Investments we have made

Urbana Corp.

Reasonably Valued Portfolio Holdings Trade at a 30% Discount

Aéropostale, Inc.

Teen Retailer with Cheap Valuation and Strong Growth Even During Recession

Sterling Shoes, Inc.

Shares Poised to Double or Even Triple

Interval Leisure Group

Duopoly with High Free Cash Flow and Unique Barriers to Entry

PriceSmart Inc.

Strong Growth in Same-Store Sales Outperform the Competition

CPEX Pharmaceuticals

Examining Shareholder Activism

Coventree Inc.

Returns in the Range of 15% with Limited Risk of Loss

Cash Store Australia Holdings, Inc.

Leading Payday Lender with Potential for Rapid Growth

IntercontinentalExchange, Inc.

Strong Cash Flow and Barriers to Entry with 22% Upside

SmartPros Ltd.

CEO Built Strong Track Record with Acquisitions and Increasing Cash Flow

Eagle Rock Energy Partners, LP

Vote No to the Proposed Recapitalization

Bank of Internet

Well-Capitalized with Fast Deposit Growth