Muskoka Fund

I, LP

Fund Investment Objectives

The Muskoka Fund is an investment partnership that strives to deliver a net compound average return of at least 10% a year. The Fund is managed as a highly liquid, global, long/short equity fund with roughly half the volatility of the broader domestic and international indices (S&P 500, MSCI AC World). Muskoka's investment strategy begins with a macro demographic/economic view of population, growth and income levels within a country. The impact of these demographics is used to target companies within select countries and industries whose growth rates and profitability are changing. The result is an ability to find public companies best and worst able to deal with changes in growth and competition as their industry evolves. The Fund typically has 30 to 40 positions in the portfolio with no one position exceeding 10% of the portfolio. Typical gross and net exposure ranges are 80% to 150% and +/- 30% (beta-adjusted), respectively. The strategy's success is based upon our team's extensive industry expertise and the Portfolio Manager's 18 years experience in fundamental analysis and investing. We take a deep value approach to select investments that have the best long-term risk/reward to enable the Fund to achieve its objective for investors and do so in a tax efficient manner. Our conviction in our strategy is exemplified by the fact that the firm's owner and employees have a substantial amount of their liquid net worth invested in the funds.