ADVISORY BUSINESS A. General Description of Advisory Firm We are a Delaware limited liability company organized on March 10, 2010. We serve as the investment manager to Mission Value Japan Fund Offshore, Ltd., an exempted company organized under the laws of the Cayman Islands (the “Japan Fund,)” and general partner and investment manager of the Mission Value Global Fund, L.P. (the “Global Fund”) a Delaware limited partnership (together with the Japan Fund, the “Mission Funds”). We also serve as the investment manager to one managed account (the “Managed Account”). We refer to the Mission Funds and the Managed Account collectively as our “Client Accounts,” or more generally, with other potential clients, as our “clients.” We refer to the Japan Fund and managed accounts with a similar strategy as the “Japan accounts”, and to the Global Fund and managed accounts with a similar strategy as the “Global accounts”. Andrew McDermott is our sole member and serves as the lead portfolio manager of the Client Accounts. B. Description of Advisory Services As an investment adviser, we are responsible for sourcing potential investments, conducting research and due diligence on potential investments, analyzing investment opportunities, structuring investments, and monitoring investments on behalf of our managed funds and accounts. We generate all of our advisory billings from investment advisory services. We do not specialize in a particular form of advisory service. We provide investment advice to our clients regarding a variety of types of investments, including global securities. Mission Value Japan Fund Offshore, Ltd. Mission Value Partners, L.L.C., a Delaware limited liability company (“Mission Value Partners” or the “Manager”), provides advisory services to the Japan Fund pursuant to an investment advisory agreement with the Japan Fund. Mission Value Partners is the investment adviser of separate investor accounts with a similar investment objective and strategy and sponsors other funds and manages other accounts with different objectives and strategies. The investment objective of the Japan Fund is the long-term growth of capital. In pursuing this goal, we seek to create, with respect to the Mission Funds’ equity holdings, a portfolio that will typically include positions in Japan-related companies. We define a Japan-related company as one that (i) is organized under the laws of, or has its principal office in, Japan; (ii) derives 50% or more of its revenue from goods produced, services performed, or sales made in Japan; (iii) has 50% or more of its assets located in Japan; (iv) has, in our assessment, more than 50% of its intrinsic value in Japan; and/or (v) has shares that are traded on any securities market located in Japan. We expect the majority of investments made by the Mission Funds to be in public equities, though the Mission Funds may also invest in convertible securities or corporate bonds that provide equity-like returns. The Mission Funds will not limit themselves to small capitalization issues; rather we will ensure that the Mission Funds

remain flexible enough to invest in both large and small capitalization opportunities. The Mission Funds will not impose restrictions on investing in certain securities or types of securities. Mission Value Partners has discretion over the Mission Funds. Mission Value Global Fund, L.P. Mission Value Partners is the general partner and provides advisory services to the Global Fund pursuant to an investment advisory agreement with the Global Fund. In addition to the Global Fund, Mission Value Partners may in the future sponsor an offshore investment vehicle with an investment strategy that is substantially similar to that of the Global Fund. Mission Value Partners has been the investment adviser of separate investor accounts with a similar investment objective and strategy and sponsors other funds and manages other accounts with different objectives and strategies. The Global Fund’s investment objective is the long-term growth of capital. In pursuing this goal, the Manager intends to create, with respect to the Global Fund’s equity holdings, a portfolio that will typically include, under normal market circumstances, between twelve and twenty positions comprising between twelve to forty different stocks or other securities in U.S. and non-U.S. publicly listed companies. The Global Fund does not intend to own more than 10% of the voting securities of any company in which it invests (measured at the time of investment). The Global Fund currently does not intend to invest in securities of companies located primarily in emerging markets countries, but may do so in the future without limit. Mission Value Partners has discretion over the Mission Value Global Fund. Managed Accounts In addition to our service to the Mission Funds, we provide advisory services to a Managed Account pursuant to an investment advisory agreement. The Managed Accounts generally have provided us with investment objectives and/or guidelines which specify the type of securities and/or a percentage of each type of securities in which we invest on behalf of each Managed Account. In general, following the investment guidelines, each Managed Account will have a portfolio of Japanese or global equity securities, although other types of investments, such as currency hedges are sometimes permitted. The Managed Account currently utilizes investment strategies that are similar to the investment strategy of the existing Client Accounts but may utilize investment strategies that are different from the existing Client Accounts in the future. The Managed Account is a discretionary account. Mission Value Partners does not have custody of Managed Account assets. C. Availability of Customized Services for Individual Clients We tailor our advisory services to the individual needs of each of our clients. D. Wrap Fee Programs We do not participate in a wrap fee program. E. Assets Under Management As of December 31, 2023, we had $317 million in client assets under management on a discretionary basis and no client assets under management on a non-discretionary basis.