Stenham Trading Inc. (Class

B GBP)

Fund Investment Objectives

INVESTMENT OBJECTIVE: Consistent capital appreciation through the use of a select number of highly-rated independent fund managers and traders. Its aim is to deliver long-term returns equivalent to, but independent of, global equities. INVESTMENT PHILOSOPHY: 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 of Stenham Trading Fund are allocated to financial and commodity managers trading four major areas; equities, commodities, fixed income and currencies. AUM reflects the aggregate of the various share classes and is denominated in USD. INCENTIVE FEE: 10% of the growth in NAV above the USD 1 month Libor