Spinnaker Global Emerging

Markets Fund Ltd.

Fund Investment Objectives

A Global Emerging Markets Multi-Strategy fund, seeking an enhanced total return through capital appreciation and income, investing primarily in global EM securities and related derivatives and other products via two sets of strategies: (1) Top-Down: liquid investments, utilizing long/short strategies where appropriate, mainly in Corporate Credit (corporate bonds and indexes) and Equity (single name stocks and indexes), with a smaller allocation to Macro Fixed Income (foreign exchange, local rates and sovereign credits). (2) Bottom-Up: marketable idiosyncratic bottom-up investments, including event-driven, distressed and special situations and distressed sellers, with an allocation to less-liquid assets. The Fund also pursues an active hedging policy of both dynamic risks and tail events. The Fund incepted December 8, 2000. From inception to December 31, 2010 the performance reflected is for Class A1 and from January 1, 2011 to current Class K1 is reflected due to majority of investors transferring their holdings.