Needham

Fund Investment Objectives

Needham Contrarian Fund, L.P. is a traditional long/short style investment limited partnership that invests primarily in the equities of public emerging growth companies. The objective of the Fund is to maximize long-term capital appreciation by investing in the equities of growth companies. We focus on fundamental research and do not rely upon technical investing (based upon computer-based stock selection, technical analysis and charts), including momentum investing. Our strategy focuses on investments in companies with above average, long-term growth rates, which we believe is a result of such companies being at the vortex of rapid and fundamental changes in the world economy driven by technological and demographic change. The Fund engages in short sales of stocks that we believe are overvalued and accumulates long positions in companies we believe are undervalued. In addition, the Fund may invest in the equity and equity-related securities of promising private companies. Most of our areas of investment focus on the benefits from the power of information technology.