Updated Investment Policy

1. Investment Manager: Harvest Financial Services Ltd,
Regulated by the Cyprus Securities and Exchange Commission,
License Number 021/03 –Member 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).
JANUARY 2013 (V7EN)
CONTACT: Telephone + 357 22 552800 andy@harvestgroup.com.cy
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 Summary
Fund Structure Indicative Summary Terms
Final Maturity • Open Ended Unlimited holding period. Minimum Holding Duration two Years.
Currency • EUR or currency equivalent on the subscription date.
Principal Protection • The fund therefore offers soft capital protection only on selected underline assets
Provider that bare issuers guarantees.
Form • Shares – ICIS UNITS
Notional • [●] MM, minimum 1MM
Issue Price • CURRENT MONTHLY NAV
Redemption Amount • The shares will be redeemed on the Redemption Months NAV:
• The Shares may be redeemed prior to that on a monthly basis after year 2 .
• Share Price (t) – 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 • Investors will be able to subscribe additional amounts in the fund on a monthly
basis, with rounds of 10,000 EURO
Initial Allocation into • The Initial Allocation of the Issuer to the Underlying Fund will be equal to 100%;
the Underlying Fund thereafter the Trading Administrator will adjust the allocation between the assets of
the Issuer in accordance with the Rebalancing Rules.
Investment Manager • Harvest Financial Services Ltd -
Transaction Fees
• Investment Manager Fees: 2.0% annual management fees on NAV and an incentive –
performance fee of 20% of annual returns in excess of 10%
2

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 Past performance does not guarantee future performance; investment in the fund should be based upon
Returns: a complete assessment of their terms.
Limitations of Simulated Certain presentations and back-testing or other statistical analysis materials that may have been
Returns: provided in connection with explanations of the mechanics and/or 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 Fund’s
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 It may be required for purposes of the Investment Manager’s compliance procedures to disclose to the
Identity: name of the initial investor in the fund.
LIMITED OFFER
3

4. Table of Contents
Benefits of the Harvest Stargate Fund Ltd,
Summary: 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 fund’s 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.
NEW ISSUE JANUARY 2013– LIMITED OFFERING-ACCREDITED INVESTORS
4

5. Introduction
The Harvest Financial Services Ltd, is a leading investment management company, based in Nicosia
Manager 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 & Exchange Commission with license number 021/03.
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 – the structuring and management of products linked to hedge funds.
Traditional Investment portfolio Management – The construction and management of traditional,
predominantly long / short portfolios.
5

6. HARVEST STARGATE FUND LTD- BENEFITS
RISK MANAGEMENT PERFORMANCE - RETURN
RESEARCH COMPANY SELECTION RISK MANAGEMENT COMPLIANCE
Reporting
6

7. Harvest Financial Services Ltd Manager’s Style
Integrated Fund Management
Competitive Fund
Management
7

8. Experienced and Accessible Investment Manager
• Founded in Cyprus in 1998 (European Regulated KEPEY since 2003)
– Harvest Financial Services Limited (“HFS”) 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 (www.harvestgroup.com.cy)
• Head Office in Nicosia
– Key management and staff nearby and available to investors to
answers questions regarding investment strategy, performance,
Harvest Stargate Fund Ltd mechanics and administration.
• Regulated by the Cyprus Securities and Exchange Commission License
Number 021/03
• Affiliated with some of the World’s most prestigious Product and
investment service Providers
8

9. THE IMPORTANCE OF ASSET CLASSES
The The most popular traditional asset classes are cash, bonds, equities, real estate,
Fund 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 4%-7%. It allocates capital
among Fund 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 drawdown's during bear market
environments. In positive market periods, the fund should produce returns above
market benchmarks.
HIGH RETURN POTENTIAL
9

10. Example of the investment Strategy: Zero Coupon +Direct
Investment 1/3 Strategy
• The standard way to create capital protected notes for a variety of underlying asset types
• The initial investment strategy of the Harvest Stargate Fund Ltd is allocated (1/3 of its assets) into or through structured funds
and High Yield Treasuries and Bonds:
– 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].
RISKY:
Payoff
Payoff
dependent on
e.g. at €50
Underlying Fund
€25 Redemption
Underlying Fund Of €100+50
Zero
Coupon RISKLESS:
Bond Zero coupon
€75
€100 invested Matures Bond will mature
Price of
At €100 at €100, to repay
Zero
Principal in full
Coupon
Bond
T=0 Maturity e.g.5- 7 years
• This structure is the oldest and simplest principal protection strategy.
– TOTAL RETURN OF UNDERLYING FUND: 50/25 = 200.0%
– TOTAL RETURN OF INVESTMENT: 150/100 = 150.0%
10

