Sandpiper Capital Fund - Representative Investments

Sandpiper continuously monitors portfolio investments against Sandpiper's and management's expectations. Please read on to learn more about representative investments in Sandpiper's portfolios...

www.pennlibertybank.com

Penn Liberty Bank

The Fund took an equity position in the Bank in August of 2004. The Bank, located in the suburbs of Philadelphia, serves the local community by offering a number of products and services to the small business community, professional real estate developers and investors and retail consumers. The Bank opened two new branches in 2007 for a total of six branches and one commercial banking center.

www.rosamexicano.com

Rosa Mexicano

Rosa Mexicano is an upscale Mexican restaurant with locations in New York City (First Avenue, Lincoln Center and Union Square), Washington D.C. (Penn Quarter), Atlanta (Atlantic Station), Palm Beach and Miami. The Fund has equity positions in the Union Square, D.C., Atlanta, Palm Beach and Miami operations. The newest restaurant, located in the Mary Brickell Village area of Miami, opened in the third quarter of 2007. Management is currently seeking expansion opportunities in several other large cities.