Horizon Fund

Fund Investment Objectives

Objective: To achieve substantial capital appreciation without regard to short-term volatility. Vantage Horizon Fund operates as a global hedge fund, seeking to profit from investments, both long and short, in marketable securities, commodities and derivatives. The Investment Manager attempts to exploit both significant under- and over-valuation which occurs from time to time in global investment markets. Investment Process 1) Stock Selection: a) To be purchased, potential stocks typically must: I) has a market capitalization of $200million and daily liquidity of $500,000 ii) Offer superior relative value, exhibit positive technical behaviour and typically have no adverse forward earnings expectations b) To sell, potential stocks must: I) Exhibit a sufficient deterioration of their price; suggesting that more than a correction in an established uptrend is underway ii) Have substantially reduced profit potential than at the time of purchase c) To sell short: I) Stocks identified using the Vantage research approach; expected to have negative return forecasts and unattractive valuations suggesting substantially lower stock prices 2) Index Hedging a) Employed to manage the net exposure in addition to short sales 3) Currency Overlay a) Implemented to take account of the USD reference of the fund, in conjunction with the manager's currency outlook 4) The Fund may also a) Invest both long and short in fixed income and commodities The fund's inception date is July 31, 1998.