Double Black Diamond L.P.

(Carlson)

Fund Investment Objectives

Double Black Diamond is our flagship multi-strategy fund. The fund employs non-directional, relative value investment strategies that seek to identify, isolate and exploit mispricings generally among related securities within industry sectors. It has three core strategies: Equity Relative Value, Credit Relative Value, and Event-Driven. The investment teams, organized by industry sector, employ deep fundamental analysis to develop investment theses. We allocate capital dynamically within and across strategies to position the fund advantageously during various market environments, using moderate leverage to enhance an attractive risk-reward and low equity beta profile, and maintain broad diversification. **Please note-From October 2010 forward, the numbers reflect the deduction of a 2.0% management fee. From July 2006 to September 2010, the numbers reflect the deduction of a 1.5% management fee. Prior to this date, the performance represents the deduction of a 1% management fee. The numbers reflect the deduction of a 20% performance fee. Investments in series of interests with lower fees will result in higher returns. Some series are no longer available for new investment. Please refer to the Offering Memorandum for fees and other terms applicable to the various series available to investors.