CBAM Intrepid

Fund, Ltd.

Fund Investment Objectives

The CBAM Intrepid Fund aims to reshape the expected distribution of long-term global equity returns by implementing option structures that seek to participate in upward price movements, but also seek to limit downside participation in price movements. The principal drivers of excess return will be the avoidance of down market performance through the core option structures, success of income oriented strategies and effective cash management. The objective of the Fund is to capture a significant proportion of upside equity returns while avoiding a significant proportion of downside equity returns thus reducing the volatility of returns relative to the MSCI All Country World Index. The core option structures anticipated to be used to capture the general return of the Benchmark are expected to have a net cost. This cost is expected to be offset through the use of opportunistic income strategies, e.g. call-overwrite strategies, favorable roll-down opportunities or others. Additionally, the Fund actively manages residual cash with a goal to exceed the implied financing rate of the core option structures. Excess liquidity will be managed in accordance with the Investment Manager's Fixed Income Strategy which invests in high-quality interest-bearing securities in the U.S. fixed and variable interest rate markets, generally U.S. Treasury, Agency and Agency mortgage-backed securities (MBS) including Agency collateralized mortgage obligations (CMO).