Executive Summary

Rapid Realisations Fund Limited is a new Guernsey registered, closed-ended investment company. The Company's initial issued share capital will comprise Ordinary Shares which will be traded on AIM. The Company has an indefinite life. The assets of the Company will be managed by Cenkos Fund Managers. The Company will seek to exploit the investment opportunity represented by companies in \pre-flotation\ and other late stage situations with a view to arbitraging differences between public and private company valuations. It is the Company's intention to use the Net Proceeds to build a portfolio of investments which is diversified by sector and stage of development. However, unless the Board otherwise determines, there will be no geographical or sectoral restrictions upon the Company's investments, save that the prior consent of the Board will be required before investments will be made outside the UK. Generally, the Company will seek not to invest (or commit to invest) more than 15 per cent. of the Company's Net Asset Value to any single investment, or more than 15 per cent. of the Company's Net Asset Value in special situations (such as investments in companies that are already listed), in weach case at the time of investment (or commitment), although such limits may be increased to 30 per cent. in certain cases where the Board deems appropriate on the advice of Cenkos Fund Managers.

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