Gargoyle Enhanced Alpha Fund

L.P.

Fund Investment Objectives

The Gargoyle Enhanced Alpha Fund L.P. (the "Fund," previously the Gargoyle Market-Neutral Value Fund L.P.) seeks to produce superior investment returns independent of market performance by investing 100% of the Fund's assets in an aggressive deep-value stock portfolio and hedging 100% of the market exposure by selling a highly correlated basket of index call options. The Fund's edge stems from its ability to identify, purchase, and manage a portfolio of undervalued U.S. equities and to identify, sell, and manage a portfolio of typically overvalued index call options. Over the long-term, these complementary strategies should enhance the Fund's total return while reducing its risk.