Argonaut Macro Partnership,

L.P.

Fund Investment Objectives

The Fund seeks to generate high, risk-controlled returns by investing in currencies, commodities, fixed income instruments and index futures. Analysis of macro-economic data, central bank policy and market expectations are employed to form a top-down view of the world. The portfolio manager then makes asset allocation decisions based upon that view and creates a highly thematic portfolio. Because of the global nature of our investment universe, the successful execution of this strategy results in a very low correlation with most major market indices.