11. Fund Structure
1/3 of the fund’s assets are investment into protected asset classes with
100% Initial Participation or Real Estate Assets.
• 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 1/3 capital, in case the dynamic rebalancing is insufficient
Part 2:
Put Option
Investment SPV
€ 100 ISSUER
Put Option
Investor at Guaranteed Amount
(Issuer)
at Maturity
Fund
Units
Administrator
Part 1:
€ 100 initially € 0 initially
HFS as the fund manager
Determines the proportion Zero Coupon Bond
Underlying Fund
Dynamic Rebalancing (Riskless)
of Assets invested
in the Underlying Fund or
the 0-Coupon Bond
Or Real Estate Assets
11

12. Successful Investment Strategy
• 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 they’re in
the best possible funds run by the best possible fund managers. The Harvest Stargate fund’s 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.
• Primary Fund strategy focused on undervalued
Equity Long/Short 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.
• Secondary strategy overlaying portfolio focused on
Capital Protected different products. The addition of capital protected
notes as the strategy yields stability and earns
possible coupons for the fund.
• Tertiary strategy overlaying portfolio focused on
currency management and occasional non-equity
Global Macro/Real opportunities such as bonds, forex, commodities and
Estate real estate funds and property assets.1/3 of the
Funds assets are allocated into this dynamic strategy
which offers stability and growth.
12

13. The Fund’s Asset Allocation Process
Financial Instrument’s
Equities
Futures/Options
Hedge Funds
Fund’s Underline
Strategies
Energy Focus
60%
High Yield
Fixed Income
Real Estate
Assets
GLOBAL ENERGY DIVERSIFICATION
13

14. Investment Strategy- Primary Strategy Overview
Strategy Overview
• The investment seeks long-term growth of capital. The fund invests, under normal circumstances, at least
80% of its net assets (plus any borrowings for investment purposes) in securities of issuers engaged in
energy-related industries. It invests predominantly in equity securities. The principal type of equity
securities purchased by the fund is common stock. The fund may invest up to 100% of its net assets in
foreign securities of issuers doing business in energy-related industries with operations or interest in the
Eastern Mediterranean Sea. It invests in issuers of all market capitalizations.
14

15. 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 world's 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, 4.2 billion barrels of oil. Leviathan straddles the Israeli-Lebanese maritime
border.
15

16. Primary Strategy: FOCUS ON OIL & NATURAL GAS COMPANIES
• Primary Strategy: FOCUS ON ENERGY-NATURAL GAS AND OIL (60% ASSET ALLOCATION)
• 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.
• 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 allocations/reductions to existing holdings or
investment/divestments 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.
– Global gas use over
next 30 years
(bcm):
Tamar and Leviathan: the two biggest 2000 - 2,527
deep-water Gas discoveries of the past 10 years 2010 - 3,377
2020 - 4,254
2030 - 5,047
EAST MED INVESTMENT OPPORTUNITIES
16

17. MED ENERGY Primary Strategy: Equities Long / Short / Hedged
GLOBAL MACRO PRIMARY STRATEGY (FOCUS ON MED ENERGY)
• EAST MED MAJOR STAKEHLDERS: Delek Energy, Delek Drilling and Avner, Nobel Energy, Lukoil, Noya Oil & Gas, Globe
Exploration Partnership, Modiin Energy LP, ENI, initiating coverage on the fund diversification policy. Triple digit upside
potential of an oil discovery. Symbols: (DELKG.TA), (AVNRP.TA), (DEDRP.TA), (DLEN.TA), (NBL. NYSE), (LUKOIL. DR) (CUSIP
677862104), MICEX (Moscow), Gazprom (OGZPY), TOTAL OIL (TOT.NYSE), (GAS.CSE), Israel Opportunity Energy Resources, LP
(ISOPL.TA), TSX.V: ADL
• The 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 Cyprus’ 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 8.7 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 1.0-1.2 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 7.5 mln tons/year. 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

