Investment Manager Harvest Financial Services LtdRegulated by the Cyprus Securities and Exchange Commission

License Number 02103 ndashMember of the Investor Protection Fund (TAE)Harvest Stargate Fund Ltd Registered and Regulated by the Central Bank of Cyprus

As an international Collective Investment Scheme Law No 47 (1) of 1999 (ICIS)

NOVEMBER 2011 (V1EN)

CONTACT Telephone + 357 22 552800 andyharvestgroupcomcy This document is for informational purposes only This document does not constitute an offer an invitation to offer or a recommendation to enter into any transaction nor does it constitute investment advice This material does not constitute a solicitation to buy or sell securities in any jurisdiction in which such a solicitation is not authorized or to any person to whom it is unlawful to make such a solicitation

2

Executive SummaryFund Structure Indicative Summary Terms

Final Maturity bull Open Ended investments Unlimited holding period

Currency bull EUR or currency equivalent on the subscription date

Principal Protection Provider

bull Some underline assets bear the principal protection of the issuer of the underline assets The fund therefore offers soft capital protection only on selected underline assets that bare issuers guarantees

Form bull Shares ndash ICIS UNITS

Notional bull [] MM minimum 5MM

Issue Price bull NAV

Redemption Amount bull The shares will be redeemed on the NAV

bull The Shares may be redeemed prior to that on a monthly basis after year 2

bull Share Price (t) ndash Early Redemption Premium whereby the Early Redemption Premium is initially 4 and then decreasing by 1 on each anniversary of the Issue Date until reaching 0

Additional Investments

bull Investors will be able to subscribe additional amounts in the fund on a monthly basis with rounds of 10000 EURO

Initial Allocation into the Underlying Fund

bull The Initial Allocation of the Issuer to the Underlying Fund will be equal to 100 thereafter the Trading Administrator will adjust the allocation between the assets of the Issuer in accordance with the Rebalancing Rules

Investment Manager bull Harvest Financial Services Ltd -

Transaction Fees

bull Investment Manager Fees 20 annual management fees on NAV and an incentive ndash performance fee of 20 of annual returns in excess of 10

3

Risk Statements

Investment Horizon The fund has a minimum holding period of 2 years with unlimited duration Investors must maintain capital for this period

Non-Reliance on Historic Returns

Past performance does not guarantee future performance investment in the fund should be based upon a complete assessment of their terms

Limitations of Simulated Returns

Certain presentations and back-testing or other statistical analysis materials that may have been provided in connection with explanations of the mechanics andor potential returns of the Notes use pro forma analysis and hypothetical circumstances to estimate how the Reference Portfolio may have performed prior to its actual existence Harvest provides no assurance or guarantee that the Notes will operate or would have operated in the past in a manner consistent with those materials As such any historical returns projected in such material or any hypothetical simulations based on this analysis provided in relation to the fund may not reflect the performance of and are no guarantee or assurance in respect of the performance or returns of the fund

Non-Linear Returns Absent the occurrence of a Knock Out the return on the Notes will be based on the performance of the Reference Portfolio over time As such it is not possible to predict the return on the fund simply by reference to the initial and final values of the Reference Portfolio The application of the Fundrsquos Mechanics may result in an opportunity cost when the return on the fund is compared to either a direct investment in the Reference Portfolio or as the underline assets principal protected investment where the exposure to the Reference Portfolio is achieved through a conventional call option issued by the product providers

Clean Up Event If there is a significant reduction in either the value of the Reference Portfolio or shortly after issuance of the fund a rapid decline in interest rates a Clean Up Event may occur Under both such circumstances the return on the fund will cease to offer any potential capital gain as a function of the future performance of the Underlying Fund and will effectively become that of the remaining asset classes

Credit Risk The value of the fund may decline dramatically based on market conditions Investors understand that there are risks involved and capital may decline due to market conditions and valuations Past performance is not guaranteed for future returns

Disclosure of Investor Identity

It may be required for purposes of the Investment Managerrsquos compliance procedures to disclose to the name of the initial investor in the fund

LIMITED OFFER

4

Table of Contents

Benefits of the Harvest Stargate Fund LtdSummary A Multi-Asset Fund offering several key Advantages

The Benefit of Investing in International Collective Investment Funds (ICIS)

Given the recent volatility in stock markets worldwide we wish to give investors an update on the benefits of holding ICIS as part of a balanced and diversified portfolio The Harvest Stargate Fund Ltd offers individual investors access to a unique multi-asset multi manager investment methodology usually only used by sophisticated institutional investors The fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across three key asset classes combined with the active selection of the best performing underline fund managers The fund provides diversification-the foundation of a successful portfolio The fund invests in three strategies each managed by a leading specialist manager

Investing in just one asset class carries with it a higher degree of risk and the Harvest Stargate Fund Ltd adopts an active asset allocation policy that ensures the fund invests across a spread of asset classes that offer the best risk adjusted return In addition Harvest Stargate Fund Ltd and its advisors Harvest Financial Services Ltd aim to select the best performing funds for each asset class which are then analyzed on an ongoing basis

5

Introduction

The Manager

Harvest Financial Services Ltd is a leading investment management company based in Nicosia Cyprus Harvest Financial Services Ltd was established in March 2000 by Harvest Advisors Ltd as a spin-off from Harvest Financial Group Harvest Financial Services Ltd is regulated by the Cyprus Securities amp Exchange Commission with license number 02103

Harvest Financial Services Ltd provides a wide range of mutual funds hedge funds and portfolio management advisory services Its investment team has over 14 years experience in

Tailored portfolio construction- the construction and management of diversified high quality fund portfolios tailored to the needs of private and institutional clients

