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Daily market comment and performance
March 11, 2010
The overall market remains rangebound as the global dynamic we have been writing about is unchanged. Yesterday's meeting to decide on export tax breaks for East Siberian oil was postponed, as Mr. Sechin could not make the meeting, an obvious sign that agreement has still not been reached in the government. We expect that all extractive industries will trade hesitantly until this matter is settled, as there is clearly risk of taxes being extended/increased on other commodity exports to pay for oil tax cuts. The trading behavior of Norilsk Nickel supports this thesis, as very strong nickel, copper, platinum and palladium prices have not translated into a major move in Norilsk's share price, which is certainly warranted if these price increases stick, and which have been seen in similar equities such as Ferrexpo, ENRC and Mechel.
Performance

  Pharos Russia Fund Pharos Small Cap
Fund
Pharos Gas
Investment Fund
Date March 10 March 10 March 10
Indicative NAVs 252.9 153.7 3761.5
DTD 2.2% 0.4% -0.2%
MTD 5.9% 0.8% 2.7%
YTD 9.7% 4.8% 2.9%
12 months 57.3% 113.8% 36.0%
2009 50.1% 96.6% 28.9%
2008 -37.7% -52.1% -37.9%
2007 9.6% 8.1% 10.1%
5 Year Annualized 19.3% n/a 24.3%
10 Year Annualized 26.1% n/a n/a
Recognition
Pharos named Best Hedge Fund Manager at the 4th Annual Hedge Funds World Middle East Awards held on March 1st, 2010 in Dubai. Two Pharos Funds have ranked in the Top 15 Hedge Funds globally from Q1'05 to Q1'06 by Bloomberg (#3 Pharos Gas Investment Fund; #14 Pharos Russia Fund) & in the Top 10 by Eurohedge (#3 Pharos Gas Investment Fund; #6 Pharos Russia Fund). Pharos Russia Fund was ranked #1 in the Equity Long/Short category for September 2009 of Barclay Hedge database.