Corbin Pinehurst Partners,


Fund Investment Objectives

Pinehurst Partners, L.P.'s (the "Fund") 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 Corbin's investment team's domain expertise in the investments underlying each strategy. The Fund pursues its investment objective by allocating its capital among various portfolio managers. Investment in the Fund involves risks including the fact that there is no assurance that the Fund will achieve its objectives. The Fund's assets are allocated to Portfolio Managers 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. Pinehurst Partners, L.P. ("Pinehurst") launched on January 1, 2002 with a 1.5% management fee and a 5% performance fee (subject to a 5% hurdle). The performance figures set forth above were calculated by deducting a 1% per annum management fee and a 5% per annum performance fee (subject to a 5% hurdle) from Pinehurst's actual gross performance since inception. This lower fee structure has been available since June 1, 2005. The actual net returns of Pinehurst from inception until the first investor invested in the 1% fee class were based on the higher management fees then in place and thus were lower than the figures shown above. Performance is presented net of expenses and includes the reinvestment of dividends, gains and other earnings. Figures as presented may include slight rounding errors. Year-to-date 2010 performance is estimated and monthly figures are not audited. Please see Corbin definition of terms, endnotes and risk disclosures for important information. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.