Pine Grove Institutional

Partners L.P.

Fund Investment Objectives

Pine Grove Institutional Partners, LP, a Delaware limited partnership, is a 3(c)(1) fund available for accredited U.S. non-taxable/ERISA investors.. Pine Grove attempts to make a moderate but steady return regardless of market conditions. Our goal is to seek returns that are similar to those available from the U.S. stock market, but with less volatility and less risk. This objective is accomplished primarily by diversifying the portfolio across multiple low exposure relative value and event driven hedge funds.