TIG Arbitrage Associates

L.P./Ltd.

Fund Investment Objectives

TIG Arbitrage Associates trades primarily in securities of US issuers that are or may become subject to a tender offer, merger, liquidation, recapitalization, spin-off, proxy contest, exchange offer, leveraged buyout or bankruptcy, and will trade primarily in connection with announced merger and acquisition transactions and restructuring situations. As of January 1, 2008, the management fee charged on new investments in Arbitrage Associates increased from 1.0% to 1.5%. AUM reflects strategy assets.