Gruss Global

Investors L.P.

Fund Investment Objectives

Gruss Capital Management was founded as a private investment firm in 1942 by Joseph Gruss. For the past 70 years, we have focused on the preservation and growth of capital and since the late 1970s, we have specialized in event driven investing under the establishment of our investment philosophy by former CEO, Martin Gruss. With offices in New York, London and Hong Kong, we are active globally in distressed/credit, merger arbitrage and special situations investing. We have a deep and experienced team with 47 employees worldwide. The firm presently has approximately $1.6 billion of assets under management across our funds. The Gruss Global Investors Funds utilize a multi-strategy approach to global event driven investing which includes distressed/credit, merger arbitrage and special situations. We have two objectives: capital preservation and absolute return generation. We believe the best way to achieve these objectives is to invest in event driven strategies utilizing a risk-averse approach. Our patient and disciplined investment process leads us to focus on risk before returns. Distressed/Credit: We invest globally across the capital structure of companies in various stages of financial distress using a bottom up, fundamental approach focused on specific events such as restructurings & liquidations. Investments in the portfolio may include bank debt, defaulted bonds, levered loans, post bankruptcy equities and selective shorts. Merger Arbitrage: We aim to benefit from the spread that exists between the market price of a security and the price obtainable by the successful completion of an event such as an announced merger transaction. We believe optionality may exist when we take a fundamental view on a deal and more complex situations often offer superior risk return objectives. A bottom-up value approach is taken when researching companies involved in merger situations including analysis of the strategic rationales and values in a transaction. Special Situations: We seek global equity investments where we believe returns are determined by the outcome of an event rather than market direction. Investments may include, but are not limited to, restructurings, potential bid targets, spin-offs, litigation, holding company arbitrage, dual listed securities and post-deal equities. We generally seek to isolate the event in these situations by hedging out market/industry risk where necessary.