Financial Stocks Limited

Partnership

Fund Investment Objectives

FSI Group, LLC is an investment advisory firm specializing in the management of long/short equity, private equity and fixed income products in the financial services sector. The long/short equity hedge fund employs a value-oriented investment strategy utilizing a combination of top-down analysis (macroeconomic, credit, interest rate, and regulatory) with bottom-up fundamental research to invest across all market capitalizations. Subsectors covered include banks, thrifts, insurance, commercial finance, asset management, financial technology, brokerage, specialty finance, REITs, and real estate operating companies. The two portfolio managers each have 19 years of experience managing the hedge fund and are complemented by five analysts with subsector expertise and a senior trader. FSI Group has been a Registered Investment Adviser since 1997.