Horseman European Select

Fund, L.P.

Fund Investment Objectives

The Fund aims to provide absolute short and long term growth. The Fund invests both long and short primarily in medium and smaller capitalised compamies with a 75% bias towards Europe using a bottom-up approach. The manager looks for businesses that have earnings growth which is not factored into the stock valuation, and whose stock price is displaying a strengthening trend. Emphasis in the decision is put on the industry operating environment and stock market conditions. The policy of the Fund is to actively trade the positions in order to capture performance. The process of short selection is the reverse process.