This material is for information purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy shares in the Diamond Age Russia Fund (the “Fund”) in any jurisdiction to any person to whom it is unlawful to make such an offer or sale. Subscriptions will only be received and shares issued on the basis of the current Offering Memorandum for the Fund, and prospective investors should carefully consider the extensive risk warnings and disclosures for the Fund set out therein. Investors should also consider any other factors that may be relevant to their circumstances, including tax considerations, before making an investment. An investment in the Fund is speculative and is not intended as a complete investment program.

All statements of opinion and/or belief contained herein and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of the Fund represent Diamond Age Capital Advisors Limited (“DACAL”) own assessment and the interpretation of information available to it currently. No representation is made or assurance given that such statements, views, projections or forecasts are correct or that the objectives of the Fund will be achieved.

Past performance of the Fund is not necessarily indicative of the likely future performance of an investment in the Fund. The price of shares can go down as well as up.

Prospective investors should seek their own advice relating to legal, taxation, investment and other matters. An investor’s exposure to the Fund should only represent a small percentage of their total investment portfolio.

© 2005 Diamond Age Capital Advisors Limited. All rights reserved. No part of this material may be reproduced or transmitted in any form or by any means – electronic, mechanical, electro-optical or otherwise – without the prior written permission of the copyright holder for which written application should be made.