Scopia PX International

Limited

Fund Investment Objectives

The Fund's investment objective is to achieve attractive rates of return primarily by investing in the equities of companies that are well positioned in their industries with superior products and technologies, while selling short those companies that have weaker competitive positions. The investment strategy utilized by the investment manager is a value-oriented approach which seeks to identify and purchase stocks that will appreciate even in a falling market, and to identify and sell short stocks that will decline in value regardless of the market's overall direction. Redemptions - Quarterly - 60 days' prior written notice / Monthly - 125 days' prior written notice.