PFM

Systematic Fund, SP

Fund Investment Objectives

The investment objective of the Segregated Portfolio is to provide absolute returns to shareholders through investment into the markets that offer relatively high liquidity and low transaction cost. The Investment Manager expects to invest the majority of assets under management either in futures contracts via established futures markets in the United States, Europe and Asia or in large cap stocks. With respect to investments in the primary target markets, the Investment Manager expects to undertake trading on futures contracts listed on the Chicago Board of Trade, the Chicago Mercantile Exchange and the Eurex exchanges based on the Investment Manager's own technical analysis of futures markets. The Investment Manager, at its sole discretion, may also invest in futures contracts listed on other well known futures exchanges, where it believes that this will assist in achieving the investment objectives of the Segregated Portfolio. The Investment Manager expects to invest in futures contracts including, but not limited to, those based on light sweet crude oil, corn and wheat commodities and those based on the mini Dow Jones, mini S&P 500, mini NASDAQ 100, ESTX50, DAX, Swiss Market Index, CAC 40, IBEX 35, FTSE 100, Hang Seng, KOSPI 200 and Nikkei 225 Indices. The Investment Manager will use a technical, systematic approach to trading through the use of more than 25 trading models. The factors considered by the Investment Manager will include market cycle duration; characteristics of any given target asset class and risk/reward ratios in its identification of appropriate trading patterns.