Concourse Capital Partners,

L.P.

Fund Investment Objectives

Concourse Capital Partners, L.P. is a fundamental, long/short investment fund with a global perspective and an emphasis in Technology, Media, Telecom, and Healthcare. Our process begins with a global macro analysis where we seek to identify secular growth drivers which can sustain themselves for at least 2-3 years. Once an investment thesis is developed, we use bottom up, fundamental research to determine which companies present the most compelling investment opportunities. Our goal is to have multiple secular growth themes working at all times. We employ a concentrated, long term approach to our long positions; we hold about 20-30 stocks, maximum position sizes of up to 10% and have a 2-3 year investment time horizon. In general, our long positions can be categorized as growing companies with attractive valuations and strong free cash flow characteristics. As for our shorts, we employ a diversified, short term opportunistic strategy. We seek fundamentally flawed companies; high valuations, low or declining cash flow, negative cash flow and/or excessive debt. We typically hold about 30-60 short positions with a 3% maximum position size and have a target investment time horizon of 3-12 months. Fund reports strategy assets.