Splendor Capital Management

Ltd. (Credence Global)

Fund Investment Objectives

SPLENDOR CAPITAL's investment strategy is to employ relative value trading strategies in the Chinese, American and global commodities markets. Relative value trading is the process of identifying and capturing likely changes in the price relationship between related or similar assets in the same or different markets. The Fund Manager believes that following this investment style in a disciplined fashion should have the effect of reducing exposure to many general market risks.