P & A Select Strategy Fund,

L.P.

Fund Investment Objectives

The mission of the Fund is to seek above-average consistent returns with moderate risk through the use of a diversified portfolio of hedge fund managers. The Fund's assets are allocated among several targeted trading strategies, as follows: Non-correlated strategies, targeted allocation of 20% to 40%; long/short value managers, 20% to 50%; long/short growth managers in technology, healthcare and other sectors, 10% to 40%; long/short managers with limited capital or a limited independent track record, 0% to 10%; and long/short opportunistic trading managers, 5% to 20%.