Pharo Macro

Fund, Ltd.

Fund Investment Objectives

The investment objective of Pharo Macro Fund, Ltd. (the "Fund") is to achieve consistently high absolute returns by predominantly trading currency instruments and interest rate securities in emerging market countries. The Fund employs an investment strategy that mixes rigorous quantitative analysis with qualitative analysis based on local market knowledge and experience. New positions typically target a medium-term (three-month) horizon and are selected based on several factors such as fundamentals, current market positioning, historical and implied volatility, and correlation with other portfolio assets.