DALAL STREET, LLC

The Adviser manages several Clients, each of which is a private pooled investment vehicle. These Clients include the Pabrai Funds, Dhandho Holdings, and two proprietary accounts. The Adviser may also establish, sponsor, and become affiliated with other pooled investment vehicles and companies in the future. The Adviser tailors its advisory services as described in the relevant Client’s private placement memorandum and/or as set forth in such Client’s organizational documents. The Adviser may have conflicts of interest in allocating its time and resources between Clients, in allocating investments among Clients and other entities, and in effecting transactions between Clients and other entities. The Adviser will devote as much of its time and will allocate the time and resources of its operations team to its Clients as in its judgment the conduct of each Client's account reasonably requires.

The Pabrai Funds employ long-value investment strategies, investing in a portfolio of securities issued by and traded on U.S. and non-U.S. national securities exchanges and well-recognized established financial capital markets. The Adviser may invest or trade in all types of equity and debt securities, including common and preferred stock, debt securities convertible into common or preferred stock or other types of securities, bonds, notes, zero coupon bonds, fixed income securities, options, and investment company securities. Additionally, the Adviser may invest Client capital in short-term instruments such as commercial paper, bank certificates of deposit, U.S. Treasury Bills, and similar investments. Leverage is not employed. The Adviser aims to allocate investment opportunities in a manner that is in the best interests of all Clients, generally allocating opportunities believed to be appropriate for Clients among them on a pro rata basis in proportion to their relative net worth. However, it is possible that an investment opportunity may not be allocated to multiple Clients, or that one or more Clients may be unable to participate in such an opportunity or participate only on a limited basis. The Adviser evaluates investments for each Client based on numerous factors relevant to determining whether a particular situation or strategy is appropriate, consistent with the investment objectives of such persons or entities and of a Client for the same investment positions to be taken or liquidated at the same time or at the same price.

(Subscription Required)

(Subscription Required)

(Subscription Required)