Distribution of Hedge Funds- the distribution of a wide range of fund of hedge fund products for both the institutional and retail markets

Structured Products ndash the structuring and management of products linked to hedge funds

Traditional Investment portfolio Management ndash The construction and management of traditional predominantly long short portfolios

6

HARVEST STARGATE FUND LTD- BENEFITS

RISK MANAGEMENT PERFORMANCE - RETURN

RISK MANAGEMENTCOMPANY SELECTION COMPLIANCE Reporting

RESEARCH

7

Competitive Fund Management

Competitive Fund Management

Integrated Fund Management

Harvest Financial Services Ltd Managerrsquos Style

8

THE IMPORTANCE OF ASSET CLASSES

The Fund

The most popular traditional asset classes are cash bonds equities real estate futures forex and energy hedge funds Harvest Stargate Fund Ltd combines these asset classes with the exception of cash in order to create the next generation of multi asset Global Macro investments

The different asset classes will perform their best at different stages of a normal investment cycle When building a portfolio it is therefore essential that it should not only be spread between different asset classes but should also make an allocation to the asset class that is likely to provide the best return in the following year Whilst equities may be rising bonds or property could be falling and when equities fall hedge funds could perform well

The Stargate Fund is an aggressive market neutral fund with a return objective of 10-15 annually with a standard deviation of approximately 3-5 It allocates capital among managers who have stated investment objective of returns in excess of 15 per annum It is expected that the fund will have higher than average volatility but through diversification of strategies can mitigate drawdowns during bear market environments In positive market periods the fund should produce returns above market benchmarks

CONSISTENT RETURNS

9

INVESTMENT FOCUS GEOGRAPHIC AREA

Scientists recently discovered a massive offshore reserve of an estimated 122 trillion cubic feet of natural gas called the Levant Basin Province While it is one of the worlds richest natural gas reserves the Levant Basin Province is located between countries with endless amounts of mutual hatred It straddles the sea borders of Israel Lebanon Palestine the Republic of Cyprus The largest section discovered so far the Leviathan gas field is believed to possibly contain alongside natural gas 42 billion barrels of oil Leviathan straddles the Israeli-Lebanese maritime border

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

2

Executive SummaryFund Structure Indicative Summary Terms

Final Maturity bull Open Ended investments Unlimited holding period

Currency bull EUR or currency equivalent on the subscription date

Principal Protection Provider

bull Some underline assets bear the principal protection of the issuer of the underline assets The fund therefore offers soft capital protection only on selected underline assets that bare issuers guarantees

Form bull Shares ndash ICIS UNITS

Notional bull [] MM minimum 5MM

Issue Price bull NAV

Redemption Amount bull The shares will be redeemed on the NAV

bull The Shares may be redeemed prior to that on a monthly basis after year 2

bull Share Price (t) ndash Early Redemption Premium whereby the Early Redemption Premium is initially 4 and then decreasing by 1 on each anniversary of the Issue Date until reaching 0

Additional Investments

bull Investors will be able to subscribe additional amounts in the fund on a monthly basis with rounds of 10000 EURO

Initial Allocation into the Underlying Fund

bull The Initial Allocation of the Issuer to the Underlying Fund will be equal to 100 thereafter the Trading Administrator will adjust the allocation between the assets of the Issuer in accordance with the Rebalancing Rules

Investment Manager bull Harvest Financial Services Ltd -

Transaction Fees

bull Investment Manager Fees 20 annual management fees on NAV and an incentive ndash performance fee of 20 of annual returns in excess of 10

3

Risk Statements

Investment Horizon The fund has a minimum holding period of 2 years with unlimited duration Investors must maintain capital for this period

Non-Reliance on Historic Returns

Past performance does not guarantee future performance investment in the fund should be based upon a complete assessment of their terms

Limitations of Simulated Returns

Certain presentations and back-testing or other statistical analysis materials that may have been provided in connection with explanations of the mechanics andor potential returns of the Notes use pro forma analysis and hypothetical circumstances to estimate how the Reference Portfolio may have performed prior to its actual existence Harvest provides no assurance or guarantee that the Notes will operate or would have operated in the past in a manner consistent with those materials As such any historical returns projected in such material or any hypothetical simulations based on this analysis provided in relation to the fund may not reflect the performance of and are no guarantee or assurance in respect of the performance or returns of the fund

Non-Linear Returns Absent the occurrence of a Knock Out the return on the Notes will be based on the performance of the Reference Portfolio over time As such it is not possible to predict the return on the fund simply by reference to the initial and final values of the Reference Portfolio The application of the Fundrsquos Mechanics may result in an opportunity cost when the return on the fund is compared to either a direct investment in the Reference Portfolio or as the underline assets principal protected investment where the exposure to the Reference Portfolio is achieved through a conventional call option issued by the product providers

Clean Up Event If there is a significant reduction in either the value of the Reference Portfolio or shortly after issuance of the fund a rapid decline in interest rates a Clean Up Event may occur Under both such circumstances the return on the fund will cease to offer any potential capital gain as a function of the future performance of the Underlying Fund and will effectively become that of the remaining asset classes

Credit Risk The value of the fund may decline dramatically based on market conditions Investors understand that there are risks involved and capital may decline due to market conditions and valuations Past performance is not guaranteed for future returns

Disclosure of Investor Identity

It may be required for purposes of the Investment Managerrsquos compliance procedures to disclose to the name of the initial investor in the fund

LIMITED OFFER

4

Table of Contents

Benefits of the Harvest Stargate Fund LtdSummary A Multi-Asset Fund offering several key Advantages

The Benefit of Investing in International Collective Investment Funds (ICIS)

