Raven Rock

Credit Fund Ltd.

Fund Investment Objectives

This fund's main focus is to profit from investments in corporate credit. There are two core components to the portfolio: long/short credit and relative value (including convertible arbitrage, capital structure arbitrage, volatility arbitrage and industry sub-sector credit pair trades). Core fundamental credit research is a key factor in the investment process. The fund is expected to hold between 25 and 50 positions until investor capital reaches $50 million. Once AUM is over $100 million we expect to hold between 50 - 100 positions. The fund has the mandate to have either a long or short bias, which will be dictated by the Investment Committee. Typically, we expect the fund to have a neutral to long bias. Typically the fund returns will be inversely correlated with corporate credit spread movements. Correlation to movements in equity volatility will be positive for positions with no credit exposure such as a warrant or option volatility trades. AUM combines both share onshore and offshore.