Hildene Opportunities Master Fund II will consist of debt secured by pools of credit-related assets and individual credit securities. Hildene invests in securities on a risk-reward basis. Hildene will implement a bottom-up approach that analyzes each investment opportunity from both a fundamental and a technical perspective to make relative value investments. Hedging may be utilized, but only when the situation is appropriate. Hildene will maintain an innovative, disciplined and patient approach during turbulent periods.