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Contrary investments and portfolio companies listed or referred to above are not representative of all Contrary investments and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. Portfolio companies were selected based on total enterprise value and represent the 47 largest portfolio companies in terms of total enterprise value as of 12/31/2022 in which Contrary has invested at least $50,000. A list of investments made by funds managed by Contrary is available here: https://contrary.com/investments/. Excluded from this list are investments for which the issuer has not provided permission for Contrary to disclose publicly. Past results of Contrary’s investments, pooled investment vehicles, or investment strategies are not necessarily indicative of future results.

Testimonials and endorsements included above were provided by Contrary portfolio company executives. No compensation was paid for any of the above testimonials or endorsements. Nonetheless, Contrary provides services to portfolio companies and has invested in such companies through managed funds. These ongoing services and prior investments provide an incentive to share the endorsement or testimonial and could constitute a conflict of interest.