Gladwyne

Capital, L.P.

Fund Investment Objectives

The strategy seeks to produce consistent returns over time with low volatility and low beta relative to the equities markets. The fund deploys a market neutral long/short global equity strategy utilizing a combination of proprietary mathematical models and fundamental analysis. The universe, which includes financial/non-financial companies in the U.S., Asia and Europe, is divided into sectors, with each trader responsible for a group of sectors. The models seek to identify misvalued equities and generate recommended positions per sector. Each trader functions as a portfolio manager, analyst and execution trader-- confirming or modifying model recommendations for their sectors through fundamental analysis of the companies and review of potential risks. Notional Leverage for the fund has varied as follows: 2.0x April 2001 - December 2008; 1x January - September 2009; 2x October 2009 - present. Notional Leverage of 2x means that, if fully invested, longs equal 2x of Actual Capital and shorts equal 2x of Actual Capital. The fund's Management Fee is the greater of 1% of Notional Capital or 1.5% of Actual Capital. At current 2x leverage, the fee applied is 2%.