Partners Fund, L.P.

Fund Investment Objectives

The Partnership's investment objective is to achieve superior risk-adjusted returns with modest volatility, although there is no guarantee that the Partnership's objective will be achieved. Working within its risk management parameters and focusing on convertible securities and convertible securities issuers, the Partnership principally engages in convertible arbitrage, but also various complementary investment strategies, which may include, without limitation, capital structure arbitrage, catalyst/event-driven trading, relative value trading, credit opportunity, and fundamental overlay. While the General Partner intends to focus primarily on convertible arbitrage, it does not use fixed guidelines in allocating the Partnership's assets among these strategies, and may increase or decrease the Partnership's allocation to a particular strategy at any time. In addition, the General Partner may eliminate existing strategies or add new strategies in the future, without the approval of the Limited Partners.