<SEC-DOCUMENT>0000921895-25-002589.txt : 20250917
<SEC-HEADER>0000921895-25-002589.hdr.sgml : 20250917
<ACCEPTANCE-DATETIME>20250917201722
ACCESSION NUMBER:		0000921895-25-002589
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250917
DATE AS OF CHANGE:		20250917

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IF Bancorp, Inc.
		CENTRAL INDEX KEY:			0001514743
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		ORGANIZATION NAME:           	02 Finance
		EIN:				451834449
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86448
		FILM NUMBER:		251321524

	BUSINESS ADDRESS:	
		STREET 1:		201 E. CHERRY ST
		CITY:			WATSEKA
		STATE:			IL
		ZIP:			60970
		BUSINESS PHONE:		(815) 432-2476

	MAIL ADDRESS:	
		STREET 1:		201 E. CHERRY ST
		CITY:			WATSEKA
		STATE:			IL
		ZIP:			60970

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stilwell Joseph
		CENTRAL INDEX KEY:			0001113303
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	MAIL ADDRESS:	
		STREET 1:		111 BROADWAY, 12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STILWELL JOSEPH
		DATE OF NAME CHANGE:	20000502
</SEC-HEADER>
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<SEQUENCE>1
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      <amendmentNo>4</amendmentNo>
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      <dateOfEvent>09/16/2025</dateOfEvent>
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            <com:street2>Segundo Piso</com:street2>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001397076</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
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    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.01 per share</securityTitle>
        <issuerName>IF Bancorp, Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>201 E. CHERRY ST</com:street1>
          <com:city>WATSEKA</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60970</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>This is the fourth amendment (the "Fourth Amendment") to the Schedule 13D, which was filed on September 18, 2023 (the "2023 Schedule 13D"), and amended on May 28, 2024 (the "First Amendment"), on November 15, 2024 (the "Second Amendment"), and on August 26, 2025 (the "Third Amendment"). This Fourth Amendment is being filed jointly by Stilwell Activist Fund, L.P., a Delaware limited partnership ("Stilwell Activist Fund"); Stilwell Activist Investments, L.P., a Delaware limited partnership ("Stilwell Activist Investments"); Stilwell Partners, L.P., a Delaware limited partnership ("Stilwell Partners"); Stilwell Value LLC, a Delaware limited liability company ("Stilwell Value LLC") and the general partner of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners; and Joseph Stilwell, the managing member and owner of Stilwell Value LLC (collectively, "we" or "us"). The filers of this statement are collectively referred to herein as the "Group." The joint filing agreement of the members of the Group was filed as Exhibit 1 to the 2023 Schedule 13D.

This statement is filed by Joseph Stilwell with respect to the shares of common stock, par value $0.01 per share (the "Common Stock") of IF Bancorp, Inc. (the "Issuer") beneficially owned by Joseph Stilwell, including shares of Common Stock held in the names of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners, in Joseph Stilwell's capacities as the managing member and owner of Stilwell Value LLC, which is the general partner of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners.</filingPersonName>
        <principalBusinessAddress>The business address of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, and Stilwell Value LLC is 111 Broadway, 12th Floor, New York, New York 10006. The business address of Joseph Stilwell is 200 Calle del Santo Cristo, Segundo Piso, San Juan, Puerto Rico 00901.</principalBusinessAddress>
        <principalJob>The principal employment of Joseph Stilwell is investment management. Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners are private investment partnerships engaged in the purchase and sale of securities for their own accounts. Stilwell Value LLC serves as the general partner of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, and related partnerships.</principalJob>
        <hasBeenConvicted>During the past five years, no member of the Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
        <convictionDescription>During the past five years, no member of the Group has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws, except as indicated in Schedule B, attached hereto and incorporated herein by reference.</convictionDescription>
        <citizenship>Joseph Stilwell is a citizen of the United States.</citizenship>
      </item2>
      <item3>
        <fundsSource>Since we last reported purchases and sales of Common Stock (see the Third Amendment), Stilwell Partners has not expended any monies to acquire shares of Common Stock.

Since we last reported purchases and sales of Common Stock (see the Third Amendment), Stilwell Activist Fund has not expended any monies to acquire shares of Common Stock.

Since we last reported purchases and sales of Common Stock (see the Third Amendment), Stilwell Activist Investments has not expended any monies to acquire shares of Common Stock.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>We are filing this Fourth Amendment to report that pursuant to an agreement with the Issuer dated September 16, 2025 (the "Standstill Agreement"), Scott J. Dworschak, our nominee for director at the Issuer's 2025 annual meeting of stockholders (the "2025 Annual Meeting"), will be appointed to the board of directors of the Issuer. Accordingly, we are withdrawing our nomination of Mr. Dworschak for election as a director at the 2025 Annual Meeting as well as our nomination of alternate nominee Douglas P. Hutchison Jr.

Further, pursuant to the Standstill Agreement, if, after March 31, 2026, the Issuer fails to substantially implement the matters approved by stockholders at the Issuer's 2024 annual meeting of stockholders (the "2024 Annual Meeting"), we will select at our discretion, and the Issuer's board will appoint, an additional nominee to the board. At the 2024 Annual Meeting, the stockholders approved our proposal (submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended) calling for the prompt sale of the Issuer.

On September 16, 2025, the Issuer filed a Form 8-K with the Securities and Exchange Commission (the "Form 8-K"), announcing the terms of the Standstill Agreement, which is attached as Exhibit 10 to the Form 8-K. The terms of the Standstill Agreement are more fully summarized below in Item 6.

On May 14, 2025, the Federal Reserve Bank of Chicago notified us that it would not object to our request to buy additional shares of the Issuer up to 19.99%.

Our purpose in acquiring shares of Common Stock of the Issuer is to profit from the appreciation in the market price of the shares of Common Stock through asserting shareholder rights. We do not believe the value of the Issuer's assets is adequately reflected in the current market price of the Issuer's Common Stock.

Members of the Group may seek to make additional purchases or sales of shares of Common Stock. Except as described in this filing, no member of the Group has any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D. Members of the Group may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto.

Since 2000, members or affiliates of the Group have taken an 'activist position' in 77 other publicly-traded companies. In each instance, our purpose has been to profit from the appreciation in the market price of the shares we held by asserting shareholder rights. In addition, we believed that the values of the companies' assets were not adequately reflected in the market prices of their shares.

Our actions with respect to such publicly-traded companies are described in Schedule A, attached hereto and incorporated herein by reference.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The members of the Group collectively beneficially own an aggregate of 297,399 shares of Common Stock. The percentages used in this filing are calculated based on 3,351,526 shares of Common Stock outstanding as of September 4, 2025, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 11, 2025.

Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell may be deemed to beneficially own 297,399 shares of Common Stock, constituting approximately 8.9% of the shares of Common Stock outstanding.</percentageOfClassSecurities>
        <numberOfShares>Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell may be deemed to share the power to vote and dispose of 297,399 shares of Common Stock owned in the aggregate by Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners.

Because he is the managing member and owner of Stilwell Value LLC, which is the general partner of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners, Joseph Stilwell has the power to direct the affairs of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners, including the voting and disposition of shares of Common Stock held in the name of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners. Therefore, Joseph Stilwell is deemed to share voting and disposition power with each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners with regard to those shares of Common Stock.

Because he is the managing member and owner of Stilwell Value LLC, Joseph Stilwell has the power to direct the affairs of Stilwell Value LLC. Stilwell Value LLC is the general partner of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners. Therefore, Stilwell Value LLC may be deemed to share with Joseph Stilwell voting and disposition power with regard to the shares of Common Stock held by each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners.</numberOfShares>
        <transactionDesc>Since the filing of the Third Amendment, Stilwell Activist Investments, Stilwell Activist Fund and Stilwell Partners have not purchased or sold any shares of Common Stock. Stilwell Value LLC and Joseph Stilwell have not purchased or sold any shares of Common Stock.</transactionDesc>
        <listOfShareholders>No person other than Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>On September 16, 2025, members of the Group, the Issuer and Scott J. Dworschak entered into the Standstill Agreement, a copy of which was attached as Exhibit 10 to the Issuer's Form 8-K, and is incorporated herein by reference. Under the terms of the Standstill Agreement, the Issuer agreed to, among other things, (i) expand both the board of directors of the Issuer and the Issuer's wholly-owned subsidiary, Iroquois Federal Savings and Loan Association (the "Bank"), by one board seat, (ii) appoint Mr. Dworschak to serve on the boards of directors of the Issuer and the Bank in the class of directors having terms expiring at the Issuer's 2026 Annual Meeting of Stockholders and the Bank's 2026 Annual Meeting of Stockholders, respectively, and (iii) appoint an additional director of the Group's choosing to the boards of directors of the Issuer and the Bank if, after March 31, 2026, the Issuer has failed to substantially implement the matters approved by stockholders of the Issuer at the 2024 Annual Meeting.

