October 12, 2010

Management of Westchester Capital and Lincoln Peak Capital Reach Definitive Agreement to Purchase Interest From Founder-October 12, 2010

Lincoln Peak Capital has agreed to make a minority equity investment in Westchester Capital Management, LLC (“Westchester”) in partnership with its management team. Westchester is the successor entity to Westchester Capital Management, Inc., the advisor to The Merger Fund, a leading merger-arbitrage mutual fund. Lincoln Peak and Westchester’s management have agreed to purchase the firm from its retired founder. The transaction is expected to close in late 2010 or early 2011.

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