18. KEY PLAYERS– NOBEL ENERGY OPERATIONS (NYSE) NBL
EASTERN MEDITERRANEAN –NOBEL ENERGY OPERATIONS (NYSE –NBL)
• Noble Energy has been operating in the Mediterranean Sea, offshore Israel, since 1998. We have a 47 percent interest in the Mari-
B field, the first offshore natural gas production facility in Israel. Production from Mari-B began in 2004 and sales volumes have
increased as Israel’s power demand and pipeline infrastructure have expanded tremendously. A string of successful wells at
Tamar, Dalit, Leviathan, Dolphin, and Tanin have resulted in several discoveries, including a very large inventory of natural gas
resources. In late 2011, we announced a significant discovery offshore Cyprus which further expanded the resource inventory.
Development at Tamar progresses with production expected by April 2013.
• NBL has a 36 percent operated working interest at Tamar, with gross mean resources of 9 trillion cubic feet (Tcf) of natural gas.
Tamar was the largest deep-water natural gas discovery in the world in 2009. Sanctioned in September 2010, initial expectations
target commissioning in late 2012. Development drilling at Tamar is underway, and we are continuing discussion with a growing
number of parties to deliver reliable and clean energy resources to customers.
• Noble Energy is working on providing additional gas deliverability until Tamar comes online in 2013. Noa, a nearby field, is being
developed and is expected to provide 100 million cubic feet per day (MMcf/d) of production by September 2012.
• Leviathan represents the largest exploration success in Noble Energy's history, with gross mean resources of 17 Tcf of natural gas.
NBL is actively studying multiple export options, including both LNG and pipeline scenarios. We drilled a successful appraisal well
in 2011 and are deepening the initial discovery well to test for a deep oil concept.
• In late 2011, NBL announced a discovery offshore Cyprus with estimated gross mean resources of 7 Tcf. In early 2012, NBL
announced our sixth consecutive field discovery at Tanin with estimated gross mean resources of 1.2 Tcf. NBL now discovered
approximately 35 Tcf gross of new gas resources from this region.
Source Nobel Energy.
18

19. KEY PLAYERS– NOBEL ENERGY OPERATIONS (NYSE) SYMBOL: NBL
ABSTRACT FROM ANALYST PRESENTATION DECEMBER 6TH 2012
19

20. EAST MED ENERGY Strategy: Equities
(EAST MED ENERGY)
20

21. EAST MED ENERGY Strategy: Equities – Israel EEZ Key Developments
(EAST MED ENERGY)
KEY ISRAEL PLAYERS
According to information on the operator Adira Energy's
web site, potential reserves for the Gabriella license are as
follows: Best Estimate (P50) Contingent Oil
110.1MMBO; Best Estimate (P50) Prospective Condensate
17.4.MMB; Best Estimate (P50) Prospective Gas 751.1BCF.
Current licensees are: Adira Energy (operator)
10%; Brownstone Energy 15%, Modiin Energy 70%; Tohar
5%. Estimated gross dry hole cost of the well (according to
Adira) is $96m.
Modiin Energy, controlled by Tzahi Sultan and Nochi
Dankner's IDB Holding Corp, and Adira Energy own the
rights to the offshore Gabriella license. Drilling is due to
begin in the first half of this year. Adira Energy Ltd. is an oil
and gas company which is focused in the Eastern
Mediterranean. The Company has three petroleum
exploration licenses offshore Israel ; the Gabriella, Yitzhak
and Samuel Licenses. These licenses are located
respectively 10 km offshore between Netanya and Ashdod,
17 km offshore between Hadera and Netanya and adjacent
to the coast between Ashkelon and Bat-Yam.
TSX-V:ADL East Med Licenses and Discoveries - showing location of Gabriella
OTCBB:ADENF (Source: Adira Energy)
FRANKFURT: AORLB8
21

22. EAST MED ENERGY Strategy: Equities
(EAST MED ENERGY)
Source Adira Energy
22

23. EAST MED ENERGY Strategy: Equities
(EAST MED ENERGY)
Source Adira Energy
23

24. MED ENERGY Primary Strategy: Equities – Key Developments
(MED ENERGY)
Source: Israel Opportunity Resources L.P
24

25. INDUSTRY GROWTH LNG
World LNG Production May Double by 2016
35 Peru
Malaysia
30
Indonesia
Brunei
25
Australia
Bcf/day
20 Nigeria
Yemen
15
UAE
Oman
10
Qatar
5 Egypt
Algeria
-
Trinidad
2007 2009 2011 2013 2015
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 tr. cubic feet (705 bln cu.m.), enough to meet
domestic demand for several decades, and enough to transform Israel into an energy exporter, the Middle East Economic Survey.
25

