GAP International Investment

Fund, Ltd. Class A

Fund Investment Objectives

Class A searches significant returns above the six month LIBOR rate by executing directional, arbitrage and long/short trades - mainly related to Brazil - with all sort of assets and its derivatives, focused in the fixed income, equity and commodities markets. The investment criteria used by the Investment Manager takes into consideration a wide range of analytical tools including but not limited to: VaR, volatility, credit analysis,international and domestic political considerations, global economic and financial trends and events. The Company reserves the right to invest the fund's assets in equity securities and fixed-income instruments not traded on Brazilian markets, including, investing up to 100% of the Class' assets outside of Brazil, at the discretion of the Manager. Due to the investment philosophy adopted, Class A shares should be seen as a medium-term investment alternative.