Bennett Lawrence Emerging

Growth Fund, L.P.

Fund Investment Objectives

Bennett Lawrence Emerging Growth Fund, L.P. (Fund) is organized to take advantage of investment opportunities in the small cap segment of the U.S. equity market. We believe that there are many companies that have $2 billion or less in market capitalization that have excellent return potential. For years, their shares have been overlooked by investors for many reasons, including the following three factors: 1) Small cap companies require more resources to analyze than midsize and large cap companies as they have shorter operating histories and less available information; 2) they generate smaller investment banking fees, and as a result, they have roughly half the analyst coverage per company versus midsize and large cap companies; 3) because information on these businesses is more difficult to acquire, small cap mutual funds are more expensive to manage and less profitable as the size of these companies and low trading volume make economies of scale work against professional investors. The Fund is a long/short equity portfolio with an emphasis on emerging growth companies that are either purchased or sold short based on their underlying fundamentals. At least 75% of the portfolio will be invested in equity and equity related securities with market capitalizations of $2 billion or less at the time of purchase. It is anticipated that the Fund's market exposure will range from 60-100% net long. The Fund is opportunistically traded and makes active use of loss limits to help reduce the volatility that is usually associated with investing in smaller companies. The Emerging Growth Fund is managed using top-down and bottom-up fundamental analysis. From a top-down perspective, our research work is guided by the investment themes that are developed from Bennett Lawrence Management's internal research meetings. We use the work of industry experts in conjunction with our own macroeconomic forecasts to determine industry and market exposure. .