North Star

Partners II, L.P.

Fund Investment Objectives

North Star Partners II L.P. commenced operations on April 1, 2004. The Partnership is dedicated to the tradition of value investing and focuses on the small-cap sector of the equities markets. Investments are made with a large margin of safety by buying stocks that are trading at a significant discount to estimated true economic value, and our approach is historically associated with Ben Graham's value investing disciplines. The Partnership also invests in special situations including spin-offs, shareholder activism, private transactions, event-driven opportunities and hidden assets. North Star has a long bias but also employs shorting and active management of market exposure to further limit risk. AUM is reported on a quarterly basis prior to September 2011.