VR Global

Partners, L.P.

Fund Investment Objectives

VR Global Partners seeks to generate income and capital appreciation through investments in distressed debt securities, primarily focused on borrowers in emerging markets countries. The manager employs a fundamental, bottom-up research approach to individual investments combined with top down macro analysis to guide asset/country allocation. The Fund historically has used minimal leverage and has achieved its returns through asset selection. Returns prior to Jan 1, 2003 are for VR Distressed Assets Fund Ltd. (offshore) which operates together with VR Global Partners L.P. in a `master-feeder' structure.