Ramius' investment programs aim to preserve and grow allocated capital on a long-term basis.

Ramius utilizes its hedge fund and multi-manager investment programs to meet the following investment goals:

1. Target returns: 91-Day US T-Bill + 5-10%⁽¹⁾ over an investment cycle, for our most conservative programs
2. 15-20%⁽¹⁾ annualized absolute returns for our longer term multi-strategy fund
3. An array of targeted return goals with customized solutions created by our Alternative Solutions
4. Multi-strategy disciplines with low volatility
5. Low correlation to traditional investments
6. Avoidance of large drawdowns
7. Relatively low use of leverage

Ramius also has grown separate but related programs which include Real Estate and Cash Management.

1. The target returns are presented for the purposes of providing insight into Ramius' objectives, detailing the anticipated risk and reward characteristics in order to facilitate comparisons with other investments, and aiding in assisting in future evaluations of the performance. The target returns are not a prediction, projection or guarantee of future performance. They are based upon assumptions regarding future events and conditions which may not prove to be accurate. Accordingly, the target returns should not form the primary basis for an investment decision. There can be no assurance that the target returns will be achieved.