DGHM Enhanced

Value, L.P.

Fund Investment Objectives

The basic investment principle is to create a long/short equity product which should be capable of generating returns in line with long-term market averages with below average volatility and very low correlation to the broad equity markets. The long/short ratio will be structured to achieve low market correlation. The long side will consist of 40 to 60 names that DGHM Sector Specialists have performed extensive fundamental due diligence on. The short side will consist of 50 to 70 names, which will be developed through the use of DGHM's proprietary valuation model and analytical due diligence. This strategy can be enhanced through the use of leverage, and through the use of derivatives such as options. DGHM's various value products have long-term track records that have generally outperformed market benchmarks and their competition. DGHM's research shows that the methodology for generating short sale candidates has added value through the fact that these candidates have under performed the market benchmarks over time. Thus, DGHM believes that a product designed to capture the performance differential between longs and shorts can generate positive returns, while reducing volatility. A goal of the product will be to minimize risks external to stock selection. Market risk will be limited by investing the portfolio with a long/short ratio designed to mitigate market correlation. Sector risk will be limited by pursuing a similar strategy on a sector basis. Company risk will be limited by operating a well diversified portfolio, especially on the short side.