HIMALAYA CAPITAL MANAGEMENT LLC

Himalaya Capital is a Delaware limited liability company founded in 1997. Li Lu controls and is the principal owner of Himalaya Capital. The terms "we," "us," or "our" refer to Himalaya Capital and its affiliates. Himalaya Capital provides investment management services to a single mini-master fund structure comprised of Himalaya Capital Investors, L.P. (the “Master Fund”), and Himalaya Capital Investors (Offshore), L.P. (the “Offshore Feeder Fund,” collectively with the Master Fund, “HCI”). The Offshore Feeder Fund invests substantially all of its investable assets into the Master Fund.

Himalaya Capital aims to achieve long-term capital appreciation for HCI while minimizing the risk of permanent capital impairment. This is done by identifying and acquiring global securities, typically at a deep discount to their intrinsic value. The focus is on companies with substantial "economic moat" and long-term growth potential, primarily in Greater China, the U.S., Japan, and South Korea, but investments may extend to other markets as deemed appropriate. The firm is not limited in its investment strategies, markets, or instruments. The primary strategy involves investing in securities issued by companies identified as having substantial economic value and long-term growth potential but trading at market prices well below intrinsic value. The firm believes this strategy will produce better returns for HCI over the long term than a strategy of going both long and short to smooth out volatility and improve short-term returns. The firm expects occasional, and sometimes long lasting, declines in reported net asset value.

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