ITB Capital Management, LLC

(ITB Premium Fund I Ltd)

Fund Investment Objectives

ITB PREMIUM FUND I is a futures options programs based on the implied volatility of the S&P 500. The firm utilizes discretionary proprietary trading strategies using options on S&P 500 futures to generate income combined with opportunistic long investments for risk management purposes and incremental returns.**Please Note** Since Jan 1, 2012, fiscal reporting periods end with option expiration cycles. In addition, all historical returns are based on 'trading performance' and not 'total performance', as defined as follows: From November 1, 2011 through the Fiscal Period ending February 18, 2012, a percentage of the Partnership's assets, ranging from 26% to 100% of its net asset value, was held in the custody of the MF Global, Inc bankruptcy estate and was unable to be used for trading purposes. The rates of return, including the compounded annual returns, for 2011 and 2012 presented as "Trading Performance" have been calculated on the basis of only those assets available to the Partnership for trading during the impacted periods. Further, the rate of return presented for the Fiscal Period ending March 2012,and consequently the compounded rate of return for 2012 presented under this heading exclude the non-trading loss arising from the Partnership's March 1, 2012 sale to a third party of its MF Global, Inc. commodities customer claim. Unless otherwise noted, all other statistics contained herein have been calculated with reference to this Trading Performance