Cedar Ridge Investors Fund

I, L.P.

Fund Investment Objectives

Cedar Ridge Investors Fund I, LP is an actively managed fixed income fund that seeks to maximize total rate of return and minimize investment risk using a top-down, relative value, tax advantaged and credit-based investment strategy. Fund investments are currently comprised of long positions in tax-exempt municipal bonds, taxable corporate bonds and preferred securities and short positions in corporate bonds, US Treasury and Agency securities. The Fund typically looks to neutralize interest rate risk. The Fund seeks to deliver diversified and uncorrelated returns versus other investment alternatives and asset classes by taking advantage of relative value, cross-over trading opportunities, and market anomalies and inefficiencies through superior relative value credit selections across a broad array of credit risk markets. Current focus sectors include the airline, auto and auto parts, cable, electric utility, energy, industrial, and tobacco bond sectors. Net exposure typically runs approximately 90%. The Fund will invest principally, but not solely, in bonds, notes, and other fixed income securities that are publicly-traded, with a concentration in federally tax-exempt municipal bonds, including corporate-backed municipal bonds, which are typically issued as limited obligations of a governmental issuer payable from revenues derived pursuant to a loan, lease, installment sale, or financing agreement with a corporate entity (such bonds, issued on behalf of entities including (but not limited to) airlines, electric utilities, healthcare facilities, and industrials, typically comprise senior unsecured obligations of such entities). Investments are comprised of investment grade securities (i.e. rated in the Baa category by Moody's Investors Service, or BBB category by Standard & Poor's Corporation or Fitch Investors Service) and below investment grade securities, including certain unrated securities, which may include private placements and restricted securities. The Fund may also purchase securities on margin and engage in hedging and other securities investment strategies, such as interest-rate derivatives and credit default swaps. The Fund generally may invest up to 5% of its assets measured at cost at the time of investment in securities (other than Rule 144A securities) that are not publicly-traded. Leverage: 2x-3x gross; 0.5-1.5x net