PGS Energy Opportunities

Trust Class B

Fund Investment Objectives

The Fund aims to realize capital appreciation for its Unitholders with returns similar to those associated with U.S. Master Limited Partnerships less the cost of total return. MLPs are U.S. publicly traded partnerships. Generally, it is required that 90% of an MLP's income must be derived from the transportation, storage or processing of natural resources products (for instance crude oil, natural gas, fertilizer, mining, paper, timber and coal) and generally each MLP owns and/or manages infrastructure investments. The AUM reflects the strategy of the fund. The overall strategy adopted by the Fund has two primary components: (i) participating in returns from transactions where the return to the Fund is generally linked to the performance of MLPs which may include but is not limited to various natural resource and energy related reference assets and other high income generating securities or total return swaps as may be selected by the Manager and entered by the Fund and (ii) to achieve an enhanced cash return (with a target of LIBOR plus two hundred (200) basis points annualized) on the Fund's surplus cash, not required as margin for participating in the returns from the transactions described in (i), that would otherwise be held in the Fund's bank accounts. The Manager will primarily be involved in the selection of investments described in (i) and (ii) and will also be permitted, but is not required, to enter various transactions (including but not limited to derivative contracts) to hedge against interest rate and other market risks.