Twin

Securities, L.P.

Fund Investment Objectives

Twin pursues an active fund management style, designed to achieve superior capital appreciation independent of the cycles and returns normally found in the equity markets. Its investment philosophy is value-oriented and event-driven, specializing in the identification and analysis of securities likely to experience a change in value resulting from an extraordinary transaction or event. The firm's investment activities may be classified under three distinct strategies: (i) merger arbitrage, (ii) special situations, and (iii) mispriced securities with a catalyst. Twin's investment process is designed to identify and exploit only the best opportunities from within its three strategies. While maintaining discipline in adhering to its core strengths, Twin remains flexible, opportunistic and reasonably diversified across its three investment portfolios. For Twin to invest, two key criteria must be met: (i) the industry, event and/or valuation driver/catalyst must be clearly understood; and (ii) the risk and reward must be determinable and manageable. Twin's risk parameters are set as to limit monthly downside risk to no greater than 4% at the portfolio level and 2% on any single name