Verno Russia Fund Limited

(Class B)

Fund Investment Objectives

The Fund utilizes a long/short equity strategy and invests in the capital markets of Russia and the Former Soviet Union. The objective of the Fund is to maximize long-term capital gains over the full market cycle with a specific focus on capital preservation. The Fund attempts to realize its investment objective through a combination of fundamental bottom-up stock selection, hedging, trading, and top-down risk management.