Silvercreek Special Situations Fund

Investment objective for this fund is to generate attractive absolute returns.
Primarily value oriented investing.

Historical performance (net of all fees) ⁽¹⁾

SMI Opportunities LP (Class A) – (Canadian investors) ⁽²⁾

2009 2010 2011 YTD Annualized return since inception
73% 1.6% 19.2% 37.3%

Silvercreek Convertible Bond Funds

Investment objectives are to generate attractive absolute returns and to provide superior returns in weak equity markets.
These funds typically have a short equity bias (achieved through hedged convertible bonds).

Historical performance (net of all fees) ⁽¹⁾

SMI Defensive LP (Class A) – (Canadian investors) ⁽³⁾

2009 2010 2011 YTD Annualized return since inception
100.2% 18.5% 11.1% 39.0%

SMI Defensive LP (Class B) – (Non-Canadian investors) ⁽⁴⁾

2009 2010 2011 YTD Annualized return since inception
112.7% 18.6% 11.54% 46.13%

(1) These returns represent historical performance and may not be indicative of future results.
(2) Silvercreek Capital Limited Partnership was launched on January 1, 2007.
(3) Silvercreek Convertible LP was launched November 30, 2008.
(4) Silvercreek Convertible Limited was launched January 19, 2009

For more information please contact Bryn Joynt at (416) 485-7797 or by e-mail at bjoynt@silvercreekmanagement.com

Silvercreek Management Inc
1670 Bayview Avenue
Suite 308 Toronto, Ontario, Canada M4G 3C2
Telephone: (416) 485-7797