SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

The Adviser is an investment advisory firm that began operations in September 2006. Zachary Sternberg and Benjamin Stein are the managing members and co-owners. The Adviser provides discretionary investment advisory services to private pooled investment vehicles (Partnerships), with broad and flexible investment authority based on each Partnership's specific investment objective and strategy as specified in its Governing Documents. The Adviser does not tailor its advisory services to the individual needs of investors in the Partnership. As of December 31, 2024, the Adviser had approximately $3,552,879,746 in client regulatory assets under management, all managed on a discretionary basis. The Adviser's clients are private pooled investment vehicles suitable for accredited, institutional, and other sophisticated investors, with minimums disclosed in the applicable Partnership's Governing Documents. The General Partner and/or the Adviser may enter into agreements with certain investors that offer more advantageous terms than those in the Partnership's offering memorandum.

The Partnership aims for long-term capital appreciation by investing in various securities, primarily through the purchase and long-term ownership of common stock. The Adviser is not restricted in the amount of capital allocated to any asset class, industry, or investment. The Adviser tends to concentrate the Partnership's assets in its most attractive ideas, favoring a portfolio of concentrated positions. The Partnership is not subject to significant limitations on the amount of capital committed to any single investment. The Adviser aims to invest in situations offering the greatest risk-adjusted returns and may hold a few, relatively large securities positions. A loss in any such position could significantly impact the Partnership's capital.

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