Pivot Point Capital Information

Pivot Point Capital is focused on creating long-term value, through an extremely focused and repeatable strategy we call High Definition Investing®. This strategy involves making block equity investments in companies we believe are undervalued, but are fundamentally well-positioned. We normally have no more than 8 to 12 core positions and tend to make one to two new investments per quarter. We are typically a major shareholder and usually hold our positions for at least twelve months, resulting in tax-efficient returns. We believe that companies with solid fundamentals are periodically underpriced due to market over-reactions to current news or misinterpretation of company-specific events. We also believe that the resulting value dislocations are more common and more severe in the small cap portion of the market. As a result, we see opportunity to achieve long-term capital appreciation by: — acquiring positions in small cap companies at what we believe to be opportunistic valuations; — achieving superior insights relative to other investors as a result of our extensive diligence; — having an investment horizon that is sufficient to allow the issues underlying the dislocation to be resolved; — playing an active role in partnership with management to enhance shareholder value.