Aurora Hedged

Equity, L.P.

Fund Investment Objectives

Aurora Hedged Equity L.P. seeks to achieve consistent long-term capital appreciation with moderate volatility and moderate correlation with the equities markets through the use of a multi-manager, single strategy investment philosophy. The Fund allocates its assets among a diverse range of hedged equity investment managers (i.e., equity long/short managers) implementing hedged equity strategies in a variety of industries, market sectors and/or geographical areas. Hedged equity strategies generally involve taking both long and short equity positions on the basis of fundamental value analysis. Gross and net exposures vary with changing market environments and opportunities as perceived by the managers.