In exchange, the members of the Group agreed to, among other things, not (a) solicit proxies in opposition to any recommendations or proposals of the Issuer's board of directors, (b) initiate or solicit shareholder proposals or seek to place any additional representatives on the Issuer's board of directors other than Mr. Dworschak (or any subsequent or replacement director selected by the Group in the event Mr. Dworschak's position as a director of the Issuer or the Bank is terminated during the term of the Standstill Agreement due to his resignation, death, permanent disability or otherwise), (c) oppose any proposal or director nomination submitted by the board of directors to the Issuer's shareholders, (d) vote for any nominee to the Issuer's board of directors other than those nominated or supported by the board of directors, (e) seek to exercise any control or influence over the management of the Issuer or the boards of directors of the Issuer or the Bank, propose or seek to effect a merger or sale of the Issuer or initiate litigation against the Issuer, or (f) acquire any additional shares of the outstanding Common Stock of the Issuer or, without the Issuer's written consent, privately or pursuant to a public tender offer, sell or otherwise dispose of any interest in the Group's shares of Common Stock to any person whom the Group believes, after reasonable inquiry, would be a beneficial owner after any such sale or transfer of more than 5% of the outstanding shares of Common Stock of the Issuer.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Standstill Agreement.

Other than the Standstill Agreement referenced above, and the Joint Filing Agreement filed as Exhibit 1 to the 2023 Schedule 13D, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finders' fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or losses, or the giving or withholding of proxies, except for sharing of profits.

See Items 1 and 2 above regarding disclosure of the relationships between members of the Group, which disclosure is incorporated herein by reference.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Schedule A - Stilwell Activist History

Schedule B - Item 2(e)

Exhibit 1 - Joint Filing Agreement, dated September 18, 2023, filed with the 2023 Schedule 13D.

Exhibit 2 - Proposal, dated May 28, 2024, filed with the First Amendment.

Exhibit 3 - Nominee Agreement, dated August 26, 2025, with Scott J. Dworschak.

Exhibit 4 - Nominee Agreement, dated August 26, 2025, with Douglas P. Hutchison, Jr.

