Everest Absolute Return Fund

The Everest Absolute Return Fund (Fund) was launched in July 2003. The Fund enables investors to gain exposure to a diversified portfolio of leading international absolute return funds (Investment Portfolio). The Investment Portfolio comprises a mix of investment managers and investment strategies including long/short equity, distressed securities, multi-strategy, managed futures, global macro and arbitrage.

The investment objectives of the Fund are the generation of positive investment returns on a risk adjusted basis and capital preservation over the long term. The return and risk philosophy of the Fund differs from that of many traditional fund managers. Risk is regarded as the potential loss of invested capital as opposed to the deviation from a market index. Performance is thought of in absolute return terms, rather than being assessed relative to an index.