Given the recent volatility in stock markets worldwide we wish to give investors an update on the benefits of holding ICIS as part of a balanced and diversified portfolio The Harvest Stargate Fund Ltd offers individual investors access to a unique multi-asset multi manager investment methodology usually only used by sophisticated institutional investors The fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across three key asset classes combined with the active selection of the best performing underline fund managers The fund provides diversification-the foundation of a successful portfolio The fund invests in three strategies each managed by a leading specialist manager

Investing in just one asset class carries with it a higher degree of risk and the Harvest Stargate Fund Ltd adopts an active asset allocation policy that ensures the fund invests across a spread of asset classes that offer the best risk adjusted return In addition Harvest Stargate Fund Ltd and its advisors Harvest Financial Services Ltd aim to select the best performing funds for each asset class which are then analyzed on an ongoing basis

5

Introduction

The Manager

Harvest Financial Services Ltd is a leading investment management company based in Nicosia Cyprus Harvest Financial Services Ltd was established in March 2000 by Harvest Advisors Ltd as a spin-off from Harvest Financial Group Harvest Financial Services Ltd is regulated by the Cyprus Securities amp Exchange Commission with license number 02103

Harvest Financial Services Ltd provides a wide range of mutual funds hedge funds and portfolio management advisory services Its investment team has over 14 years experience in

Tailored portfolio construction- the construction and management of diversified high quality fund portfolios tailored to the needs of private and institutional clients

Distribution of Hedge Funds- the distribution of a wide range of fund of hedge fund products for both the institutional and retail markets

Structured Products ndash the structuring and management of products linked to hedge funds

Traditional Investment portfolio Management ndash The construction and management of traditional predominantly long short portfolios

6

HARVEST STARGATE FUND LTD- BENEFITS

RISK MANAGEMENT PERFORMANCE - RETURN

RISK MANAGEMENTCOMPANY SELECTION COMPLIANCE Reporting

RESEARCH

7

Competitive Fund Management

Competitive Fund Management

Integrated Fund Management

Harvest Financial Services Ltd Managerrsquos Style

8

THE IMPORTANCE OF ASSET CLASSES

The Fund

The most popular traditional asset classes are cash bonds equities real estate futures forex and energy hedge funds Harvest Stargate Fund Ltd combines these asset classes with the exception of cash in order to create the next generation of multi asset Global Macro investments

The different asset classes will perform their best at different stages of a normal investment cycle When building a portfolio it is therefore essential that it should not only be spread between different asset classes but should also make an allocation to the asset class that is likely to provide the best return in the following year Whilst equities may be rising bonds or property could be falling and when equities fall hedge funds could perform well

The Stargate Fund is an aggressive market neutral fund with a return objective of 10-15 annually with a standard deviation of approximately 3-5 It allocates capital among managers who have stated investment objective of returns in excess of 15 per annum It is expected that the fund will have higher than average volatility but through diversification of strategies can mitigate drawdowns during bear market environments In positive market periods the fund should produce returns above market benchmarks

CONSISTENT RETURNS

9

INVESTMENT FOCUS GEOGRAPHIC AREA

Scientists recently discovered a massive offshore reserve of an estimated 122 trillion cubic feet of natural gas called the Levant Basin Province While it is one of the worlds richest natural gas reserves the Levant Basin Province is located between countries with endless amounts of mutual hatred It straddles the sea borders of Israel Lebanon Palestine the Republic of Cyprus The largest section discovered so far the Leviathan gas field is believed to possibly contain alongside natural gas 42 billion barrels of oil Leviathan straddles the Israeli-Lebanese maritime border

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

3

Risk Statements

Investment Horizon The fund has a minimum holding period of 2 years with unlimited duration Investors must maintain capital for this period

Non-Reliance on Historic Returns

Past performance does not guarantee future performance investment in the fund should be based upon a complete assessment of their terms

Limitations of Simulated Returns

Certain presentations and back-testing or other statistical analysis materials that may have been provided in connection with explanations of the mechanics andor potential returns of the Notes use pro forma analysis and hypothetical circumstances to estimate how the Reference Portfolio may have performed prior to its actual existence Harvest provides no assurance or guarantee that the Notes will operate or would have operated in the past in a manner consistent with those materials As such any historical returns projected in such material or any hypothetical simulations based on this analysis provided in relation to the fund may not reflect the performance of and are no guarantee or assurance in respect of the performance or returns of the fund

Non-Linear Returns Absent the occurrence of a Knock Out the return on the Notes will be based on the performance of the Reference Portfolio over time As such it is not possible to predict the return on the fund simply by reference to the initial and final values of the Reference Portfolio The application of the Fundrsquos Mechanics may result in an opportunity cost when the return on the fund is compared to either a direct investment in the Reference Portfolio or as the underline assets principal protected investment where the exposure to the Reference Portfolio is achieved through a conventional call option issued by the product providers

Clean Up Event If there is a significant reduction in either the value of the Reference Portfolio or shortly after issuance of the fund a rapid decline in interest rates a Clean Up Event may occur Under both such circumstances the return on the fund will cease to offer any potential capital gain as a function of the future performance of the Underlying Fund and will effectively become that of the remaining asset classes

Credit Risk The value of the fund may decline dramatically based on market conditions Investors understand that there are risks involved and capital may decline due to market conditions and valuations Past performance is not guaranteed for future returns

Disclosure of Investor Identity

It may be required for purposes of the Investment Managerrsquos compliance procedures to disclose to the name of the initial investor in the fund

LIMITED OFFER

4

Table of Contents

Benefits of the Harvest Stargate Fund LtdSummary A Multi-Asset Fund offering several key Advantages

The Benefit of Investing in International Collective Investment Funds (ICIS)

