The Fund:

Investment Company registered in the British Virgin Islands. Open-ended in structure; shareholders may subscribe to and redeem shares on a monthly basis.

Fund Manager:

Connor Asset Management Ltd.

Russian Adviser:

United Financial Group AOZT, based in Moscow, Russia

Objectives:

To generate long term capital growth, while seeking to minimise risk, by investing in equities of leading Russian companies which appear undervalued compared to the intrinsic value of their assets.

Custodians:

ING Bank (Eurasia) ZAO
31, Krasnaya Presnya
123022 Moscow, Russian Federation

Administrator:

Midocean Management and Trust Services (BVI) Ltd.
9 Columbus Centre
Pelican Drive, Road Town
Tortola, British Virgin Islands

Auditors:

Deloitte Touche SA
3 route d'Arlon
L-8009 Strassen

Bankers:

Banque Générale du Luxembourg

Valuations:

Monthly net asset value ("NAV") calculated on the last day of each month.
Shareholders advised of the NAV (by mail, e-mail or fax) within 15 days.

Fees:

Management fee of 1.25% per annum, paid quarterly in arrears.
Incentive fee of 20% of the annual increase in NAV in excess of 8% per annum, paid semi-annually in arrears.

Security no.:

Swiss Security no. 324.281 (Telekurs)

Sedol no.:

305.440

Internet:

www.easterncapitalfund.com