Pine River

Master Fund Ltd

Fund Investment Objectives

The Pine River Fund is our flagship multi-strategy fund, which was launched in 2002. The fund has a multi-strategy focus on global opportunities throughout Asia, North America and Europe that is expressed through capital structure arbitrage, convertible bond arbitrage, fixed income relative value, equity relative value and event driven strategies. Market neutrality is emphasized and equity, credit, volatility, interest rates, currency, concentration, counterparty and liquidity risks are actively managed. Capital allocation is dynamic and is based on what we believe to be the most compelling trading opportunities. The team uses a bottom up approach to investing, but often initially searches for trades by utilizing our propriety, integrated trade system to create unique screens. Extensive credit analysis ensues, where appropriate. An experienced, dedicated portfolio manager heads up each strategy and reports to the lead portfolio manager who works closely with the CIO to determine capital allocation among the strategies. This fund was formerly known as the Nisswa Fund.