C5 Opportunity Fund, LP investment objective is to achieve substantial capital appreciation through investment in a broad range of non-traditional distressed debt and special situations investments seeking to exploit current market dislocations and distressed investment opportunities in the mortgage and asset backed securities markets. The primary focus will be on relatively illiquid securities which provide superior risk adjusted returns due to the lack of broad sponsorship. The Partnership will consider opportunities including, but not limited to, securities backed by out-of-favor collateral, securities with significant downgrade risk, esoteric securities, and small block sizes often overlooked by large institutions. The Partnership expects that the use of leverage in its investment program will generally be limited to non-recourse term financing. No assurance can be given, however, that the Partnership will achieve its objective, and investment results may vary substantially over time and from period to period.