HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC

H&W is a Delaware limited liability company that commenced operations in October 2001. Its predecessor was organized as an investment adviser in July 1980. The primary members of H&W are HWCap Holdings, a Delaware limited liability company with members who are current and former employees of H&W, and Stephens-H&W, an Arkansas limited liability company whose primary member is SF Holding Corp., which is a diversified holding company. H&W specializes in providing investment advisory services with respect to value investing in equity and high yield fixed income securities. Their investment focus is on equity securities, fixed-income securities, options, derivatives and other securities that may be purchased depending on the investment objective of the client.

H&W employs a fundamental value investment approach, seeking to invest in stocks whose future prospects are misunderstood or not fully recognized by the market. They aim to exploit market inefficiencies caused by irrational investor behavior. To identify these opportunities, H&W utilizes a disciplined, bottom-up investment process, relying heavily on rigorous, internally-generated fundamental research. H&W's investment strategies prioritize in-house fundamental security research, aiming to provide clients with portfolios offering attractive risk-adjusted returns relative to a specified benchmark. They conduct intensive due diligence, critically analyzing each potential portfolio company's fundamentals, including financial statements, profitability, cash flow, lines of business, and market share. This evaluation process may involve interviews with company management, competitors, industry experts, outside security analysts, and other sources. H&W may supplement their in-house research with commercially available information services and financial publications dealing with investment research.

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