CECO Environmental Corp.

Trigran Investments manages private investment partnerships that seek to maximize total return for each of their respective partners primarily through capital appreciation of their investments. Trigran’s primary goal for the partnerships is to produce long-term positive returns well in excess of the Russell 2000 Index. The investment strategy is to invest in, hold, sell and trade equity securities. The primary focus of the partnerships is to invest in a small group of “buy and hold” core positions that represent a significant portion of each partnership’s assets. Historically, these investments have been mainly in publicly traded companies with total market-cap ions of less than $2 billion, though the Partnerships may invest in small-, medium- or large-cap companies, and such investments may be made for short-term or long-term investment horizons, may be on a leveraged or unleveraged basis, and may consist of long and/or short positions. The partnerships seek to invest in companies trading at sizable discounts to their intrinsic values. In addition, these companies are expected to grow their intrinsic values at reasonable rates over time. A significant portion of each partnership’s assets are, and are expected to remain, invested in equity securities of approximately 8 to 12 companies which constitute such partnership’s core positions. These investments have anticipated holding periods of three to five years. The firm generally seeks to take long positions in, and options on securities of, companies they believe are undervalued. Trigran may invest in a limited number of securities that are not publicly-traded. In addition, Trigran may from time to time purchase debt securities and use leverage to increase the net assets of the partnerships. The partnerships do not currently have any short positions, do not own shares of any private companies and are not using any leverage.

GFI Investment Counsel Ltd. is a private company headquartered in Toronto, ON, Canada, with a presence in Canada. The firm provides investment advice. It was founded in 2007 by Daniel T. Goodman, he has been the CEO since the inception date.

Minerva Advisors' primary investment strategy is making investments in equity securities of publicly traded U.S. micro-cap value companies and small-cap value companies. The firm may invest in larger domestic and foreign companies if market conditions present attractive opportunities. The separate accounts and the fund may also utilize a variety of financial instruments, such as derivatives, options, interest rate swaps, caps and floors, futures and forward contracts, to seek a hedge against declines in the values of their portfolio positions as a result of changes in currency exchange rates, changes in equity markets and market interest rates and other events. Minerva Advisors' primary investment strategies include: Long, Exploitation of Market Dislocations, Event Driven (Special Situations), Long-Short, Thrift Conversions, Merger Arbitrage, and Capital Structure Arbitrage.