GCA Credit Opportunities

Offshore Fund, Ltd.

Fund Investment Objectives

The Company allocates assets through the use of fundamental research by taking long and short positions at all levels of the capital structure of leveraged companies. The Company invests in companies with changing or hidden fundamentals, such as changes in balance sheet leverage, operating margins, cash flow or market share. The Company's trading strategies will use a wide range of techniques used by Messrs. Steven Hornstein, Brian Hessel, Dan Charleston and John Fusek over the course of their careers. The strategies include: 1) Directional long/short strategies, 2) Distressed bank debt and bond investments, 3) Event driven situations, 4) Capital structure arbitrage, and 5) Relative value investments. The Company's portfolio is a mix of long and short, directional and hedged strategies. The Company expects strategies employed on specific ideas to shift over the life of the investment cycle. For example, it is possible that a strategy may begin with a capital structure arbitrage position, but could easily evolve into an outright short or long position depending on market levels and conditions.