P & A Multi-Sector Fund II,

L.P.

Fund Investment Objectives

P & A Multi Sector Fund II, L.P. is structured with an investment program parallel to that of P&A Multi-Sector Fund, L.P., and aims to employ substantially the same Portfolio Managers who are specialists, either in a particular sector of the economy (e.g. financials, technology), or type of security (e.g. distressed securities, convertible bonds). Specialists may deliver higher returns due to more focused research. Investing in specialists in a variety of areas, aims to reduce risks inherent in sector investing, but retains the potential for higher returns. The use of specialists is complemented with the use of other Portfolio Managers that have a more general investment approach, which may further reduce volatility inherent in sector only investing.