400 Capital Credit

Opportunities Fund L.P.

Fund Investment Objectives

Investment Strategy: The investment strategy seeks to generate significant positive returns with low volatility, throughout the credit cycle, by investing in secured credit instruments including residential and commercial mortgage-backed securities (agency and non-agency MBS and CMBS), asset-backed securities (ABS), other structured credit products and related derivatives. 400CM employs a multi-sector structured credit approach and can demonstrate a successful track record of actively rotating across the structured credit sub-sectors since inception, having been significantly overweight ABS in 2009 and RMBS in 2012. The strategy may take both long and short positions, driven by fundamental, quantitative, and economic research employing both proprietary and third-party analytics and may use interest rate swaps, credit default swaps, market indices and option strategies to hedge interest rate, credit and volatility risks. The strategy currently has a long-bias, with limited leverage and a high cash-on-cash return profile. Firm Overview: 400 Capital Management ("400CM") is a structured credit asset manager founded in 2008 by Chris Hentemann, former Global Head of Structured Products at Banc of America Securities. The firm invests across secured credit instruments including residential and commercial mortgage loans and securities, consumer loans and asset-backed securities, structured credit products, and related performing and distressed portfolios. The firm's credit focused funds provide investors access to a breadth of structured credit opportunities. The firm also manages separate accounts for its global investor base, which includes U.S. and non U.S. public and private pension plans, endowments, insurance companies, foundations, family offices, qualified high net worth individuals ("HNWI") and consultants. 400CM employs 31 people, is based in New York City and currently manages over $1 billion.