Saguenay Offshore Fund,

Ltd. Class A

Fund Investment Objectives

Saguenay Offshore Fund, Ltd., is a fund of hedge funds whose investment objective is to preserve capital and to seek long term capital appreciation through investments with a diversified group of portfolio managers who employ a variety of absolute return strategies. The Fund emphasizes investments with managers who exhibit low correlation to each other as well as to asset classes such as stock markets and fixed income markets. The fund targets approximately a 5% volatility and places a premium on portfolio construction where marginal return is equally balanced by diversification benefits (ie lower correlation). The fund favors equity long short where it has around a 50% asset allocation. Better risk transparency, liquidity terms and more limited use of leverage all support such. We focus on global macro technical and fundamental events to look for favorable tailwinds for certain sectors and geographies. We are heavily research oriented in the top down process. The fund favors managers who have a proven history of running well hedged books. The principals of the firm, each with over 20 years of capital markets experience, are involved in the fund sourcing, due diligence and final selection process. We feel this is a differentiating factor as it allows us to develop a strong bond, and a senior relationship, with those funds that make it through the full process.