Catalyst

Associates, L.P.

Fund Investment Objectives

In-house disciplined research focused on identifying prospective leaders addressing discrete, rewarding markets. Particular emphasis on evaluating management, market quality, and competitive outcomes. Relatively few, large positons with holding periods between one and three years. Patient long-tem investing in smaller cap US companies. Very low portfolio turnover. Relatively tax efficient. Equities only; long/short; no leverage since inception.