CONFIDENTIAL - NOT TO BE REPRODUCED OR DISTRIBUTED PRIVATE PLACEMENT MEMORANDUM BLUE MOUNTAIN CREDIT ALTERNATIVES FUND ■. A DELAWARE LIMITED PARTNERSHIP PURSUANT TO AN EXEMPTION FROM CERTAIN REQUIREMENTS OF THE U.S. COMMODITY EXCHANGE ACT IN CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIMITED TO QUALIFIED ELIGIBLE PERSONS, AN OFFERING MEMORANDUM FOR THIS POOL IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMODITY FUTURES TRADING COMMISSION ("CFTC"). THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A POOL OR UPON THE ADEQUACY OR ACCURACY OF AN OFFERING MEMORANDUM. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS OFFERING OR ANY OFFERING MEMORANDUM FOR THIS POOL. September 2012 NAME OF OFFEREE MEMORANDUM NO. PPM September 2012 / ADV March 2012 EFTA01144866