Partners L.P.

Fund Investment Objectives

Larchmont Capital is a long/short fund that focuses on U.S. small & mid-cap equities, an asset class that consistently outperforms other asset classes over the long run, and a class in which active investment management adds the most value. Within this class Larchmont concentrates on industries with dynamics that support sustainable and/or incrementally higher returns on invested capital. Leverage and short-selling are used prudently to augment returns and reduce overall risk. Larchmont employs rigorous fundamental research and analysis on companies with: 1) Good growth prospects. 2) Motivated and capable managements. 3) Positive cash flow. 4) Reasonable valuations. Firm no longer reporting AUM after October 2008.