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Pharos Russia FundAs of April 30, 2008
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Fund Description
Pharos Russia Fund is an absolute return hedge fund focused on securities in Russia and the former Soviet Union. The Fund is one of the most experienced Russian investment funds, with a 11 year track record through up and down markets, offering daily liquidity and daily NAV calculations by an independent administrator available on the website. The Fund has the possibility of using derivatives or going short, and is positioned with a long bias due to the manager's positive outlook for the Russian market.
Statistical Data
Performance % YTD 1 Month 3 Month 2007 2006 2005 2 Year 5 Year Annualized
Pharos Russia -5.8%e 3.3%e 4.3% 9.6% 36.9% 66.4% 18.9% 28.7%

Recent return statistics

Monthly performance since inception
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2008 -9.6% 3.9% -2.9% 3.3%e                 -5.8%e
2007 -1.2% 0.5% 3.3% -1.7% -6.6% 5.6% 2.9% -3.9% 4.8% 4.6% -2.7% 4.5% 9.6%
2006 14.1% 4.7% 0.2% 10.8% -13.2% -5.5% 2.8% 4.7% -4.3% 3.9% 9.8% 7.1% 36.9%
2005 1.1% 10.2% -8.6% -3.4% 2.8% 1.6% 10.5% 13.5% 17.2% -8.4% 8.8% 10.8% 66.4%
2004 10.2% 11.6% 10.0% -12.5% -3.0% 3.4% -7.8% 3.0% 11.4% 6.3% -3.2% -2.8% 26.0%
2003 -2.2% 11.5% -1.6% 11.3% 5.0% 7.1% -5.0% 4.2% 4.5% -10.4% -0.8% 5.3% 32.1%
2002 14.1% 0.5% 11.0% 6.1% 11.5% -14.2% -9.7% 0.1% -2.4% 9.1% 2.3% 0.0% 24.5%
2001 16.6% 1.3% -0.9% 2.1% 10.0% 9.4% -8.6% 1.6% -16.4% 13.9% 15.6% 13.6% 66.7%
2000 12.6% 5.7% 38.2% -6.6% -18.0% -11.0% 9.0% 19.0% -17.7% -2.8% -21.1% -1.5% -9.7%
1999 -1.3% 3.3% 7.4% 0.9% 4.7% 27.3% -12.0% -11.0% -31.3% 11.1% 37.0% 39.3% 68.1%
1998 -30.9% 13.4% 6.9% -2.2% -38.1% -18.1% -5.1% -36.4% -8.1% -4.3% 12.8% -0.8% -75.3%
1997                   -19.2% -15.8% 12.7% -23.2%
Termsheet
Fund NamePharos Russia Fund
StructureOpen Ended Investment Fund
DomicileCayman Islands
Inception DateOctober 14, 1997
CurrencyUS Dollar
Return measureAbsolute
ValuationDaily NAV by fund administrator
SubscriptionDaily
RedemptionsDaily
NAV updatesDaily online information
Investor reportsDaily online market updates. Monthly letter to investors
Minimum investmentUSD 500,000
Management fee2%
Perfomance fee20%
High water markYes
BloombergPHAROSR KY
ISIN NumberKYG7052G1091
CUSIP NumberG7052 10 9
Prime BrokerMerrill Lynch Prime Brokerage
Fund administrationCustom House (Dublin)
AuditorDeloitte & Touche
LegalDechert LLP (New York). Walkers (Cayman Islands). Akin Gump (Moscow)
PETER HALLORAN
Fund 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.


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.