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Verity Capital Partners, L.P. Verity Onshore Fund, L.P. Multi-Strategy IN V E S T M E N T PR O C E S S The Fund’s strategy will be to identify and exploit global market inefficiencies, while minimizing its exposure to market risk. The General Partner intends to achieve this objective through hedging its investments, in an attempt to limit market sensitivity. The principal strategies that will be used: eventdriven investing, equity long/short investing and fixed income investing. RI S K M ANAGEMENT The General Partner has developed proprietary models designed to monitor the percent of capital and the percent of assets of each position and each strategy. The General Partner intends to have no position larger than 5% of the Fund’s total assets. There are several off-the-shelf risk products the General Partner is evaluating, in addition to considering offerings from the Fund’s Prime Brokers. The General Partner expects net exposure for the entire fund to be between -20% and 20%. The General Partner expects net exposure on specific portions of the portfolio to vary depending on the amount of assets dedicated to each strategy: the Fund’s net exposure may be greater in our fundamental directional equity portfolio based on the General Partner’s investment opinions; the relative value arbitrage portfolio should have zero net exposure based on the principles of that investment strategy, but may vary slightly based off of prices of individual securities. Additionally, depending on the events and the consideration in to be received specific deals, the exposure in the event-driven strategy will vary. The General Partner’s investment portfolio will be marked daily and verified by our Prime Broker and back office. The General Partner’s risk management committee will meet weekly to coordinate risk management. Risk will be diligently monitored on a daily basis so that the General Partner does not extend the selfimposed boundaries set forth above. FIRM B ACKGROUND Verity Onshore Fund, L.P., a Delaware limited partnership (the “Fund”), was formed to invest in global securities markets while minimizing exposure to market risk through hedging and other investment strategies that are not market-sensitive, including equity long/short investments, event-driven investments and fixed income investments. The Fund is operated by Verity Capital Partners, L.P., a Delaware limited partnership which serves as the general partner of the Fund (the “General Partner”) and manages its investments. The General Partner was organized in 2005 and its principal offices are located in Fort Worth, Texas. Verity Capital Partners, L.P. was founded in February 2005, by a team of five experienced investment professionals who had previously worked together at one of the world’s largest market neutral multistrategy hedge funds. During their time at their former employer the founding partners, helped develop and manage several successful businesses and office locations. The founding partners intend to leverage their multiple years of investment management and business building experience to create a global investment management business focused on producing absolute returns for their limited partners with a limited amount of investment capital. Verity believes that absolute returns can be effectively and efficiently produced through the combination of low leverage and a limited asset base. PRINCIPALS Rory P. Connor, Founding Partner and Chief Investment Officer Mr. Connor is a founder and the managing partner of Verity Capital Partners, L.P. and a member of the management and investment committees. As managing partner, he coordinates investment and business management operations. Mr. Connor is active in the management of the equity portfolios. Mr. Connor was the senior analyst on a $1.5B domestic and international risk arbitrage, special situations and latestage distressed debt and equity portfolio at Carlson Capital, L.P. for 8 years. During Mr. Connor’s tenure at Carlson Capital, assets under management grew from approximately $300 million to nearly $5 billion. His responsibilities included comparative transaction and equity analysis, market competition analysis and regulatory risk assessment for risk arbitrage deals, in addition to researching distressed debt opportunities. While at Carlson Capital, Mr. Connor was also instrumental establishing the firm’s London office. Prior to returning to business school, Mr. Connor was a financial research analyst at Buis & Co., a merger and acquisition advisory firm, in Fort Worth and a journalist for Morris Communications Corp. Mr. Connor received an M.B.A. from the University of Texas at Austin, where he was a Dean’s List student and a B.A. in English from the University of Vermont, where he was also a Dean’s List student. R.W. Bo French, Founding Partner and Chief Operating Officer Mr. French is a founding partner