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March 2014

Kerrisdale Partners, LP Monthly Returns (net of all fees)*


Jan
2014 2013 2012 2011 2010 2009 -5.94% 3.58% -0.40% 4.95% -0.60%

Feb
3.37% 3.10% 5.93% 22.24% 3.49%

Mar
1.66% 1.99% 4.16% 30.93% 12.06%

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

YTD
-1.16%

0.82% 2.58% 26.14% 1.54%

1.01% -1.98% 8.45% -10.02%

-1.00% 0.79% 3.62% 0.36%

3.16% 3.29% 0.52% 3.67% 2.13%

-4.11% 2.12% 3.84% 3.17% 2.11%

4.16% 2.79% -3.25% 2.60% 1.02%

4.17% 2.10% 9.37% 1.13% 5.88%

5.03% 1.04% 5.00% 36.76% 18.79%

2.67% 1.67% 1.44% 0.54% 2.52%

27.08% 26.64% 180.14% 61.29% 35.86%

Kerrisdale Partners LP Performance Distribution


10 8 12% 9%

Performance During Down Months of S&P 500 Performance

Number of Months

Monthly Returns
-9 to -8 -8 to -7 -7 to -6 -6 to -5 -5 to -4 -4 to -3 -3 to -2 -2 to -1 -1 to 0 0 to 1 1 to 2 2 to 3 3 to 4 4 to 5 5 to 6 6 to 7 7 to 8 -10 to -9 8 to 9 9 to 10 <-10 >10

6% 3% 0% -3% -6% -9%

6 4 2 0

-12%

Monthly Return Range (%)

S&P 500

Kerrisdale Partners Return

Net Returns*
YTD 1 Year 2 Year (annualized) 3 Year (annualized)
Cumulative Since Inception

Kerrisdale Partners LP

S&P 500

Volatility*
Annualized SD Annualized Sortino Ratio (0% MAR) Annualized Sharpe Ratio (0% RFR)

Kerrisdale Partners LP

-1.16% 15.33% 20.31% 38.43% 876.42%

1.81% 21.86% 17.82% 14.63% 125.18%

27.8% 8.77 1.88

Quantitative Analysis* Kerrisdale Partners LP Fund Details


Fund Minimum Investment Fund Additional Investment Managed Account Minimum Investment Fees Management / Performance Fee Liquidity Subscriptions Redemptions Auditor Administrator Custodian and Clearing Brokers Legal Offshore Legal Monthly Quarterly with 45 days notice Rothstein Kass SS&C GlobeOp
Goldman, Sachs & Co. Jefferies & Company, Inc.

Kerrisdale Partners LP

S&P 500

$1,000,000 $25,000 $20,000,000

Correlation to Kerrisdale Partners LP # Positive Months # Negative Months Percent Profitable

NA 49 8 86% 5.62% -3.41% 4.35% -10.02% 5

0.25 40 17 70% 3.58% -3.37% 1.51% -16.48% 9

1.5% / 20%

Average Positive Month Average Negative Month Average Monthly Return Largest Drawdown Months to Recovery

Assets Under Management


As of April 1st, 2014
Kerrisdale Partners Strategy Assets

Akin Gump Strauss Hauer & Feld LLP Walkers

$272 million

*The above returns are unaudited and reflect actual returns net of expenses, reduced by a 1.5% management fee and 20% performance allocation to reflect the fees currently being charged to new investors. Actual investors in the fund have had different performance experiences due to differing fee/allocation levels and the timing of their investments. The above analysis is prepared by Kerrisdale Advisers, LLC and specific to Kerrisdale Partners LP. the Fund Kerrisdale Partners Offshore, Ltd. and separate accounts are available to offshore and tax -exempt investors and investors committing a minimum AUM level, respectively. Past performance is not indicative of future results. An investment in the Fund may be deemed speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who are able to bear the risk of the substantial impairment or loss of their investment in the Fund. The Fund is designed for investors who do not require regular current income and who can accept a certain degree of risk in their investments. Prospective investors should carefully consider the risk factors set forth below as well as other risks specified in the Confidential Private Placement Memorandum before making a decision to invest in the Fund. Please see the Legal Disclaimers page for important information.

Kerrisdale Capital Management, LLC | New York, NY 10036 | Tel: 212.792.9789 | info@kerrisdalecap.com | www.kerrisdalecap.com

Key

Current Prior Prior 12 Prior 12 Exposure Exposure Month Month Low Value High Value

Stock Composition* (March 31, 2014)


Net Exposure
Small Cap (<$300mm)

Concentration & Exposure Analysis* (March 31, 2014)


Number of 5%+ long positions

6
1 6

15%
14% 21%

Number of 10%+ long positions

1
0 0 27% 46% 62%

1 2

Mid Cap ($300mm to $2B)

21%
-10% 23%

Number of 5%+ short positions

0 35%

Large Cap (>$2B)

62%
55% 0% 72% 71%

Top 5 long positions as % of portfolio

37% 58%

NA (e.g., ETFs)

0% 98%

1% 105%

Top 10 long positions as % of portfolio

57% 73%

Total

Top 15 long positions as % of portfolio

76%

Domestic

58%
42%

71% 52%

Long Stocks

116%
116% 139% -45%

International

40%
19%

Short Stocks

-18%
-18%

N.A.

