STANDARD GENERAL L.P.

Standard General L.P. is a registered investment adviser. Their brochure provides information about their qualifications and business practices. Joseph Mause can be contacted for questions about the brochure's contents. Additional information about Standard General is available on the SEC’s website. Standard General's due diligence includes dialogue with company management, competitors, suppliers, and customers. For event-driven investments, they may consult lawyers, financial advisors, and regulatory bodies. They may also employ consultants and industry specialists. Standard General and its affiliates may give different advice to different Funds, even with similar objectives, creating potential conflicts of interest in investment opportunity allocation.

Standard General's investment strategy relies on intensive primary research and fundamental analysis. They employ a disciplined assessment process that includes both quantitative and qualitative analysis of a company’s business, industry trends, competitive position, and financial performance. They also focus on the valuation of assets, evaluation of the company’s management team, and assessment of legal or other contingent risks, approaching investments as if buying a private business. Standard General seeks to construct individual positions with optimal risk versus reward characteristics, sizing exposures based on the relative attractiveness of risk versus reward. They focus exposures amongst the best opportunities and avoid excessive leverage. While minimizing frequent portfolio turnover, they actively manage portfolio risk and monitor investment positions, with the Investment Team reviewing each investment daily to identify changes impacting risk or return.

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