Given the recent volatility in stock markets worldwide we wish to give investors an update on the benefits of holding ICIS as part of a balanced and diversified portfolio The Harvest Stargate Fund Ltd offers individual investors access to a unique multi-asset multi manager investment methodology usually only used by sophisticated institutional investors The fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across three key asset classes combined with the active selection of the best performing underline fund managers The fund provides diversification-the foundation of a successful portfolio The fund invests in three strategies each managed by a leading specialist manager

Investing in just one asset class carries with it a higher degree of risk and the Harvest Stargate Fund Ltd adopts an active asset allocation policy that ensures the fund invests across a spread of asset classes that offer the best risk adjusted return In addition Harvest Stargate Fund Ltd and its advisors Harvest Financial Services Ltd aim to select the best performing funds for each asset class which are then analyzed on an ongoing basis

5

Introduction

The Manager

Harvest Financial Services Ltd is a leading investment management company based in Nicosia Cyprus Harvest Financial Services Ltd was established in March 2000 by Harvest Advisors Ltd as a spin-off from Harvest Financial Group Harvest Financial Services Ltd is regulated by the Cyprus Securities amp Exchange Commission with license number 02103

Harvest Financial Services Ltd provides a wide range of mutual funds hedge funds and portfolio management advisory services Its investment team has over 14 years experience in

Tailored portfolio construction- the construction and management of diversified high quality fund portfolios tailored to the needs of private and institutional clients

Distribution of Hedge Funds- the distribution of a wide range of fund of hedge fund products for both the institutional and retail markets

Structured Products ndash the structuring and management of products linked to hedge funds

Traditional Investment portfolio Management ndash The construction and management of traditional predominantly long short portfolios

6

HARVEST STARGATE FUND LTD- BENEFITS

RISK MANAGEMENT PERFORMANCE - RETURN

RISK MANAGEMENTCOMPANY SELECTION COMPLIANCE Reporting

RESEARCH

7

Competitive Fund Management

Competitive Fund Management

Integrated Fund Management

Harvest Financial Services Ltd Managerrsquos Style

8

THE IMPORTANCE OF ASSET CLASSES

The Fund

The most popular traditional asset classes are cash bonds equities real estate futures forex and energy hedge funds Harvest Stargate Fund Ltd combines these asset classes with the exception of cash in order to create the next generation of multi asset Global Macro investments

The different asset classes will perform their best at different stages of a normal investment cycle When building a portfolio it is therefore essential that it should not only be spread between different asset classes but should also make an allocation to the asset class that is likely to provide the best return in the following year Whilst equities may be rising bonds or property could be falling and when equities fall hedge funds could perform well

The Stargate Fund is an aggressive market neutral fund with a return objective of 10-15 annually with a standard deviation of approximately 3-5 It allocates capital among managers who have stated investment objective of returns in excess of 15 per annum It is expected that the fund will have higher than average volatility but through diversification of strategies can mitigate drawdowns during bear market environments In positive market periods the fund should produce returns above market benchmarks

CONSISTENT RETURNS

9

INVESTMENT FOCUS GEOGRAPHIC AREA

Scientists recently discovered a massive offshore reserve of an estimated 122 trillion cubic feet of natural gas called the Levant Basin Province While it is one of the worlds richest natural gas reserves the Levant Basin Province is located between countries with endless amounts of mutual hatred It straddles the sea borders of Israel Lebanon Palestine the Republic of Cyprus The largest section discovered so far the Leviathan gas field is believed to possibly contain alongside natural gas 42 billion barrels of oil Leviathan straddles the Israeli-Lebanese maritime border

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

4

Table of Contents

Benefits of the Harvest Stargate Fund LtdSummary A Multi-Asset Fund offering several key Advantages

The Benefit of Investing in International Collective Investment Funds (ICIS)

Given the recent volatility in stock markets worldwide we wish to give investors an update on the benefits of holding ICIS as part of a balanced and diversified portfolio The Harvest Stargate Fund Ltd offers individual investors access to a unique multi-asset multi manager investment methodology usually only used by sophisticated institutional investors The fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across three key asset classes combined with the active selection of the best performing underline fund managers The fund provides diversification-the foundation of a successful portfolio The fund invests in three strategies each managed by a leading specialist manager

Investing in just one asset class carries with it a higher degree of risk and the Harvest Stargate Fund Ltd adopts an active asset allocation policy that ensures the fund invests across a spread of asset classes that offer the best risk adjusted return In addition Harvest Stargate Fund Ltd and its advisors Harvest Financial Services Ltd aim to select the best performing funds for each asset class which are then analyzed on an ongoing basis

5

Introduction

The Manager

Harvest Financial Services Ltd is a leading investment management company based in Nicosia Cyprus Harvest Financial Services Ltd was established in March 2000 by Harvest Advisors Ltd as a spin-off from Harvest Financial Group Harvest Financial Services Ltd is regulated by the Cyprus Securities amp Exchange Commission with license number 02103

Harvest Financial Services Ltd provides a wide range of mutual funds hedge funds and portfolio management advisory services Its investment team has over 14 years experience in

Tailored portfolio construction- the construction and management of diversified high quality fund portfolios tailored to the needs of private and institutional clients

Distribution of Hedge Funds- the distribution of a wide range of fund of hedge fund products for both the institutional and retail markets

Structured Products ndash the structuring and management of products linked to hedge funds

Traditional Investment portfolio Management ndash The construction and management of traditional predominantly long short portfolios

