Apis Capital,

L.P.

Fund Investment Objectives

Apis Capital LP's objective is to use our experience and perspective in global investing to invest wherever in the world we get the most leverage to our research. Our team has worked together several years, has great rapport, and all of us have enormous passion for investing on a global basis. We do our own research, striving to develop strong conviction in views which are widely out of consensus. Our fund is structured to keep market exposure relatively low, allowing our stock picking ability to drive the majority of our performance. While our universe is global, we focus on sectors and industries where global perspective is essential. We do not invest in those sectors (such as property, utilities, banks) where local knowledge predominates; and we have little or no exposure to shallow, geopolitically-driven markets such as those in Latin America, Eastern Europe, or Africa. AUM combines both Apis Capital, L.P. and Apis Capital (QP), L.P.