Capital Structure

Opportunities Offshore Fund, Ltd.

Fund Investment Objectives

The investment objective of the Fund is to maximize total return through capital appreciation and current yield from investments primarily in below investment grade, or high yield, companies. The Fund applies a proven system of complete capital structure analysis to identify attractive investments across the entire capital structure. The Fund may invest in all high yield security instruments and will allocate capital accordingly based on the Manager's investment process and market conditions. There can be no assurance that the Fund will achieve its investment objective.