Wolverine Flagship Fund

Trading Limited

Fund Investment Objectives

The Fund's goal is to achieve excess returns in the volatility and credit markets, primarily by investing in US convertible securities and their hedges. Excess returns are generated through competitive advantages in both operational scale/efficiency and risk management technology. The Manager's significant resources and commitment to the Fund's growth have made the Fund a leader in time-critical trade execution for all of its arbitrage strategies. Real-time arbitrage pricing and execution capabilities combine with sophisticated electronic market data collection algorithms to give the Fund unmatched speed and transaction cost advantages. The result is a revenue stream that can benefit just as much from short-term price dislocations as it does from more traditional position-motivated convertible arbitrage. The Manager has also developed risk management systems that allow its investment universe to include instruments that other market participants have difficulty pricing or hedging. Because of the limited competition we face from other investors in the marketplace, these instruments are often ideal position candidates. The Fund's General Partner is a subsidiary of Wolverine Holdings, LLC, one of the largest firms in the options trading industry. Many of the development costs associated with the Fund's infrastructure are shared with other subsidiaries of Wolverine Holdings, which generates tremendous synergies by giving it all the economies of scale that an overall firm of 200+ employees can provide. The Fund's Monthly Actual Net Returns represent a blended rate comprised of the asset weighted-returns of the fund's domestic and foreign feeder funds, net of management fees, performance fees and expenses. Individual investor results may vary based on interim contributions and withdrawals, as well as any applicable high water marks. A substantial portion of the Fund's Monthly Returns include returns for investors (i) that are not subject to fees, (ii) that are subject to reduced fees or (iii) that are subject to an alternate fee arrangement. Individual investor returns may vary materially from the Fund's Monthly Returns and investors should not expect to achieve the Fund Monthly Return results on an individual basis. Past performance is not indicative of future results.