Nine Ten Capital Management

Nine Ten Capital Management LLC, established in March 2014 and based in Chicago, Illinois, is a registered investment adviser specializing in providing discretionary investment management services to Nine Ten Partners LP through Limited Partner interests. The firm's sole strategy focuses on maximizing capital growth by investing primarily in long positions in publicly-traded equity securities of smaller companies, with the flexibility to utilize short sales, options, credit investments, and private securities. The firm's investment approach involves qualitative and quantitative analysis to identify undervalued opportunities, with a long-term investment horizon of three to five years. Clients of the Fund, which is a pooled investment vehicle, must meet the criteria of accredited investors or qualified purchasers, with a minimum initial investment of $250,000. Nine Ten operates under a fee structure that includes a 1% annual management fee based on each Limited Partner's Capital Account balance, with performance-based fees for the General Partner based on the Fund's return on invested capital. The firm exercises investment discretion for the Fund, subject to the Fund's investment objectives and limitations, and assumes full proxy voting authority on behalf of the Fund. As of December 31, 2024, Nine Ten has approximately $445,447,429 in discretionary assets under management. The firm does not provide legal, tax, or accounting advice and has no disciplinary events to report. Clients should be aware of the significant risks associated with investing in the Fund, as detailed in the Fund's Private Placement Memorandum.