P & A Diversified Managers

Fund L.P.

Fund Investment Objectives

P&A Diversified Managers Fund generally emphasizes Managers who use a variety of long/short investment strategies. The Fund primarily invests in Portfolio Managers who are generalists; i.e., managers that pursue a "long/short" investment strategy, focusing primarily on U.S. equities. The Fund may also use specialist managers who may limit their trading to a particular industry (e.g., technology stocks), or type of trading strategy (e.g., relative value arbitrage). As with all P&A Funds, the overriding mission for the Fund is to preserve capital in down markets, generate competitive returns in up markets with the goal to provide superior returns over full market cycles. PLEASE NOTE: The inception data of this fund is June of 1991. The Firm have broken out monthly performance from the quarterly return data for June 1991 to March 1994 which has been entered in the DB for this fund,