World Opportunity Master

Fund, LP

Fund Investment Objectives

The investment objective of the Fund is to provide superior long-term total return on its assets over time by leveraged trading and investing on a global basis with a broad range of investment advisors and managers, primarily in common stocks, options, oil and gas working interests and certain other instruments. The Fund attempts to achieve this objective by allocating capital among a number of independent investments managers acting through pooled entities, such as limited partnerships, limited liability companies and offshore corporations, or through managed accounts (Advisors). The majority of these Advisors employ relative value and arbitrage strategies whereby they attempt to limit risk by investing both long and short related securities and other financial instruments in a manner that reduces overall market sensitivity. Such a relative value strategy is intended to have profit potential in both rising and falling markets. The Advisors are selected with the objective to obtaining quality management and broad diversification within the types of strategies utilized by the partnership. An important element in the selection process might be the General Partner's somewhat objective assessment of the ability and character of a prospective Adviser. Although many of the advisors selected are successful, highly regarded members in their industry, on occasion the General Partner may select relatively new and unproven Advisers, who, in his estimation, demonstrate unusual potential. Hurdle Rates: 8% and/or 75% of S&P 500 Stock Index.