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January 2013 All data expressed as at 31 Jan 2013 Scarcer European Large Cap Equity Fund Investment Objective The Scarcer European Large Cap Equity Fund (the Fund) will invest primarily into the Scarcer

S. Market, and will invest in stocks that are predominantly those listed on a European stock exchange. The Fund seeks to maintain a significant presence in the European market. We will invest to gain exposure to a broad range of stocks in Europe that have growth potential and that we believe may be impacted by global and domestic macroeconomic or market conditions, particularly in the context of market instability, market disruption, and/or political uncertainty. This focus will result in investments in lower risk positions, while the Fund will continue to seek the inclusion in its holdings of significant European large and mid-cap equity securities. The Fund may invest in stocks in several European markets (e.g. Germany, Switzerland, the Netherlands, Denmark, Italy, Norway, Bulgaria, Portugal, France, Spain, Austria, Poland, Lithuania, Austria, Latvia). The Fund also invests in fixed income securities of European companies to the amount and timing of capital flows to these securities, while the Fund aims to maintain its exposure to these securities through a diverse portfolio of securities. The Fund may from time to time pursue secondary market purchases of securities, generally in the form of put options and call options. See “Risk Management”. Key Risk Factors As with any investment, there are various risks that may affect the Fund and its operations, including, but not limited to, the risks relating to changes in interest rates, exchange rates, inflation, adverse political developments or the imposition or enforcement of currency controls in relation to the Fund in a country where the Fund has issued securities. Investment Strategies The Fund's investment strategies have been designed to minimize portfolio volatility and enhance investor returns. The Fund, like most hedge funds, periodically makes investments in securities with varying degrees of risk. The Fund intends to periodically make investments where (i) the potential for future appreciation in the value of an asset exceeds the current market price at the time its investment is made (also referred to as “short-swing loss” or “speculative attack”); (ii) the investment is illiquid or there is little or no current demand for the security, and (iii) the Fund has a limited ability to sell at a profit or a loss without incurring losses or selling unprofitable assets without incurring losses. These risks are further described in the section “Strategy” in the Prospectus.

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What is ecp order form cover?

The ecp order form cover is a document used to provide information about an ECP (Electronic Communications Provider) order to the relevant authorities.

Who is required to file ecp order form cover?

Any Electronic Communications Provider is required to file an ecp order form cover when they initiate an order for the provision of electronic communications services.

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To fill out an ecp order form cover, you need to provide the necessary information including the details of the Electronic Communications Provider, the type of order being requested, the purpose of the order, and any supporting documentation.

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The purpose of the ecp order form cover is to notify the relevant authorities about an Electronic Communications Provider order and provide them with the necessary information to process the request.

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The ecp order form cover must include information such as the name and contact details of the Electronic Communications Provider, the type of order being requested (e.g., installation, removal, modification), and any supporting documentation or justification for the order.

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