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Fund, Ltd.

Fund Investment Objectives

The Company seeks to achieve capital appreciation by allocating its assets among a select group of money managers who either directly or through their investment in other money managers employ a variety of diversified investment strategies and techniques which attempt to capitalize on inefficiencies and pricing anomalies in securities and options and futures related to such securities. In addition, certain of the money managers utilized by the Company may employ traditional investment strategies which are generally dependent upon rising markets to obtain appreciation in securities holdings. The Company will allocate assets to money managers through investment in fund vehicles managed by such managers. Investment Policy - The Investment Manager will be free to change the allocation of the Company's assets and/or add or remove money managers at any time in its sole discretion. The Investment Manager will generally limit the money managers selected to those utilizing investment strategies and techniques which have a low correlation with the equity market, i.e. strategies and techniques which are relatively insensitive to movements in the stock market. Such money managers will invest primarily in exchange listed equity securities and related put and call options, warrants and convertible preferred shares, convertible bonds and other debt securities of international and domestic corporations traded primarily on national securities exchanges. The Company's assets will be allocated among the various managers selected in the sole discretion of the Investment Manager acting on the advice of the Investment Advisor.