Snow Capital Investment

Partners L.P. Class B

Fund Investment Objectives

Typically 30 to 50 long positions. Positions sizes are based on our level of conviction and the presence of catalysts. Individual position size is limited to 15% of net assets at the time of the investment and positions may not appreciate to over 25% of net assets. While there are no limitations to sector exposure, positions are generally diversified across sectors. Initiation of long equity positions are often made by selling naked put contracts. Put contracts are written to increase core position sizes at desirable strike prices and dates. Call contracts are written at or near price targets in order to reduce position sizes at a specific date and strike price. All option trades must meet specific investment parameters based on premium, valuation, and time to expiry. The General Partner anticipates that most of the Partnership's assets will be invested in publicly traded equity and equity-like securities. In carrying out the Partnership's investment objective, the General Partner focuses on companies that have a reasonable expectation of producing above average returns. The fund's inception date is September 30, 2002.