Partners, LLC

Fund Investment Objectives

The principal objective of the Fund is to realize consistently superior long-term growth of capital while mitigating risk. Utilization of bottom-up fundamental analysis with an emphasis on cash flow guides investment discipline. The fund de-emphasizes technology and financial service sectors and over-emphasizes materials and processing, industrials, transportation and producer durables sectors relative to benchmark. The General Partner believes that significant alpha can be achieved by capitalizing on market opportunities in companies large and small, which it believes are significantly undervalued relative to their growth potential. By concentrating on a relatively small number of companies at any one time, the General Partner believes he can trade opportunistically around these value-oriented investments with thorough and reliable information about each company through intensive research, contacts with company management and industry seminars. The General Partner has over 25 years experience analyzing and managing assets and has been following a core group of 200 companies as possible purchase or short candidates for over 20 years.