Beechdale Capital Mgmt, LLC

(Gamma Traders - I LLC)

Fund Investment Objectives

The trading strategies of the GAMMA TRADERS I LLC Fund are 100% discretionary and subject to change depending on market conditions. At the broadest level, the Managing Member's trading program may consist of two general types of investing: relative value trading, which refers to trading based on the Managing Member's ability to identify relative mispricing between two or more capital instruments, and volatility trading, which refers to trading activities based on the Managing Member's ability to interpret changes in the level of volatility implied by market prices.