Beechdale Capital Management, LLC

Negative Gamma Traders One, LLC

The fund is a market-neutral fund that seeks to profit from (a) the profit potential which may be inherent in opportunistic trades, and/or (b) the profit potential that may arise from certain market inefficiencies. The fund utilizes a variety of proprietary hedging techniques to strive to attain this goal. For the most part, the fund engages in trading in equity index options and futures. However, the fund may also trade options and/or futures in the precious metals and agricultural products markets at the managing member’s discretion. The fund’s trading strategy is to maintain a “market-neutral” position, that is, its aggregate portfolio is neither long nor short. The fund may be either long and/or short futures and/or options that are traded on one exchange and may have offsetting positions on the same, or similar, options and/or futures that are traded on a different exchange. The fund may be either long, short or both long and short options on futures. Additionally, the fund may be either long, short or both long and short futures. The fund may be either long or short volatility. The fund may also be long and/or short volatility in one market, while having an offsetting position in a different but related market. The goal is to take advantage of pricing inefficiencies between options in different markets by being long volatility when it is relatively less expensive, and by being short volatility when it is relatively more expensive.