A. Gruenstein Investments LLC (the “Firm”) was established in 2018 as a Delaware limited liability company managed by David Gruenstein (the “Principal”). The Firm is controlled and owned by the Principal. The Principal spent more than 35 years practicing law at Wachtell, Lipton, Rosen & Katz. He handled a broad variety of complex civil litigation and regulatory enforcement matters, giving counsel to numerous corporate clients (including investment advisers). The Principal received an A.B. from Columbia College in 1977, with a major in probability and statistics, and subsequently a J.D. from Harvard Law School in 1980. His legal career has included working on a variety of complex issues including those with a quantitative aspect, for example, constructing (and deconstructing an adversary’s) complex damage or other expert analysis, and analyzing trading activity and markets. Since leaving Wachtell Lipton in January 2017, and prior to commencing the advisory business of the Firm, the Principal served as Senior Advisor to Steinberg Asset Management LLC (“Steinberg”). The Principal remains a member of the New York legal bar, but is not currently and does not intend in the future to practice law generally or in connection with the Firm or its business. B. The Firm provides its investment advisory services to both a private fund client and to various managed account clients. The Firm’s private fund client is Gruenstein Partners LP, a Delaware limited partnership (the “Fund”), which invests primarily in the common stock or American Depository Receipts (“ADRs”) of publicly-traded companies in the U.S. and other developed countries. The Fund may invest in other securities, as determined by the Firm, including for example options, fixed income securities, and money market instruments. The Fund may at times as part of its strategy hold a significant portion of its assets in cash, money market instruments, and other short-term high quality investments. The Fund offers its limited partner interests only on a private placement basis exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the “1933 Act”), pursuant to its confidential private placement memorandum, as supplemented from time to time (the “PPM”), and limited partnership agreement, as amended from time to time (the “LPA”). The Firm will have discretionary authority over the assets of the Fund. Offers to invest

in the Fund will be made only by the Fund’s PPM and LPA. This document is not an offer to sell or a solicitation of offers to buy any limited partner interests or other securities of the Fund. Full information on the investment strategy, fees, expenses, risks, and potential conflicts of interest of the Fund are set forth in the PPM and LPA. In addition, the Firm advises various managed accounts, to which the Firm provides wealth management advice and other advisory services to individuals and entities (collectively, “Managed Accounts”). The Firm may provide advisory services to Managed Accounts on both a discretionary and a non-discretionary basis. Managed Account clients will include both tax-exempt investors, such as retirement accounts, and investors subject to income tax, such as individuals who may be accredited persons. The Firm’s Managed Account clients include, for example, (a) members of the Principal’s family (which may include trusts and estate planning vehicles formed by members of the Principal’s family), and (b) other individuals and entities with historical relationships with the Principal (investors described in (a) and (b) are referred to as “Friends & Family” investors). C. The Firm tailors its advisory services to the Fund in accordance with the Fund’s investment objective and strategy as disclosed in the PPM. The Firm also tailors its wealth management advice and other services that the Firm provides for Managed Accounts to individual circumstances including the taxable or non-taxable nature of the client, client goals and risk tolerances, and the needs of the client for, among other things, cash flow and stability in the portfolio. The Firm in the past has offered and in the future may offer a Managed Account investing in a single security for which it has a performance fee arrangement. Managed Account clients may impose restrictions on investing in specified securities or types of securities, as mutually agreed with the Firm. The Firm does not, however, tailor its advisory services to the individual needs or any specified investment mandates of the investors in the Fund and those investors may not impose restrictions on investing in certain securities or types of securities. D. The Firm does not participate in any wrap fee programs. E. As of December 31, 2023, the Firm has $50,155,225 of regulatory assets under management, of which $47,778,813 are managed on a discretionary basis and $2,376,412 are managed on a non- discretionary basis.