Thoth Fund

Limited (Class B)

Fund Investment Objectives

The investment strategy of the Company consists of trading a portfolio of Russian stocks, bonds and other derivative products. Asset allocation between asset classes (equities and fixed income) and the investment strategy to be applied for each asset class are determined by employing a fundamental top-down approach, based on internally conducted research. The following investment strategies for the management of the fixed income portfolio are being applied: total return, event driven and distressed securities. For the management of the equities portfolio long only, long/short and event driven strategies are being applied.