Opportunity, L.P.

Fund Investment Objectives

MKP Opportunity seeks to allocate capital among a wide range of fixed income and related markets, strategies and instruments as opportunities develop. This approach affords a large degree of flexibility, offering the fund the ability to take advantage of the most attractive opportunities presented over time and to efficiently alter exposures as needed for risk management. These strategies seek to exploit perceived inefficiencies in the pricing of securities, financial products or markets. Included amongst the major strategies in which the fund participates: Treasury and futures arbitrage; agency debenture arbitrage; interest rate swap arbitrage; options arbitrage; MBS arbitrage; foreign fixed income market arbitrage; directional strategies; and inter-sector arbitrage. MKP Opportunity aims to produce consistent absolute return on capital while seeking to minimize losses in any one period. The Fund attempts to provide investors with an investment uncorrelated to other hedge fund strategies and low return volatility.