PRIVATE CAPITAL MANAGEMENT, LLC

Private Capital Management (PCM) offers wealth advisory services under the trade name Private Capital Wealth. These services are tailored to individual clients' long-term investment goals and risk tolerance, managed by PCM investment professionals separate from their value equity team. PCM frequently advises multiple generations within families and aims to collaborate with existing legal, accounting, trust, and family office advisors. PCM provides quarterly reports to value equity separate account clients, including portfolio commentary, account appraisal, performance report, transaction summary, and realized gains/losses. Wealth advisory clients receive periodic reports from PCM and account statements from Carnes on a monthly or quarterly basis, detailing account holdings and activity. When requested, PCM provides names of unaffiliated brokers for clients to consider, based on their trade execution and confirmation criteria and demonstrated consistency.

PCM manages a number of accounts under a sub-advisory agreement with an unaffiliated investment adviser. This relationship is subject to a tiered fee structure. PCM does not assess the extent or value of services provided by any third-party adviser; generally, we do not have access to the information necessary to make such an assessment. PCM acts as investment adviser to the Entrepreneurial Value Fund, L.P. (the “EVF”), and The Collier Fund, Ltd. (the “Collier Fund”) and one SEC registered mutual fund, the Private Capital Management Value Fund (the “PCM Value Fund”). PCM aims to complete the initial invest-up process for Value Focus Strategy accounts over a three to four month period as investment opportunities are identified. Value Equity Strategy accounts may be subject to a longer invest-up period depending upon market conditions and other factors.

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