se operative documents should be carefully reviewed prior to making an investment in the Funds. The Multi-Strat Funds Management Fee Investors in the Multi-Strat Funds are typically charged a fixed management fee equal to 2% per annum of the amount invested in a particular Multi-Strat Fund (the "Multi-Strat Manage

ed Investments Reallocation discussed above and below as it relates to the SRI and non-SRI Investors in the Offshore Fund. PM Tranches Certain of the Multi-Strat Funds may also issue tranches and/or classes of shares/interests corresponding to the investment strategy (or a sub-strategy to the extent there are mult

ort Equity — involves taking long positions in undervalued equity securities and short positions in overvalued equity securities. In this strategy, the Multi-Strat Funds often accept some equity market exposure seeking to profit from both security selection and thematic sector or market timing decisions. Leverage a

tibles; and (iv) credit. Certain of the specific trading strategies and techniques (including sub-strategies) that have historically been used for the Multi-Strat Funds are outlined below for illustrative purposes. The following does not purport to be a complete list of all trading strategies employed, and certain

ption. Volatility is a principal component of options pricing. If the volatility in the market for the asset underlying the options held or sold by the Multi-Strat Funds changes materially, the Multi-Strat Funds directly could incur substantial losses even if the options in question would have generated substantial

al is acting and obtaining the specific consent of such Account. An investors' representative (the "Investor Representative") has been retained for the Multi-Strat Funds, the Capital Structure Fund and the Corporate Value Fund for purposes of considering whether to grant, and granting or withholding, Client consent

or markups or markdowns) in exchange for any "soft dollar" or other services from any broker-dealer. In addition, the Third-Party Ventures in which the Multi-Strat Funds may participate may make use of "soft dollar" services, and any additional transaction expenses incurred in order to obtain such services — unlike