Corbin Pinehurst

Institutional Ltd.

Fund Investment Objectives

Pinehurst Institutional, Ltd.'s investment objective is to achieve substantial capital appreciation with limited volatility. The Fund's strategy is designed to achieve modest correlation to global equity and fixed income returns. The Fund pursues a multi-strategy, multi-manager approach to hedge fund investing and invests in four broad strategies: long/short equity,relative value, event-driven/distressed and global macro. These four strategies reflect both our broad sector preferences based on their intrinsic investment characteristics and the investment team's domain expertise in the investments underlying each strategy. Corbin Capital Partners, L.P. (Corbin) selects Portfolio Managers and their associated Funds, monitors their performance, and allocates and reallocates assets among them as Corbin, in its discretion, deems advisable. The Fund's assets are allocated to funds who have demonstrated superior, risk-adjusted, long term performance or who have a particular expertise in their investment strategy. Management fees: Assets: >$25mm 1.5% per annum, Assets: $25mm>$100mm 1.0% per annum, Assets: <$100mm 0.85% per annum. 5% incentive fee provided the 5% hurdle is met. Redemptions are quarterly, subject generally to a 25% client level gate for March 31, June 30 and September 30. Qualified in its entirety by the confidential memorandum. Disclosure: The performance figures set forth above for Pinehurst Institutional, Ltd. (the "Fund") are net of a 1% per annum management fee and a 5% per annum performance fee (subject to a 5% hurdle). Performance is presented net of expenses and includes new issue income, the reinvestment of dividends, gains and other earnings. Figures as presented may include slight rounding errors. All figures above which take into account the current month's performance information are estimated and monthly figures are not audited. Each investor's rate of return may vary from this performance due to the timing of capital transactions as well as their new issues status. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.