Battery Park High Yield

Opportunity Fund, Ltd.

Fund Investment Objectives

The Battery Park High Yield Opportunity Fund ("Fund") seeks an attractive total return, while managing risk, through a long and short portfolio of credit related investments. Its primary strategies include: 1) idiosyncratic long/short high yield; 2) special situations, including stressed and distressed positions; 3) short duration longs; and 4) paired trades or capital structure arbitrage. The portfolio consists principally of long and short positions in U.S. high yield bonds, with a portion in the bank debt, CDS, equities, and other securities of high yield and distressed issuers.