Greenlight Masters Offshore,

Ltd.

Fund Investment Objectives

Greenlight Masters is a fund-of-funds that allocates capital primarily to long/short value equity managers. The underlying funds generally share a bottom-up, fundamental approach with an emphasis on valuation-driven analysis. We believe that this approach will achieve the best risk-adjusted returns over time. We receive many manager referrals and recommendations each year through multiple channels and we typically assess promising managers with a general focus on three primary areas: (1) the quality and fit of the investment program within Masters' objectives; (2) the quality of the organization's business operations and accounting, and the extent to which these areas may facilitate or impede successful implementation of the investment program; and (3) the character and judgment of the key personnel, as well as those in supporting roles. We draw from the experience of our affiliated hedge fund manager, Greenlight Capital, when assessing a manager's investment approach and business operations. When there is consensus that Masters should add a manager to the program, the sizing of the investment is determined according to Masters' portfolio construction process. The goal is to deploy the most capital with the managers we believe have the most attractive risk-adjusted return profile. We typically manage risk on an investment-by-investment basis, monitoring the risk-reward characteristics of each fund on an on-going basis and sizing each accordingly in the portfolio. We perform a thorough evaluation before making a new investment, and the assessment process is continually updated. Masters considers both established firms and new funds. We strive to maintain strong long-term relationships as a value-added partner. Terms we negotiate on behalf of our investors can include discounted fees, capacity rights and, with some new funds, economic participation in the fund's incentive allocation. AUM is not disclosed.