Exhibit 5 - Standstill Agreement, dated September 16, 2025, incorporated by reference to Exhibit 10 to the Issuer's Form 8-K filed with the Securities and Exchange Commission on September 16, 2025.</filedExhibits>
      </item7>
    </items1To7>
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      <signaturePerson>
        <signatureReportingPerson>Stilwell Activist Fund, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Megan Parisi</signature>
          <title>Megan Parisi, Member of Stilwell Value LLC, its General Partner</title>
          <date>09/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Stilwell Activist Investments, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Megan Parisi</signature>
          <title>Megan Parisi, Member of Stilwell Value LLC, its General Partner</title>
          <date>09/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>STILWELL PARTNERS L P</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Megan Parisi</signature>
          <title>Megan Parisi, Member of Stilwell Value LLC, its General Partner</title>
          <date>09/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Stilwell Value LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Megan Parisi</signature>
          <title>Megan Parisi, Member</title>
          <date>09/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Stilwell Joseph</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Joseph Stilwell</signature>
          <title>Joseph Stilwell*</title>
          <date>09/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Megan Parisi</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Megan Parisi</signature>
          <title>*Megan Parisi, Attorney-in-Fact</title>
          <date>09/17/2025</date>
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<DESCRIPTION>SCHEDULE A - STILWELL ACTIVIST HISTORY
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Stilwell Activist History</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Since 2000, members or affiliates
of the Group have taken an &ldquo;activist position&rdquo; in 77 other publicly-traded companies. In each instance, our purpose has been
to profit from the appreciation in the market price of the shares we held by asserting shareholder rights. In addition, we believed that
the values of the companies' assets were not adequately reflected in the market prices of their shares. For simplicity, these affiliates
are referred to below as the &ldquo;Group,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our.&rdquo; In each instance, our purpose
has been to profit from the appreciation in the market price of the shares we held by asserting shareholder rights. In addition, we believed
that the values of the companies&rsquo; assets were not adequately reflected in the market prices of their shares. Our actions are described
below. We have categorized the descriptions of our actions with regard to the issuers based upon certain outcomes (whether or not, directly
or indirectly, such outcomes resulted from the actions of the Group). Within categories I through III below, the descriptions are listed
in chronological order based upon the completion date of the investment; within categories IV through VII below, the descriptions are
listed in chronological order based upon the respective filing dates of the originally-filed Schedules 13D, or, in limited instances,
the acquisition date of the 5% position of a non-reporting company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>I. After we asserted shareholder rights, the following
issuers were sold or merged:</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Security of Pennsylvania Financial
Corp. (&ldquo;SPN&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on May&nbsp;1, 2000. We scheduled a meeting
with senior management to discuss ways to maximize shareholder value at SPN. On June&nbsp;2, 2000, prior to the scheduled meeting, SPN
and Northeast Pennsylvania Financial Corp. announced SPN&rsquo;s acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Cameron Financial Corporation
(&ldquo;Cameron&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on July&nbsp;7, 2000. We exercised our shareholder
rights by, among other things, requesting that Cameron management hire an investment banker, demanding Cameron&rsquo;s list of shareholders,
meeting with Cameron&rsquo;s management, demanding that Cameron invite our representatives to join its board of directors, writing a letter
to other shareholders to express our dismay with management&rsquo;s inability to maximize shareholder value and publishing that letter
in the local press. On October&nbsp;6, 2000, Cameron announced its sale to Dickinson Financial Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Community Financial Corp. (&ldquo;CFIC&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on January&nbsp;4, 2001, following CFIC&rsquo;s announcement of the
sale of two of its four subsidiary banks and its intention to sell one or more of its remaining subsidiaries. We reported that we acquired
CFIC stock for investment purposes. On January&nbsp;25, 2001, CFIC announced the sale of one of its remaining subsidiaries. We announced
our intention to run our own slate of directors at CFIC&rsquo;s 2001 annual meeting if CFIC did not sell the remaining subsidiary by then.
On March&nbsp;30, 2001, CFIC announced its merger with First Financial Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Montgomery Financial Corporation
(&ldquo;Montgomery&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on February&nbsp;23, 2001. On April&nbsp;20,
2001, we met with Montgomery&rsquo;s management and suggested that they maximize shareholder value by selling the institution. We also
informed management that we would run our own slate of directors at the 2001 annual meeting unless Montgomery was sold. Eleven days after
we filed our Schedule 13D, however, Montgomery&rsquo;s board amended its bylaws to limit the pool of potential nominees to local persons
with a banking relation and to shorten the deadline to nominate director candidates. We located qualified nominees under the restrictive
bylaw provisions and noticed our slate within the deadline. On June&nbsp;5, 2001, Montgomery announced that it had hired an investment
banker to explore a sale. On July&nbsp;24, 2001, Montgomery announced its merger with Union Community Bancorp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Community Bancshares,&nbsp;Inc.
(&ldquo;COMB&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on March&nbsp;29, 2004. We disclosed that we
intended to meet with COMB&rsquo;s management and evaluate management&rsquo;s progress in resolving its regulatory issues, lawsuits, problem
loans, and non-performing assets, and that we would likely support management if it effectively addressed COMB&rsquo;s challenges. On
November&nbsp;21, 2005, we amended our Schedule 13D and stated that although we believed that COMB&rsquo;s management had made progress,
COMB&rsquo;s return on equity would likely remain below average for the foreseeable future, and it should therefore be sold. We also stated
that if COMB did not announce a sale before our deadline to solicit proxies for the next annual meeting, we would solicit proxies to elect
our own slate of directors. On January&nbsp;6, 2006, we disclosed the names of our three board nominees. On May&nbsp;1, 2006, COMB announced
its sale to The Banc Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Jefferson Bancshares,&nbsp;Inc.
(&ldquo;JFBI&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on April&nbsp;8, 2013. Our shareholder proposal
that the board seek outside assistance to maximize shareholder value through actions such as a sale or merger was defeated at JFBI&rsquo;s
2013 annual meeting. We met with management and the board of directors and told them that we would seek board representation at JFBI&rsquo;s
2014 annual meeting if JFBI did not announce its sale. JFBI&rsquo;s sale to HomeTrust Bancshares,&nbsp;Inc. was announced on January&nbsp;23,
2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>FedFirst Financial Corporation
(&ldquo;FFCO&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on September&nbsp;24, 2010. After several meetings
with management, FFCO completed a meaningful number of share repurchases, and on April&nbsp;14, 2014, announced its sale to CB Financial
Services,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>SP Bancorp,&nbsp;Inc. (&ldquo;SPBC&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on February&nbsp;28, 2011. On August&nbsp;9, 2013, we met with management
and the Chairman to assess the best way to maximize shareholder value. SPBC completed a meaningful number of share repurchases, and on
May&nbsp;5, 2014, SPBC announced its sale to Green Bancorp Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>TF Financial Corporation (&ldquo;THRD&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on November&nbsp;29, 2012. We met with the CEO and the Chairman and
encouraged them to focus only on accretive acquisitions and to repurchase shares up to book value. They subsequently did both. On June&nbsp;4,
2014, THRD announced its sale to National Penn Bancshares,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Fairmount Bancorp,&nbsp;Inc.
(&ldquo;FMTB&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on September&nbsp;21, 2012. On February&nbsp;25,
2014, we reported our intention to seek board representation at FMTB&rsquo;s 2015 annual meeting if FMTB did not announce its sale. However,
due to the appointment of our representative to another board in the local area, we were unable to nominate our representative at the
2015 election of FMTB directors. We reiterated our intent to seek board representation at the earliest possible time if FMTB was not sold.
FMTB&rsquo;s sale was announced on April&nbsp;16, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Harvard Illinois Bancorp,&nbsp;Inc.
(&ldquo;HARI&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on April&nbsp;1, 2011. In 2012, we nominated
a director for election at HARI&rsquo;s 2012 annual meeting and communicated our belief that HARI should merge with a stronger community
bank. Our nominee was not elected, so we nominated a director at HARI&rsquo;s 2013 annual meeting and stated our position that HARI should
be sold. We communicated to stockholders our intent to run a nominee every year until elected, and we nominated a director at HARI&rsquo;s
2014 annual meeting. Our nominee was not elected, so in April&nbsp;2015, we began soliciting stockholder votes for our nominee for HARI&rsquo;s
2015 annual meeting. On May&nbsp;21, 2015, HARI announced the sale of its subsidiary bank to State Bank in Wonder Lake,&nbsp;IL, and we
subsequently withdrew our solicitation of proxies for the election of our nominee at HARI&rsquo;s 2015 annual meeting. The sale of HARI&rsquo;s
subsidiary bank was completed on August&nbsp;1, 2016. On August&nbsp;10, 2016, we entered into a settlement agreement with HARI whereby
two legacy board members stepped down, and we agreed not to seek board representation through 2017. HARI implemented a plan of voluntary
dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Eureka Financial Corp. (&ldquo;EKFC&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on March&nbsp;28, 2011. We encouraged EKFC to pay special dividends
to shareholders and repurchase shares. Management and the board did both, and on September&nbsp;3, 2015, EKFC announced its sale to NexTier,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>United-American Savings Bank
(&ldquo;UASB&rdquo;)</U> &ndash; We filed our original Schedule 13D with the Federal Deposit Insurance Corporation reporting our position
on May&nbsp;20, 2013. We believe management and the board acted in good faith to position UASB to maximize shareholder value. After we
encouraged them to sell, UASB announced its sale to Emclaire Financial Corp on December&nbsp;30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Polonia Bancorp,&nbsp;Inc.
(&ldquo;PBCP&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on November&nbsp;23, 2012. After several conversations
with the Chairman and CEO, we publicly called for PBCP&rsquo;s sale. On June&nbsp;2, 2016, PBCP&rsquo;s sale to Prudential Bancorp,&nbsp;Inc.
was announced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Georgetown Bancorp,&nbsp;Inc.
