The Partners Fund Trust

The investment objective of the Fund is to obtain returns and to achieve capital growth over the medium to long-term. The Fund's assets shall be invested in various alternative asset classes and/or alternative investment strategies including private equity, private debt, private real estate, private infrastructure and other private market investments. The Fund may invest in listed private equity, listed real estate, listed infrastructure, insurance linked securities, other public alternative investments and private alternative investments. Fund investments may be accessed directly or indirectly through pooled investment vehicles or other special purpose vehicles. The Fund's investments will be subject to a well-defined diversification in an attempt to reduce risks associated with alternative investments. The Fund will not invest or commit more than 20% of its assets in any single investment. The Fund currently intends to partially hedge its foreign exchange exposure, but has no obligation to hedge at all. Returns on each investment type, ultimately, depend upon the financial performance of the underlying investments made by the Fund, be that direct investments or indirectly via the other funds the Fund may invest in; if the underlying investments' performance is positive, so too will the Fund's be. Conversely, if the underlying investments' performance is negative, the Fund's performance will be negative too.