MINERVA ADVISORS LLC

The Advisor primarily focuses on making investments in equity securities of publicly traded U.S. micro-cap value companies and small-cap value companies. They provide discretionary investment advisory services to both high-net-worth individuals and family partnerships, as well as to the Fund and SPV, which are pooled investment vehicles. The minimum account size for a new separate account is $3 million, subject to the Advisor's discretion. The minimum commitment for the Fund is typically $250,000, but can be waived at the discretion of the General Partner. The Advisor analyzes existing portfolio company positions to identify potential issues, take necessary actions, and monitor portfolio company performance in accordance with the client's investment objectives. They provide quarterly reports to separate account holders, describing the performance of the account during the preceding quarter and listing the investments held. These reports are customizable to meet the unique needs and objectives of each client.

The primary investment strategy of the Fund is to invest in equity securities of publicly traded U.S. micro-cap value companies and small cap value companies. The Fund is also authorized to purchase debt securities, debt obligations and derivative securities of such companies. The Advisor may also use other strategies as market conditions dictate, such as a Long Strategy, which involves the purchase of securities believed to be undervalued relative to a company's underlying assets and/or ability to generate earnings and free cash flow. The Advisor's investment activities involve a high degree of risk with no certainty of any investment returns. There can be no assurance that the separate accounts or the Fund will meet their investment objectives or successfully execute their investment programs. The Advisor's primary investment strategy does not involve frequent trading of securities.

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