Metropolitan Capital

Advisors L.P.

Fund Investment Objectives

Metropolitan Capital Advisors L.P. (formerly Bedford Falls Investors L.P.) focuses on four trading strategies: 1. Value Equities with a catalyst (management or regulatory changes, restructurings, post bankruptcy "orphan equity", and sector themed bets); 2. Special Situations (spin-outs, divestitures, litigation and share class arbitrage); 3. Distressed (focus on good companies with bad balance sheets, look for financial turnarounds not operational fixes) 4. Merger Arbitrage (announced deals, pre-bid, "Chinese" deals). The current allocations are 30% value with a catalyst, 45% special situations, 25% merger arbitrage, 0% distressed and 0% cash. The managers will allocate capital to strategies with the best risk adjusted returns Options are frequently utilized to control downside risk and to capitalize on mis-pricings associated with event driven situations Metropolitan Capital Advisors L.P. targets 15 % net average annual returns