26. GREECE FOLLOWS CYPRUS AND ISRAEL IN THE NEW ENERGY MAP
Oil And Gas Energy Industry in Greece
by Andy Ioannou Varoshiotis on Tuesday, December 18, 2012 at 5:54pm
·
The key trends and developments in the Greek oil & gas sector are: - Russian gas giant Gazprom is among 14 firms that have
expressed initial interest in buying Greece's state gas firm DEPA, according to the Greek government in April 2012. According to a
statement by Greece's privatization agency, other potential suitors that may submit indicative bids for DEPA include Azerbaijan's
SOCAR, Japan's Mitsui, Spain's Enagas and Gas Natural, Italy's ENI and Edison, Algeria's Sonatrach, Russia's Negusneft and the
Israel Corporation Ltd. Gazprom already provides most of the gas DEPA uses. Edison is cooperating with the Greek industry on plans
to lay an underwater gas pipeline in the Adriatic Sea. - Antonis Samaras, the head of Greece's Conservative New Democracy party,
has put forward a proposal to establish an economic exploration zone (EEZ) to exploit offshore oil and gas reserves. He stated that
the move could allow the country to improve its debt position. However, the proposed EEZ is expected to lead to disputes between
Greece and Turkey over land, air, sea and sea-floor borders in the Aegean, after the latter opposed similar plans touted by Cyprus. -
Natural gas consumption, which was estimated to have been 3.5bn cubic meters (bcm) in 2011, is expected to continue increasing
over the medium to long term. BMI is forecasting 3.7bcm by 2016 and 4.3bcm by 2021. The dire state of the economy has slowed
growth in gas consumption; however, infrastructure will still be developed for local use, with new power stations to be gasfired and
the country securing sources of imported gas. - In 2011, the country imported up to 2bcm of liquefied natural gas (LNG), according
to BMI estimates. There are plans to import gas from Qatar via a new receiving terminal. By 2021, we believe Greece could be
importing up to 4bcm of LNG. - Although there is scope for medium- to long-term stability in domestic oil production, there is
considerable uncertainty over the scale and the timing of any new field development. Beyond the expected energy market weakness
in 2012-2013, the country’s oil consumption is forecast to rise and is expected to reach 358,000 barrels per day (b/d) in 2016 and
399,000 b/d by 2021. The 2016 oil import bill is forecast to come in at US$12.66bn, rising to US$13.87bn by the end of our 10- year
forecast period in 2021. With gas imports due to cost US$1.83bn in 2016, the total petroleum import cost in 2016 is forecast at
US$14.49bn. By 2021, gas imports are due to cost US$2.05bn, resulting in a total petroleum import cost of US$15.92bn. At the time
of writing, we anticipate an OPEC basket oil price for 2012 of US$111.47 per barrel (bbl), falling to US$107.00/bbl in 2013.
Assumptions for 2016 and 2021 are US$99.00 and US$97.00/bbl, respectively.
26

27. INDUSTRY FOCUS – RECENT DEVELOPMENTS
“With the increasing financial burdens clouding Europe's future, it is crucial to ascertain how we can explore
new opportunities to gauge how the new discoveries will help pave the way out of an economic crisis and lead
to forming new business alliances, shape difficult strategic relations and of course determine how new energy
will bring about a wealth of positive change in old waters”.
•Cypriot minister: Block 12 gas production by 2017
•Block 12, owned 70% by Noble Energy and 30% by Delek, has an estimated 8 trillion cubic feet of gas, just under half the size
of the nearby Israeli Leviathan field.
•Cypriot Minister of Commerce, Industry and Tourism Mr. Neoklis Sylikiotis says that Noble Energy Inc. (NYSE: NBL) plans to begin
a second round of drilling at Block 12 in 2013, begin production by 2017, and begin exports by 2019. Noble Energy owns 70% of
Block 12, and Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each
own 15%. Block 12 has an estimated 8 trillion cubic feet of gas, just under half the size of the nearby Israeli field, Leviathan, owned
by the same companies together with Ratio Oil Exploration (1992) LP (TASE:RATI.L)
•Mr. N Sylikiotis added that Cyprus expects to earn €300 million from its offshore gas and oil concessions.
•According to the "Cyprus Mail" today, "In the government gazette edition of August 17, the US firm invited bids for two separate
contracts which, taken jointly, suggest that it is pressing forward with the natural gas field - approximately nine months after it
announced a significant find there." It adds, "Subsea testing costs around US$350 million. Analysts say the total tab for developing
the Block 12 prospect, including all the facilities for subsea testing as well as the pipelines, could come to $3.5 billion."
•Published by Globes [online], Israel business news - www.globes-online.com - on August 22, 2012
27

