Pan Multi Strategy L.P.

Class A

Fund Investment Objectives

Pan Multi Strategy, LP offers investors the opportunity to gain exposure to various hedge funds strategies and managers through a single investment. Pan Multi Strategy, LP is a diversified fund of hedge funds that seeks to achieve above average long-term returns, regardless of market conditions. It targets returns of 8-10% per annum net of all fees over a five year period with 5-7% annualized volatility and does not use additional leverage. The fund aims to achieve this performance with low correlation to broad equity and fixed income markets. The fund has been invested since 1991.