Acorn

Partners L.P.

Fund Investment Objectives

The Partnership's investment objectives are to achieve consistent absolute rates of return while taking significantly less risk than the S&P 500 and providing meaningful diversification from U.S. equities. The Partnership seeks to achieve its objectives by combining into one portfolio non-traditional investment strategies that have historically exhibited a low degree of correlation to each other and by the selection of portfolio managers who specialize in the identified strategies. These strategies may include, among others, diversified hedging, hedged equity, U.S. equity investing, short selling, event-driven investing, investments in distressed and high yield securities, macro investing/ futures, interest rates and currencies and investments in international securities. The management fee is 2% if the contributing is less than 2 million. Redemption notices are required any time no later than October 15th of any year, to withdraw all or a portion of capital as of December 31 of such year.