SMV

THE FEEDER FUNDS ARE PRIVATE FUNDS

Exchange

Qatar

Macau

Electron Master Fund Rollup Source

INVESTORS

MEMORANDUM

the People's Republic

MSCI World Utilities

the Qatar Central Bank

Sell

THE PHILIPPINES SECURITIES & EXCHANGE COMMISSION

Morgan Stanley

SOUTHERN FINANCIAL

LICENSED

CONFIDENTIALITY OBLIGATION

Philippines

Taiwan

OFFER OF SECURITIES OR FINANCIAL SERVICES

Notice

PURCHASE

THE EXCLUSIVE RESPONSIBILITY OF THE GENERAL PARTNER

PARTIALLY

CONSEQUENTLY

OFFEROR