Kassirer

Market Neutral L.P.

Fund Investment Objectives

The investment objective of the Fund is to provide investors with returns that are competitive with returns that have been achieved in equity markets over the long term, have low volatility, and are relatively uncorrelated with returns in equity and bond markets. The Fund will concentrate its investments in securities and financial instruments such that aggregate returns should be expected to be relatively neutral to movements in securities markets generally. The Fund will engage principally in merger arbitrage and other event driven investing and convertible bond arbitrage in North America. KAMCO will have broad discretion in making investments on behalf of the Fund. KAMCO may not make an investment in any entity if, after giving effect thereto, more than 20% of the net assets of the Fund would be invested in such entity. The Fund may not invest in commodities or real estate and may not enter into foreign exchange transactions for speculative purposes. Although KAMCO believes that it has the expertise in security valuation, asset allocation, money management and risk control to meet these investment objectives, there can be no assurance that this will be the case.