Portland Special Opportunities Fund

Investment Objective

• The investment objective of the Fund is to provide above average long-term returns by investing directly or indirectly, in strategies managed by EnTrust Global or its affiliates.

How The Fund is Managed

The Manager intends to invest in alternative strategies through pooled investment vehicles and/or separately managed accounts managed by EnTrust Global. The strategy intends to be focused on investments in the following:

• Initially invest in EnTrustPermal Special Opportunities Fund IV Ltd. ("EPSO4").
• Short-term marketable securities such as treasury bills, bankers acceptances and commercial paper or cash, particularly pending capital calls from EPSO4.
• EnTrust Global Alternative Core Separately Managed Account based on EnTrust Global Alternative Core Fund subject to any regulatory or tax restrictions.
• Subsequent offering and strategies of EnTrust Global on a direct or indirect basis.

EnTrust Global

EnTrust Global is one of the largest global hedge fund investors in alternative investment strategies for high net worth individuals, corporations, sovereign wealth funds, public pension plans and pooled investment vehicles.

Key Reasons To Invest

Through its investments in Special Opportunities mandates, EnTrust Global provides opportunity to:

• CO-INVEST with some of the world’s largest alternative strategies managers.
• ACCESS the expertise of EnTrust Global, one of the largest alternative strategies investors globally, in vetting and selecting investment opportunities from among the “best ideas” presented by over 100 managers in EnTrust Global’s global stable manager universe and beyond.
• SELECT investments in less efficient and dislocated markets where a catalyst can be held or controlled to unlock substantial value.
• BENEFIT from superior cost economics generated by EnTrust Global’s scale and operational expertise.

The Offering

Units are being offered on a continuous basis to investors resident in the Provinces or Territories of Canada who (a) are accredited investors, (b) who invest a minimum of $150,000 in the Fund, or (c) to whom Units may otherwise be sold.

The Manager has designated three series of Units which are currently being offered:

• Series A Units are available to all investors who invest a minimum of $10,000 and who meet the minimum investment criteria.
• Series F Units will generally only be issued to investors who invest a minimum of $10,000, who purchase their Units through a fee-based account with their registered dealer and meet the minimum investment criteria.
• Series O Units will be issued to certain institutional or other investors and who meet the minimum investment criteria.

Please see the Offering Memorandum for fees and specific details on the offering.

Potential Risks

• The Manager believes the following risks are key to the performance of the Fund: interest rate changes, credit risk, currency risk, market risk, liquidity risk and event driven risks. This activist investment strategy may require, among other things: (i) that the EnTrust Manager properly identify portfolio companies whose securities prices can be improved through corporate and/or strategic action; (ii) that EPSO4 or subsequent investment acquire sufficient securities of such portfolio companies at a sufficiently attractive price; (iii) that EPSO4 or subsequent investment avoid triggering anti-takeover and regulatory obstacles while aggregating its position; (iv) that management of portfolio companies and other security holders respond positively to the EnTrust Manager’s proposals; and (v) that the market price of a portfolio company’s securities increases in response to any actions taken by portfolio companies. There can be no assurance that any of the foregoing will succeed. Please read the “Risk Factors” sections in the Offering Memorandum for a more detailed description of all the relevant risks.