Foyil Eastern Europe & Russia Focused Fund rated as a five star fund on Morningstar

Foyil Eastern Europe & Russia Focused Fund has shown an impressive 99.5% year total return in 2007; therefore it was rated as a five star fund by Morningstar. High recognition given to the Fund is substantiated by a benchmark statistics calculated relative to the Standard & Poor`s 500 Index (S&P500) and implicates it to be set among the best performing funds employing the same investing strategy in global emerging markets. “In 2007 the Fund exceeded Morgan Stanley Capital International index for Emerging Markets (MSCI EM) Index by 57.7%. It has also generated a considerable 363% return for the last 3 years with an annualized change of 34.2% since inception”, - noted the President of the Foyil Group Companies Dorian Foyil.

The objective of Foyil Eastern Europe & Russia Focused Fund is to achieve maximum capital growth via investments primarily in long and short positions in eastern European and Russian equities and equity related securities, including common and preferred stocks as well as convertible bonds. In addition, the Fund may invest in the securities of those companies which derive a significant portion of their revenues or profits from Eastern Europe and Russia or have a significant portion of their assets in this region’s economies and in equity and debt securities of issuers that are linked to assets or currencies of Eastern Europe and Russia. “The Fund’s focused portfolio targeted at 50 positions consists mainly of shares of companies quoted on the region’s stock markets, although it may include other investments that the Investment Manager considers appropriate. One position may represent up to 30% of the total portfolio as measured at the time of investment” – explains the Portfolio Manager of the Foyil Asset Management Dmytro Moshkalo. As the investment objective is more likely to be achieved by implementing a policy that is flexible and adaptable, however, we may take advantage of investment opportunities in other types of securities such as fixed income securities, currencies, swaps and other financial instruments. The Fund may also employ leverage. The base currency of this Fund is denominated in U.S. dollars.