General_Partner Manager Street_1 Street_2

Peter M. Katz Peter Katz 590 Madison Avenue 27th Floor

Level 37, Gateway 1 Macquarie

Basis Capital Funds Management Limited Steve Howell Building Place

Criterium Capital
Criterium Capital Management Ltd. Management Ltd. Vegafria 7

Okumus Capital Ahmet Okumus 850 Third Avenue 10th Floor

Arhury Levy &

Weiss, Peck & Greer Charles Sweat 909 Third Avenue 31st Floor

Level 32, The Chifley 2 Chifley

Optimal Fund Management Pty Limited Warwick Johnson Tower Square

Scott Watson, John

Homan, Jingyan
Forest Investment Management LLC Wang, Ph.D. 53 Forest Avenue First Floor

MKP Capital Management, L.L.C. Tony Lembke 600 Lexington Avenue 18th Floor
City State Zip Country Continent Phone

New York New York 10022 USA North America 1-212-813-1171

New South
Sydney Wales 2000 Australia Australia 61-28-234-5500

Madrid Madrid 28035 Spain Europe 34-91-386-5786

New York New York 10022 USA North America 1-212-201-2650

New York New York 10022 USA North America 1-212-908-0418

New South
Sydney Wales 2000 Australia Australia 61-29-229-1863

Old Greenwich Connecticut 06870 USA North America 1-203-637-6014

New York New York 10022 USA North America 1-212-303-7100

Fax EMail Contact_Person

1-212-813-1047 sample@aegiscapnyc.com Peter M. Katz

61-28-234-5501 sample@basiscap.com.au Rick Bernie

34-91-373-6558 sample@critcap.com Joaquin A Castill

1-212-201-2660 sample@okumuscapital.com Ibrahim Okumus

1-212-908-9672 sample@robecoinvest.com Mary Smith

61-29-223-2920 sample@optimaljapan.com Warwick Johnson

1-203-637-7999 sample@forestinvestment.com Chris Greer

1-212-303-7196 sample@mkpcap.com Rollo Wigan

Firm_Assets_$MM Fund_Assets_$MM Primary_Strategy Secondary_Strate Secondary_Strategy

$50 $1 Long/Short Equity Event Driven Value

$970 $319 Multi-Strategy

Convertible
$42 $41 Event Driven Arbitrage Long/Short Equity

$987 $88 Value Long/Short Equity

$2,770 $32 Merger/Risk Arbitrage

$2,145 $673 Long/Short Equity Country Specific

$956 $209 Convertible Arbitrage

$4,870 $186 Fixed Income Arbitrage

Onshore_Offshore

on-shore

off-shore

off-shore

on-shore

on-shore

off-shore

off-shore

on-shore
The Partnership seeks to achieve above average capital appreciation in equities supported by value-oriented
research. The Partnership's investment analysis stresses value oriented fundamental research, with an
emphasis on balance sheet, cash flow, and return on equity analysis. In evaluating undervalued companies,
the Partnership seeks to identify a particular catalyst (management changes, insider ownership, spin-offs,
Description
sales/purchases of divisions, assets, potential takeover or acquisition, liquidation) which will lead to the
realization of the "true" asset values. The Partnership may also invest in companies that exhibit growth
characteristics that trade at modest valuations, as well as companies undergoing earnings turnarounds and
improving cash flows and earnings. The Partnership normally maintains long and short positions in its
Multi strategy, Relative Value and Arbitrage Debt Trading in Asia-Pacific, selected OECD and emerging market
portfolio.
countries. Portfolio is combined with a Yield Enhancement Process to enhance returns and diversify portfolio
risks. Arbitrage driven Fundamental Investment Analysis. Investments supported by Research, Credit, Rating
Agency and Technical Analysis. Sector top-down approach to investment decisions. Market Neutral Investment
bias through long and short positions to eliminate Credit and Market Risk. Diversification accross Assets, Asset
Classes and Countries. Net tartget return 500 - 1200 basis points over risk free rate.

The fund is market-neutral

Diversified a Delaware limited partnership
strategies thatEquity
including investsHedge,
for maximum capital
Convertible appreciation,
Arbitrage, mainly in Relative
Risk Arbitrage, the U.S.,
with the
Value flexibilityShort-Biased,
Arbitrage, of investing internationally. The fund is
Conversions (split-price). for U.S. to
Exposure individuals andand
US, Europe entities. Theinvestments.
Japanese primary asset
class is equity, although it may use derivatives from time to time. The fund utilizes a “bottom-up” approach
in security selection and does not place major bets on the direction of the market. It invests in a concentrated
number of stocks, both long and short. The fund can use leverage up to two times. The primary objective of
the fund is to achieve consistent capital growth while strictly emphasizing risk management and capital
The WPG Ericott Merger arbitrage portfolio is an absolute return portfolio focused on the risk arbitrage sector.
preservation.
The portfolio invests the majority of its capital in announced merger transactions with the balance in
opportunistic investments in other special situations. The source of return is deal selection and position
structuring. The strategy is distinguished through internal research that considers transactions in the context
of bottom-up fundamental analysis. The portfolio has the ability to employ leverage however this is done
Investment approach
opportunistically is bottom-up
and only when thestock pickingprofile
risk reward with ainstrong focus
merger on company
arbitrage research
spreads that will rewarding.
are particularly identify
companies that are committed to adding value for shareholders.

