CALEDONIA (PRIVATE) INVESTMENTS PTY LTD

Caledonia generally employs a single long-short global equity investment strategy across all Clients, with the objective of seeking high absolute returns over a long-term horizon. This is achieved by investing on a long/short basis primarily in corporate equity securities, predominantly listed securities, and related instruments in global markets. The strategy focuses on stock picking and deep fundamental research, particularly with respect to smaller issuers whose equities Caledonia believes the markets are less efficient in pricing, aiming to drive alpha. The implementation of these long/short strategies involves identifying investment opportunities, which is a difficult task with no assurances of success. Caledonia's investment discretion is not limited regarding the size of any investment, and client portfolios may be concentrated in a few sectors, industries, or issuers rather than being widely diversified. This concentration exposes clients to the risk that changes in the prices of a small number of investments could greatly affect the portfolio's value, potentially leading to substantial losses. Furthermore, the models and analytics used to determine attractive opportunities may become outdated, and market disruptions could force the closure of positions at unfavorable prices.

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