TIG Arbitrage Enhanced

L.P./Ltd.

Fund Investment Objectives

The primary investment objective of the Fund is capital appreciation. The Fund has been formed to enable investors to participate in a fund investing in securities using a merger arbitrage investment strategy. The assets of the Fund will be invested primarily in United States debt and equity securities and investment contracts traded on United States securities or commodity exchanges, but may include securities traded in global issuers. The uninvested funds will be held in cash balances or deposits with banks or brokers in the United States. From time to time, the Fund may invest in (a) restricted or nonmarketable securities, (b) options to buy or sell securities, (c) options on share indices, share index futures and options on share index futures and (d) swaps and forward currency contracts. As noted above, the Fund will pursue an identical investment objective and strategy as that of, and will trade together with, the Arbitrage Associates Funds. However, the Fund will operate with a gross exposure (i.e., long positions plus short positions divided by total equity) and net exposure (i.e., long positions minus short positions divided by total equity) twice that of TIG Arbitrage Associates LP/Ltd. AUM is the aggregrate of the on and offshore vehicles.