Senvest

Partners, L.P.

Fund Investment Objectives

Senvest Master Fund, LP (the "Fund") seeks superior investment returns with a long term investing perspective. The Fund uses a fundamental, bottom-up research approach and invests both long and short, primarily in securities of small and mid-capitalization companies. On the long side, the Fund's manager seeks to invest in growth companies at value prices and focuses on out-of-favor or misunderstood companies with robust balance sheets, proven management teams and solid financial underpinnings. Particular attention is paid to those securities with an abundance of cash and trading at modest multiples of book value and forecasted earnings. On the short side the Fund seeks companies with deteriorating balance sheets, eroding margins, unsustainable growth rates or flawed business models. Typically, the Fund seeks investments that it believes can double or triple in price within a 2-3 year timeframe. Our investment staff consists of a team of nine professionals many of whom have worked together since inception of the Fund. The portfolio is split according to market conditions into long-term core positions and short-term tactical trading positions and is diversified across several sectors including technology, health care, real estate and financial services. The Fund invests primarily in U.S. stocks and, to a lesser extent, in Canadian and US-listed Israeli stocks. Gross exposure historically ranges from 100% to 200% and net exposure from 50% to 100%. Our top 20 long positions and top 10 short positions comprise approximately 70% of the Fund's gross exposure. RIMA Senvest Management, LLC (The Investment Advisor of the Fund) is affiliated with Senvest Capital, a publicly traded Company on the Toronto Stock exchange, which provides infrastructure support and is approximately 50% owned by immediate family members of the Fund's Investment. Senvest Capital and members of the Manager's family have a significant capital commitment as the largest investors in the Fund and have invested approximately two-thirds of firm assets under management. As a result, The Fund is focused on achieving superior long term returns over short term volatility. The fund's inception date is April 10, 1997.