Splendor Capital Mgmt Ltd.

(Credence Oriental LP)

Fund Investment Objectives

Splendor Capital Management's CREDENCE ORIENTAL TRADE ENTERPRISE (LIMITED PARTNERSHIP) is a relative-value commodity fund with a market-neutral stance. The fund trades both China and international commodity markets with a 50/50 split in terms of portfolio composition. The managers are targeting a 20% annual return and volatility of less than 12%.