STEAMBOAT CAPITAL PARTNERS, LLC

Steamboat Capital Partners, LLC ("Steamboat") is a Delaware limited liability company formed in 2012, primarily owned by Steamboat Capital Partners Trust, which was formed by Parsa Kiai, Steamboat's managing member and portfolio manager. Steamboat employs a fundamental, value-oriented investment strategy, focusing on mispriced listed equity and debt securities. The investment objective is to achieve superior, long-term compounded annual returns while minimizing the risk of permanent loss, often taking concentrated positions and utilizing short selling. Steamboat provides investment advice to pooled investment vehicles, including Steamboat Capital Partners Master Fund, LP, and other related funds, as well as separately managed accounts and another investment adviser. Their primary investment methodology involves fundamental research to identify and exploit temporary mispricing in capital markets. The success of Steamboat's investment strategy depends on the investment skill and judgment of its personnel, especially Parsa Kiai, and the ability to retain employees and effectively implement the strategy.

The primary investment methodology is a value-oriented investment program using fundamental research to identify and exploit temporary mispricing of listed equity and debt securities. The investment strategy may hold a substantial proportion of cash or cash equivalents. There is no limitation on the market capitalizations, industries or sectors or countries of organization or domicile of portfolio companies. While a majority of assets are expected to be invested in equity and debt securities that are publicly traded in developed markets, investments may also be made in any other securities, derivatives or investments, but no more than 50% of assets will be invested in corporate debt securities. Short selling will be employed where the security sold short is materially overvalued relative to its intrinsic value and likely to decline in price, and may also be employed in hedging situations, where the position is intended to wholly or partially offset another position in a related security. The capital commitment for each investment is determined with consideration given primarily to risk of loss but also to liquidity and other parameters, and the evolution of the investment is regularly assessed. The investment portfolio may be relatively concentrated.

(Subscription Required)

(Subscription Required)