Myojo Japan L/S &

Short-Biased Ark Fund Class D

Fund Investment Objectives

The Fund's investment objective is to maximize the return on the Fund's investments through investing and trading in Japanese publicly-traded securities and Japanese index futures, while accepting a level of risk that the Investment Manager believes is consistent with preservation of the Fund's assets. Current income is not an objective. In addition to the above, Class C Units and Class D Units will additionally maximize their returns by taking a short position against the Japanese Yen through the use of F/X forwards and/or currency swaps in order to achieve a Japanese Yen short-bias. The Fund expects to invest a significant amount of its assets in Japanese equities. The Fund may hedge its portfolio positions using Japanese index futures. To achieve the Fund's investment objective, the Investment Manager will employ a proactive, disciplined investment process involving early identification and thorough assessment of investment opportunities, formulation of strategies to capture and secure potential profit, and vigilant monitoring to manage risk properly throughout the investment process.