Apis Global

Deep Value, L.P.

Fund Investment Objectives

The Partnership seeks to produce positive absolute returns by investing in a portfolio of stocks which are undervalued compared to their peers, in a range of market capitalizations, with an emphasis on small and mid-capitalization equity securities, on a global basis. The General Partner seeks to limit downside by selecting companies that in the General Partner's view are trading at a discount to intrinsic value. No assurance can be given, however, that the Fund will achieve its investment objective, and investment results may vary substantially over time and from period to period. In carrying out the Partnership's investment objective, the General Partner anticipates that most of the Partnership's assets will be invested in publicly traded global equity securities, with an emphasis on publicly traded small and mid-capitalization equity securities that have a reasonable expectation of producing above average returns. Strategically, the core investment portfolio will be comprised of securities selected through bottom-up, value based investment criteria. The Partnership purchases securities that the General Partner believes to be undervalued, and sells short securities that the General Partner believes to be overvalued.