GREENSTONE PARTNERS, L.P.

Greenstone Partners, LLC (the “General Partner”) and Greenstone Partners & Co. LLC (the “Investment Adviser,” and together with the General Partner, “Greenstone”) are Delaware limited liability companies that have been in business since 2005. The Investment Adviser and the General Partner are under common control. Gregory M. Tusher is the manager and portfolio manager of both firms, and the controlling owner of both firms is a trust that Mr. Tusher controls as trustee. As of December 31, 2024, Greenstone had total discretionary regulatory assets under management of approximately $426,277,674. Greenstone only manages assets on a discretionary basis. The Investment Adviser serves as the investment adviser to Greenstone Partners, LP, a Delaware limited partnership, and the General Partner serves as the general partner to that fund. Greenstone invests principally, but not solely, in equity and equity-related securities in companies that are traded publicly on behalf of its clients, but is authorized to enter into any type of investment transaction that it deems appropriate under the terms of each Fund’s governing documents.

Greenstone focuses on opportunities that it believes may provide a high “margin of safety.” To achieve this, Greenstone first limits its investment universe to franchise companies that it believes possess sustainable competitive advantages, superior management teams and attractive long-term growth prospects. Second, Greenstone invests only when these franchise businesses sell at prices that it believes represent meaningful discounts to their intrinsic value. Greenstone may use any trading or investment techniques, whether or not contemplated by the expected investment strategies described above. Depending on conditions and trends in securities markets and the economy generally, Greenstone may pursue any objectives or use any techniques that it considers appropriate and in its clients’ interest. There are no limits on the types of securities in which Greenstone may take positions on behalf of its clients, the types of positions that it may take, the concentration of its investments or the amount of leverage that it may use.

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