FrontFour Capital Partners

Ltd.

Fund Investment Objectives

FrontFour invests with a focus on value event driven opportunities in North America. The principals make investment decisions based on a diligent, fundamentally driven, intensive research process in order to profit from opportunities where there are specific catalysts or events that can unlock value. The investment process aims to identify the most attractive value across the capital structure and then employ specific trading strategies intended to maximize profits and generate superior risk adjusted returns over a cycle. The strategy seeks to isolate and capture the alpha from specific events by hedging the portfolio from broader market beta and exogenous shocks through the disciplined use of a robust hedge/short book. Portfolio Managers: David Lorber, Zachary George andStephen Loukas. AUM reflects aggregate of LP and Ltd and is denominated in USD. Fund incepted March 2007, closed in December 2008, then reopened March 2011. Returns prior to close, are available upon request.