13G Filing: Brown Trout Management, LLC Owns Over 5% of Fox Chase Bancorp Inc (FXCB)

As calculated in accordance with Rule 13d-3 of the Securities
Exchange Act of 1934, as amended, Steven R. Gerbel beneficially owns 598,636
shares of the Issuers Common Stock, $0.01 par value per share, (Common
Stock), representing 5.16% of the Common Stock. Mr. Gerbel does not directly
own any shares of Common Stock, but he does indirectly own 598,636 shares of
Common Stock in his capacity as the managing member of BTM, an Illinois limited
liability company, which in turn serves as the general partner and investment
manager of Chicago Capital Management, LP (CCM), an Illinois limited
partnership. In addition, BTM manages two separate accounts (collectively,
Separate Accounts) for unrelated entities and an investment company,
SilverPepper Merger Arbitrage Fund (SilverPepper), on a discretionary basis.
Although Mr. Gerbel does not directly own the shares of Common Stock, Mr. Gerbel
is deemed to beneficially own the 598,636 shares of Common Stock held by CCM,
the Separate Accounts, and SilverPepper.

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to
report the fact that as of the date hereof the reporting person has ceased to be
the beneficial owner of more than five percent of the class of securities, check
the following [ ].

Item 6.

Ownership of more than Five Percent on Behalf of Another Person.

Each of CCM, the Separate Accounts,
and SilverPepper has the right to receive dividends and proceeds from the sale
of the shares of Common Stock held by each.

Item 7.

Identification and classification of the subsidiary which acquired the security being reported on by the parent holding company or control person.

Not Applicable

Item 8.

Identification and classification of members of the group.

See Exhibit B

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications.

By signing below I certify that, to
the best of my knowledge and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.

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