Partners L.P.

Fund Investment Objectives

Crecera's funds provide secured, collateralized export and import finance loans to Latin American companies. Management utilizes several deal structures in providing both secured pre-export and post-shipped loans to exporters in the region. The transactions are typically structured to contain three avenues of recourse in order to protect principal. Trade finance loans have an exceptional performance record and are high credit quality. In addition to over-collateralization of the loans, the loans are dollar denominated and governed by a favorable regulatory environment. The Fund adheres to rigorous risk management practices. To reduce performance risk, management completes thorough due diligence and credit analysis as a first step. Crecera then seeks to further reduce performance risk through the structuring of its transactions. The Fund focuses on: providing secured loans with conservative asset coverage; structuring loans with more than one avenue of recourse; and targeting loans with collateral inventory which is readily marketable on global markets. Management addresses portfolio risk by building a highly diversified portfolio of loans among transactions and obligors. This fund reports firm AUM.