Delos Master

Fund, L.P.

Fund Investment Objectives

Delos invests in shipping equities on a global basis by taking both long and short positions in stocks and options. Delos returns are expected to have low correlation to traditional equity indices such as the S&P 500. The Fund manages volatility through the use of long/short portfolio construction. Delos combines fund management expertise with hands-on operational experience in the shipping industry by leveraging the expertise of members of its general partner to identify profitable opportunities and act on market data before they become broadly apparent. One of the advantages of the fund is that it offers exposure to the favorable global macroeconomic drivers in Brazil, Russia, India and China, amongst others, without country-specific political risk by investing in these economies directly. Performance and AUM combined for both the onshore and offshore funds.