HAWK RIDGE CAPITAL MANAGEMENT LP

Hawk Ridge Capital Management, L.P. (the “Investment Manager”) is a Delaware limited partnership organized in March 2015. The Investment Manager is responsible for making all investment decisions for the Fund and is registered as an investment adviser with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940 (the “Advisers Act”). The Investment Manager is managed and controlled by Hawk Ridge Capital Management GP, LLC, which in turn is managed and controlled by David Brown. In addition to periodic reviews, a review of an Advisory Client account may be triggered by any unusual activity or special circumstances, including changes in market, economic, or legal or regulatory conditions, changes in information or other factors regarding a particular investment, purchase or sales of investments, and other similar developments and events. With respect to the Funds, an independent third-party administrator conducts independent monthly verification of Hawk Ridge’s pricing of its investments held by the Funds and prepares quarterly transparency reports to the Funds, that includes among other items, the percentage (if any) of the relevant Fund’s investments for which the independent third party was unable to verify prices.

Hawk Ridge employs a value-oriented investment strategy, aiming for equity-like returns with significantly less market risk than broad market indices. They achieve this through both long and short positions in publicly traded equity securities, primarily in the United States and international developed equity markets. Their approach involves a rigorous screening and due diligence process, encompassing both quantitative analysis and significant qualitative due diligence. This process is designed to identify situations where business fundamentals and valuation are misaligned, creating potential investment opportunities. Hawk Ridge's investment process is characterized by a disciplined yet flexible approach. They utilize various methods of analysis, including fundamental analysis, quantitative valuation analysis, and qualitative due diligence. They emphasize developing an independent perspective and conducting thorough interviews with management and third-party industry professionals. Additionally, they employ screening techniques and automated methods to monitor news headlines, enabling them to quickly identify potential investment opportunities. This continuous process ensures a consistent pipeline of attractive investments.

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