KOPERNIK GLOBAL INVESTORS, LLC

Kopernik implements its global investment strategies through an active, fundamentals-based, value-oriented process. Its investment discipline seeks to identify potential investments that trade at significant discounts to their intrinsic value, based on Kopernik's analysis. For investment strategies that permit short positions, Kopernik will short securities of companies it believes are overvalued by the market, with an emphasis on those selling at significant premiums to their intrinsic values. Kopernik is organized to ensure a culture of client success and alignment, with senior professionals and most employees having meaningful investments in their funds. The company is 100% employee-owned through Kopernik Holdings, LLC, with most employees holding an ownership stake and all eligible to participate in its success. As of September 30, 2025, Kopernik managed over $8.81 billion in regulatory assets under management and advised an additional $244.2 million in advisory-only services assets.

Kopernik implements its investment strategies through an active, research-driven, fundamentals-based, value-oriented process. Their discipline typically seeks to identify potential investments that trade at significant discounts to their intrinsic value. For strategies that permit short selling, positions are taken in securities deemed overvalued by the market, particularly those selling at significant premiums to their intrinsic values. Kopernik's investment approach is highly collaborative, with investment professionals generally meeting daily as a team to vet ideas, discuss portfolio holdings, propose new investments, and present in-depth analysis, ensuring a rigorous and consistent due-diligence process. Kopernik offers various investment strategies in separately managed accounts and as an investment adviser to collective investment funds, including private funds, mutual funds, CITs, and UCITS. These strategies may invest in a wide array of securities such as common and preferred stocks, convertible securities, debt (including below investment grade/high yield), REITs, ETFs, swap agreements, options, forward contracts, and structured notes. Securities of companies across all market capitalizations, including small-to-mid capitalization, may be included. The Global Unconstrained Strategy specifically may use leverage to capitalize on market opportunities, and strategies generally emphasize active management, which can result in higher turnover and brokerage commission expenses. Excess funds may be invested in short-term instruments like U.S. or other Government securities, money market funds, commercial paper, certificates of deposit, and bankers’ acceptances.

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