Kingsbridge

Partners, L.P.

Fund Investment Objectives

Kingsbridge seeks to achieve a substantial return on capital with moderate volatility through a concentrated, conviction-driven portfolio of approximately 15 - 20 core managers. Kingsbridge pursues a multi-strategy, multi-manager approach to hedge fund investing by focusing on managers with small asset bases. We believe that small managers, including new funds as well as established but undiscovered funds, may be able to take advantage of smaller investment opportunities and make changes to their portfolios more quickly than those managing larger amounts of assets. We believe these funds tend to be more agile, capable of quickly executing trades. Better described as small or early stage rather than young and start-up, the managers of the funds we invest in typically have many years of investing experience and have worked at many of the industry's leading funds. We focus on managers with $50 - $200 million in assets and will generally limit an initial investment to managers with $500 million or less. Managers who surpass $1 billion in assets under management are typically removed. Kingsbridge exhibits a global profile with a preference for fundamental long/short equity and credit-related managers and special situations strategies. Disclosure: Kingsbridge Partners, L.P. ("Kingsbridge") launched on April 1, 2007 with a tiered management fee structure charging different management fees depending on the amount invested and different performance fees depending on the withdrawal terms of the class of interests held. Kingsbridge has subsequently changed its fee structure various times. The highest fees an investor could have been charged was a 1.5% per annum management fee and a 10% per annum performance fee. Performance figures presented net of any of the previously offered fee structures will be made available upon request. The performance figures set forth above are net of a 1% per annum management fee and a 5% per annum performance fee (the "Current Fee Structure"). The Current Fee Structure has been in place since January 1, 2013. The actual net returns of Kingsbridge prior to January 1, 2013 were based on generally higher management fees and higher performance fees then in place, and thus were generally lower than the figures shown above. Performance is presented net of expenses and includes new issue income, the reinvestment of dividends, gains and other earnings. Figures as presented may include slight rounding errors. All figures above which take into account the current month's performance information are estimated and monthly figures are not audited. Each investor's rate of return may vary from this performance due to the timing of capital transactions as well as their new issues status. Please see Corbin definition of terms, endnotes and risk disclosures for important information. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.