Bennett Lawrence Soundwater

Fund, L.P.

Fund Investment Objectives

The Fund's investment objective is to provide investors with capital appreciation while limiting market risk. It is a limited offering organized to take advantage of investment opportunities in the U.S. equity market. The portfolio will consist of equity and equity-related securities of companies publicly traded on the U.S. exchanges. Investments are made primarily in companies with exceptional earnings growth prospects and excellent return potential. When a negative trend or information is identified, the Fund engages in short sales of securities of companies that are in deteriorating industries and have poor future prospects and exchange-traded funds. Short holdings are used to enhance returns in both strong and weak markets. Short exposure varies according to market conditions. The investment objective of the Fund is superior risk adjusted returns that are not directly correlated with U.S. equity averages. The Fund pursues its objective through the purchase and sale of equity and equity-related securities of companies publicly traded on U.S. exchanges, including common stock, preferred stock, exchange-traded funds, stock warrants, ADR's, stock rights, short-term investment funds and other cash equivalents. The Fund also routinely sells securities short. The General Partner's investment approach is designed to enable investors to get exposure to the strongest growth trends in any economy while limiting the market risk and volatility typically associated with those trends. The General Partner utilizes top-down and bottom-up fundamental analysis. From a top-down perspective, research will be guided by the investment themes that are developed from the Management Company's internal research meetings. The work of industry experts is utilized in conjunction with the General Partner's macroeconomic forecasts to determine industry and market exposure. From time to time and on a limited basis, the Fund may engage in non-fundamental, macro-driven trades. On the long side of the portfolio, industry exposure is limited to industries that are believed to be on the receiving end of important demand trends and, as a result, have above average long-term growth prospects. From a bottom-up perspective, companies in these industries are analyzed and the competitive landscape is assessed to determine which organizations are able to capitalize on the trends and enjoy high current revenue and/or profit growth. Individual long positions represent approximately three to four percent (3-4%) of the overall portfolio at cost, and upon appreciation to six percent (6%), are generally trimmed back to five percent (5%).