Grandmaster Capital Fund,

Ltd.

Fund Investment Objectives

Grandmaster Capital seeks to generate a high, risk-adjusted total return for its investors by investing long and short, primarily in listed equity securities. The Portfolio Manager, Patrick Wolff, seeks to invest in securities that are mispriced based on business, financial and macroeconomic fundamentals. The fund will consider investing in securities in all geographies and industries. The fund will consider investing in securities of any size, but places a high value on liquidity. The Manager believes his experience as a professional chess champion, in business and in finance helps inform the investment process.