HILL CITY CAPITAL, LP

Hill City Capital LP is an investment advisory firm that offers a range of services to clients, including investment strategies and analysis. They emphasize that their investment strategies are speculative and involve substantial risks, and investors should be prepared for potential capital loss. The firm's investment activities are not limited to the specific services described in their brochure, and they may engage in any strategy or investment they deem appropriate, subject to each client's objectives and guidelines. Hill City Capital LP is not registered as a broker-dealer and does not have any pending applications to register as such. They are also not registered as futures commission merchants, commodity pool operators, commodity trading advisors, or associated persons of these entities. The firm does not recommend or select other investment advisors for their clients.

The investment strategies employed by Hill City are characterized by a concentrated portfolio, a long-duration investment horizon, a rigorous fundamental investment process, and active engagement with management. The objective is to generate attractive absolute net returns for investors over multiple years while minimizing the probability of permanent loss of capital. It's important to note that the investment strategies, approaches, and techniques discussed may evolve over time due to market developments, new investment products, changing industry practices, and technological innovation. While the actual strategies employed may differ from those described, the investments made on behalf of the Fund will always be consistent with its investment objective.

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