Centennial Absolute Return

Fund L.P.

Fund Investment Objectives

The Centennial Absolute Return Fund, LP, a diversified portfolio of hedge funds, was launched in January of 2004. The focus of the Fund is to generate a consistent annual return to investors independent of the market environment. In addition, the returns have historically been associated with low volatility and with low to moderate correlation to the equity or bond markets. Centennial believes that the optimal asset allocation to achieve its objective is a diversified blend of strategies and managers. Centennial Absolute Return Fund allocates to four primary strategies - Hedged Equity, Relative Value Arbitrage, Event Driven, and Global Macro. Each strategy offers unique risk and return characteristics, and the blended portfolio of low correlation strategies should exhibit a higher return-to-risk ratio than a fund dedicated to only one strategy. Centennial believes that the optimal asset allocation to achieve its objective is a diversified blend of strategies and managers. The Fund generally allocates to four primary strategies-HedgedEquity, Relative Value Arbitrage, Event Driven,and Global Macro.Each strategy offers unique risk and return characteristics, and the blended portfolio of low correlation strategies should exhibit a higher return-to-risk ratio than a fund dedicated to only one strategy. After April 2013 AUM no longer being reported