28. INTERNATIONAL INTEREST-NEGOTIATIONS
• Novatek Shows Interest in Cyprus Offshore Oil, Gas Licenses –Negotiations Halted
• By Stelios Orphanides and Anna Shiryaevskaya - Apr 5, 2012 6:17 PM GMT+0300
• OAO Novatek (NVTK), Russia’s second-biggest natural-gas producer, is looking at bidding for licenses to
explore off Cyprus after the island nation’s first gas discovery attracted global companies. Update : Dec
ember 2012 – Cyprus Government Postpones Discussions on field 9.
• Leonid Mikhelson, Novatek’s billionaire chief executive officer, flew to Cyprus for talks yesterday, Neoklis
Sylikiotis, Cyprus’ commerce and industry minister, told reporters in Nicosia today. The country is accepting
applications for a second licensing round until May 11.
• Houston-based Noble Energy Inc. (NBL) reported the first discovery off Cyprus’s coast in December, with
results from the Cyprus A-1 well indicating as much as 8 trillion cubic feet of gas. The find prompted “a
lot of interest” in the area, Sylikiotis said.
• Cypriot President Demetris Christofias also met with Mikhelson and a Russian delegation including OAO
Gazprombank Chairman Andrei Akimov, said Phidias Pilides, the chairman of the Cyprus Chamber of
Commerce and Industry.
• The Siberian company’s natural-gas production and sales are now limited to Russia where state-run OAO
Gazprom (GAZP), the world’s biggest producer, controls the pipeline network and exports. Novatek ended
a concession agreement last year to its only exploration project outside Russia, the El-Arish project in
Egypt, after drilling didn’t find commercial prospects.
28

29. INTERNATIONAL INTEREST – FUTURE DEVELOPMENTS
• Gas Liquefaction
• The Russian gas producer may invest in Cyprus’s gas industry, including gas production, transport and
processing, if it is successful in the licensing round, Pilides said by phone from Nicosia. Liquefaction and
petrochemical projects may follow, he said.
• Chinese companies have already submitted proposals for construction of a gas facility, Sylikiotis said last
week.
• The east Mediterranean island is working with Israel, 300 miles (480 kilometers) south across the sea, on
plans to build a pipeline to link their gas fields before the fuel is liquefied for export to Europe or Asia,
Israeli Prime Minister Benjamin Netanyahu said Feb. 16.
• Cyprus must hold a “considerable” stake in a proposed liquefaction plant to export its gas, Sylikiotis said on
March 28. As construction costs will be “extremely high,” Cyprus is seeking “multiparty cooperation with
the involvement of other important countries and energy giants,” he said at the time.
29

30. INTERNATIONAL INTEREST – KEY PLAYERS
• Israel Opportunity lists unit on Cypriot Stock Exchange
• Cyprus Opportunity and Norway's AGR are bidding for two Cypriot offshore exploration licenses.
• 22 July 12, Amiram Barkat
• Cyprus Opportunity Energy plc (CSE: GAS), a subsidiary of Israel Opportunity - Oil and Gas Exploration Ltd. listed its shares
for trading on the Cyprus Stock Exchange last week, at a market value of €14 million. Sources inform ''Globes'' that Cyprus
Opportunity plans to hold a public offering in 2013. It is a sister company of Israel Opportunity Energy Resources LP
(TASE: ISOP.L). Cyprus Opportunity is controlled by Israeli, Norwegian, and Cypriot shareholders. The Israeli shareholders
are Rony Halman and Uri Aldubi, the general partners of Israel Opportunity. The Norwegian shareholders are the owners of
AGR Group Inc., which is jointly bidding with Cyprus Opportunity for two of the offshore exploration licenses that the Cypriot
government is offering - Block 2 and Block 8.
• The two companies submitted their bids on May 11, as part of the 2nd Licensing Round tender for 12 offshore licenses.
Cyprus Opportunity acquired 2D seismic data on which it has already performed preliminary analysis as part of its business
strategy. The Cypriot government is due to publish the results of the tender in November. Cyprus Opportunity says that even if
it does not win in the tender, it will continue to operate in the Cypriot offshore oil and gas exploration business through joint
ventures with third parties.
• Israel Opportunity owns 5-10% of the five of the deep-water Pelagic licenses - Aditya, Ishai, Lela, Yahav, and Yoad - covering
500,000 acres 170 west of Haifa, between Leviathan's Ratio Yam and Block 12, which includes the Aphrodite structure, in
Cyprus's exclusive economic zone (EEZ). Israel Opportunity owns 10% of the licenses, Beny Steinmetz and Teddy Sagi each
own 42.5%, and AGR owns 5%.
• Cyprus says that Cyprus Opportunity is the first oil and gas exploration company to list on the stock exchange. The Cyprus
Stock Exchange is still recovering from a corruption and insider trading scandal from almost ten years ago.
• 25 consortia have filed 15 bids for the 12 licenses. Industry sources believe that the size of the signature fee that the bidders
will offer the Cypriot government will be an important factor in selecting the winners. The Cypriot government and the gas
developers will sign production sharing contracts.
• Published by Globes [online], Israel business news - www.globes-online.com - on July 22, 2012
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31. INDUSTRY FOCUS – REGIONAL EFFECTS
• Shekel appreciation and “Dutch disease” to be mitigated through a SWF
With Israel’s current account surplus likely to get even bigger in the future, concerns have been
raised about “Dutch disease”, i.e. a large appreciation of the shekel damaging the competitiveness
of Israel’s 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.
• 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 ‘probability of success’ 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 2013.
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32. Geographic Map of Nobel Energy Operations
Source: Nobel Energy
32

