PRENTICE CAPITAL MANAGEMENT, LP

The Investment Adviser offers advisory services to both privately placed pooled investment vehicles and separately managed accounts (SMAs). They employ a fundamentally driven, value-based approach with a focus on "grass roots" research, including meetings with management, channel checks, store visits, and trade shows. While they utilize a "bottom-up" research process, they also consider macro-economic and financial market conditions when constructing portfolios. The Investment Adviser may use client brokerage commissions to obtain research and other services, which could create an incentive to select a broker-dealer based on their own interests rather than the client's. They have acquired research and research-related services, services related to trading, operations, and technology, and periodic access to company management using client brokerage commissions.

The Investment Adviser employs a fundamentally-driven investment strategy, primarily focusing on companies operating in the U.S. consumer/retail sector. This includes businesses in hard and soft goods, restaurants, beverages, consumer products, supermarkets, drugstores, footwear, apparel, food, leisure, gaming, and lodging. The Investment Adviser may also cover other businesses that share operating characteristics with the U.S. consumer/retail sector. The Investment Adviser utilizes a value-based approach with an emphasis on "grass roots" research, including meetings with management, channel checks, store visits, trade shows, and other related events. While employing a "bottom-up" research process to understand companies and business segments, the Investment Adviser also considers general macro-economic and financial market conditions when constructing portfolios. They are attuned to event-driven opportunities such as competitive restructurings, shifts, management changes, and industry consolidations.

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