility single factor risks. This means we believe it is possible to achieve good investment returns without taking large geographical or sector bets. Our fundamental approach to stock selection should lead to alpha generation, which in turn should be the most important driver of the funds performance. We do not think it is of value to our clients if we rely on excessive leverage and/or market exposure to try to generate performance. We focus on Alpha, not Beta. As a result we expect the Funds performance to show a low correlation to other asset classes. At times we believe we will find more opportunities on the short side or the long side. We plan to operate with net exposure of -30% to +30% and gross exposure (leverage) up to 180%. To preserve the integrity of our investment process, we will soft close the Fund upon reaching a fund size of EUR 250 mil., and hard close the Fund as it reaches a size of EUR 500 mil. AUM reflects the aggregate of the various share classes and is denominated in EUR. As of December 5, 2012 AUM reflects strategy assets.