Highland Capital Management

L.P.

Fund Investment Objectives

Highland Capital Management L.P. is an Illinois limited partnership investing primarily in merger arbitrage situations. The Fund employs an intensive research driven process, focusing on transactions with minimal regulatory or financing risk. Our goal is to generate superior rates of return with substantially lower volatility than the overall equity markets. Risk is managed through our exhaustive research process and through portfolio diversification. Highland Capital's philosophy is to consistently compound money over time with no losing years.