Explorer Emerging Europe Fund - July 2008

This long/short equity fund was seeded by Deutsche Bank Advisors Capital Management and employs a Cayman Islands master-feeder structure with US and offshore feeders.

For the 18 months since inception the fund is up 40.69% net (USD class) with average net exposure ranging from 27%- 9%. Assets under management total $158 million with an investment base made up of 20 institutions domiciled in eight countries.

Management/performance fee: 1.5% management and 20% performance
Minimum investment: EUR25