Headstart Advisers' Limestone Wider Russia Fund Maintains Top Quartile Status in 2010

By Headstart Advisers Ltd, PRNE
Wednesday, January 26, 2011

LONDON, January 27, 2011 - (Not for Release in the United States of America)

The Limestone Wider Russia fund run by Headstart Advisers Ltd and
Headstart's CIO, Najy Nasser, maintained its top tier status after another
strong return of 40.91% in 2010, outperforming the Russian equity index by
17.70%, after the fund returned 165.41% in 2009.

With Russia on the verge of inclusion by the World Trade Organisation,
after a wait of almost 19 years, oil production hitting post-Soviet highs of
10.14mln bpd and the exciting news that Russia will play host to both the
Winter Olympics in 2014 and the FIFA World Cup in 2018, there are many
compelling reasons for being invested in the Russian equity market.

Russia has always been highly correlated with oil and commodity prices.
Whilst commodity revenues make up a significant and important proportion of
GDP with increasing commodity prices, Russia's position on the global stage
is continually strengthening. Russia's geographic proximity to China
highlights this importance and whilst the commodity export play is important
there remains enormous value within the economy focusing on the consumer and
internal infrastructure. This is coupled with the fact that Russian companies
trade on attractive valuations both on an absolute basis, with a forward P/E
of just 7.39, and a relative basis against both developed and emerging market
peers, whilst offering significant growth.

Headstart Advisers' CIO, Najy Nasser, commented: "After catching the
bounce in the Russian equity market in 2009 we are pleased that we continued
our outperformance in 2010. The Russian market is currently an area that
presents an abundance of opportunities that should be considered for part of
a diversified portfolio where appropriate.

"The recent move by PepsiCo to take over Wimm-Bill-Dann, the Russian
drinks producer, and the strategic partnership between BP and Rosneft,
highlight the importance that Russia will play going forward in the global

"With the announcement that Russia will host the FIFA World Cup in 2018,
there is now a clear catalyst that has propelled Russia into the global
limelight. To be ready in time, there will have to be an unprecedented
spending spree put into place as infrastructure around the country requires
upgrading. Initial estimates are that spending will be in excess of US$20bn,
far surpassing expenditure in South Africa or Brazil. This could be the
catalyst that signals a prosperous period for the Russian economy.

"Russian companies offer the best value in terms of Price to Earnings
ratio of all the BRIC countries. In 2010, Russia was largely overlooked when
the vast majority of international capital that flowed into the Emerging
Markets went to Brazil, India and China. This trend has now started
to reverse."


Headstart Advisers Ltd is Authorised and Regulated by the
Financial Services Authority under the

Financial Services & Markets Act 2000. This press release does
not constitute financial advice or an offer or invitation to apply for
investment in the Fund.

Notes to editors about Headstart Advisers

Headstart Advisers Ltd is a financial services company incorporated in
1990, authorised and regulated by the FSA as an investment advisor to the
Headstart family of hedge funds (within Regulation S of the U.S. Securities
Legislation and so subject to investment restrictions as set out more fully
on its Website). It advises four hedge funds and a fund of hedge funds with
the common mandate of superior returns with lower volatility (risk).

The Company recently published three press releases: Headstart Fund of
Funds Advances to the Top; Headstart Cautiously Optimistic about 2011 and
Headstart Launches Global Emerging Markets Fund, all of which can be found on
its website www.headstartadvisers.com.

The directors of Headstart Advisers Ltd are Najy Nasser and Henry
. The firm has its office in Chelsea Harbour, London.

    External PR advisers to Headstart Advisers

    Adrian Flook

    Headstart Advisers
    Najy Nasser
    Chief Investment Officer

External PR advisers to Headstart Advisers: Adrian Flook, M:Communications, +44-(0)20-7920-2388, Headstart Advisers, Najy Nasser, Chief Investment Officer, +44-(0)20-7376-5437

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