CAS INVESTMENT PARTNERS, LLC

CAS, a Delaware limited liability company, was founded in October 2012 by Clifford Sosin. The Adviser registered as an investment adviser with the SEC in September 2017. The General Partner, the Adviser, and their respective principal decision makers presently and may in the future, directly or indirectly, direct, sponsor, or manage other managed pools or accounts in addition to the Funds. The General Partner, the Adviser, and their principal decision-makers may have financial or other incentives to favor such pools or accounts over the Funds. The General Partner and the Adviser shall, under normal conditions, allocate investment opportunities between the Funds and such other pools or accounts on a fair and equitable basis as measured over time, subject to applicable law and client guidelines. The General Partner and the Adviser will make their own decisions for the Funds, which decisions may differ from time to time from those recommended by analysts of the General Partner and the Adviser for their other advisory clients. As of the date hereof, the Adviser manages the assets of one or more of its principals. CAS has established policies and procedures designed to address potential conflicts of interest relating to the side-by-side management of the Funds with any SMA client(s), including the allocation of investment and trading opportunities, and in circumstances where any Advisory Client pays a different management fee and/or performance fee than another. The Firm’s procedures relating to the allocation of investment opportunities require that Advisory Clients participate in investment opportunities pro rata based on each Advisory Client’s current assets under management (subject to the Advisory Client’s investment guidelines of restrictions, stage of capital deployment, available cash or other liquidity restraints, or other tax or legal reasons). Finally, the Firm’s procedures also require fair and equitable treatment in light of the relevant circumstances for the allocation of limited opportunities among its Advisory Clients.

The Firm invests in a tradable portfolio of credit and equity securities, both long and short, with the goal of outperforming the S&P 500 over time. They focus on understanding the processes and dynamics that allow an issuer to earn profits despite competitive forces and how changes in the competitive ecosystem might impact the asset's future performance. The Firm does not maintain any specific directional market bias or asset class bias, instead evaluating each investment individually on its own merits. This means the Funds' overall market and asset class exposure will vary with market conditions and individual opportunities. The Firm recognizes that market prices can diverge materially from fair prices in the short/medium-term, and even with rigorous due diligence, this strategy may result in periods of underperformance compared to the market. They believe thoughtful security selection is crucial for successful investing, focusing on asset-specific considerations and rigorous due diligence.

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