Growth Fund N.V.

Fund Investment Objectives

The investment objective of Horizon Growth Fund N.V. is to generate long-term capital appreciation through investments primarily in quoted equity securities in global markets. To accomplish its investment objective the Fund focuses on security selection to generate superior returns that outweigh the risks over a medium-term time horizon. The Fund's team of analysts utilizes a proprietary research methodology examining 1000's of companies before investing in a few that are deeply undervalued relative to their intrinsic value. With more than a decade of experience in valuing companies, the security selection skills are the Fund's competitive advantage. Examples can be found on its presentation available at the website www.horizon.com.uy. The Fund is currently diversified with investments in 23 countries in four different continents. The current portfolio contains more than 8 sectors of the economy including: Financial, Manufacturing, Property related, Services, Utilities, Technology, Consumer goods and Basic materials. Over the last decade, the Fund has prospered despite (or possibly because of) two global recessions generating compound annual returns after fees of 24,5%. The Fund is regulated by the Central Bank of the Netherlands Antilles, audited by Deloitte & Touche, and custodied by UBS AG (2Q2014).