Tiger Value Fund B/  LU0400329750  /

The investment objective of the Tiger Fund - Tiger Value Fund (the "Sub-Fund") is to seek an absolute return for investors, with a view to capital gain. The policies the Sub-fund will utilise to achieve such objective may vary but the Sub-fund will seek to achieve its investment objective principally by investing in undervalued publicly listed companies. The Sub-fund investments are likely to be, but not limited to, small- and mid-sized companies, where a number of issues may sub-optimize the company"s public market value (e.g. shareholder structure, financing structure, subsidizing of loss making businesses, etc.). As engaged and responsible shareholder, the Investment Advisor expect to have a direct dialog with the company as well as with other shareholders to impact ftpositive change. The Sub-fund expects to assume positions in a limited number of companies. The principal focus of the investments will be Germany, Austria and Switzerland (collectively, the "DACH region"). The Sub-fund may also invest in companies outside the DACH region. In seeking to achieve the investment objective and in implementing its investment policies or strategy, the Sub-fund may employ a wide range of investment techniques. The Sub-fund may trade and invest, both long and short, in a wide range of securities, currencies, commodities and related derivative instruments including, equities, equity related securities, bonds and other fixed income securities, swaps, listed and over-the-counter options, warrants, repurchase agreements, futures and forward contracts, provided that investment in commodities may only be realised via related derivative instruments and that all of the aforementioned instruments are cash-settled. The Sub-fund may invest in various types of depositary receipts and shares of other investment companies. The Sub-fund may also purchase and sell put and call options on securities and securities" indices, and futures and forward contracts on currencies, government and private securities and securities" indices. These techniques may be used both as independent profit opportunities and to hedge existing long and short positions.

The investment objective of the Tiger Fund - Tiger Value Fund (the "Sub-Fund") is to seek an absolute return for investors, with a view to capital gain. The policies the Sub-fund will utilise to achieve such objective may vary but the Sub-fund will seek to achieve its investment objective principally by investing in undervalued publicly listed companies.