Brevet Capital Special

Opportunities Fund III, L.P.

Fund Investment Objectives

Brevet invests in special situation, generally high quality non-corporate instruments (including loans, contractual cash flow streams, and direct asset purchases), in which the targeted risk exposure is the timing of cash flows rather than the probability of repayment or credit risk. Brevet's Fund III targets high current income, short duration (generally less than 12 months) investments that are expected to exhibit low correlation to the general economy, capital markets, and other financial assets.