Loomis Sayles Credit

Long/Short Fund, Ltd.

Fund Investment Objectives

The Fund seeks to meet its objective through the use of long and short positions using direct investments in fixed income securities, derivatives instruments and other instruments. The Fund will utilize leverage. The Fund's investments may include, but are not limited to, debt obligations issued by corporation and governments (or their agencies and instrumentalities), exchange-traded and over the counter derivatives, structured notes and other structured products, mortgage-backed and asset-backed securities, and commingled vehicles. The Fund may also invest in equity securities and related instruments. Strategy is limited to 400% gross long and 400% gross short exposure. Geographical focus is on US-based issuers, but the fund will also invest outside the US, including in emerging markets.