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Pharos Gas Investment FundAs of April 30, 2008
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Fund Description
The Fund's principal investment objective is to achieve consistent and superior returns on capital. The Fund seeks to achieve this objective by investing primarily in a portfolio of securities where exposure to the natural gas industry is a component of either their asset base or revenue stream or both. Such exposure to the industry may be found in the exploration, production, transportation, distribution, storage or processing of natural gas. The Fund is up 342% since inception.
Monthly performance since inception
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2008 -12.9% 7.8% -0.2% 4.0%e                 -2.6%e
2007 -7.3% -3.3% 1.4% -4.2% -7.3% 6.6% 2.9% -3.6% 2.0% 8.7% 8.9% 6.4% 10.1%
2006 13.9% 0.0% 6.2% 36.6% -7.8% -10.0% 0.2% 9.4% -6.1% 1.2% 8.8% -1.4% 53.3%
2005 1.4% 4.8% -2.5% -1.3% 0.3% 1.2% 8.8% 14.9% 30.8% -4.4% 16.2% 11.6% 110.1%
2004       -4.2% -8.1% 14.4% -2.5% -2.5% 24.4% 8.4% 5.0% -5.1% 28.8%
Termsheet
StructureOpen Ended Investment Fund
DomicileCayman Islands
Inception Date22 April 2004
CurrencyUS Dollar
ValuationDaily NAV Calculation by the Fund Administrator
Minimum investmentUSD 250,000
Prime BrokerCitigroup Global Prime Brokerage
Investment AdvisorPharos Financial Advisors Ltd.
Fund administrationCustom House (Dublin)
AuditorDeloitte & Touche
LegalDechert LLP (New York). Walkers (Cayman Islands). Akin Gump (Moscow)
Management fee2% per annum
Perfomance fee20%
SubscriptionMonthly
RedemptionsMonthly upon 30 days notice
Investor reportsDaily online account information
BloombergPHAROSRG
ISINKYG705201047

PETER HALLORAN
Portfolio Manager
Twenty years financial markets experience, Russia resident since 1995. Pioneered Russian capital markets since their inception, including acquisition on 7.5% voucher market, first placement of local debt (GKOs) to westerners, 3bn privatization bids, 1st IPO in Russia and overall bringing $7.5bn of capital to the market. Founder of Pharos 1997. Ran CSFB brokerage with #1 market share in Moscow 1995-1997 including trading, research, sales and $300mm prop book. Adviser to Soros Fund Mgmt 1999-2000. Ran top-rated local investment bank Aton Capital 2000-2002. Earlier in New York with Morgan Grenfell and Salomon Brothers. B.A. 84 Yale University.

NAT MOSER
Senior Oil and Gas Analyst
Eleven years experience as an industry consultant and economist on the Russian & CIS oil and gas sector for the EU, OECD, Wood Mackenzie, Dart Management and several Russian companies. Fluent Russian. MPhil 96 Oxford University.

Subscription Information
Custom House Administration and Corporate Services

25 Eden Quay Dublin 1, Ireland
Tel. +(353) 1 878 0807 Fax +(353) 1 878 0827
Attn: Michael Mockler   michael.mockler@customhousegroup.com

For additional marketing information please contact us at (7 495) 221-4991 or e-mail info@pharosfund.com

Disclamer: This document is for information purposes only and not constitute an offer or solicitation to buy or sell any investments or to make any investment decition. Please refer to the confidential privare placement memorandum for more information.