6

HARVEST STARGATE FUND LTD- BENEFITS

RISK MANAGEMENT PERFORMANCE - RETURN

RISK MANAGEMENTCOMPANY SELECTION COMPLIANCE Reporting

RESEARCH

7

Competitive Fund Management

Competitive Fund Management

Integrated Fund Management

Harvest Financial Services Ltd Managerrsquos Style

8

THE IMPORTANCE OF ASSET CLASSES

The Fund

The most popular traditional asset classes are cash bonds equities real estate futures forex and energy hedge funds Harvest Stargate Fund Ltd combines these asset classes with the exception of cash in order to create the next generation of multi asset Global Macro investments

The different asset classes will perform their best at different stages of a normal investment cycle When building a portfolio it is therefore essential that it should not only be spread between different asset classes but should also make an allocation to the asset class that is likely to provide the best return in the following year Whilst equities may be rising bonds or property could be falling and when equities fall hedge funds could perform well

The Stargate Fund is an aggressive market neutral fund with a return objective of 10-15 annually with a standard deviation of approximately 3-5 It allocates capital among managers who have stated investment objective of returns in excess of 15 per annum It is expected that the fund will have higher than average volatility but through diversification of strategies can mitigate drawdowns during bear market environments In positive market periods the fund should produce returns above market benchmarks

CONSISTENT RETURNS

9

INVESTMENT FOCUS GEOGRAPHIC AREA

Scientists recently discovered a massive offshore reserve of an estimated 122 trillion cubic feet of natural gas called the Levant Basin Province While it is one of the worlds richest natural gas reserves the Levant Basin Province is located between countries with endless amounts of mutual hatred It straddles the sea borders of Israel Lebanon Palestine the Republic of Cyprus The largest section discovered so far the Leviathan gas field is believed to possibly contain alongside natural gas 42 billion barrels of oil Leviathan straddles the Israeli-Lebanese maritime border

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

5

Introduction

The Manager

Harvest Financial Services Ltd is a leading investment management company based in Nicosia Cyprus Harvest Financial Services Ltd was established in March 2000 by Harvest Advisors Ltd as a spin-off from Harvest Financial Group Harvest Financial Services Ltd is regulated by the Cyprus Securities amp Exchange Commission with license number 02103

Harvest Financial Services Ltd provides a wide range of mutual funds hedge funds and portfolio management advisory services Its investment team has over 14 years experience in

Tailored portfolio construction- the construction and management of diversified high quality fund portfolios tailored to the needs of private and institutional clients

Distribution of Hedge Funds- the distribution of a wide range of fund of hedge fund products for both the institutional and retail markets

Structured Products ndash the structuring and management of products linked to hedge funds

Traditional Investment portfolio Management ndash The construction and management of traditional predominantly long short portfolios

6

HARVEST STARGATE FUND LTD- BENEFITS

RISK MANAGEMENT PERFORMANCE - RETURN

RISK MANAGEMENTCOMPANY SELECTION COMPLIANCE Reporting

RESEARCH

7

Competitive Fund Management

Competitive Fund Management

Integrated Fund Management

Harvest Financial Services Ltd Managerrsquos Style

8

THE IMPORTANCE OF ASSET CLASSES

The Fund

The most popular traditional asset classes are cash bonds equities real estate futures forex and energy hedge funds Harvest Stargate Fund Ltd combines these asset classes with the exception of cash in order to create the next generation of multi asset Global Macro investments

The different asset classes will perform their best at different stages of a normal investment cycle When building a portfolio it is therefore essential that it should not only be spread between different asset classes but should also make an allocation to the asset class that is likely to provide the best return in the following year Whilst equities may be rising bonds or property could be falling and when equities fall hedge funds could perform well

The Stargate Fund is an aggressive market neutral fund with a return objective of 10-15 annually with a standard deviation of approximately 3-5 It allocates capital among managers who have stated investment objective of returns in excess of 15 per annum It is expected that the fund will have higher than average volatility but through diversification of strategies can mitigate drawdowns during bear market environments In positive market periods the fund should produce returns above market benchmarks

CONSISTENT RETURNS

9

INVESTMENT FOCUS GEOGRAPHIC AREA

Scientists recently discovered a massive offshore reserve of an estimated 122 trillion cubic feet of natural gas called the Levant Basin Province While it is one of the worlds richest natural gas reserves the Levant Basin Province is located between countries with endless amounts of mutual hatred It straddles the sea borders of Israel Lebanon Palestine the Republic of Cyprus The largest section discovered so far the Leviathan gas field is believed to possibly contain alongside natural gas 42 billion barrels of oil Leviathan straddles the Israeli-Lebanese maritime border

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

6

HARVEST STARGATE FUND LTD- BENEFITS

RISK MANAGEMENT PERFORMANCE - RETURN

RISK MANAGEMENTCOMPANY SELECTION COMPLIANCE Reporting

RESEARCH

7

Competitive Fund Management

Competitive Fund Management

Integrated Fund Management

Harvest Financial Services Ltd Managerrsquos Style

8

THE IMPORTANCE OF ASSET CLASSES

The Fund

The most popular traditional asset classes are cash bonds equities real estate futures forex and energy hedge funds Harvest Stargate Fund Ltd combines these asset classes with the exception of cash in order to create the next generation of multi asset Global Macro investments

The different asset classes will perform their best at different stages of a normal investment cycle When building a portfolio it is therefore essential that it should not only be spread between different asset classes but should also make an allocation to the asset class that is likely to provide the best return in the following year Whilst equities may be rising bonds or property could be falling and when equities fall hedge funds could perform well

The Stargate Fund is an aggressive market neutral fund with a return objective of 10-15 annually with a standard deviation of approximately 3-5 It allocates capital among managers who have stated investment objective of returns in excess of 15 per annum It is expected that the fund will have higher than average volatility but through diversification of strategies can mitigate drawdowns during bear market environments In positive market periods the fund should produce returns above market benchmarks