(&ldquo;GTWN&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on July&nbsp;23, 2012. We encouraged GTWN to
maximize shareholder value through share repurchases, and we supported management and the board&rsquo;s consistent efforts to do so. On
October&nbsp;6, 2016, GTWN announced its sale to Salem Five Bancorp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Wolverine Bancorp,&nbsp;Inc.
(&ldquo;WBKC&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on February&nbsp;7, 2011. We encouraged WBKC
to maximize shareholder value through share repurchases and payments of special dividends, and we supported management and the board&rsquo;s
consistent efforts to do so. On June&nbsp;14, 2017, WBKC&rsquo;s sale to Horizon Bancorp was announced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>First Federal of Northern Michigan
Bancorp,&nbsp;Inc. (&ldquo;FFNM&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on March 10, 2016. We believed
FFNM was positioned to repurchase shares, and we urged management and the board to do so. On January 16, 2018, FFNM&rsquo;s sale to Mackinac
Financial Corporation was announced. FFNM deregistered its shares of common stock effective in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Jacksonville Bancorp,&nbsp;Inc.
(&ldquo;JXSB&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on July&nbsp;5, 2011. We supported JXSB&rsquo;s
consistent efforts to maximize shareholder value through share repurchases and payments of special dividends. On January&nbsp;18, 2018,
JXSB&rsquo;s sale to CNB Bank Shares,&nbsp;Inc. was announced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Anchor Bancorp (&ldquo;ANCB&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on May&nbsp;7, 2012. We previously urged ANCB to maximize shareholder
value by increasing share repurchases or selling the bank. We called for ANCB&rsquo;s sale to the highest bidder on July&nbsp;7, 2016.
On August&nbsp;29, 2016, we agreed not to seek board representation at the 2016 annual meeting in consideration of ANCB appointing Gordon
Stephenson as a director. We believe the board acted in good faith to maximize shareholder value through ANCB&rsquo;s announced sale to
Washington Federal,&nbsp;Inc. on April&nbsp;11, 2017. That acquisition was delayed due to regulatory issues at Washington Federal,&nbsp;Inc.
On July&nbsp;17, 2018, ANCB&rsquo;s sale to FS Bancorp,&nbsp;Inc. at a higher price was announced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Hamilton Bancorp,&nbsp;Inc.
(&ldquo;HBK&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on October&nbsp;22, 2012. Having met with management
over the years, we believe management and the board acted in good faith to maximize shareholder value through HBK&rsquo;s sale to Orrstown
Financial Services,&nbsp;Inc., announced on October&nbsp;23, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Ben Franklin Financial,&nbsp;Inc.
(&ldquo;BFFI&rdquo;)</U> &ndash; <FONT STYLE="background-color: white">We filed our original Schedule 13D reporting our position on February&nbsp;9,
2015. We urged management and the board to repurchase shares as soon as BFFI was permitted. We subsequently believed BFFI should be sold,
and on December&nbsp;3, 2018, we announced our intent to seek board representation at BFFI&rsquo;s 2019 annual meeting. On February&nbsp;22,
2019, we served our notice of intent to nominate Ralph Sesso for election as a director on BFFI&rsquo;s board. On July&nbsp;16, 2019,
BFFI&rsquo;s sale to Corporate America Family Credit Union was announced. BFFI deregistered its shares of common stock effective in 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Alcentra Capital Corp (&ldquo;ABDC&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on December&nbsp;28, 2017. We informed management at a meeting on January&nbsp;5,
2018, and reiterated several times throughout the year that if ABDC did not repurchase 10% of its shares in 2018, we would aggressively
seek board representation. They did not do so. On January&nbsp;25, 2019, we announced our nominees and alternate nominee for ABDC&rsquo;s
2019 election of directors. <FONT STYLE="background-color: white">On August&nbsp;13, 2019, ABDC&rsquo;s sale to Crescent Capital BDC,&nbsp;Inc.
was announced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>First Advantage Bancorp (&ldquo;FABK&rdquo;)</U>
&ndash; <FONT STYLE="background-color: white">We filed our original Schedule 13D reporting our position on March&nbsp;20, 2017. We believe
management and the board acted in good faith to maximize shareholder value. On October&nbsp;23, 2019, FABK&rsquo;s sale to Reliant Bancorp,&nbsp;Inc.
was announced. FABK deregistered its shares of common stock effective in 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Central Federal Bancshares,&nbsp;Inc.
(&ldquo;CFDB&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on January&nbsp;25, 2016. We urged management
and the board of CFDB to repurchase shares as soon as CFDB was permitted. On May&nbsp;21, 2019, we met with management, the board and
its attorney at CFDB&rsquo;s annual meeting, and followed up with a letter to the board calling for CFDB&rsquo;s sale if it did not repurchase
a meaningful number of shares. <FONT STYLE="background-color: white">On January&nbsp;17, 2020, CFDB&rsquo;s sale to Southern Missouri
Bancorp,&nbsp;Inc. was announced. CFDB deregistered its shares of common stock effective in 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Carroll Bancorp,&nbsp;Inc.
(&ldquo;CROL&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on March&nbsp;17, 2014. On March&nbsp;6, 2020,
CROL&rsquo;s sale to Farmers and Merchants Bancshares,&nbsp;Inc. was announced. CROL deregistered its shares of common stock effective
in 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Brunswick Bancorp (&ldquo;BRBW&rdquo;)</U>&nbsp;&ndash;
We met with BRBW&rsquo;s President, CFO and Chairman of the Board to express our views on BRBW&rsquo;s capital allocation, and they indicated
that they would rather grow than repurchase shares below book value. Therefore, in the absence of material share repurchases, we nominated
a director for election at BRBW&rsquo;s 2021 annual meeting. Our nominee was not elected. On December 20, 2022, BRBW&rsquo;s sale to Mid
Penn Bancorp, Inc. was announced. BRBW deregistered its shares of common stock effective in 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>ICC Holdings,&nbsp;Inc. (&ldquo;ICCH&rdquo;)</U>&nbsp;&ndash;
We filed our original Schedule 13D reporting our position on December&nbsp;28, 2020. On March 8, 2024, we served our notice of intent
to nominate Joseph Stilwell for election as a director at ICCH&rsquo;s 2024 annual meeting. On June 8, 2024, six days prior to the annual
meeting, ICCH announced its merger with&nbsp;Mutual Capital Group, Inc.&NoBreak;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Seneca-Cayuga Bancorp,&nbsp;Inc.
(&ldquo;SCAY&rdquo;) / Generations Bancorp NY,&nbsp;Inc. (&ldquo;GBNY&rdquo;)</U>&nbsp;&ndash; We filed our original Schedule 13D reporting
our position in SCAY on September&nbsp;15, 2014. We believed SCAY was positioned to provide meaningful returns to its shareholders either
through a second-step conversion or a shareholder-friendly capital allocation program. We encouraged management and the board to choose
the path that would maximize shareholder value, but they refused. On January&nbsp;29, 2018, we served a letter to the board demanding
that SCAY undertake a second-step conversion. Instead, SCAY announced its merger with a smaller mutual. We re-served a demand for a second-step
conversion on June&nbsp;12, 2019, and in furtherance to that, we served a demand for inspection of SCAY&rsquo;s books and records on September&nbsp;4,
2019. When SCAY refused to permit the inspection of its books and records, we filed, on November&nbsp;11, 2019, a motion to compel the
production of those books and records in U.S. District Court for the Western District of New York. SCAY filed a motion to dismiss, which
the judge denied on April&nbsp;7, 2020. The judge ordered SCAY to begin the production of board materials for our inspection by June&nbsp;1,
2020. SCAY announced its intention to second-step on May&nbsp;6, 2020, and we discontinued our lawsuit. On January&nbsp;12, 2021, SCAY
completed its second-step conversion and ceased to exist. The new stock holding company, Generations Bancorp NY,&nbsp;Inc. (GBNY), began
trading on January&nbsp;13, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 22, 2024, we announced
our intent to either submit a shareholder proposal calling for GBNY&rsquo;s sale or nominate a director for election at GBNY&rsquo;s 2025
annual meeting. On September 24, 2024, GBNY announced its sale to ESL Federal Credit Union.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>II. After we seated directors on the boards of
the following issuers, the issuers were sold or merged:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Oregon Trail Financial Corp.
(&ldquo;OTFC&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on December&nbsp;15, 2000. In January&nbsp;2001,
we met with the management of OTFC to discuss our concerns that management was not maximizing shareholder value, and we proposed that
OTFC voluntarily place our representative on the board. OTFC rejected our proposal, and we announced our intention to solicit proxies
to elect a board nominee. We demanded OTFC&rsquo;s shareholder list, but OTFC refused. We sued OTFC in Baker County, Oregon over the shareholder
list demand, and the court ruled in our favor and sanctioned OTFC. We also sued two OTFC directors alleging that one had violated OTFC&rsquo;s
residency requirement and the other had committed perjury. Both suits were dismissed pre-trial, but we filed an appeal in one suit and
were permitted to re-file the other suit. On August&nbsp;16, 2001, we started soliciting proxies to elect Kevin D. Padrick,&nbsp;Esq.
to the board. We argued in our proxy materials that OTFC should have repurchased its shares at prices below book value. OTFC announced
it had hired an investment banker. Then, the day after the 9/11 attacks, OTFC sued us in Portland, Oregon and moved to invalidate our
proxies. The court denied OTFC&rsquo;s motion and the election proceeded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October&nbsp;12, 2001, OTFC&rsquo;s
shareholders elected our candidate by a two-to-one margin. In the five months after the filing of our first proxy statement (i.e., from
August&nbsp;1 through December&nbsp;31, 2001), OTFC repurchased approximately 15% of its shares. On March&nbsp;12, 2002, we entered into
a standstill agreement with OTFC. OTFC agreed to: (a)&nbsp;achieve annual targets for return on equity, (b)&nbsp;reduce its current capital
ratio, (c)&nbsp;obtain advice from an investment banker regarding annual 10% stock repurchases, (d)&nbsp;re-nominate our director to the
board, (e)&nbsp;reimburse a portion of our expenses, and (f)&nbsp;withdraw its lawsuit. On February&nbsp;26, 2003, OTFC and FirstBank
NW Corp. announced their merger, and the merger was completed on October&nbsp;31, 2003.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>HCB Bancshares,&nbsp;Inc. (&ldquo;HCBB&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on June&nbsp;14, 2001. On September&nbsp;4, 2001, we reported that we
had entered into a standstill agreement with HCBB, under which HCBB agreed to: (a)&nbsp;add a director to the HCBB board selected by us,
(b)&nbsp;consider conducting a Dutch tender auction, (c)&nbsp;institute annual financial targets, and (d)&nbsp;retain an investment banker
to explore alternatives if it did not achieve its financial targets. On October&nbsp;22, 2001, our nominee, John G. Rich,&nbsp;Esq., was
appointed to the board. On January&nbsp;31, 2002, HCBB announced a modified Dutch tender auction to repurchase 20% of its shares. Although
HCBB&rsquo;s outstanding share count decreased by 33% between the filing of our original Schedule 13D and August&nbsp;2003, HCBB did not
achieve its financial targets. On August&nbsp;12, 2003, HCBB announced it had hired an investment banker to assist in exploring alternatives
for maximizing shareholder value, including a sale. On January&nbsp;14, 2004, HCBB announced its sale to Rock Bancshares,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>SCPIE Holdings Inc. (&ldquo;SKP&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on January&nbsp;19, 2006. We announced we would run our slate of directors
