Tyrian Global Opportunities

Offshore, Ltd.

Fund Investment Objectives

Tyrian Global Opportunities Offshore, Ltd. is a global, long/short equity fund employing a bottom-up, value-oriented investment strategy. The Fund uses a disciplined and scalable process to identify and analyze long/short opportunities. Tyrian employs an intensive research process that includes in-depth, primary industry and company research. Tyrian takes an opportunistic approach to building a portfolio of "best ideas." The team seeks to identify significant mispricings and market inefficiencies in securities that fall within certain investment frameworks. For example, Tyrian will look to uncover opportunities in situations where the market is not accurately valuing a company's growth prospects, competitive landscape or secular outlook. This could also include companies undergoing transitional events, such as restructurings, spin-offs and management changes. The Fund seeks to take advantage of these dislocations to build a portfolio of investments with a longer term view. Tyrian attempts to generate alpha with its short investments and looks for opportunities with essentially the opposite characteristics of its long investments. While the portfolio is constructed in a bottom-up manner, the Portfolio Manager is very mindful of macroeconomic risks given his extensive experience investing in emerging markets. The Fund practices a rigorous approach to monitor gross and net exposures for underlying concentrations by market capitalization, geography and industry, as well as other proprietary factors. Mr. Muyshondt is keenly focused on capital preservation as the majority of his liquid net worth is invested in the Fund. Prior to July 1, 2012, the monthly net performance figures reflected the initial fund fees of 2% management fee/20% performance fee.