TRF Master Fund (Cayman),

L.P.

Fund Investment Objectives

TRF Master Fund (Cayman) LP is a global long/short equity fund investing in public and private water related companies. Equities in the water sector represent a substantial asset class, and have historically provided superior risk adjusted long-term, capital appreciation and income. The Fund's objective is to generate consistent returns with minimal correlation to major market or commodity indices. The Fund's public/private investment approach reinforces valuation discipline and creates market arbitrage opportunities.