at the 2006 annual meeting and demanded SKP&rsquo;s shareholder list. SKP initially refused to timely produce the list but did so after
we sued in Delaware Chancery Court. We engaged in a proxy contest at the 2006 annual meeting, but SKP&rsquo;s directors were elected.
Subsequently on December&nbsp;14, 2006, SKP agreed to place Joseph Stilwell on its board. On October&nbsp;16, 2007, Mr.&nbsp;Stilwell
resigned from SKP&rsquo;s board after it approved a sale of SKP that Mr.&nbsp;Stilwell believed was an inferior deal. We solicited shareholder
proxies in opposition to the proposed sale; however, the sale was approved, and our shares were converted in a cash deal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>American Physicians Capital,&nbsp;Inc.
(&ldquo;ACAP&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on November&nbsp;25, 2002. The Schedule 13D
disclosed that on January&nbsp;18, 2002, Michigan&rsquo;s Insurance Department had approved our request to solicit proxies to elect two
directors to ACAP&rsquo;s board. On January&nbsp;29, 2002, we noticed our intention to nominate two directors at the 2002 annual meeting.
On February&nbsp;20, 2002, we entered into a three-year standstill agreement with ACAP, providing for ACAP to add our nominee to its board.
ACAP also agreed to consider using a portion of its excess capital to repurchase ACAP&rsquo;s shares in each of the fiscal years 2002
and 2003 so that its outstanding share count would decrease by 15% for each of those years. In its 2002 fiscal year, ACAP repurchased
15% of its outstanding shares; these repurchases were highly accretive to per share book value. On November&nbsp;6, 2003, ACAP announced
a reserve charge and that it would explore options to maximize shareholder value. It also announced that it would exit the healthcare
and workers&rsquo; compensation insurance businesses. ACAP then announced that it had retained an investment banker to assist the board
in exploring options to maximize shareholder value. On December&nbsp;2, 2003, ACAP announced the early retirement of its president and
CEO. On December&nbsp;23, 2003, ACAP named R. Kevin Clinton its new president and CEO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June&nbsp;24, 2004, ACAP announced
that it had decided that the best means to maximize shareholder value would be to shed non-core businesses and focus on its core business
line in its core markets. We increased our holdings in ACAP, and we announced that we intended to seek additional board representation.
On November&nbsp;10, 2004, ACAP invited Joseph Stilwell to sit on the board, and we entered into a new standstill agreement. This agreement
was terminated in November&nbsp;2007, with our representatives remaining on ACAP&rsquo;s board. On May&nbsp;8, 2008, our representatives
were re-elected to three-year terms expiring in 2011. Upon the passage of federal healthcare legislation in 2010, ACAP became concerned
about the fundamentals of its business and promptly acted to assess its strategic alternatives. On October&nbsp;22, 2010, ACAP was acquired
by The Doctors Company, and our shares were converted in a cash deal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Colonial Financial Services,&nbsp;Inc.
(&ldquo;COBK&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on August&nbsp;24, 2011. On December&nbsp;18,
2013, we reached an agreement with COBK to have a director of our choice appointed to its board of directors. Our then analyst, Corissa
B. Porcelli (formerly Corissa J. Briglia), joined COBK&rsquo;s board of directors on March&nbsp;25, 2014. On September&nbsp;10, 2014,
COBK announced its sale to Cape Bancorp,&nbsp;Inc., and the cash/stock deal was completed on April&nbsp;1, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Naugatuck Valley Financial
Corporation (&ldquo;NVSL&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on July&nbsp;11, 2011. On February&nbsp;13,
2014, we reported our intention to seek board representation. On March&nbsp;12, 2014, we reached an agreement with NVSL for our representative
to join NVSL&rsquo;s board of directors and for NVSL not to seek approval for stock benefit plans. On June&nbsp;4, 2015, NVSL announced
its sale to Liberty Bank in Middletown, Connecticut, and the cash deal was completed on January&nbsp;15, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Fraternity Community Bancorp,&nbsp;Inc.
(&ldquo;FRTR&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on April&nbsp;11, 2011. We reached an agreement
with FRTR, and on November&nbsp;18, 2014, our then analyst, Corissa B. Porcelli (formerly Corissa J. Briglia), was appointed to the board
of directors. On October&nbsp;13, 2015, FRTR&rsquo;s sale was announced, and the cash deal was completed on May&nbsp;13, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Sunshine Financial,&nbsp;Inc.
(&ldquo;SSNF&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on April&nbsp;18, 2011. We reached an agreement
with SSNF, and on February&nbsp;5, 2016, our Director of Research, Corissa B. Porcelli (formerly Corissa J. Briglia), was appointed to
the board of directors. On December&nbsp;6, 2017, SSNF&rsquo;s sale to The First Bancshares,&nbsp;Inc. was announced, and the cash/stock
deal was completed on April&nbsp;2, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Delanco Bancorp,&nbsp;Inc.
(&ldquo;DLNO&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on October&nbsp;28, 2013. We reached an agreement
with DLNO, and in May&nbsp;2017, our Director of Research, Corissa B. Porcelli (formerly Corissa J. Briglia), was appointed to the board
of directors. On October&nbsp;18, 2017, DLNO&rsquo;s sale to First Bank was announced, and the stock deal was completed on April&nbsp;30,
2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Poage Bankshares,&nbsp;Inc.
(&ldquo;PBSK&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on September&nbsp;23, 2011. We believed PBSK&rsquo;s
board was not focused on maximizing shareholder value and nominated a director for election at PBSK&rsquo;s 2014 annual meeting. Our nominee
was not elected, so we nominated a director at PBSK&rsquo;s 2015 annual meeting. On July&nbsp;21, 2015, our nominee, Stephen S. Burchett,
was elected as a director with a mandate to maximize shareholder value. Subsequently, the CEO left the company. We publicly called for
PBSK&rsquo;s sale, and on July&nbsp;11, 2018, PBSK&rsquo;s sale to City Holding Company was announced. The stock deal was completed on
December&nbsp;7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>HopFed Bancorp,&nbsp;Inc. (&ldquo;HFBC&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on February&nbsp;25, 2013. We nominated a director for election at HFBC&rsquo;s
May&nbsp;2013 annual meeting and strongly opposed HFBC&rsquo;s agreement to purchase Sumner Bank&nbsp;&amp; Trust. Our nominee won by
a two-to-one margin, and the proposed Sumner deal was subsequently terminated in August&nbsp;2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May&nbsp;1, 2017, we sent a
letter to stockholders (filed as Exhibit&nbsp;13 to the Twelfth Amendment to our Schedule 13D) detailing the extensive real estate holdings
of HFBC&rsquo;s CEO, John Peck, as well as numerous other conflicts of interest of both Mr.&nbsp;Peck and HFBC&rsquo;s counsel, George
M. (&ldquo;Greg&rdquo;) Carter, of which HFBC board members were apparently unaware. Subsequently, HFBC formed a &ldquo;Special Litigation
Committee&rdquo; to investigate. On February&nbsp;23, 2018, HFBC filed a Form&nbsp;8-K reporting that although the Special Litigation
Committee did not dispute the facts in the May&nbsp;1 letter, it declined to recommend HFBC bring a lawsuit or remedial action against
John Peck.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May&nbsp;4, 2017, we filed
a complaint in the Delaware Court of Chancery against HFBC, the then members of the board of directors and one former board member, asking
the Court to declare that HFBC&rsquo;s prejudicial bylaw was invalid and that the directors breached their fiduciary duties. On October&nbsp;4,
2017, HFBC announced it had amended the bylaw thus mooting that case. Subsequently, we filed a motion to recover our attorneys&rsquo;
fees and expenses, which Vice Chancellor J. Travis Laster granted in its entirety on February&nbsp;7, 2018, awarding us $610,312. In his
ruling on the motion, the Judge excoriated the conduct of HFBC&rsquo;s board; the full court transcript is filed as Exhibit&nbsp;14 to
the Fourteenth Amendment to our Schedule 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February&nbsp;23, 2018, we
formally demanded that HFBC&rsquo;s board of directors take action against HFBC&rsquo;s attorneys, Edward B. Crosland,&nbsp;Jr., of Jones
Walker LLP and Greg Carter of Carter&nbsp;&amp; Carter Law Firm, for legal malpractice and seek damages in excess of $1 million to HFBC;
our demand letter is attached as Exhibit&nbsp;15 to the Fifteenth Amendment to our Schedule 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Following our nomination of Mark
D. Alcott in March&nbsp;of 2018 for election to HFBC&rsquo;s board of directors to replace John Peck, we entered into a Standstill Agreement
with HFBC dated April&nbsp;10, 2018, whereby Mr.&nbsp;Alcott would be appointed to the HFBC board. The board also adopted revised compensation
policies requiring HFBC to reach at least average annual performance relative to that of its peer group, or its executive officers would
not receive salary raises, bonuses or perquisites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr.&nbsp;Alcott&rsquo;s appointment
to the HFBC board became effective on April&nbsp;18, 2018. On January&nbsp;7, 2019, HFBC&rsquo;s sale to First Financial Corporation was
announced, and the cash/stock deal was completed on July&nbsp;27, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>MB Bancorp,&nbsp;Inc. (&ldquo;MBCQ&rdquo;)</U>
&ndash; <FONT STYLE="background-color: white">We filed our original Schedule 13D reporting our position on January&nbsp;9, 2015. We urged
management and the board to repurchase shares, and on March&nbsp;30, 2016, MBCQ announced and subsequently completed its plan to repurchase
an initial 10% of its shares outstanding. We urged management and the board to complete the existing 5% share repurchase plan and put
MBCQ up for sale when permitted in January&nbsp;2018. On February&nbsp;20, 2018, we reached an agreement with MBCQ, and our Director of
Research, Corissa B. Porcelli (formerly Corissa J. Briglia), was appointed to the board of directors. On September&nbsp;5, 2019, MBCQ&rsquo;s
sale to BV Financial,&nbsp;</FONT>Inc. was announced, and the all-cash deal was completed on February&nbsp;29, 2020. MBCQ deregistered
its shares of common stock effective in 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Provident Bancorp, Inc. (&ldquo;PVBC&rdquo;)</U>&nbsp;&ndash;
We filed our original Schedule 13D reporting our position on May 15, 2023. On August 1, 2023, the Federal Reserve Bank of Boston notified
us that it would not object to our request to buy additional shares of PVBC up to 14.99%. On October 28, 2023, we entered into a standstill
agreement whereby PVBC agreed, among other things, to appoint Dennis Pollack to PVBC&rsquo;s board of directors. After receiving regulatory
approval, PVBC appointed Mr. Pollack to its board on January 25, 2024. On June 5, 2025, PVBC&rsquo;s sale to NB Bancorp, Inc. was announced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>III. After we asserted shareholder rights, we believe
the following issuers took steps to maximize shareholder value, and we subsequently exited our activist positions:</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>FPIC Insurance Group,&nbsp;Inc.
(&ldquo;FPIC&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on June&nbsp;30, 2003. On August&nbsp;12, 2003,
Florida&rsquo;s Insurance Department approved our request to hold more than 5% of FPIC&rsquo;s shares, to solicit proxies to hold board
seats, and to exercise shareholder rights. On November&nbsp;10, 2003, FPIC invited our nominee, John G. Rich,&nbsp;Esq., to join the board,
and we signed a confidentiality agreement. We believe FPIC took steps to increase shareholder value, such as multiple share repurchases.
In our estimation, FPIC&rsquo;s market price increased to reflect fair value; on June 8, 2004, we disclosed that we sold shares in the
