KLS Diversified Master Fund

L.P.

Fund Investment Objectives

The Fund is a fixed income multi-strategy fund that seeks to preserve capital while delivering high risk-adjusted absolute returns with low volatility and low correlation to equity and bond markets. The Fund will be managed as a single fund with dynamic capital allocation among and across broad rates, credit and structured asset investment strategies. The Investment Manager believes that the Managing Partners, together with the team they have assembled, provide the Investment Manager with a broad and deep understanding of both fundamentals and technicals within and across individual fixed income markets and with the investment judgment to select and manage a portfolio of investments to achieve the Fund's objectives. The Investment Manager identifies investment opportunities based on extensive market knowledge, research, analytics and contacts that the Investment Manager's personnel have developed over their years in the business, as well as from other market sources. Idea generation and opportunity set development result from constant dialogue and analysis using both a bottoms-up and a top-down approach.