of Verity Capital Partners, L.P. and a member of the investment and management committees. As Chief Operating Officer he oversees the business operations, the back office, marketing and investor relations. He will also supervise the trading operations of the firm. He was a trader at Carlson Capital, L.P. for 8 years. For 6 years, Mr. French was the energy portfolio trader and preceding those responsibilities he traded the relative value and risk arbitrage portfolios and helped build institutional trading relationships on Wall Street. During Mr. French’s time at Carlson Capital, assets under management grew from approximately $200 million to nearly $5 billion. Preceding Carlson Capital, Mr. French was employed by an independent oil company and was General Manager for one of the largest ranching operations in Texas. He received a B.A. from Texas Christian University and completed a ranch management graduate program. B. Scott Lydick, Founding Partner and Director of Research Mr. Lydick is a founding partner and manages portions of the equity portfolios of Verity Capital Partners, L.P. He is a member of the management and investment committees. Mr. Lydick was a risk arbitrage and distressed debt analyst, in addition to being a relative value analyst that covered global paper and forest product companies and other industries at Carlson Capital. His responsibilities included comparative transaction and equity analysis, market competition analysis and regulatory risk assessment for risk arbitrage deals, in addition to researching distressed debt and relative value arbitrage opportunities. During Mr. Lydick’s tenure at Carlson Capital, assets under management grew from approximately $1 billion to nearly $5 billion. Mr. Lydick received a B.B.A from the University of Texas at Austin. Mr. Lydick is currently a Level III candidate for the Chartered Financial Analyst designation Lana M. Beeter, Founding Partner and Operations Manager Mrs. Beeter is the operations manager at Verity Capital Partners, L.P. Prior to joining the firm, Mrs. Beeter held the same position at Carlson Capital, L.P., where she worked for 6 years. During Mrs. Beeter’s time at Carlson Capital, assets under management grew from approximately $800 million to nearly $5 billion. Her responsibilities at Verity include prime brokerage relationships, trade settlements and reconciliation, stock borrowing, corporate actions processing, cash management and end of day P&L verification. Mrs. Beeter also worked in the accounting department at Carlson Capital, where she was responsible, at different times, for the monthly financial books, tracking investor contributions and distributions, corporate actions across portfolios, 144a registration and monitoring and rebate and margin interest bookings. Preceding Carlson Capital, Mrs. Beeter worked as an accountant for Texas Refinery Corp in Fort Worth, in marketing and special projects for the First National Bank of Trenton (TX) and as a credit/loan review analyst and accountant at Lubbock National Bank. She graduated from Texas Tech University with a B.B.A in finance and marketing. Sandra D. Howell, Founding Partner and Controller Ms. Howell is the Controller of Verity Capital Partners, L.P. and a member of the management committee. She is an accountant with over 12 years of investment accounting experience. Prior to joining the firm, she served as the financial manager of corporate accounts at Carlson Capital, L.P., where she worked for over 8 years. Her responsibilities included managing the accounting and reporting functions of the funds, Carlson Capital, L.P. and its affiliates, and other compliance issues of the firm. During Ms. Howell’s time at Carlson Capital, assets under management grew from approximately $100 million to nearly $5 billion. Preceding Carlson Capital, Ms. Howell was the controller for a graphics arts company, NVision Graphics, and worked for the Bass Brothers as an investment securities accountant. She graduated from Texas Wesleyan University with a B.S. in accounting. G E N E R A L FU N D INFORMATION Contact Information Name: R. W. Bo French Address: Main Phone: Other/Mobile: 301 Commerce Street, Suite 1399, Fort Worth, Texas 76102 (817) 204-0602 (817) 919-6969 Fax: E-Mail: (817) 348-0976 [email protected] Fund Information Firm AUM (as of date): Fund AUM (as of date): Firm Inception Date: Fund Launch Date: Valuation Currency: February, 2005 October, 2005 United States Dollar Geographic Focus: Domicile: Minimum Investment: Global Cayman Islands $3 million Redemptions: Redemption Notice: Redemption Penalty Quarterly 45 days 5% Additions: Lock Up: Management Fee: Monthly 1 year from each subscription 1.5% Performance Fee: Hurdle Rate: 20% None High Water Mark: Fund Administrator (Onshore/Offshore): Listed: Yes TBD Auditor(s): Prime Broker(s): TBD Credit Suisse First Boston LLC, Goldman, Sachs & Co. 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