open market, decreasing our holdings below 5%. Our nominee was invited to remain on the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Roma Financial Corp. (&ldquo;ROMA&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on July&nbsp;27, 2006. Prior to its acquisition by Investors Bancorp,&nbsp;Inc.,
in December&nbsp;2013, nearly 70% of ROMA&rsquo;s shares were held by a mutual holding company controlled by ROMA&rsquo;s board. In April&nbsp;2007,
we engaged in a proxy solicitation at ROMA&rsquo;s first annual meeting, urging shareholders to withhold their vote from management&rsquo;s
slate of director nominees. ROMA did not put their stock benefit plans up for a vote at that meeting. We then met with ROMA management.
In the four months after ROMA became eligible to repurchase its shares, it announced and substantially completed repurchases of 15% of
its publicly held shares, which were accretive to shareholder value. In our judgment, management came to understand the importance of
proper capital allocation. In our estimation, ROMA&rsquo;s market price increased to reflect fair value; on November 21, 2007, we disclosed
that we sold shares in the open market, decreasing our holdings below 5%. Based on ROMA management&rsquo;s prompt implementation of shareholder-friendly
capital allocation plans, we supported management&rsquo;s adoption of stock benefit plans at the 2008 shareholder meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>First Savings Financial Group,&nbsp;Inc.
(&ldquo;FSFG&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on December&nbsp;29, 2008. We met with management,
after which FSFG announced a stock repurchase plan and began repurchasing its shares. In December&nbsp;2009, we reported that our beneficial
ownership of outstanding FSFG common stock had fallen below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Prudential Bancorp,&nbsp;Inc.
of Pennsylvania (&ldquo;PBIP&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on June&nbsp;20, 2005. Most
of PBIP&rsquo;s shares were held by the Prudential Mutual Holding Company (the &ldquo;MHC&rdquo;), which was controlled by PBIP&rsquo;s
board. The MHC controlled most corporate decisions requiring a shareholder vote, such as the election of directors. However, regulations
promulgated by the FDIC previously barred the MHC from voting on PBIP&rsquo;s management stock benefit plans, and PBIP&rsquo;s IPO prospectus
indicated that the MHC would not vote on the plans. We announced in August&nbsp;2005 that we would solicit proxies to oppose adoption
of the plans as a referendum to place Joseph Stilwell on PBIP&rsquo;s board. PBIP decided not to put the plans up for a vote at the 2006
annual meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In December&nbsp;2005, we solicited
proxies to withhold votes on the election of directors as a referendum to place Mr.&nbsp;Stilwell on the board. At the 2006 annual meeting,
71% of PBIP&rsquo;s voting public shares were withheld from voting on management&rsquo;s nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April&nbsp;6, 2006, PBIP announced
that just after we had filed our Schedule 13D, it had secretly solicited a letter from an FDIC staffer (which it concealed from the public)
to allow the MHC to vote in favor of the management stock benefit plans. PBIP also announced a special meeting to vote on the plans. We
alerted the Board of Governors of the Federal Reserve System (the &ldquo;Fed&rdquo;) about this announcement, and PBIP was directed to
seek Fed approval before adopting the plans. On April&nbsp;19, 2006, PBIP postponed the special meeting. The Fed subsequently followed
the FDIC&rsquo;s position in September&nbsp;2006. In December&nbsp;2006, we solicited proxies to withhold votes on the election of PBIP&rsquo;s
directors at the 2007 annual meeting. At the meeting, 75% of PBIP&rsquo;s voting public shares were withheld. Also during that annual
meeting, PBIP&rsquo;s President and Chief Executive Officer was unable to state the meaning of per share return on equity despite Mr.&nbsp;Stilwell&rsquo;s
holding up a $10,000 check for the charity of the CEO&rsquo;s choice if he could promptly answer the question. On March&nbsp;7, 2007,
we disclosed that we were publicizing the results of PBIP&rsquo;s elections and its directors&rsquo; unwillingness to hold a democratic
vote on the stock plans by placing billboard advertisements throughout Philadelphia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In December&nbsp;2007, we filed
proxy materials for the solicitation of proxies to withhold votes on the election of PBIP&rsquo;s directors at the 2008 annual meeting.
At the 2008 annual meeting, an average of 77% of PBIP&rsquo;s voting public shares withheld their votes. Excluding shares held in PBIP&rsquo;s
ESOP, an average of 88% of the voting public shares withheld their votes in this election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October&nbsp;4, 2006, we sued
PBIP, the MHC, and the directors of PBIP and the MHC in federal court in Philadelphia seeking an order to prevent the MHC from voting
in favor of the management stock benefit plans. On August&nbsp;15, 2007, the court dismissed some claims, but sustained our cause of action
against the MHC as majority shareholder of PBIP for breach of fiduciary duties. Discovery proceeded and all the directors were deposed.
Both sides moved for summary judgment, but the court ordered the case to trial, which was scheduled for June&nbsp;2008. On May&nbsp;22,
2008, we voluntarily discontinued the lawsuit after determining that it would be more effective and appropriate to pursue the directors
on a personal basis in a derivative action. On June&nbsp;11, 2008, we filed a notice to appeal certain portions of the lower court&rsquo;s
August&nbsp;15, 2007, order dismissing portions of the lawsuit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We entered into a settlement agreement
and an expense agreement with PBIP in November&nbsp;2008 under which we agreed to support PBIP&rsquo;s management stock benefit plans,
drop our litigation and withdraw our shareholder demand, and generally support management; and in exchange, PBIP agreed, subject to certain
conditions, to repurchase up to three million of its shares (including shares previously purchased), reimburse a portion of our expenses,
and either adopt a second step conversion or add our nominee who met certain qualification requirements to its board if the repurchases
were not completed by a specified time. On March&nbsp;5, 2010, we reported that our ownership in PBIP had dropped below 5% as a result
of open market sales and sales of common stock to PBIP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>United Insurance Holdings Corp.
(&ldquo;UIHC&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on September&nbsp;29, 2011. In our estimation,
UIHC&rsquo;s market price increased to reflect fair value; on December&nbsp;17, 2012, we disclosed that we sold shares in the open market,
decreasing our holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Home Federal Bancorp,&nbsp;Inc.
of Louisiana (&ldquo;HFBL&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on January&nbsp;3, 2011. We believe
management and the board acted in good faith and took steps to increase shareholder value, such as multiple share repurchases. In our
estimation, HFBL&rsquo;s market price increased to reflect fair value; on February&nbsp;7, 2013, we disclosed that we sold shares in the
open market, decreasing our holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Standard Financial Corp. (&ldquo;STND&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on October&nbsp;18, 2010. We believe management and the board acted
in good faith and took steps to increase shareholder value, such as multiple share repurchases. In our estimation, STND&rsquo;s market
price increased to reflect fair value; on March&nbsp;19, 2013, we disclosed that we sold our shares in the open market, decreasing our
holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Alliance Bancorp,&nbsp;Inc.
of Pennsylvania (&ldquo;ALLB&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on March&nbsp;12, 2009. When
we announced our reporting position, a majority of ALLB&rsquo;s shares were held by a mutual holding company controlled by ALLB&rsquo;s
board. However, on August&nbsp;11, 2010, ALLB announced its intention to undertake a second-step offering, selling all shares to the public.
The plan of conversion and reorganization was approved by depositors at a special meeting held December&nbsp;29, 2010. We strongly supported
ALLB&rsquo;s action. Following completion of the conversion of Alliance Bank from the mutual holding company structure to the stock holding
company structure, we increased our stake with the belief that shareholders and ALLB would do well if management focused on profitability.
We believe management and the board acted in good faith and took steps to increase shareholder value, such as multiple share repurchases.
In our estimation, ALLB&rsquo;s market price increased to reflect fair value; on November&nbsp;21, 2013, we disclosed that we sold shares
in the open market, decreasing our holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>ASB Bancorp,&nbsp;Inc. (&ldquo;ASBB&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on October&nbsp;24, 2011. On August&nbsp;23, 2013, we met with management
to assess the best way to maximize shareholder value. We believe management and the board acted in good faith by cleaning up non-performing
assets and repurchasing shares, and ASBB&rsquo;s market price increased to reflect fair value. On July&nbsp;18, 2014, we disclosed that
we sold our shares to ASBB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>United Community Bancorp (&ldquo;UCBA&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on January&nbsp;22, 2013. We believe management and the board acted
in good faith and took steps to increase shareholder value, such as multiple share repurchases. In our estimation, UCBA&rsquo;s market
price increased to reflect fair value; on November&nbsp;9, 2015, we disclosed that we sold shares to UCBA, decreasing our holdings below
5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>West End Indiana Bancshares,&nbsp;Inc.
(&ldquo;WEIN&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on January&nbsp;19, 2012. We believe management
and the board acted in good faith and took steps to increase shareholder value, such as multiple share repurchases. In our estimation,
WEIN&rsquo;s market price increased to reflect fair value; on November&nbsp;12, 2015, we disclosed that we sold our shares in the open
market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>William Penn Bancorp,&nbsp;Inc.
(&ldquo;WMPN&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on May&nbsp;23, 2008. A majority of WMPN&rsquo;s
shares were held by a mutual holding company controlled by WMPN&rsquo;s board. We met with management and the board to explain our views
on proper capital allocation and following the financial crisis, we continued to urge WMPN to take the steps necessary to maximize shareholder
value. On December&nbsp;3, 2014, WMPN announced and subsequently completed its plan to repurchase 10% of its shares outstanding and further
completed several additional share repurchases. We believe management and the board acted in good faith to maximize shareholder value
through shareholder-friendly capital allocation; on April&nbsp;11, 2016, we disclosed that we sold shares in the open market, decreasing
our holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>First Financial Northwest,&nbsp;Inc.
(&ldquo;FFNW&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on September&nbsp;12, 2011. At FFNW&rsquo;s
2012 annual meeting, we solicited an overwhelming majority of shareholder votes for our nominee based on our position that Victor Karpiak
(then Chairman and CEO) should be removed from management and the board. After the company pushed to have our votes invalidated, we sued
to enforce our rights. In 2013, we settled with FFNW. Our nominee, Kevin Padrick, was seated on the board, and Mr.&nbsp;Karpiak resigned
as Chairman. The board later replaced Mr.&nbsp;Karpiak as CEO. We filed two additional lawsuits arising from the invalidation of our votes
at the 2012 election, both of which we settled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Since 2013, we believe management
