Black Diamond

Ltd.

Fund Investment Objectives

Black Diamond was our first multi-strategy fund. The fund employs non-directional, relative value investment strategies that seek to identify, isolate and exploit mispricings generally among related securities within industry sectors. The fund has three core strategies - Equity Relative Value, Credit Relative Value, and Event-Driven - and places a greater emphasis on a directional equity strategy than Double Black Diamond, the firm's flagship multi-strategy fund. Multiple investment teams, organized by industry sector, employ deep fundamental analysis to develop investment theses. We allocate capital dynamically within and across strategies to position the fund advantageously during various market environments, using modest leverage to enhance an attractive risk-reward and low equity beta profile, and maintain broad diversification.**Please note- From February 2011 forward, the numbers reflect the deduction of a 2.0% management fee and a 25% performance fee. Prior to February 2011, the performance represents the deduction of a 1% management fee and a 20% performance fee. Investments in series of interests with lower fees will result in higher returns. Some series are no longer available for new investment. Please refer to the Offering Memorandum for fees and other terms applicable to the various series available to investors.