MOERUS CAPITAL MANAGEMENT LLC

Moerus Capital Management LLC, a Delaware limited liability company, was formed in February 2015 and began operations in September 2015. The firm is located in New York City and is owned by Amit Wadhwaney, the founding partner and Portfolio Manager, as well as minority owners Michael Campagna and John Mauro. Moerus offers advisory services, including opportunistic mandates that allow for flexibility in investment strategies across various geographies, industries, and asset classes. The firm's investment strategy focuses on less-followed holdings, such as mid-sized, smaller-capitalized, lesser known, or unpopular securities. Moerus also invests across the capital structure and in alternative asset classes, including distressed debt and special situations, to capitalize on opportunities unavailable to equity-only funds. The firm has implemented policies and procedures to address conflicts of interest and ensure equitable treatment of accounts with similar investment objectives. These procedures include regular performance comparisons, pro rata allocation of investment opportunities based on target weights, exposure levels, tax consequences, and stage of capital deployment, as well as price-averaging of aggregated client orders.

Moerus' investment advisory services generally aim to achieve long-term capital appreciation by investing in well-capitalized companies trading at substantial discounts to their intrinsic value. They primarily invest in stocks, bonds, foreign currencies, forward contracts, futures, and options, using a fundamental, opportunistic, and bottom-up value investing methodology. This approach typically results in a portfolio of high conviction core positions. Moerus has broad discretion in making investments for clients, and their investment strategies are speculative and entail substantial risks. They may offer any advisory services, engage in any investment strategy, and make any investment, including those not described in their brochure, subject to each client's investment objectives and guidelines. Clients should be prepared to bear a substantial loss of capital, as there is no assurance that the investment objective of the Adviser will be achieved.

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