Headlands Strategic

Opportunities Fund, LP

Fund Investment Objectives

The Headlands Strategic Opportunities Fund, LP was launched in April, 2007 to build a concentrated, long-only portfolio of small cap, publicly-traded companies and to use a constructive activist approach to further grow shareholder value. Headlands Capital targets well-managed, cash flow-generating businesses, building proprietary knowledge derived from onsite meetings to develop a differentiated, long-term investment thesis on its portfolio companies. Underscoring its conviction investing and collaborative activist philosophy, the Headlands Fund owns approximately 10-12 portfolio companies at any time.