Lodge Hill Capital, LLC

Lodge Hill Capital, LLC, established on September 8, 2011, is a Delaware limited liability company primarily owned and controlled by Clint Murray. The firm specializes in providing discretionary investment advisory services to pooled investment vehicles and separately managed accounts. Lodge Hill's investment objective is to achieve consistent, absolute returns through a long/short equity strategy with low to moderate market exposure. The firm primarily invests in equity securities trading in the U.S. and developed markets, with the flexibility to invest in various types of securities. Lodge Hill may invest directly in assets of the Funds and has broad investment authority. Clients of Lodge Hill, including the Lodge Hill Fund, L.P., Lodge Hill Fund, Ltd., and Lodge Hill Master Fund, L.P., are subject to a management fee ranging from 1.25% to 1.75% and a performance-based fee ranging from 15% to 20%. The firm may use soft dollars to obtain research and other services, and clients receive monthly and quarterly reports. Lodge Hill has discretion over client accounts and may engage in cross transactions between clients. The firm has a Code of Ethics in place and provides audited financial statements to clients. Lodge Hill votes proxies in the best interests of clients and maintains records of proxy voting decisions. The firm does not have any financial conditions impairing its ability to meet contractual commitments to clients. Lodge Hill has not been subject to a bankruptcy petition in the past ten years.