CONSISTENT RETURNS

9

INVESTMENT FOCUS GEOGRAPHIC AREA

Scientists recently discovered a massive offshore reserve of an estimated 122 trillion cubic feet of natural gas called the Levant Basin Province While it is one of the worlds richest natural gas reserves the Levant Basin Province is located between countries with endless amounts of mutual hatred It straddles the sea borders of Israel Lebanon Palestine the Republic of Cyprus The largest section discovered so far the Leviathan gas field is believed to possibly contain alongside natural gas 42 billion barrels of oil Leviathan straddles the Israeli-Lebanese maritime border

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

7

Competitive Fund Management

Competitive Fund Management

Integrated Fund Management

Harvest Financial Services Ltd Managerrsquos Style

8

THE IMPORTANCE OF ASSET CLASSES

The Fund

The most popular traditional asset classes are cash bonds equities real estate futures forex and energy hedge funds Harvest Stargate Fund Ltd combines these asset classes with the exception of cash in order to create the next generation of multi asset Global Macro investments

The different asset classes will perform their best at different stages of a normal investment cycle When building a portfolio it is therefore essential that it should not only be spread between different asset classes but should also make an allocation to the asset class that is likely to provide the best return in the following year Whilst equities may be rising bonds or property could be falling and when equities fall hedge funds could perform well

The Stargate Fund is an aggressive market neutral fund with a return objective of 10-15 annually with a standard deviation of approximately 3-5 It allocates capital among managers who have stated investment objective of returns in excess of 15 per annum It is expected that the fund will have higher than average volatility but through diversification of strategies can mitigate drawdowns during bear market environments In positive market periods the fund should produce returns above market benchmarks

CONSISTENT RETURNS

9

INVESTMENT FOCUS GEOGRAPHIC AREA

Scientists recently discovered a massive offshore reserve of an estimated 122 trillion cubic feet of natural gas called the Levant Basin Province While it is one of the worlds richest natural gas reserves the Levant Basin Province is located between countries with endless amounts of mutual hatred It straddles the sea borders of Israel Lebanon Palestine the Republic of Cyprus The largest section discovered so far the Leviathan gas field is believed to possibly contain alongside natural gas 42 billion barrels of oil Leviathan straddles the Israeli-Lebanese maritime border

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

8

THE IMPORTANCE OF ASSET CLASSES

The Fund

The most popular traditional asset classes are cash bonds equities real estate futures forex and energy hedge funds Harvest Stargate Fund Ltd combines these asset classes with the exception of cash in order to create the next generation of multi asset Global Macro investments

The different asset classes will perform their best at different stages of a normal investment cycle When building a portfolio it is therefore essential that it should not only be spread between different asset classes but should also make an allocation to the asset class that is likely to provide the best return in the following year Whilst equities may be rising bonds or property could be falling and when equities fall hedge funds could perform well

The Stargate Fund is an aggressive market neutral fund with a return objective of 10-15 annually with a standard deviation of approximately 3-5 It allocates capital among managers who have stated investment objective of returns in excess of 15 per annum It is expected that the fund will have higher than average volatility but through diversification of strategies can mitigate drawdowns during bear market environments In positive market periods the fund should produce returns above market benchmarks

CONSISTENT RETURNS

9

INVESTMENT FOCUS GEOGRAPHIC AREA

Scientists recently discovered a massive offshore reserve of an estimated 122 trillion cubic feet of natural gas called the Levant Basin Province While it is one of the worlds richest natural gas reserves the Levant Basin Province is located between countries with endless amounts of mutual hatred It straddles the sea borders of Israel Lebanon Palestine the Republic of Cyprus The largest section discovered so far the Leviathan gas field is believed to possibly contain alongside natural gas 42 billion barrels of oil Leviathan straddles the Israeli-Lebanese maritime border

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

9

INVESTMENT FOCUS GEOGRAPHIC AREA

Scientists recently discovered a massive offshore reserve of an estimated 122 trillion cubic feet of natural gas called the Levant Basin Province While it is one of the worlds richest natural gas reserves the Levant Basin Province is located between countries with endless amounts of mutual hatred It straddles the sea borders of Israel Lebanon Palestine the Republic of Cyprus The largest section discovered so far the Leviathan gas field is believed to possibly contain alongside natural gas 42 billion barrels of oil Leviathan straddles the Israeli-Lebanese maritime border

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

10

Example of the investment Strategy Zero Coupon +Direct Investment 13 Strategy

bull The standard way to create capital protected notes for a variety of underlying asset types

bull The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (13 of its assets) into or through structured funds and High Yield Treasuries and Bonds

ndash Buying a zero coupon bond that will mature at 100 at the maturity of the transaction [cost of zero coupon bond = 75] Buying the Underlying Fund (or an option on the Fund if such can be created) using [100 - price of zero coupon = 25]

T = 0 Maturity eg5- 7 years

euro100 invested euro75 Price of

Zero Coupon

Bond

euro25Underlying Fund

RISKLESSZero couponBond will matureat euro100 to repayPrincipal in full

Zero accrues to euro100

Investment pays off based on interim

performance of Underlying Fund

RISKYPayoffdependent onUnderlying Fund

Zero Coupon

BondMaturesAt euro100

Payoffeg at euro50

RedemptionOf euro100+50

bull This structure is the oldest and simplest principal protection strategy

ndash TOTAL RETURN OF UNDERLYING FUND 5025 = 2000

ndash TOTAL RETURN OF INVESTMENT 150100 = 1500

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

11

Fund Structure13 of the fundrsquos assets are investment into protected asset classes with 100 Initial Participation

SPVPut Option

at Guaranteed Amount

Investment euro 100

FundUnits

Investor

Hellenic Bank PLCAdministrator

Zero Coupon Bond(Riskless)Underlying Fund

(Issuer)

