INVESTMENT OBJECTIVE The investment objective of the Master Fund is to generate long term capital appreciation while simultaneously seeking to preserve the Master Fund’s capital. The Investment Manager intends to achieve this objective by investing in a diversified and actively managed portfolio of long and short positions in, primarily, listed securities and derivative instruments based on such listed securities. The primary geographical focus of the Master Fund is the MENA region. The Company (MENA Admiral Fund Ltd, for non US investors) will invest substantially all of its assets through a "master-feeder" fund structure in MENA Admiral Master Fund, Ltd, a Cayman Islands exempted company (the "Master Fund"). MENA Admiral Fund LLC, a Delaware limited liability company (the "Onshore Feeder, for US taxable investors"), will also invest substantially all of its assets in the Master Fund.