Crescat Global Macro Fund

L.P.

Fund Investment Objectives

The investment strategy is to focus on thematic global macroeconomic imbalances in various markets worldwide, across and within asset classes. The objective of the global macroeconomic strategy is to achieve high risk-adjusted returns compared to global market averages. The Advisor holds a portfolio of securities both long and short with the objective of generating positive returns and hedging against risks under a variety of market conditions. The Advisor employs leverage. The Advisor may change the ratio of long versus short and the amount of leverage at any time. The Advisor believes that numerous anomalies or inefficiencies in the market provide an opportunity for active managers to deliver superior risk-adjusted performance compared to passive investment approaches and more traditional management styles. The Advisor's objective is to identify imbalances, drawing on quantitative, fundamental, and technical (behavioral) information that may explain future security price performance. The Advisor may use quantitative modeling to back-test strategies in order to determine their efficacy based on historical data. When building quantitative models, the Advisor applies the scientific method to balance sound theory with statistical testing. The Advisor abhors curve-fitting or data-mining quantitative strategies which show good back-tested returns but lack fundamental, behavioral, and economic substance and provide little value in forecasting future performance. The Advisor expects to use a combination of techniques in developing its investment approach and implementation, and may incorporate analyses of microeconomic and macroeconomic imbalances. Quantitative modeling, in and of itself, may not be sufficient to determine that securities to buy or sell, or when to buy and sell them, however, and the Advisor applies its own discretion in making investment decisions based upon the data provided by quantitative modeling. There can be no assurance that the aforementioned investment methods will enable the Advisor to make investment decisions that will result in the Partnership achieving its investment objectives.