Castle Creek

Arbitrage, LLC

Fund Investment Objectives

The Fund's investment objective is to receive consistent income and profit production from a diversified portfolio of securities. The Fund will invest in convertible securities, equity securities, corporate debt and other income producing securities and derivatives. In addition to investing in the foregoing securities and instruments, the investment manager will from time to time make opportunistic investments in other types of securities and transactions. The investment manager seeks to maximize returns through a combination of attractive coupon or dividend yields and interest generated on the proceeds of the short rebates, and in the case of convertible securities, by trading on the underlying security's volatility or credit spread. The Fund will, from time to time, incur debt or otherwise leverage its positions. The Fund will also use hedging strategies to minimize the risk of its investments in order to create a portfolio that consistently produces returns above the risk-free rate, while maintaining low volatility of returns and capital preservation.