Pine River Convertibles

Master Fund Ltd

Fund Investment Objectives

The Pine River Convertibles Fund engages in North American convertible and capital structure arbitrage. The portfolio manager has extensive experience in convertible arbitrage trading and model design. The Fund seeks to profit from the arbitrage relationship among corporate credit, equity volatility and equity. The Fund employs a sum-of-the-parts approach to valuation and a scenario-based approach to risk management, with particular focus on liquidity and financing risks. We anticipate limiting the capitalization so the fund remains nimble and liquid. This fund was formally known as the Nisswa Convertibles Fund.