Victoire Brazil Small Cap

Fund Segregated Portfolio

Fund Investment Objectives

The Small Cap Fund's principal investment objective is to achieve medium and long-term capital appreciation by investing in equity and equity-linked securities of under researched and/or illiquid small-cap companies listed on the Brazilian Stock Exchange or other companies that do a majority of their business in Brazil but that are listed on other regulated stock exchanges. The Small Cap Fund seeks absolute returns by investing in the Brazilian stock market or other appropriate regulated stock exchange and aims to generate consistent returns while preserving capital. No assurance can be given, however, that the Small Cap Fund will achieve its objective, and investment results may vary substantially over time and from period to period.