and the board acted in good faith by cleaning up non-performing assets and reaching a moderate level of profitability, and they maximized
shareholder value by repurchasing in excess of 40% of FFNW&rsquo;s shares. In our estimation, FFNW&rsquo;s market price increased to reflect
fair value; on October&nbsp;11, 2016, we disclosed that we sold our shares in the open market. Kevin Padrick continued to serve on the
board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Alamogordo Financial Corp.
(&ldquo;ALMG&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on May&nbsp;11, 2015. We urged management and
the board to provide meaningful returns to shareholders either through a second-step conversion or by effectuating a shareholder-friendly
capital allocation program. On March&nbsp;7, 2016, ALMG announced and later completed a second-step conversion which we believe maximized
shareholder value. On October&nbsp;14, 2016, we disclosed that we sold shares of the converted company, Bancorp 34,&nbsp;Inc., in the
open market, decreasing our holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Malvern Bancorp,&nbsp;Inc.
(&ldquo;MLVF&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on May&nbsp;30, 2008. When we announced our
reporting position, a majority of MLVF&rsquo;s shares were held by a mutual holding company controlled by MLVF&rsquo;s board. On October&nbsp;26,
2010, we demanded that MLVF pursue a derivative action against its directors for breach of their fiduciary duties. MLVF failed to pursue
the action and, on June&nbsp;3, 2011, we sued MLVF&rsquo;s directors in Chester County, Pennsylvania, demanding that the court, among
other things, order the directors to properly consider pursuing a second-step conversion. On November&nbsp;9, 2011, Judge Howard F. Riley
Jr. overruled the director defendants&rsquo; preliminary objections to the derivative lawsuit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January&nbsp;17, 2012, MLVF
announced its intention to undertake a second-step conversion and we withdrew the lawsuit. The conversion and stock offering were completed
on October&nbsp;11, 2012, and our shares were converted into shares of Malvern Bancorp,&nbsp;Inc. On September&nbsp;5, 2013, we notified
MLVF of our intention to nominate John P. O&rsquo;Grady for election as a director at its 2014 annual meeting, but we later reached an
agreement with MLVF for Mr.&nbsp;O&rsquo;Grady to join its board of directors and executed a standstill agreement. Subsequently, MLVF&rsquo;s
long-standing CEO resigned, and its Chairman of the Board and several directors stepped down. On November&nbsp;25, 2014, we terminated
our standstill agreement with MLVF, including the agreement&rsquo;s performance targets. John P. O&rsquo;Grady continued to serve as an
independent director on the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After meeting with the new CEO
and the new Chairman of the Board, we believed that management and the board of directors were focused on maximizing shareholder value
and were successful in doing so. On December&nbsp;7, 2016, we disclosed that we sold shares in the open market, decreasing our holdings
below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>FSB Community Bankshares,&nbsp;Inc.
(&ldquo;FSBC&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on October&nbsp;26, 2015. We urged management
and the board to provide meaningful returns to shareholders either through a second-step conversion or by effectuating a shareholder-friendly
capital allocation program. On March&nbsp;3, 2016, FSBC announced and later completed a second-step conversion, which we believe maximized
shareholder value. On December&nbsp;9, 2016, we disclosed that we sold shares of the converted company, FSB Bancorp,&nbsp;Inc., in the
open market, decreasing our holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Pinnacle Bancshares,&nbsp;Inc.
(&ldquo;PCLB&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on September&nbsp;23, 2014. On November&nbsp;14,
2014, PCLB announced the continuation of its share repurchase plan and announced a new repurchase plan on May&nbsp;25, 2016. We believe
management and the board acted in good faith to maximize shareholder value through multiple share repurchases. On December&nbsp;13, 2016,
we disclosed that we sold our shares in the open market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Sugar Creek Financial Corp.
(&ldquo;SUGR&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on April&nbsp;21, 2014. We believe management
and the board acted in good faith to maximize shareholder value through share repurchases. In our estimation, SUGR&rsquo;s market price
increased to reflect fair value; on July&nbsp;28, 2017, we disclosed that we sold our shares in the open market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Provident Financial Holdings,&nbsp;Inc.
(&ldquo;PROV&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on October&nbsp;7, 2011. We supported PROV&rsquo;s
consistent efforts to maximize shareholder value through a meaningful number of share repurchases. In our estimation, PROV&rsquo;s market
price increased to reflect fair value; on September&nbsp;25, 2017, we disclosed that we sold shares in the open market, decreasing our
holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>West Town Bancorp,&nbsp;Inc.
(&ldquo;WTWB&rdquo;)</U> &ndash; We believe management and the board acted in good faith to maximize shareholder value. In our estimation,
WTWB&rsquo;s market price increased to reflect fair value; on July&nbsp;18, 2019, we sold our shares to WTWB. WTWB deregistered its shares
of common stock effective in 2003.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>NorthEast Community Bancorp,&nbsp;Inc.
(&ldquo;NECB&rdquo;)</U>&nbsp;&ndash; We filed our original Schedule 13D reporting our position on November&nbsp;5, 2007. A majority of
NECB&rsquo;s shares were held by a mutual holding company controlled by NECB&rsquo;s board. We opposed the grant of an equity incentive
plan for the NECB board, and the board and management never received such a plan while they remained an MHC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In July&nbsp;of 2010, we served
a demand on NECB to inspect its shareholder list, but NECB refused. We sued NECB in federal court in New York seeking an order to compel
compliance with our demand and in August&nbsp;of 2010, NECB produced the list of shareholders to us. In the fall of 2011, we sent a letter
to NECB&rsquo;s board of directors demanding that NECB expand the board with disinterested directors to consider a second-step conversion.
In October&nbsp;of 2011, we filed a lawsuit in New York state court against NECB, the mutual holding company, and their boards of directors,
personally and derivatively, for breach of fiduciary duty arising out of failure to fairly consider a second-step conversion and alleging
conflict of interest. During the course of a protracted litigation, we deposed every named director including a former director. Although
the New York trial court judge agreed with us in partially granting our motion for summary judgment and finding that upon trial the defendants
would bear the burden of the entire fairness standard, the First Department reversed on other grounds; the New York Court of Appeals declined
to hear our appeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After years of urging NECB to
become fully public, the company announced on November&nbsp;4, 2020 that it would undertake a second-step conversion. We supported NECB&rsquo;s
decision to do so, and on July&nbsp;12, 2021, the company completed its second-step conversion. We sold shares in the open market, decreasing
our holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NECB shares of common stock were
deregistered from 2016 to 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Parkway Acquisition Corp. (&ldquo;PKKW&rdquo;)</U>
&ndash; We filed our original Schedule 13D reporting our position on May&nbsp;27, 2020. On November&nbsp;24, 2021, we disclosed that we
sold our shares in the open market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Wayne Savings Bancshares,&nbsp;Inc.
(&ldquo;WAYN&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on October&nbsp;8, 2010. In 2014, we supported
H. Stewart Fitz Gibbon III&rsquo;s appointment as CEO and as a director on the board. We believed management and the board were acting
in good faith to position WAYN to maximize shareholder value. However, when the board announced Mr.&nbsp;Fitz Gibbon&rsquo;s unexplained
resignation on December&nbsp;20, 2016, we nominated a director for election at WAYN&rsquo;s 2017 annual meeting. We lost by a narrow margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We nominated a director for election
at WAYN&rsquo;s 2018 annual meeting with the belief that there had been multiple suitors interested in acquiring WAYN and that the board
had a duty to evaluate strategic alternatives to maximize shareholder value. Our nominee was not elected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Due to projected and achieved
Return on Equity (ROE) targets following WAYN&rsquo;s 2018 annual meeting, we did not seek board representation in 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In our estimation, WAYN&rsquo;s
market price increased to reflect fair value; on May 23, 2022, we sold shares to WAYN, decreasing our holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WAYN deregistered its shares of
common stock effective in 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Cincinnati Bancorp,&nbsp;Inc.
(&ldquo;CNNB&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on May&nbsp;7, 2020. We believe management
and the board acted in good faith and took steps to increase shareholder value, such as repurchasing shares up to book value. In our estimation,
CNNB&rsquo;s market price increased to reflect fair value; on September 21, 2022, we disclosed that we sold shares in the open market,
decreasing our holdings below 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>IV. We exited the following activist position without maximizing shareholder
value:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Garrison Capital,&nbsp;Inc.
(&ldquo;GARS&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on January&nbsp;21, 2020. In April&nbsp;2020,
we sold our stake with the belief that the global pandemic made activism in a business development company problematic at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>V. After successfully seeking board representation,
we seated directors who currently serve on the board of the following issuers:</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Kingsway Financial Services
Inc. (&ldquo;KFS&rdquo;)</U>&nbsp;&ndash; We filed our original Schedule 13D reporting our position on November 7, 2008. We requested
a meeting with KFS&rsquo;s CEO and Chairman to discuss ways to maximize shareholder value and minimize both operational and balance sheet
risks, but the CEO was unresponsive. We then requisitioned a special shareholder meeting to remove the CEO and Chairman from the KFS board
and replace them with our two nominees. On January 7, 2009, we entered into a settlement agreement with KFS whereby, among other things,
the CEO resigned from the KFS board and KFS expanded its board from nine to ten seats and appointed our nominees to fill the two vacant
seats. By April 23, 2009, the board was reconstituted with just three of the original ten legacy directors remaining. Also, Joseph Stilwell
was appointed to fill the vacancy created by the resignation of one of our nominees, and our other nominee was elected Chairman of the
Board. In addition, the board fired the CEO and CFO for incompetence and insubordination. By November 3, 2009, all of the legacy directors
had resigned from the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Since then, Joseph Stilwell has
remained on the board, and KFS has sold non-core assets, repurchased public debt at a discount to face value, sold a credit-sensitive
asset, disposed of its subsidiary Lincoln General, substantially reduced its expenses, and reduced other balance sheet and operational
risks. On May 24, 2018, we announced that we would withhold our proxy votes on the re-election of the then current CEO at the KFS annual
meeting. Although the CEO was re-elected to the board, the board announced on September 5, 2018, a CEO transition in which he would no
