ESS Capital

Management, L.P.

Fund Investment Objectives

The Partnership's investment objective is to achieve above average annual returns on its investment portfolio in any market environment while preserving capital during adverse market conditions. The Partnership seeks to identify investment themes that it believes will offer an attractive investment opportunity over a one to five year time period. After identifying investment themes, the Fund applies a rigorous research process to identify attractive investment opportunities. The Partnership will seek to achieve its objective by investing long and selling short equity and debt securities. The Partnership may also invest in commodities and derivative securities, including credit default swaps, interest rate swaps, convertible securities, options, warrants and futures. The General Partner's core investment strategy involves the integration of primary research and valuation analysis, opportunistic short term trading and disciplined risk management. The Partnership may also utilize a number of specialized investment techniques, including short sales, purchases on margin, and option trading, each of which involves special investment and risk considerations. There can be no assurance that the Partnership's investment objective will be achieved, and investment results may vary substantially over time.