Cognios Beta Neutral Large

Cap Fund LP

Fund Investment Objectives

The Partnership's investment objective is to achieve superior risk-adjusted rates of return by investing and trading in the securities of companies which the Investment Manager believes are undervalued and by selling short those securities which the Investment Manager believes are overvalued. The Partnership may leverage and hedge its investments through the use of various techniques including, without limitation, buying or selling call and put options, purchasing securities on margin and selling securities short. The Fund re-balances monthly.