Seneca Invest AG (Willowdale

Fund)

Fund Investment Objectives

The primary objective of the WILLOWDALE Fund is capital appreciation and preservation through reliable, multi-strategy, market neutral investment strategies. The objective of the Fund is to achieve capital appreciation with a low level of volatility and a low correlation with traditional asset classes. The Fund seeks to accomplish this objective by allocating its assets among a diverse group of specialized investment strategies that include but are not limited to trading of Forex, Stocks, Futures, Options and other listed assets. The Fund will invest in a variety of investment strategies (Underlying Investments), typically referred to as hedge fund strategies in pursuit of attractive risk-adjusted investments consistent with the preservation of capital. The actual number of Underlying Investments may vary and may change materially over time as determined by the Investment Manager in his sole discretion. The fund is currently invested solely in FX but that will change in time.