Dunwoody

Partners, L.P.

Fund Investment Objectives

Dunwoody Partners, LP is a low-volatility, multi-manager fund of hedge funds. Although originally structured in Sept. 2000 as an equity-oriented, 3(C)-1 fund benchmarked to the S&P 500, Dunwoody Partners began operating under its new investment mandate on January 1, 2003. The Fund was comprehensively re-structured as a diversified, multi-manager FoF with the goal of achieving absolute returns in any market environment. The new structure (currently the Fund is a 3(C)-7 product) was designed to maintain a risk profile similar to or lower than our current benchmark-- the HFRI Fund of Funds Composite Index. Dunwoody's main goal is to avoid any large loss of capital and achieve consistently superior, risk-adjusted returns (net of fees) on a monthly basis. We accomplish this goal by utilizing a systematic diversification process which allocates the capital in the Fund to a core group of managers (currently we employ 20 different sub-funds) that utilize a myriad of un-related investment strategies. Dunwoody Partners defining characteristics are diversified, multi-manager Fund of Hedge Funds which offers consistently superior returns when compared to our peer group and benchmarks. Capital preservation is our goal. We want the fund to have low directional correlation to traditional asset classes and low cost minimum investment, offering easier access to the hedge fund universe. We want access to returns from several of the world's best hedge funds currently closed to new investors