Verno Capital Growth Fund

Limited (Class B)

Fund Investment Objectives

The Verno Capital Growth Fund is an actively managed long-only fund benchmarked against Russia's RTS Index. The Fund's objective is to achieve long-term capital gains primarily through bottom-up stock selection. As such, it will not specifically target tracking error or volatility. The Fund will invest via the Verno Capital Growth Master Fund in the countries of the Former Soviet Union, primarily in publicly listed securities. Verno's investment strategy is based on over 19 years of experience investing and trading in Russian markets and generally identifies 20-40 high conviction holdings in a concentrated portfolio designed to outperform the Index.