Fund Investment Objectives

The ERAAM ALPHA FUND MASTER is an absolute return fund of hedge funds. The management objective is to realize a comparatively uniform performance on a long-term basis with a low correlation to the markets. The Fund will invest in Equity Long/Short, Event-Driven, Fixed Income Arbitrage, Fixed Income Mortgage-Backed, and Macro strategies to obtain from the yields that would be superior to those of the capitalized Eonia.