Ardsley Partners Renewable

Energy Fund, L.P.

Fund Investment Objectives

Ardsley Partners Renewable Energy Fund, L.P. (the "Fund"), launched in July 2006, is a long/short equity Fund focused on the renewable energy, clean technology, industrial and natural resource sectors. The Fund employs deep, fundamental research to identify asymmetric risk/reward opportunities across all market capitalizations and geographies. The primary objective of the Fund is to generate superior returns through a portfolio of long and short public equity investments, regardless of economic conditions. The Portfolio Manager, Spencer Hempleman, has a long history of successfully managing capital and has worked at Ardsley for 12+ years developing a track record of strong returns. The renewable energy sector performance has been a contributing factor to Ardsley's success with 5-20% of the flagship fund invested in the sector at any given time. The Fund seeks to identify solutions to the global energy and natural resource problem and invest in companies whose technologies offer alternatives or a more efficient use of natural resources. The differentiated approach combines company specific research, sector analysis and a top-down macro-economic outlook to identify the best opportunities within each subsector and isolate individual alpha generating shorts. The firm, based in Stamford, CT., was founded in 1987 and is one of the oldest hedge fund managers in the USA. Ardsley Partners Renewable Fund, L.P. is a spin off from Ardsley flagship fund, Ardsley Partners Fund II, L.P. The flagship fund, founded in 1987, is also long/short and fundamentally-driven. Ardsley Partners is a domestic biased manager with the ability to invest internationally where they see opportunity.