ICMC Tactical Return Fund

Ltd.

Fund Investment Objectives

The primary goal for the Partnership is to produce investment returns well in excess of those generally achievable in a diversified equity portfolio employing a buy-hold strategy. A secondary objective is for the Partnership to produce an absolute return under most market conditions in order to preserve Partnership capital. In pursuit of superior returns, the General Partner intends to utilize aggressive tactics and seek out investments with substantially above average potential for capital gains. This will necessarily result in above average upside and downside volatility; however, the General Partner intends to employ multiple risk control measures in an attempt to reduce the downside volatility of the fund and hence its correlation's with the U.S. equity and fixed income markets. In cases where the General Partner believes a particular strategy would be beneficial to the fund but feels that another manager(s) with more expertise in a specific strategy could better implement that strategy, an independent manager or sub-advisor may be employed exclusively for that segment of the portfolio. The General Partner intends to seek out investment opportunities in the form of various equity and equity-linked instruments, including derivatives. In further pursuit of extraordinary returns up to 15% of partnership capital may be invested in private securities not traded in the public markets. In pursuit of the high performance objectives of the Fund, the General Partner may selectively utilize the following strategies and tactics (without limitation): Concentrated positions, contrarians, country selection, direct investments, emerging companies, emerging markets, event driven, fundamental analysis, leverage, long/short, market, neutral, momentum, opportunistic, quantitative, sector selection, tactical trading (employing either or both quantitative and technical analysis) and style rotation. Performance prior to February 28, 2005 is for Equity Long Bias Strategy.