Camelot

Capital, L.P.

Fund Investment Objectives

The investment objective of Camelot Capital is capital appreciation. The Partnership will invest primarily, but not exclusively, in the securities of companies which will participate in the information services industry. These companies generally deliver consumer and business software, professional and processing services, and Internet and wireless content and services. Camelot may take either long or short positions in these securities, may hedge the portfolio through options or other derivative instruments, may purchase securities on margin and may invest in restricted stock of privately held companies. Camelot believes that technological advances will create a constant flow of investment opportunities, independent of macroeconomic or stock market conditions, which it will be able to identify through a disciplined research process. The foundation of this research effort will be the General Partner's depth of information industry knowledge and breadth of information industry contacts. Research will encompass frequent communications with company management and the purchasers, resellers and implementers of technology products, participation in industry conferences and trade shows, regular review of trade magazines and other publications, product trials and the analysis of financial statements. This disciplined process is the key to stock selection and timing because it should enable Camelot to highlight technology trends, detect new product cycles, forecast earnings potential and assess competitive impact in advance of the marketplace. Because of this research foundation, Camelot plans to concentrate a greater percentage of its investments in a limited number of primary companies and hold these investments for a longer period than may be typical among competitive funds. The Partnership's primary investments will only be in companies which it believes are in the midst of powerful product cycles and are demonstrating accelerating earnings growth. Camelot will attempt to reduce its position swiftly in any primary investment when its research indicates the potential for business deceleration. The market capitalization of these primary holdings should be large enough to facilitate liquidity for the Partnership. The Partnership will spread its portfolio among value stocks with turnaround potential and short sales. On the value side, the Partnership's goal will be to uncover companies which have a solid customer franchise and the capability to deliver new products, but which have fallen out of favor with investors because of near-term earnings difficulties. Conversely, on the short side, Camelot will seek companies which are investor favorites because of near-term earnings strength, but which actually have eroding customer franchises and weak new product capabilities. Camelot will not bias its investments towards large capitalization or small capitalization stocks. The General Partner believes that superior research can identify opportunities in companies of all sizes. While the Partnership will be more of an investor than trader, the General Partner will attempt to time the purchase and sale of securities to take advantage of its expectations of the outcome of critical events, such as earnings announcements, new product introductions and brokerage firm conferences. Overall, Camelot has designed its investment approach to attempt to leverage its research efforts as well as attempt to capitalize on the long-term momentum inherent in product cycles and investor perceptions.