Pan Multi Strategy Ltd.

Class A

Fund Investment Objectives

Pan Multi Strategy, Ltd offers investors the opportunity to gain exposure to various hedge funds strategies and managers through a single investment. Pan Multi Strategy, Ltd is a diversified fund of hedge funds that seeks to achieve above average long-term returns, regardless of market conditions. The fund targets returns of 8-10% per annum net of all fees over a five year period with 5-7% annualized volatility. The fund aims to achieve this performance with low correlation to broad equity and fixed income markets and below average cyclical variation. The Fund has been invested since July 1, 1993. Its predecessor fund, for which Amanda H. Haynes-Dale selected the managers was started on Jan. 1, 1991.