Merriwell

Fund L.P.

Fund Investment Objectives

Merriwell is a diversified fund that serves as a good proxy for Alternative Investments in one's portfolio construction. Merriwell's approach it to combine a selection of the best hedge fund managers and strategies in one fund. It combines a variety of risk-adjusted directional strategies and has demonstrated what FutureSelect believes to be a low correlation to equities, producing equity-like returns with bond-like volatility. InvestHedge honored Merriwell LP as its Fund of the Year for 2007 in the category of Global Multi-Strategy fund of funds with between $100-$500 million in assets. In addition, HFM Week selected Merriwell LP as the 2008 Fund of the Year in the category of FOHF Multi-Strategy with assets under $500 million, reflecting the best performance in the category over the prior three-year period. The fund features a variety of risk-adjusted directional strategies. Merriwell has demonstrated a low correlation to equities, yet has produced equity-like returns with bond-like volatility. The underlying money managers with which Merriwell invests trade securities and other instruments in global markets that include without limitation worldwide equity indices & stocks, global interest rates, foreign currencies, agricultural & industrial commodities and precious metals. This diversified investment base is combined with different strategies, including Long/Short Equity, Risk Arbitrage, Options, Systematic Trading, Cash Arbitrage, Distressed Securities and Global Macro, to create what FutureSelect believes to be a compelling investment opportunity as an Alternative Investments component in an investor's overall portfolio construction. For a more complete description of Merriwell LLC's investment objective and strategy, please refer to Merriwell's Private Placement Memorandum ("Memorandum").