0%
0% 1%

Net Bullish/(Bearish) Options

0%
0% 0%

Total

98%
72% 105%

Net Exposure

98%
73% 105%

Largest Industries Exposures* (March 31, 2014)


Industry Diversified Financials Household & Personal Products Transportation Real Estate Banks Insurance Retailing Pharmaceuticals & Biotechnology Capital Goods Hotels Restaurants & Leisure
Net Exposure

Largest Long Holdings* (March 31, 2014)


Name Amerco (UHAL:US) Sberbank (SBER:RU) Jones Lang LaSalle (JLL:US) Genomma Lab Internacional (LABB:MM) Herbalife (HLF:US) JGWPT Holdings Inc (JGW:US) ING US Inc (VOYA:US) Extendicare (EXE:CN) IAC/InterActiveCorp (IACI:US) Foot Locker (FL:US) Weight 10.6% 6.9% 6.4% 5.8% 5.7% 5.5% 4.8% 3.9% 3.8% 3.6%

16.2% 12.0% 11.3% 10.0% 9.3% 8.5% 7.3% 5.8% 4.5% 4.1%

*The above analysis is prepared by Kerrisdale Capital Management and specific to Kerrisdale Partners, LP based on information from SS&C GlobeOp. These number are estimates and calculated on a best efforts basis. We can not guarantee the accuracy of these numbers and they are subject to revision. Information regarding holdings should not be considered investment advice. There is no guarantee that the fund will continue to hold any one particular security. Holdings are subject to change at any time. Arbitrage positions are excluded from all exposure calculations. The Stock Composition, Largest Sector Exposures and Largest Long Holdings tables exclude the impact of options, but include short positions. The Largest Sector exposures represent the Bloomberg sectors where we have the largest net exposures on an absolute basis. The Largest Long Holdings are based on the position sizes of individual equity positions only. Kerrisdale Partners Offshore Ltd. and the master fund were launched in November 2011. An investment in the Fund may be deemed speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who are able to bear the risk of the substantial impairment or loss of their investment in the Fund. The Fund is designed for investors who do not require regular current income and who can accept a certain degree of risk in their investments. Prospective investors should carefully consider the risk factors set forth below as well as other risks specified in the Confidential Private Placement Memorandum before making a decision to invest in the Fund. Please see the Legal Disclaimers page for important information.

Kerrisdale Capital Management, LLC | New York, NY 10036 Tel: 212.792.9789 | info@kerrisdalecap.com | www.kerrisdalecap.com

Legal Disclaimer
This presentation and all of the information presented herein are strictly confidential and may not be distributed to any person or entity other than the recipients hereof. This presentation shall not constitute an offer to sell or the solicitation of any offer to buy, which may only be made at the time a qualified offeree receives the applicable confidential explanatory memorandum of Kerrisdale Partners Offshore, Ltd. or the confidential private placement memorandum of Kerrisdale Partners, L.P., subscription documents and governing documents (collectively, the Operative Documents). The key terms summarized in this presentation are not intended to be complete and material aspects of the terms may change over time. In the case of any inconsistency between the descriptions or terms in this presentation and the Operative Documents, the Operative Documents shall control. The interests/shares of the Funds shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied. While the information prepared in this presentation is believed to be accurate, neither Kerrisdale Capital Management, LLC nor any of its affiliates or representatives (i) makes any express or implied warranty as to the completeness or accuracy of this presentation, (ii) shall be liable for errors appearing in this presentation or (iii) has any duty to update this presentation or any of the information contained herein. There is no guarantee that the investment objective will be achieved. Past performance of the Fund should not be construed as an indicator of future performance. The various benchmark indices, including the S&P 500 Index and the Barclay Hedge Fund Index, referenced in the performance results portrayed herein are broad-based measurements of changes in market conditions based on the performance of widely held securities (in the case of the S&P 500 Index) and the average return of hedge funds in the Barclay database (in the case of the Barclay Hedge Fund Index). The indices are unmanaged, not investable and have no expenses. The performance results portrayed herein may not reflect investment in any or all of the securities comprising the benchmark indices. The inclusion of benchmark indices is intended to be for comparative purposes only; they are not meant to be indicative of the Kerrisdale Partners, L.P. performance, asset composition or volatility. Certain information contained herein constitutes forward -looking statements, which can be identified by the use of terms such as may, will, should, expect, anticipate, project, estimate, intend, continue, target or believe (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Funds may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. A recipient of this presentation should consult his or her tax, legal, accounting or other advisors about the matters discussed herein. The Funds may modify their investment approach and portfolio parameters in the future without notice to the investors in a manner that Kerrisdale Capital Management, LLC or its affiliates believes is consistent with the Funds overall investment objectives. An investment in the Funds is speculative and involves a high degree of risk. Opportunities for withdrawals/redemptions and transferability of interests/shares of the Funds will be restricted, so investors may not have access to capital when it is needed. No secondary market for the interests/shares of the Funds is expected to develop. Leverage may be employed in the portfolio, which can make investment performance volatile. An investor should not make an investment unless it is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with this investment may be higher than the fees and expenses of other investment alternatives and may offset profits.

Kerrisdale Capital Management, LLC | New York, NY 10036 Tel: 212.792.9789 | info@kerrisdalecap.com | www.kerrisdalecap.com