Onshore, L.P.

Fund Investment Objectives

The Partnership's investment objective is to achieve superior long-term absolute investment returns by investing primarily in emerging markets (i.e., non-G7 countries) in U.S. Dollar and non-Dollar denominated fixed income investments. Fixed income investments may include securities or financial instruments anywhere in the capital structure, including listed or unlisted fixed and floating-rate coupon bonds, convertible bonds, bank loans, promissory notes, trade receivables, preference shares, and convertible preference shares issued or guaranteed by governments, entities or companies. While it is currently contemplated that the Partnership will invest primarily in emerging market fixed income investments, the Partnership may also invest in other asset-classes such as debt, foreign exchange and equities (including developed countries) particularly where such opportunities are uncovered by or otherwise related to the Partnership's research of emerging market fixed income investments.