III Select Credit Fund L.P.

Type C

Fund Investment Objectives

III Select Credit Fund L.P. is a Delaware limited partnership that will invest in a broad range of financial instruments primarily utilizing credit-related strategies. The Advisor believes that given the recent extreme credit market moves, some assets have become fundamentally and/or technically undervalued, while others remain overvalued. The Partnership's objective is to take advantage of these market mispricing 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 repricing. In addition, the Partnership 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. There can be no assurance that the Partnership will achieve these objectives or avoid substantial losses. The Partnership may invest and trade in a broad range of financial instruments and other investments, which may include U.S. and non-U.S. government, agency and corporate fixed-income securities, convertible bonds, loans, stocks and stock indices, mortgage-backed and asset-backed securities, foreign currencies, commodity and financial futures, repurchase and reverse repurchase agreements, interest rate swaps and caps, credit default swaps, credit default tranches, constant maturity credit default swaps, recovery locks and other credit-related derivatives, other over-the-counter derivatives (including commodity swaps and other commodity derivatives), commercial paper, 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 investment strategies that may be utilized on behalf of the Partnership, although the Advisor currently intends to primarily utilize credit-related strategies for the Partnership. AUM refelcts the aggregate of the onshore share classes.