Glenville Capital Partners,


Fund Investment Objectives

Glenville utilizes a long-term strategy, with expected holding periods of at least two years, emphasizing the achievement of long term capital gains. Investments are selected through the use of in-depth fundamental and valuation analyses. Glenville's investment philosophy is to invest in a limited number of investments at any given time and that risk should be measured by the permanent loss of investor capital rather than short term measures of how much a security goes up and down relative to a particular market index over a period of weeks or months. Glenville typically holds no more than approximately 15 long positions and approximately 5 short positions at any time. When not fully invested, Glenville maintains its assets in cash or other liquid instruments having short maturities. While Glenville principally invests in common equity securities and options of U.S. issuers as stated above. It may also invest in foreign securities on occasion as well as corporate debt, convertible debt, and preferred securities.