Red Oak Partners’ Long/Short Fund

1. Red Oak Partners’
Long/Short Fund
J. RANDALL WATERFIELD

2. Red Oak Partners’ Long/Short Fund
The long/short investment fund at Red Oak Partners, where J. Randall "Randy" Waterfield serves
on the board of directors, invests in mis-priced and under-followed stocks with either small or
micro capitalization levels. The fund pursues a three-prong investment strategy. To identify
materially undervalued stocks, it performs its own due diligence and screening. It also looks
ahead for catalysts and events that may affect a stock’s value. Finally, it pursues a low-turnover
approach designed to generate long-term gains.

3. Red Oak Partners’ Long/Short Fund
Over the last 11 years, Red Oak Partners’ long/short investment fund has net annualized returns
over 14 percent, ranking Red Oak Partners among the top hedge funds. The S&P 500 returned
7.55 percent over the same period while the Nasdaq and Russell 2000 managed returns of 10.93
percent and 10.44 percent respectively.

4. Red Oak Partners’ Long/Short Fund
To generate its returns, Red Oak Partners relies on a team with decades of investment
experience. J. Randall Waterfield serves alongside executives who have worked at major firms,
including Deutsche Bank, Soros and Merrill Lynch & Co. To learn more about Randy Waterfield
and Red Oak Partners, visit www.redoakpartners.com.