The objective of Definitive Guardian Master Fund, Ltd. ("Guardian") is to achieve superior risk-adjusted returns by investing in various fixed income instruments and derivative securities traded primarily in the United States, with a primary focus on municipal bonds. Definitive Capital Management, LP ("Definitive"), the Investment Manager, evaluates fundamental value/credit factors, relative risk-reward profiles, and overall market dynamics and allocates capital on an opportunistic basis across fixed income trading strategies. Tactically, Definitive invests capital with a core theme of relative value correlation trades. In addition to its core trading theme, Definitive may also at times exploit opportunities in structurally driven cash trades. Definitive generally seeks to hedge first order exposures (e.g. interest-rates, credit risk, etc.) and strives to maintain a highly-liquid portfolio where it has identified mispricing and where it believes there will be a short-term reversion toward fair value. We believe Definitive's ability to combine an experienced management team, in-depth analysis, proprietary models and risk management tools provides a solid foundation upon which it executes its strategy.