Durban

Capital L.P.

Fund Investment Objectives

Berman Capital Management LP is the management company of Durban Capital L.P. Durban Capital seeks to achieve meaningful and consistent absolute risk- adjusted returns regardless of market direction while preserving capital. The goal is to achieve this with a lower risk profile than that of the overall market. This will be accomplished by using a traditional hedge fund model with relatively moderate equity market exposure. Emphasis is on stock selection, not on predicting the market's direction, and thus the approach is highly dependent on fundamental research and risk management. The focus is in the consumer-oriented sectors - retail, supermarkets, restaurants, food, and hotels - where the GP believes it has a competitive advantage. In the U.S. alone, these sectors represent approximately 20% of total market capitalization.