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Value Investing CongressMay 3, 2011

Accredited Fund, LP

Tilson Offshore Fund, Ltd.T2 Qualified Fund, LP

Tilson Focus Fund

Tilson Dividend Fund

Presentation made available via MarketFolly.com

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The General Motors Building

767 Fifth Avenue, 18th Floor

New York, NY 10153

(212) 386-7160

Info@T2PartnersLLC.com www.T2PartnersLLC.com

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THIS PRESENTATION IS FOR INFORMATIONAL AND EDUCATIONALPURPOSES ONLY AND SHALL NOT BE CONSTRUED TO CONSTITUTEINVESTMENT ADVICE. NOTHING CONTAINED HEREIN SHALL CONSTITUTEA SOLICITATION, RECOMMENDATION OR ENDORSEMENT TO BUY ORSELL ANY SECURITY OR OTHER FINANCIAL INSTRUMENT.

INVESTMENT FUNDS MANAGED BY WHITNEY TILSON AND GLENNTONGUE HAVE POSITIONS IN MANY OF THE COMPANIES DISCUSSEDHEREIN. THEY HAVE NO OBLIGATION TO UPDATE THE INFORMATIONCONTAINED HEREIN AND MAY MAKE INVESTMENT DECISIONS THAT AREINCONSISTENT WITH THE VIEWS EXPRESSED IN THIS PRESENTATION.

WE MAKE NO REPRESENTATION OR WARRANTIES AS TO THE

ACCURACY, COMPLETENESS OR TIMELINESS OF THE INFORMATION,TEXT, GRAPHICS OR OTHER ITEMS CONTAINED IN THIS PRESENTATION.WE EXPRESSLY DISCLAIM ALL LIABILITY FOR ERRORS OR OMISSIONS IN,OR THE MISUSE OR MISINTERPRETATION OF, ANY INFORMATIONCONTAINED IN THIS PRESENTATION.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS AND

FUTURE RETURNS ARE NOT GUARANTEED.

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Total Net Return

-4-

Total Since Inception

T2 Accredited Fund:183.0%

S&P 500: 38.0%

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-50%

-25%

0%

25%

50%

75%

100%

Tilson Focus Fund Tilson Dividend Fund S&P 500

Category Rank (%)* 1 Year 3 Year 5 Year

Tilson Focus Fund: 1% 87% 76%

Tilson Dividend Fund: 46% 98% 100%

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Presentation made available via

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$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

Lot 21 (8/09) Lot 4 (10/09) Lot 32 (12/09) Lot 29 (4/10) Lot 19 (11/10) Lot 16 (1/11)

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$0

$50,000

$100,000

$150,000

$200,000

$250,000

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Presentation made available via MarketFolly.com

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Master Planned

Communities

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Master Planned

Communities

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Master Planned

Communities

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Master Planned

Communities

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Operating assets

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Operating assets

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Operating assets

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Strategic

Developments

West Windsor, NJ Ala Moana Tower Condo Project, HI

Bridges at Mint Hill, NC

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Master Planned

Communities

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Master Planned

Communities

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Operating assets

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Operating assets

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Operating assets

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Operating assets

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Operating assets

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Strategic

Developments

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Strategic

Developments

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