Stenham Multi-Strategy Fund

(EUR)

Fund Investment Objectives

To invest in a range of assets, capital instruments, markets and strategies, which capture major market movements through the skills of the individual managers. Risk is limited through worldwide diversification and hedged strategies. Emphasis is placed on researching, monitoring and reviewing managers to ascertain their suitability for blending together to achieve consistent superior returns with low volatility. The assets are allocated among arbitrage, equity hedged and global macro managers. INCENTIVE FEE: 10% of the growth in NAV above US $ Libor or 5%, whichever is greater. AUM reflects the aggregate of the various share classes and is denominated in EUR.