CRS SECURITIES FUND, L.P.

The primary investment objective of the Partnership is growth of capital. The business of the Partnership is the buying and selling of securities, including, without limitation, stocks, options, warrants, and rights of U.S. and non-U.S. entities. The Partnership may invest and trade in public and private securities and may lend funds or assets and borrow money, with and without collateral. The Partnership ordinarily will invest in securities that trade in sufficient volume to allow for swift execution of transactions. Positions in securities may be held for very short periods, even as little as a portion of one day. The Partnership may engage in transactions in exchange-listed options in conjunction with or in lieu of taking a position in the underlying securities, including writing uncovered options. The Partnership also may engage in short sales of securities and margin transactions. The Partnership may also invest or trade in cash commodities, commodity futures, or commodity options contracts after securing all necessary registrations (or exemptions) from the National Futures Association (the “NFA”), the United States Commodity Futures Trading Commission (the “CFTC”), and/or other regulatory agencies.