Snow Fund

One, LLC Class A

Fund Investment Objectives

Snow Fund One is a Hybrid Hedge Fund for Accredited Investors seeking consistent, long term total above average returns at a reduced risk. The Snow Fund buys Treasury Bills or remains in cash and employs S&P options to enhance the Fund's total return. The Treasury Bill component is dependent on current levels of interest rates, and the premium component is dependent on option volatility. The fund has a low correlation with the equity markets, and is extremely tax efficient. Accordingly, this fund should appeal to traditional Fixed Income Investors that seek higher annualized returns. The trade performs well in up, down and neutral markets. In severe downturns, it can show losses. The beginning of an option cycle starts on the third Friday of every month, and runs until the third Friday of the following month. This trade is very liquid, and expires at the end of each monthly cycle.