Penjing Asia Market

Independent Fund Class A

Fund Investment Objectives

The principal investment objective of the Penjing Asia Market Independent Fund is to seek to achieve long-term capital growth by investing in a range of underlying funds, predominantly hedge funds, with investment objectives and strategies focusing primarily on or relating to non-equity directional related investment opportunities mainly in Asian region, and managed by different investment advisers, to deliver sustainable and superior risk adjusted return, while at the same time seeking to dampen volatility by utilizing a fund of hedge funds approach. The Company will invest at least 90% of its assets in hedge funds investing primarily in the Asian region and a maximum of 10% of its assets in global hedge funds. All Underlying Funds in which the Company invests are expected to be predominantly non-equity directional opportunity focused. AUM is not disclosed.