ISSUER

at Maturity

Part 1

Dynamic Rebalancing

euro 100 initially euro 0 initially

Part 2Put Option

HFS as the fund managerDetermines the proportion

of Assets invested in the Underlying Fund or

the 0-Coupon Bond

bull Part Portfolio Capital protection is composed of 2 parts

1 A dynamic rebalancing between an investment into the Underlying Fund and a zero coupon bond Objective to ensure that funds are invested in the Underlying Fund for the maximum time possible Through the fund structure it is possible to capture 100 of the performance of the Underlying Fund

2 An unconditional put at 100 at maturity To ensure full repayment of 13 capital in case the dynamic rebalancing is insufficient

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

12

Successful Investment Strategy

bull The Harvest Stargate Fund Ltd offers individual investors access to unique multi-asset multi manager investment strategy usually only used by sophisticated institutional investors and hedge fund managers The principal questions faced by any private investor today are how to allocate their investable funds between the various asset classes available how would this asset allocation should be regularly reviewed and how they can be certain that theyrsquore in the best possible funds run by the best possible fund managers The Harvest Stargate fundrsquos objective is to deliver returns in excess of those offered by traditional investment funds by the careful and active allocation of the portfolio across the five key asset classes-bonds equities property capital protected funds and commodities-combined with the active selection of the best performing underlying fund managers

Global MacroReal Estate

Capital Protected

Equity LongShort bull Primary Fund strategy focused on undervalued

equities in Europe and US either directly or through selected highly rated mutual funds Investments in the CY and GR markets will take an opportunistic approach based on fundamental catalysts that will yield capital gains for the fund

bull Secondary strategy overlaying portfolio focused on different products The addition of capital protected notes as the strategy yields stability and earns possible coupons for the fund

bull Tertiary strategy overlaying portfolio focused on currency management and occasional non-equity opportunities such as bonds forex commodities and real estate funds and property assets13 of the Funds assets are allocated into this dynamic strategy which offers stability and growth

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

13

Experienced and Accessible Investment Manager

bull Founded in Cyprus in 1998 (EPEY since 2003)

ndash Harvest Financial Services Limited (ldquoHFSrdquo) is a Cyprus based fund management group providing discretionary portfolio management services to high net worth individuals institutions and mutual funds both in Cyprus and abroad (wwwharvestgroupcomcy)

bull Head Office in Nicosiandash Key management and staff nearby and available to investors to answers questions

regarding investment strategy performance Harvest Stargate Fund Ltd mechanics and administration

bull Regulated by the Cyprus Securities and Exchange Commission License Number 02103

bull Affiliated with some of the Worldrsquos most prestigious Product and investment service Providers

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

14

The Fundrsquos Asset Allocation ProcessFinancial Instrumentrsquos

FuturesOptions

Equities

ENERGYEAST MEDRUSSIA Real Estate

Energy Focus 60

Hedge Funds

GLOBAL ENERGY DIVERSIFICATION

Fundrsquos Underline Strategies

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

15

Primary Strategy FOCUS ON NATURAL GAS COMPANIES

bull Primary Strategy FOCUS ON ENERGY-NATURAL GAS AND OIL (60 ASSET ALLOCATION)

bull The First and core strategy seeks to buy undervalued equities either on an individual or sector basis and hold them for capital appreciation and income for the medium term The Fund will engage models prior in investing in speculative investments and simulate possible return vs risk prior of entering in such transactions

bull The strategy also seeks to identify major changes of direction in key markets through independent analysis of relevant macro-economic factors trend developments and investor sentiment Harvest seeks to vary overall market exposure accordingly either through further allocationsreductions to existing holdings or investmentdivestments in market heavy weights The strategy does not aim at a particular geographical exposure but rather is driven by a sector approach Historically Europe and US have provided the main holdings for the strategy but Israel and Russia are currently in focus

EAST MED INVESTMENT OPPORTUNITIES

ndash Global gas use over next 30 years

(bcm)

1048729 2000 - 25271048729 2010 - 33771048729 2020 - 42541048729 2030 - 5047

Tamar and Leviathan the two biggestdeep-water Gas discoveries of the past 10 years

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

16

MED ENERGY Primary Strategy Equities Long Short Hedged

GLOBAL MACRO PRIMARY STRATEGY 60 Weight of Portfolio (FOCUS ON MED ENERGY)

bullDelek Energy Delek Drilling and Avner Nobel Energy Lukoil initiating coverage on the fund diversification policy Triple digit upside potential of an oil discovery Symbols (DELKGTA) (AVNRPTA) (DEDRPTA) (DLENTA) (NBL NYSE) (LUKOIL DR) (CUSIP 677862104) MICEX (Moscow) Gazprom (OGZPY) TOTAL OIL (TOTNYSE)

bullThe value of the Levithan Tamar and the Cyprus Aphrodite Reserves (12) can be derived from two sources The value of the natural gas reserves and the value of the oil potential The current share prices do not reflect value of oil potential Ratio share price partially reflects an oil discovery highest upside potential from an oil discovery Levithan oil results likely in early 2012 US-based Noble Energy has discovered gas in Block 12 of Cyprusrsquo Exclusive Economic Zone (EEZ) and the reserve is thought to be 30-40 higher than estimates Tamar was discovered in 2009 and holds an estimated 87 tcf (246 bcm) of natural gas It is expected to come on-stream in 2013 and investment is estimated at $4 bln Peak production for the first phase is targeted at 10-12 bln cfd Leviathan was discovered in December 2010 with reserves estimated at 16 tcf (453 bcm) It is estimated its production life would be 2017-48 with gas sold from two LNG trains each with a capacity of 75 mln tonsyear The first would come on-stream in 2017 the second in 2020 Total development costs would amount to $14 bln It forecasts that 75 of the LNG would be shipped to Europe and the remaining 25 to Asia

