Hedge

Ventures, L.P.

Fund Investment Objectives

The Fund's investment objective is to seek above-average capital appreciation. The Investment Manager pursues this objective primarily by allocating the Fund's assets to a select group of Portfolio Managers, including Mr. Pokoik, that generally employ a broad range of trading strategies. The Fund currently allocates its assets among 25 Portfolio Managers. The Fund uses a multi-strategy, multi-manager, diversified investment philosophy. The Investment Manager selects Portfolio Managers with global, domestic, special situations, and niche strategies. In addition to placing funds with Portfolio Managers using the strategies and instruments described above, the Fund may from time to time invest directly in private placements. The Fund will not directly invest more than 20% of its assets in private placements.