PACIFICA CAPITAL INVESTMENTS, LLC

PCI, a principal investment firm, manages individual accounts for clients. The firm's primary personnel, including Steven C. Leonard, Kari Lambert, and Blair Bodek, review accounts based on client objectives and restrictions. They engage in regular discussions regarding securities, pricing, and other considerations. PCI prepares quarterly reports for clients, which typically include an assessment of market and economic conditions and a discussion of securities held in the account. PCI also solicits clients to invest in Investment Ventures and Private Investment Vehicles, which are disclosed in the "Methods of Analysis, Investment Strategies and Risk of Loss" section. PCI's relationship with these entities is material to its advisory business and could potentially pose a conflict of interest. Steve Leonard and Kari Lambert receive compensation for their roles as managers or directors of the Private Investment Vehicles, and PCI's related persons have a participatory interest in these vehicles.

PCI utilizes a variety of investment strategies in managing client accounts. These strategies include long-term securities purchases, where securities are held for at least a year, short-term securities purchases, where securities are sold within a year of purchase, trading, where securities are sold within 30 days, short sales, and margin transactions. Additional information regarding each Investment Venture's operations and related risks can be found in the Investment Venture's offering documents. Investing in any publicly traded or private securities involves risk and clients may lose some and possibly all of their investment. Clients should be prepared to bear such risk of loss.

(Subscription Required)