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

17

INDUSTRY GROWTH LNG

-

5

10

15

20

25

30

35

2007 2009 2011 2013 2015

Bcf

day

Peru

Malaysia

Indonesia

Brunei

Australia

Nigeria

Yemen

UAE

Oman

Qatar

Egypt

Algeria

Trinidad

World LNG Production May Double by 2016

LNG hub in Cyprus seems most likely

Cyprus seems to be gaining popularity as a potential hub for a future LNG facility that would help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields and use the island to transport the product to customers Two reports have cited the current geopolitical climate in the Middle East and North Africa as reinforcing the case for Israeli gas while looking at Cyprus as an alternative solution to lengthy and politically sensitive pipelines in other countries Recent natural gas discoveries halfway between Cyprus and Israel at the Tamar and Leviathan fields estimates gas reserves at 25 trln cubic feet (705 bln cum) enough to meet domestic demand for several decades and enough to transform Israel into an energy exporter the Middle East Economic Survey

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

18

INDUSTRY FOCUS ndash REGIONAL EFFECTS

bull Shekel appreciation and ldquoDutch diseaserdquo to be mitigated through a SWF

With Israelrsquos current account surplus likely to get even bigger in the future concerns have been raised about ldquoDutch diseaserdquo ie a large appreciation of the shekel damaging the competitiveness of Israelrsquos non-energy exports While further shekel appreciation appears very likely we think the extent of appreciation can be reduced through the establishment and careful management of a SWF that would help to sterilize a large part of the natural gas-related FX inflows

bull The real game-changer could be oil

Geological tests suggest a possibility that in addition to natural gas Israel might also find sizeable quantities of offshore oil While the lsquoprobability of successrsquo is currently considered to be low our calculations suggest that in the event of success oil could potentially deliver a boost to GDP growth the budget and the external balance that might potentially be even bigger than the impact from natural gas This would also imply a larger appreciation potential for the shekel and an even greater requirement to manage the resulting macroeconomic challenges through a carefully managed sovereign wealth fund

More meaningful results of geological tests on oil are expected in late 2011

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

19

Important Legal Note

bull The material provided herein is for informational purposes only It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein notwithstanding that any such securities may be currently being offered to others Any such offering will be made only in accordance with the terms and conditions set forth in the Offering Memorandum pertaining to such fund Alternative investments such as hedge funds and ICIS are subject to less regulation than other types of pooled investment vehicles may be illiquid and can involve a significant use of leverage making them substantially riskier than the other investments including any products which may be shown as comparison herein Prior to investing investors are strongly urged to review carefully the Offering Memorandum (including the risk considerations described therein) and all related fund documents to ask such additional questions of the Investment Manager as they deem appropriate and to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment

bull This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship residence or domicile which might be relevant to the subscription purchase holding exchange redemption or disposal of any investments

bull Investment in ICIS Funds are suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume and understand the risks involved While the given material is subject to change and although based upon information which we consider reliable it is not guaranteed as to accuracy or completeness No person has been authorized to give any information or to make any representation warranty statement or assurance not contained in the Offering Memorandum and if given or made such other information or representation warranty statement or assurance may not be relied upon

bull Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up Future returns are not guaranteed and a loss of principal may occur Harvest Financial Services Ltd makes no warranty or representation that the security and or recommendationthe fund made are appropriate for all recipients and investors

bull Opinions expressed are current opinions as of the date appearing in this material only No part of this material may be i) copied photocopied or duplicated in any form by any means or ii) redistributed without Harvest Financial Services Ltd prior written consent

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

20

Geographic Map

Source Delek Energy

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

21

IMPORTANT INFORMATION

ldquoThe Central Bank of Cyprus shall not be liable by virtue of its recognition of the ICIS or by reason of its exercise of the functions conferred on it by the International Collective Investment Schemes Law Recognition of the ICIS does not constitute a warranty by the Bank as to the creditworthiness or financial standing of the various parties to the ICISrdquo

Supervision of ICIS

In accordance with section 3 of the Law the Central Bank of Cyprus is the regulatory and supervisory authority in the Republic of Cyprus for ICIS their managers and trustees

An ICIS must sell redeem or repurchase its units at the request of unit holders in accordance with its constitutional documentation Units may not be issued as partly paid and may not be sold unless the equivalent of the net issue price is paid Basic Rules for the calculation of sale redemption or repurchase price can be found in ldquoRegulations on the valuation of the property of an ICISrdquo

Taxation

Any gains or profits generated by an ICIS of any type including a unit trust or an investment limited partnership are subject to an effective tax rate of 0425 while no further tax is imposed on any dividends or other distributions made by an ICIS to its unit holders The income of managers and trustees if not permanent residents of the Republic which is generated from services they offer to ICIS is exempt from income tax

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals

22

Professionals

bull Fund Regulator Central Bank of Cyprusbull Investment Manager Regulator Cyprus Securities amp Exchange Commissionbull Investment Manager ndash Harvest Financial Services Ltdbull Internal Auditor KPMG Advisory Services Ltdbull Administrator ndash Hellenic Bank Public Ltdbull Custodian - Hellenic Bank Public Ltd bull Auditors ndash PKP Professional Services Ltd bull Legal Advisor ndash Drakos amp Efthymioubull National Bank of Greece Cyprus Ltdbull Hellenic Bank Public Ltd bull Wall Street Global LLC bull Interactive Brokers LLPbull Deutsche Bank Securities Israel Ltd

Professionals