Ardsley Partners Fund II,

L.P.

Fund Investment Objectives

Ardsley Partners Fund II, L.P. a long-short equity manager, was founded in March 1987. Our investment universe is global with emphasis on technology, telecom, life sciences, energy and alternative energy companies. The fund uses a concentrated book approach with the top ten core holdings representing Ardsley's best ideas and 40-50% of the portfolio. Ardsley Partners adds consistent value in small to mid-capitalization stocks. Returns are enhanced by the short portfolio and by the opportunistic trading of stocks and options. Leverage is used very sparingly. Sector specialist analysts use a fundamental, bottom-up research approach to identify rapidly growing companies for core portfolio investments. The portfolio manager is responsible for portfolio construction and risk management. Ardsley Partners manages for clients such as endowments, foundations, fund of funds and family offices. Ardsley Partners is a domestic biased manager with the ability to invest internationally where they see opportunity.