longer serve as CEO. The KFS board appointed John T. Fitzgerald as the new CEO to execute its warranty segment strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On September 21, 2020, our Director
of Research, Corissa B. Porcelli, was elected to the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Sound Financial, Inc. (&ldquo;SNFL&rdquo;)
/ Sound Financial Bancorp, Inc. (&ldquo;SFBC&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position in SNFL on
November 21, 2011. We urged management and the board to pursue a second-step conversion. On August 22, 2012, SNFL announced the completion
of its second-step conversion, and our shares of SNFL were converted into shares of SFBC. On August 5, 2020, the Board of Governors of
the Federal Reserve notified us that it would not object to our request to buy additional shares of SFBC up to 14.99%. On September 18,
2023, the Board of Governors of the Federal Reserve notified us that it would not object to our request to buy additional shares of SFBC
up to 19.99%. On February 14, 2024, SFBC announced that it would nominate our Director of Research, Corissa B. Porcelli, for election
to its board of directors at its 2024 annual meeting of stockholders, and she was elected to SFBC&rsquo;s board on May 29, 2024. We hope
to work with management and the board of directors to maximize shareholder value at SFBC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Wheeler Real Estate Investment
Trust,&nbsp;Inc.&nbsp;(&ldquo;WHLR&rdquo;)</U> &ndash; We filed our original Schedule 13D reporting our position on July&nbsp;3, 2017.
On December&nbsp;4, 2017, we announced our nominees and alternate nominee for WHLR&rsquo;s 2018 election of directors. On January&nbsp;17,
2018, we called for Jon Wheeler&rsquo;s removal from WHLR, and he was fired by the board on January&nbsp;29, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
ran three nominees for election as directors at WHLR&rsquo;s 2018 annual meeting. They lost. On October&nbsp;24, 2019, we announced our
nominees, Joseph Stilwell, Paula J. Poskon and Kerry G. Campbell, for election as directors at WHLR&rsquo;s annual meeting. Several of
WHLR&rsquo;s legacy directors did not stand for re-election. At WHLR&rsquo;s 2019 annual meeting, we defeated the three legacy directors
that stood for re-election by more than a seven to one margin, and our three nominees were elected to WHLR&rsquo;s board. Later that day,
WHLR announced that its CFO had resigned, and twelve days later, the only remaining legacy director resigned. The CEO was fired on April&nbsp;13,
2020. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">On
July 15, 2021, our General Counsel, E. J. Borrack, was elected to the board of directors. On May 19, 2023, our Director of Communications,
Megan Parisi, was elected to the board of directors</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Ottawa Bancorp,&nbsp;Inc. (&ldquo;OTTW&rdquo;)</U>&nbsp;&ndash;
<FONT STYLE="background-color: white">On August&nbsp;11, 2023, the Federal Reserve Bank of Chicago notified us that it would not object
to our request to buy additional shares of OTTW up to 19.99%. On February 2, 2024, we served our notice of intent to nominate Mark D.
Alcott for election as a director at OTTW&rsquo;s 2024 annual meeting, with our Associate General Counsel, Luis J. </FONT>L&oacute;pez<FONT STYLE="background-color: white">,
as our alternate nominee. On March 20, 2024, we entered into a Standstill Agreement with OTTW whereby OTTW agreed, among other things,
to nominate and support the election of Mark D. Alcott to OTTW&rsquo;s board of directors at the company&rsquo;s 2024 annual meeting of
stockholders. OTTW also agreed to make a good faith effort to repurchase at least 5% of its shares annually for fiscal years 2024 and
2025, or it will engage an investment banker to evaluate alternatives to maximize shareholder value at OTTW. On March 20, 2024, OTTW announced
the appointment of Mr. Alcott to its board of directors. OTTW deregistered its shares of common stock effective in 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Silvergate Capital Corporation
(&ldquo;SICP&rdquo;)</U> &ndash;&nbsp;On December 18, 2023, we served a shareholder records inspection demand pursuant to California law
on SICP, a Maryland corporation with its principal place of business in California. When SICP refused to produce the documents to which
we were entitled, we filed suit in the Superior Court of California (San Diego County) seeking to enforce our rights. On August 9, 2024,
the Court ordered SICP to produce the records we sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 16, 2024, we filed
suit in the Maryland Circuit Court seeking to compel SICP to hold an annual meeting following SICP&rsquo;s failure to hold an annual meeting
in 2023. After a May 23, 2024 hearing, the Circuit Court granted our petition and ordered SICP to hold an annual meeting by September
27, 2024. SICP appealed the decision. On September 6, 2024, the Circuit Court denied SICP&rsquo;s motion to stay the order to hold an
annual meeting pending SICP&rsquo;s appeal, and on September 18, 2024, the Appellate Court denied without prejudice SICP&rsquo;s motion
to stay the Circuit Court&rsquo;s order pending appeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On September 17, 2024, SICP mailed
proxy materials and notice to shareholders of its annual meeting to be held on September 27, 2024, in La Jolla, California. Also on September
17, SICP filed for Chapter 11 bankruptcy protection in the Bankruptcy Court for the District of Delaware. On September 19, 2024, SICP
moved the Bankruptcy Court for a temporary restraining order, seeking to enjoin the Maryland Circuit Court order compelling SICP to hold
an annual meeting. Following its September 25, 2024 hearing, the Bankruptcy Court denied SICP&rsquo;s request for a temporary restraining
order, allowing the annual meeting to go forward on September 27, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 9, 2024, we served our
notice of intent to nominate Joseph Stilwell for election as a director at SICP&rsquo;s annual meeting. On September 27, 2024, Joseph
Stilwell was elected to the board of directors at SICP&rsquo;s annual meeting with an overwhelming majority of the votes cast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 13, 2025, we reached a
settlement with SICP, pending approval by the Bankruptcy Court. Per the settlement, among other terms, the common stock will remain outstanding
in a reorganized Silvergate corporation, and we will be entitled, together with another significant common stock shareholder, to select
the directors of the reorganized entity. We intend to continue to work to maximize value for all common shareholders of SICP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SICP terminated its registration
with the SEC on May 22, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>VI. We hope to work with management and the boards
of the following issuers:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>CIB Marine Bancshares,&nbsp;Inc.
(&ldquo;CIBH&rdquo;)</U> &ndash; We believe management and the board are acting in good faith to maximize shareholder value. <FONT STYLE="background-color: white">On
December 10, 2021, the Federal Reserve Bank of Chicago notified us that it would not object to our request to buy additional shares of
CIBH up to 14.99%.</FONT> CIBH deregistered its shares of common stock effective in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>U&nbsp;&amp; I Financial Corp.
(&ldquo;UNIF&rdquo;)</U> <FONT STYLE="background-color: white">&ndash; We have met with management and the board. We are evaluating how
best to proceed to maximize shareholder value. Although UNIF&rsquo;s common stock trades publicly on the OTCQX U.S., UNIF does not file
reports with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><U>Central
Plains Bancshares, Inc. (&ldquo;CPBI&rdquo;)</U>&nbsp;&ndash; We filed our original Schedule 13D reporting our position on November 5,
2024. We hope to work with management and the board to maximize shareholder value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><U>Lake
Shore Bancorp, Inc. (&ldquo;LSBK&rdquo;)</U>&nbsp;&ndash; We filed our original Schedule 13D reporting our position on July 30, 2025.
We hope to work with management and the board to maximize shareholder value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>VII. We intend to gain board representation and
work to maximize shareholder value at the following issuers:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Peoples Financial Corporation
(&ldquo;PFBX&rdquo;)</U>&nbsp;&ndash;&nbsp;We filed our original Schedule 13D reporting our position on November 23, 2020. We believe
management and the directors have ill served PFBX&rsquo;s shareholders, and PFBX should explore all possibilities to maximize shareholder
value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our nominees for election as directors
at PFBX&rsquo;s 2021, 2022, 2023, 2024 and 2025 annual meetings were not elected. Subsequent to the 2022 annual meeting, the Board of
Governors of the Federal Reserve notified us that it would not object to our request to purchase additional shares of PFBX up to 14.9%,
and subsequent to the 2024 annual meeting, the Board of Governors of the Federal Reserve notified us that it would not object to our request
to purchase additional shares of PFBX up to 19.9%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 31, 2022, pursuant to Mississippi
law, we served a demand for inspection of PFBX&rsquo;s books and records related to, among other things, reported losses and the employee(s)
responsible for the losses associated with PFBX&rsquo;s securities portfolio. When PFBX refused to permit the inspection of its books
and records, we filed, on July 22, 2022, a complaint in the Chancery Court of Harrison County, Mississippi to compel the production of
those books and records. After four Harrison County judges recused themselves, the Mississippi Supreme Court appointed a retired judge
from Hinds County, Mississippi as Special Chancellor to hear our books and records demand case against PFBX. On July 18, 2023, the Special
Chancellor partially granted our motion for summary judgment and ordered PFBX to produce most of the records we sought in our books and
records demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 30, 2023, we demanded that PFBX pursue a derivative action against
its directors for breach of their fiduciary duties for failure to oversee and properly supervise management of the company. On September
29, 2023, we filed a derivative complaint on behalf of PFBX against PFBX&rsquo;s directors in the Chancery Court of Harrison County, Mississippi,
for breach of fiduciary duty, seeking damages and other remedies. On October 17, 2024, the Court denied PFBX&rsquo;s directors&rsquo;
motion to dismiss and on December 20, 2024, issued an order allowing us to seek discovery. On January 10, 2025, PFBX&rsquo;s directors
filed an interlocutory appeal with the Supreme Court of Mississippi, which was denied on April 1, 2025. We are seeking in excess of $50
million in restitution to PFBX from PFBX&rsquo;s directors.</P>

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<DESCRIPTION>SCHEDULE B - ITEM 2(E)
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>Item 2(e)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On September 25, 2024,
Stilwell Value LLC consented to the entry of a Securities and Exchange Commission (&ldquo;SEC&rdquo;) administrative cease and desist
order (the &ldquo;Order&rdquo;) that, among other things, alleged violations of Section 13(d)(1) and 13(d)(2) of the Securities Exchange
Act of 1934 and rules 13d-1 and 13d-2 promulgated thereunder for failing to timely file certain beneficial ownership reports on Schedule
13D and Schedule 13G. The Order required Stilwell Value LLC to cease and desist from committing or causing any future violations of the
provisions charged and imposed a $75,000 civil monetary penalty on Stilwell Value LLC. The Order also recognized the remedial acts promptly
undertaken by Stilwell Value LLC, as well as its cooperation with the SEC staff. Stilwell Value LLC has satisfied the obligations of the
Order. No other member of the Group was implicated in the Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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