Antarctica Credit and

Distressed Fund Ltd (USD Class)

Fund Investment Objectives

Antarctica Credit and Distressed Fund Ltd. invests in a limited number of collective investment vehicles ("Portfolio Funds"), which invest in credit and distressed related strategies. It is expected that a significant percentage of the assets of the Fund will be invested in Portfolio Funds which invest across credit and distressed strategies globally in a directional manner, including but not limited to, in long short credit, long only, distressed, event driven, capital structure arbitrage, structured credit, asset-backed securities, mortgage-backed securities, dedicated short and emerging markets. The investment objective of the Fund is to capitalize on an expected opportunity to invest in credit and distressed assets over an expected multi-year period beginning in 2008. The Fund will not attempt to manage downside risk on a month to month basis. It is expected that the rates of return of the Fund will be of higher volatility than similar multi-manager, multi-strategy portfolios investing a significant percentage of their assets in underlying funds which invest in several more diverse strategies. There can be no assurance that the Fund, the Investment Manager or the Portfolio Funds will achieve the Fund's investment objective notwithstanding the performance of any or all of the foregoing or their respective affiliates or principals in other transactions including, without limitation, arrangements similar in nature to the Fund. In particular, past results of the Investment Manager, its principal decision makers in this or other activities, and the Portfolio Funds are not necessarily indicative of the future performance of the Fund. AUM reflects the aggregate fo the various share classes and is denominated in USD.