The Portfolio Manager, in accordance with the terms of the Portfolio Management Agreement, shall be obliged to use all reasonable endeavours, in the course of carrying out such obligations, to pursue an investment strategy that will invest mainly in the United States and Europe, but also in Asia or other jurisdictions. The main industries will be technology and early state growth companies using a long/short equity strategy and derivatives. The strategy will seek absolute returns relative to the MSCI world index and other benchmarks. The Portfolio Manager may change its investment strategy according to market conditions.