Elkhorn Fund

LLC

Fund Investment Objectives

The Elkhorn Fund's objective is to generate robust capital appreciation over the long term with below average risk. To achieve its objectives, the Fund actively manages long and short positions, generally in U.S. equities. The Fund is a long/short, primarily U.S. equities hedge fund. Stock selection is based on a bottom-up analysis that seeks to determine the underlying enterprise value of a company. The Fund incepted July 2, 2001.