Boston Provident Partners,


Fund Investment Objectives

Boston Provident Partner's investment objective is to achieve superior long-term capital appreciation with moderate risk, which the Partnership seeks to achieve by investing principally in equity securities of companies in the financial services industry. The General Partner considers "top down" conditions (for example, fiscal and monetary policy the economic environment, legislative and regulatory policy with respect to financial institutions, and the business outlook for specific sectors of the financial services industry) in making asset allocation decisions. Under normal conditions, however, the Partnership's portfolio will primarily reflect a "bottom-up" analysis of individual firms by the General Partner. The Partnership will generally seek to hold a portfolio diversified among the various sectors of the financial services industry. That diversification is designed to maximize return and reduce the volatility otherwise inherent in a sector-based strategy.