RGM Value Opportunity Fund

II, L.P.

Fund Investment Objectives

The investment objective of the Fund is to preserve our limited partners' capital and provide significant investment returns while employing a long-bias value-oriented investment strategy in equities with market caps largely between $100 million - $1.5 billion. To do this we are building a concentrated equity portfolio of 15-25 positions deemed to be materially mispriced by the marketplace. The majority of positions we take will be longs, although we will establish and manage several opportunistic short positions at times. We are focusing our research expertise on the sectors that we know best - technology, healthcare, industrials, consumer goods, and retail. We will continue to take a long-term view on the companies we invest in as we believe that corporate performance should be measured over years as opposed to monthly or quarterly increments. We do not manage the fund for short-term performance