Bluebird

Funds, L.P.

Fund Investment Objectives

The investment objective of the Bluebird Funds, L.P. is to provide consistently strong risk-adjusted returns. The Partnership intends to achieve its objective by creating an investment platform broad enough in scope to maximize evolving mortgage market environments, but narrow enough to remain within the General Partner's expertise. Investment assets will primarily include residential mortgage-backed securities (RMBS), but other mortgage-related assets including, but not limited to, residential loans, mortgage-related equities, and other asset-backed securities may be included depending on the investment environment. The mortgage market is a constantly evolving landscape, and the investment strategy is designed to evolve with the market.