As companies rely more on equity as a source of capital, they will need to pay more attention to their business
Forest
returns.Investment Management
Ascertaining is a market neutral
whether management strategyconvertible arbitrage fund
and implementation that employs
is adequate will beboth a
essential in the
fundamental and statistical
recovering Japanese methodology. The portfolio consists of U.S. and foreign convertible securities and
stock market.
other equity-linked instruments that Forest hedges on a market-neutral basis through the short sale of their
underlying common stocks or other equity-related securities. Forest will seek to optimize its allocation to
MKP Credit
domestic emphasizes
and credit-sensitive
foreign positions mortgage-backed
based upon securities,
its view of potential backed
returns by pools
and risks. of residential
Currently and
(as of 10/03), the
commercial
portfolio hasmortgages, as well
a target range as selected
of about asset-backed
85% domestic securities.
and 15% foreignThe investment
positions. managersreturns
Our targeted operate with
are 12-
the
15%fundamental
annually. belief that assuming credit risk in the MBS market, and similarly the ABS market, pays a
higher premium than assuming credit risk in the corporate market. The fund is market neutral with respect to
interest rates and the shape of the yield curve and uses dynamic hedging to manage its exposure to the
general level of credit spreads. Because credit sensitive mortgage securities have exposure to the default risk
of large, well-diversified, pools of borrowers, this approach has a low correlation to other credit strategies
based on high yield or emerging markets debt.
Return_Start Minimum_Investment_$MM Management_Fee Incentive_Fee

2/1/2001 $0.20 1 20

8/1/2000 $5.00 1 20

11/1/1997 $1.00 1 15

9/1/1999 $1.00 1 20

6/1/2002 $1.00 1 20

10/1/1999 $0.50 1 20

9/1/1994 $1.00 1 20

3/1/1999 $3.00 1.5 20

Early_Redemption_Fee Other_Fee Capital_Addition Capital_Redemption Lockup

Monthly Quarterly 1 year

up to 60 basis
points,
administration and 90 day notice
2% within 6 months, 1% if management prior to next
redemption within 1 year expenses Monthly Quarterly redemption date

None for investments held > 1

year; less than 1 year = 2% None Monthly Monthly None

None Monthly Semi-Annually 3 year

None Monthly Monthly None

Monthly Monthly N/A

2% fee for investments under 12

months Monthly Monthly None

Monthly Annually 12 months

Hurdle_Rate High_Watermark Legal_Counsel Administrator Custodian

None Yes Andrew Goldstein Other Bear Stearns

Fortis Prime Fund

None Yes Walkers (Cayman) Fortis Bank Solutions (Asia)

3-Month LIBOR + BISYS Hedge Fund

4% Yes Zeven & Associates Services

BNY Alternative
None Yes Seward & Kissel LLP Investment Services Bear Stearns

None Yes Seward & Kissel Robeco USA Bear Stearns

The Bank of
Bermuda (Cayman)
- Yes Deacons HSBC Ltd

Willkie, Farr &

Gallagher
(US)/Conyers, Dill & Bear Stearns /
None Yes Pearman (Cayman) Morgan Stanley Goldman Sachs

Schulte Roth &

None Yes Zabel SEI Investments
Accountant Prime_Broker Typical_Net_Exposure_Low

Other Bear, Stearns & Co.

Ernst & Young Merrill Lynch & Co., Inc.

Kaufman Rossin
& Co. Not Applicable

KPMG Bear, Stearns & Co. 60

Deloitte &
Touche Bear, Stearns & Co. 35

Pricewaterhouse Goldman Sachs Group,

Coopers Inc. 36

Ernst & Young Bear, Stearns & Co.

Ernst & Young Bear, Stearns & Co.

Typical_Net_Exposure_High Typical_Percent_Long_Low Typical_Percent_Long_High

60 82 82

35 60 60

36 68 68
Typical_Percent_Short_Low Typical_Percent_Short_High Currency_Class Location_of_Assets

US Dollars (USD) United States

US Dollars (USD) United States

US Dollars (USD) United States

1 1 US Dollars (USD) United States

40 40 US Dollars (USD) United States

44 44 US Dollars (USD) Asia

US Dollars (USD) United States

US Dollars (USD) United States

Open_to_Investment Investment_market Investment_style Investment_geography

Yes Broad/Multi Macro Americas US

Yes FI Multi Multi-Style Americas US

Yes Broad/Multi LS Variable Bias Global Broad

Yes Broad/Multi Multi-Style Americas US

Yes Broad/Multi RV SSED Merger Arb Americas US

No EQ Multi (all cap) LS Long Bias AP Japan

Yes Convertibles RV Broad Americas US

Yes FI Mortgage RV Broad Americas US