LibreMax

Offshore Fund, Ltd.

Fund Investment Objectives

A Structured Products hedge fund founded by Greg Lippmann, Fred Brettschneider, Jordan Milman and Eugene Xu. The fund launched on October 1, 2010. LibreMax's portfolio is comprised of securities only (no whole loans) consisting mainly of non-agency RMBS and ABS products. Strategy focuses on active trading, hedging and low leverage. AUM reflects the aggregate of the onshore and offshore vehicles and is denominated in USD.