William Blair Blue Terrain

Fund L.P.

Fund Investment Objectives

William Blair Blue Terrain is a multi-manager hedge fund vehicle that provides hedged equity exposure. The Fund allocates across hedged equity managers representing four equity styles: Value, Growth at a Reasonable Price, and Growth Industry Specialists. Approximately 50% of the fund is allocated towards industry specialists. This portion of the portfolio roughly replicates the industry exposure of the stock market using managers who specialize in specific economic sectors.