SOAM Multi-Manager

Specialist Fund, L.P.

Fund Investment Objectives

The sub-adviser to the Fund evaluates prospective managers and monitors their strategies and investment performance. The Fund allocates its assets to managers that employ long/short equity strategies. Managers with which the Fund invests will be primarily sector specialists or style specialists. The Fund plans to invest predominantly, while Barlow serves as sub-adviser, in equity hedge funds that conduct their own fundamental company research. Portfolio funds are evaluated not only on their own merits, but also for how each portfolio fund fits into the Fund's overall portfolio. The sub-adviser selects and allocates the Fund's capital to portfolio funds and portfolio managers based on its assessment of one or more criteria including, but not limited to, 1) the portfolio fund's or portfolio manager's experience, 2) the portfolio fund's or portfolio manager's historical investment performance, 3) the portfolio fund's or portfolio manager's investment style, 4) the degree to which a specific portfolio fund or portfolio manager complements and balances the Fund's portfolio with respect to the strategies employed by other selected portfolio funds and portfolio managers, 5) the quality and stability of the portfolio fund's or portfolio manager's organization, 6) the ability of the Fund to make withdrawals from, or liquidate its investment in, such portfolio fund and 7) the ability of each portfolio fund or portfolio manager to consistently and effectively apply its investment approach.