Cranwood Capital Management,

LLC (Fixed Income Arb C)

Fund Investment Objectives

The investment objective of the CRANWOOD FIXED INCOME ARBITRAGE FUND CLASS C is to generate high, absolute total returns by arbitraging temporary discrepancies occurring along the US Treasury yield curve. These discrepancies are identified by Cranwood traders using a proprietary model identifying brief, transitory shifts based upon intraday imbalances. These arbitrage techniques include the simultaneous sale and purchase of US Treasury futures contracts creating a spread among commonly traded Treasury notes and bonds. Results shown are pro forma results based on actual trading results for the Fund for the period presented assuming an investment in the Class C Shares of the Fund by an investor who opted to make a "notional capital contribution" equal to four times the amount of its original cash investment (which would give the investor an opening capital account balance equal to five times its original cash investment). The pro forma results also take into account all fees that would have been chargeable to Class C Shares for the period presented, including brokerage commissions, CBOT exchange fees, management fees and performance fees. As of April 2008, assets are those of the on-shore & off-shore funds and the managed accounts combined.