Tiburon Credit Opportunities

Fund, L.P.

Fund Investment Objectives

Tiburon utilizes its proprietary and differentiating BRACE Methodology BRACE requires that securities cheap or rich on an intrinsic basis also have a Revaluation Catalyst as a driver. BRACE requires that we mitigate risks exogenous to the trade thesis as well. Sizing the position is a function of our conviction level about the Revaluation Catalyst. The importance of the BRACE Methodology cannot be overstated. Ideas come three ways: 1) Top Down - Macro theses lead to a point of view. From a macro point of view, we screen for trade ideas that meet this particular point of view. Tiburon analysts identify and present the best trade ideas, given our BRACE Methodology, that meet this macro point of view; 2) Bottom-Up - Utilizing our exceptional professional and buy-side contacts, as well as unique contact base, we are constantly searching for new, early and novel expressions of event-oriented trade ideas and, again, then passing through our BRACE Methodology; and 3) Mining the Portfolio - that is, given the average of 50 positions in portfolio and the active review of company's competitors, we routinely uncover other trade ideas through the knowledge base created on existing positions. Re-evaluation: We actively monitor and analyze developments by position and well as macro and market technicals. Absent a change in assumptions, we exit trades upon the Revaluation Catalyst occurrence and/or the achievement of our target price. While Tiburon receives sell-side research product from myriad firms, such material is not the basis for any investment made by the Fund. Rather, it helps inform what other market participants may be considering. AUM not provided