Aurora

Offshore Fund Ltd. II

Fund Investment Objectives

Aurora Offshore Fund Ltd. II's investment objective is to provide consistent long-term capital appreciation with low volatility and little correlation with equities and bonds. To meet this objective, Aurora invests in a diversified pool of hedge fund managers, generally across six different strategies. We examine the returns and expected returns of the different strategies, and managers within these strategies, in both a quantitative and qualitative fashion to ensure that the portfolio will have low correlation among its strategies and differing sources of alpha.