Star Navigator Investments,

Ltd. Class C

Fund Investment Objectives

The Fund's investment objective is to achieve superior capital appreciation, relative to the risks assumed, by incorporating two components, namely a 1) a fund-of-funds investment approach which shall be in an amount typically ranging from 25% - 40% of the value of the Fund's portfolio, and 2) a proprietary trading component which shall be in an amount typically ranging from 50% - 75% of the value of the Fund's portfolio. Each component shall be under the direction of the Manager such that the Manager will be responsible for selection and allocation of the fund-of fund portion among other hedge funds and investment managers and shall be directly responsible for all investment and trading decisions of the proprietary trading portion of the Fund's assets. By pooling the capital of the shareholders, the Fund can gain access to a variety of Investment Vehicles which may require a minimum investment in excess of that which would be feasible for an individual investor.