PSAM WorldArb

Fund Limited

Fund Investment Objectives

The global multi- strategy event driven fund entails investing in and hedging the securities, obligations and claims of companies involved in a corporate, legal or regulatory event that will alter the capital structure of an corporation. These investments will typically include: mergers, takeovers, bankruptcies, liquidations, spin-offs and restructurings. Opportunities arise from market mispricings of securities involved in these complex events due to business adjustments, political, social, technological, or economic changes and from shifting corporate strategies and goals. Extensive research and sophisticated trading techniques enable us to capitalize on distortions in the value of the securities of companies undergoing structural changes. *From January 2005 through 2007, returns were for the class of shares being offered by the Fund at that time, while 2008 returns are provided at the master level of the fund* AUM combines both the onshore and offshore WorldArb funds.