Twin Lake Total Return

Partners L.P.

Fund Investment Objectives

The Partnership's investment objective is to achieve an annualized long-term return (income plus capital appreciation) that is in excess of the long-term historical annualized return of the S&P 500 Index with less volatility. The Adviser seeks to achieve the Partnership's investment objective by identifying and acquiring positions in the debt and equity securities of publicly-traded companies that are selling below their intrinsic value. Formerly known as Talon Total Return Partners LP which has operated since August 15, 2002. Reports strategy AUM.