III Select Credit Fund L.P.

Type A

Fund Investment Objectives

III Select Credit Fund L.P. (the "Fund") is a Delaware limited partnership that seeks to achieve superior risk-adjusted returns primarily through the utilization of credit-related strategies. III Associates (the "Advisor") seeks to identify assets within the credit markets that are undervalued or overvalued, for either fundamental or technical reasons (or both). The Fund attempts to take advantage of these market mispricings by acquiring assets identified by the Advisor's market research and trading analysis to be undervalued, and by selling assets which the Advisor believes are overvalued and are likely to have a catalyst that will cause a near-term re-pricing. In addition, the Fund seeks to capitalize on changes in credit spreads over time by adapting the portfolio to the Advisor's assessment of the then-current phase of the credit cycle. The Fund may invest and trade in a broad range of financial instruments and other investments, which may include: corporate bonds; structured credit vehicles including commercial mortgage-backed securities ("CMBS"), residential mortgage-backed securities ("RMBS"), and other asset backed securities ("ABS"), collateralized debt obligations ("CDOs"), collateralized debt obligations of other CDOs ("CDO2s"), collateralized loan obligations ("CLOs") and collateralized bond obligations ("CBOs"); credit default swaps ("CDS"), and other credit-related derivatives; other over-the-counter derivatives; rights and options on any of the foregoing; and other investments, assets or property selected by the Advisor. There are no absolute restrictions on the types of instruments or investment strategies that may be utilized on behalf of the Fund, although the Advisor currently utilizes primarily credit-related strategies and focuses on the instruments listed above. AUM reflects the aggregate of the onshore share classes; the Fund has parallel offshore funds/classes as well.