Bowery

Fund Investment Objectives

Bowery Opportunity Fund, L.P. uses fundamental research and analysis to identify attractively priced investments of companies that have filed for bankruptcy or are under significant financial stress. The Fund focuses primarily on differentiated and niche special situation credit opportunities, such as trade claims, private obligations and underfollowed or overlooked capital structures. The Fund actively utilizes risk management strategies to protect capital and manage overall volatility and will aggressively take short positions when necessary to hedge out specific risks or to increase overall returns. Past performance is not indicative of future performance due to differences in geographic exposure, economic conditions, regulatory climate, investment style, portfolio size and makeup, and other conditions. The use of leverage and other speculative practices may increase volatility and the risk of loss. Because the performance information presented here is based on a hypothetical investment, actual experience will vary. For other important disclosures, please contact Joshua Spindel at 212.259.4300.