The Colombard

Fund, LP

Fund Investment Objectives

The Colombard Fund, LP is a US Equity market-neutral strategy that has an average annualized return of more than 14% since inception with 10% volatility (annualized using daily data), a beta since inception of 0.0 and very low correlation with other major asset classes. Rather than taking concentrated bets in a small number of securities, our strategy leverages fundamental research principles to systematically exploit the predictable outperformance of cheap stocks and underperformance of expensive stocks. This is done in a market-neutral, sector-neutral and market-cap-neutral framework and is available through domestic or off-shore feeder funds as well as separately managed accounts. The fund will complete a three-year track record in October, 2014. In addition to the Colombard Fund, LP, The Colombard Offshore Fund Limited feeds the same master fund and is available for offshore or tax-exempt investors. After two decades of equity research experience at CS/First Boston and Citi/Salomon, Albert Richards founded Alambic Investment Management with Brian Thompson, his friend and colleague from the PhD program at MIT. With Mike Oberhaus and Scott McBride, colleagues of Albert's from Citi, the founders built a systematic strategy that leverages Albert's equity research background to identify investment opportunities and Brian's statistics acumen to build a balanced, optimized portfolio. Investments are generally selected from the largest 4,000 companies in the U.S. when ranked by market capitalization, excluding Financials and Utilities, and are limited to securities that pass certain minimum-liquidity screens. The fund managers use margin borrowing, derivatives and other techniques to leverage capital and achieve the desired volatility. In addition to the Colombard Fund, Alambic has created customized solutions using its proprietary stock selection and portfolio management platform to meet the unique objectives and constraints of select investors through separately managed accounts. Disclosure: Neither the Funds, nor their investment adviser Alambic Investment Management, L.P., provide any assurance or guarantee that investments in the Funds will operate in a manner consistent with these materials. Past performance is not an indication of future results. These performance results reflect the deduction of an annual 1% management fee and 15% incentive allocation fee. These fee rates are below the 2% annual management fee and the 20% annual incentive allocation disclosed in the Private Placement Memorandum, and are not generally available to investors in the Fund. These discounted fee rates are available on a limited basis and under the pure discretion of the Funds' managers. Additional information about fees and expenses is included in the Funds' private placement memoranda. Potential investors should review this information carefully before investing.