Gondor

Partners, Ltd.

Fund Investment Objectives

The Fund's investment objective is to maximize absolute returns in variable market and economic conditions, while at the same time emphasizing preservation of capital. The Investment Manager generates investment ideas by combining top-down global macro analysis with bottoms-up research focusing on sector and company-specific fundamentals. The Investment Manager will allocate the Fund's capital based on its view of risk/reward profile across a mix of publicly traded equity investments to achieve both capital appreciation potential coupled with the potential for supplemental return and/or risk management benefits from the purchase and sale of exchange traded options typically around core positions that will be owned by the Fund. The Investment Manager's investment strategy is not market neutral and at most times a significant majority of the Fund's positions will be on the long side. The Investment Manager also incorporates the purchase and sale of options and certain other risk management trading principles of entry, exit and position management to initiate, manage and liquidate positions based on changing market conditions. The Fund launched July 1, 2013.