Private Equity - Representative Investments

Sandpiper continuously monitors portfolio investments against Sandpiper's and management's expectations. Below are representative private equity investments made in the Sandpiper Capital portfolios.

www.pennlibertybank.com

Penn Liberty Bank

The Fund took an equity position in Penn Liberty Bank. 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 has a total of 10 branches.

www.securcareselfstorage.com

SecurCare Self Storage, SecurCare Value Properties Ltd.

The Fund made an equity investment in a portfolio of thirty self storage facilities. The portfolio is located across five states and managed by SecurCare Self Storage, Inc.

www.aitbridges.com/

Advanced Infrastructure Technologies

The Fund made an equity investment in Advanced Infrastructure Technologies, Inc. (AIT). AIT manufactures advanced composite tubes designed for use in bridge construction. The Company’s university designed, patented, advanced-composite materials facilitate an efficient and systematic approach to bridge construction offering engineers a cost effective, longer-lasting option for both replacement bridges and new construction.

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 had equity positions in the Union Square, D.C., Atlanta, Palm Beach and Miami operations.