Collier Fund,

Ltd.

Fund Investment Objectives

The Fund's objective is to attain long-term capital appreciation, primarily through investing in a portfolio of equity securities of publicly traded companies. The Fund may also sell securities short and invest in corporate debt or convertible securities and other financial instruments. The Fund most frequently invests in equity securities traded in the over-the-counter market or on a national or regional securities exchange in the United States or Canada. The General Partner's investment program focuses on identifying publicly traded securities that it views as selling in the public market at a substantial discount to such security's intrinsic value. The General Partner determines an issuer's (and hence a security's) intrinsic value on the basis of a variety of factors, including a detailed analysis of a business' free cash flow generation capacity through a business cycle, discounted for time, predictability and other identifiable risk factors.