Finisterre Credit Partners,


Fund Investment Objectives

The Fund's investment focus is primarily on liquid distressed and corporate credit. It follows predominantly a bottom-up approach rooted in fundamental credit, asset valuation and documentation analysis. The Investment Manager seeks to achieve the Master Fund's investment objective by exploiting event-driven situations with substantial credit-event linked upside. The strategy will be focused on Emerging Market countries. The Master Fund may take positions in high yield, stressed, distressed and other corporate or sovereign credits as well as equities, units in collective investment schemes, derivative products, real estate, initial public offerings, structured products and other financial claims and asset classes. The Master Fund may also invest in other privately offered collective vehicles or separate investment accounts or other funds managed by portfolio managers unaffiliated with the Investment Manager. The strategy will include both directional and relative value positions. The nature and composition of the Master Fund's portfolio may change significantly from time to time based upon the Manager and the Investment Manager's opinion, and the investment strategy may lead to a relatively concentrated portfolio. The Master Fund will employ leverage and use derivative instruments to implement the strategy. The Master Fund will generally seek to hedge G10 interest rate and foreign exchange risk, as well as investment grade Emerging Market sovereign risk.