Founded in November 1993, Bricoleur's objective is to achieve absolute capital appreciation by investing primarily in U.S. equities. Bricoleur uses fundamental, bottom-up analysis in selecting securities, focusing on growth in earnings and margins, product and industry positioning, cash flows and management strength. Bricoleur employs a model of contrarian, diversified investing which seeks to identify investments that are out of favor with other investors. Bricoleur seeks to reduce the risk associated with such investments by employing various hedging techniques such as selling short companies which it believes are currently overvalued. On the "long side", Bricoleur focuses on candidates with the potential to appreciate 50% within a year. This long return objective most often leads to companies which are smaller, more obscure and not widely followed by Wall Street, and/or companies which have stumbled and are trading at or close to a new low. On the "short side", Bricoleur focuses on candidates with the potential to fall 20% or more in six months. This short return objective allows for a variety of opportunities, ranging from companies with diminishing outlooks and weak management teams to companies which are market favorites valued in excess of the intrinsic value of their businesses. In addition, Bricoleur strives to take advantage of volatile markets by engaging in short-term opportunistic trading, commonly in securities that Bricoleur has previously owned.

Bric 6 LP
The Fund utilizes fundamental, bottom-up securities analysis to invest in undervalued equity securities and sell short equity securities perceived as overvalued. A contrarian, diversified approach leads to investments in out-of-favor and/or smaller capitalization securities that have the potential to appreciate 50% within a year. Short sales of companies with diminished outlooks or valuations over-extended by others' momentum investing techniques provide absolute profit opportunities and reduce market exposure. Opportunistic trading and technical analysis are also employed. The Fund's investment objective is to achieve superior long-term capital appreciation in all market conditions. Current income through dividends and interest is not an objective. The Fund pursues its goal principally by investing in equity securities and equity options of companies (both U.S. and foreign companies) that the General Partner believes have the potential for significant appreciation. As part of its core investment strategy, the Fund purchases securities using a significant amount of margin borrowing. Margin purchases leverage the Fund portfolio, increasing both risk and potential for gain. The Fund's portfolio will generally seek to invest between 100 percent and 200 percent of capital. In addition to acquiring securities on margin, the Fund may seek to enhance its overall investment return and, in some cases, to manage its portfolio risk, by acquiring equity derivative securities, primarily Special Expiration Price Options.

Bricoleur Enhanced LP
Bricoleur Enhanced, L.P. was formed in July 2000. The Partnership's goal is to achieve superior long-term capital appreciation in all market conditions. Current income through dividends and interest is not an objective. Bricoleur Enhanced uses fundamental, bottom-up research techniques in selecting securities, focusing on, among other things, growth in earnings and margins, product and industry positioning, positive cash flows and strong management. The Partnership pursues its goal principally by investing in companies (both U.S. and foreign companies) that the General Partner believes have the potential for significant appreciation. As part of its core investment strategy, the Partnership purchases securities using a significant amount of margin borrowing. Although, it will often operate at lower leverage levels, Bricoleur Enhanced may borrow up to the maximum levels permitted by applicable regulations. Margin purchases leverage the portfolio, increasing both risk and potential for gain. Bricoleur Enhanced will generally seek to invest between 100 and 200 percent.

Bricoleur Offshore Ltd
The Fund utilizes fundamental, bottom-up securities analysis to invest in undervalued equity securities and sell short equity securities perceived as overvalued. A contrarian, diversified approach leads to investments in out-of-favor and/or smaller capitalization securities that have the potential to appreciate 50% within a year. Short sales of companies with diminished outlooks or valuations over-extended by others momentum investing techniques, provide absolute profit opportunities and reduce market exposure. Opportunistic trading and technical analysis are also employed. The Fund does not use significant leverage.

Bricoleur Partners LP
The Fund utilizes fundamental, bottom-up securities analysis to invest in undervalued equity securities and sell short equity securities perceived as overvalued. A contrarian, diversified approach leads to investments in out-of-favor and/or smaller capitalization securities that have the potential to appreciate 50% within a year. Short sales of companies with diminished outlooks or valuations over-extended by others' momentum investing techniques, provide absolute profit opportunities and reduce market exposure. Opportunistic trading and technical analysis are also employed. The Fund does not use significant leverage.