33. Geographic Map of Delek Energy Operations
Source: Delek Energy
33

34. Fund Secondary Strategy: High Yield Global Fixed Income
Fund Name CUSIP/Symbol Currency Investment Style
Franklin Templeton Global High Yield Fund LU0300741062 USD Fixed Income High Yield
Franklin Templeton Income Fund LU0098860793 USD Global Balanced
Allianz Euro High Yield Bond Fund Class A EUR LU0482909818 EUR Euro High Yield Bond
Fidelity Select Utilities Portfolio FSUTX USD Utilities Growth Portfolio
Top Holdings: These securities do not represent all of the securities purchased, sold or recommended for the fund, and the reader
should not assume that investment in the securities listed was or will be profitable. The portfolio manager for the Fund reserves the
right to withhold release of information with respect to holdings that would otherwise be included in the top 10 holdings list. The
investment policy is geared towards generating capital growth in Euro terms over the long term. The Fund assets are invested in
Interest-bearing Securities. Index certificates and other certificates whose risk profile typically correlates with Interest bearing
Securities or with the investment markets to which these assets can be allocated may also be acquired for the Sub-Fund. The value of
the fund's domestic and foreign investments will vary from day to day in response to many factors. Stock values fluctuate in response
to issuer, political, regulatory, market, or economic developments. You may have a gain or loss when you sell your shares.
Investments in foreign securities, especially those in emerging markets, involve risks in addition to those of U.S. investments,
including increased political and economic risk, as well as exposure to currency fluctuations. Because FMR concentrates the fund's
investments in a particular industry, the fund's performance could depend heavily on the performance of that industry and could be
more volatile than the performance of less concentrated funds and the market as a whole. The fund is considered non-diversified and
can invest a greater portion of assets in securities of individual issuers than a diversified fund; thus changes in the market value of a
single investment could cause greater fluctuations in share price than would occur in a more diversified fund. The utilities industries
can be significantly affected by government regulation, financing difficulties, supply and demand of services or fuel, and natural
resource conservation.
34

35. IMPORTANT INFORMATION
“The 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 ICIS”.
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 “Regulations on the valuation of the
property of an ICIS”.
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 0,425%, 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.
35

36. Professionals
Professionals
• Fund Regulator: Central Bank of Cyprus,
• Investment Manager Regulator: Cyprus Securities & Exchange Commission.
• Investment Manager – Harvest Financial Services Ltd
• Internal Auditor: KPMG Advisory Services Ltd
• Administrator – Hellenic Bank Public Ltd
• Custodian - Hellenic Bank Public Ltd
• Auditors – PKP Professional Services Ltd
• Legal Advisor – Drakos & Efthymiou
• Tornaritis Law Firm – Trusts and Legal Administration
• Bankers - Hellenic Bank Public Ltd
• Interactive Brokers LLP
• Deutsche Bank Securities Israel Ltd via Hellenic Bank Administrators and
Custodians.
• XNET Systems – CTA Systems Modeling
• Probanx Portfolio Management Solutions
36

37. Important Legal Note
• 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.
• 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.
• 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.
• 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 recommendation/the fund made are appropriate for all
recipients and investors.
• 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.
37