ACK Asset

Partners, L.P.

Fund Investment Objectives

The investment objective of ACK Asset Partners is to produce superior returns on both an absolute and a relative basis over the long term. The fund will seek to achieve this objective by investing primarily in publicly-traded equities of small-cap U.S. companies. The fund may have both long and short positions, although it is anticipated that the fund's portfolio will have a significant long bias. Further, the fund's portfolio, particularly on the long side, may be relatively concentrated in certain core positions.