Hedged Strategies Fund QP,

Ltd.

Fund Investment Objectives

The investment objective of the Diversified Multi-Strategy style funds of funds are to seek long-term capital appreciation above historical equity returns over a full market cycle with volatility that is lower than that of the equity market and returns that demonstrate a low correlation to both the equity and fixed income markets. This strategy utilizes an approach, which combines both Private Advisors' absolute return and hedged equity investment styles, to provide investors with diversified exposure across styles. Private Advisors allocates assets invested in this style based upon its analysis of relative market valuations and both strategy and manager correlations.