Apprecia

Capital Fund I L.P.

Fund Investment Objectives

Apprecia Capital Fund I L.P. is a diversified, U.S.-listed equity long/short fund. The Fund applies a 7 Steps to Relative Value framework that is a research-driven, bottoms-up value strategy with an absolute wealth decision-making approach to determine individual stock selection. The investment strategy has been successfully employed by the portfolio manager for over 8 years. The Fund invests in 60-80 U.S.-listed equities with a bottoms-up value approach buying and shorting stocks that have deviated from their intrinsic fair value. The Partnership values companies based on company-specific and industry-specific profit measures, market share and market position, realistic growth expectations, global competitive analysis, capital structure, management, and market environment. All of these measures are used to determine a company's intrinsic future value.