Armory Credit Opportunity

Fund, LP

Fund Investment Objectives

Armory Credit Opportunity Fund, LP seeks to achieve attractive, risk-adjusted returns from a combination of current income and long-term capital appreciation, while seeking to preserve invested capital primarily through investments in the distressed debt of U.S.-domiciled middle market companies at what Armory believes to be a discount to fundamental value and, when necessary, by taking a leadership role in the restructuring process of such companies. The fund may purchase discounted debt securities, including corporate bonds and notes, bank loans, trade claims and other debt obligations and equity securities of financially troubled companies, and may invest directly in such companies to provide liquidity or otherwise provide private capital. The fund will concentrate on companies with quality assets and strong competitive positions in their industries. The fund may also sell short debt obligations and/or equity as a means of attempting to hedge long positions against market volatility or to generate incremental alpha. In identifying securities to sell short to generate alpha, Armory will leverage off its credit work in identifying long positions and focus on those companies to sell short that may be substantially overvalued, are significantly over-levered, are marginal competitors in troubled industries, and have weak management.