Investments we have made

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

MTN Group

Leading Wireless Operator in Fast-Growing Emerging Markets

Cheniere Energy Partners, LP

Long-Term Contracts Ensure Payment of 17.5% Dividend


Solar Cell Manufacturers Likely to Face Bankruptcy