ADVISORY BUSINESS A. Overview. The Adviser, Barington Companies Investors, LLC, is a Delaware limited liability company that was formed in May 1999 and commenced operations in 2000. James A. Mitarotonda (the “Principal Owner”) is the managing member of the Adviser. Barington Companies Management, LLC, an affiliate of the Adviser, is a relying adviser (the “Relying Adviser”). The Relying Adviser is also a Delaware limited liability company that was formed in May 1999 and commenced operations in 2000. The Principal Owner is also the managing member of the Relying Adviser. The Adviser and the Relying Adviser (collectively, “Barington”) are majority-owned subsidiaries of Barington Capital Group, L.P., a New York limited partnership. The general partner of Barington Capital Group, L.P. is LNA Capital Corp., a Delaware corporation. The Principal Owner is the sole stockholder and director of LNA Capital Corp. B. Description of Advisory Services. The Adviser is the general partner of, and provides discretionary investment advisory services to, Barington Companies Equity Partners, L.P., a Delaware limited partnership that commenced operations in January 2000 (the “Fund”). Limited partnership interests (“Interests”) in the Fund are offered on a private placement basis in compliance with Regulation D under the Securities Act of 1933, as amended, and are exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended, subject to certain conditions that are set forth in the offering documents for the Fund. The Relying Adviser serves as the manager of the Fund. Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an offer to buy Interests in the Fund. Any such offer or solicitation shall be made only by delivery of the confidential offering documents of the Fund to qualified investors. The Fund’s investment objective is to realize superior long-term returns, principally in the form of capital appreciation, through the purchase of equity securities of small- and mid- capitalization, publicly traded and privately held companies. The Adviser generally seeks to invest the Fund’s assets in public companies that have a total market capitalization of between $100 million and $5 billion and in private companies, or portions thereof, that have a total acquisition price of $10 to $100 million, with private company investments limited to not more than 20% of the Fund’s capital (in terms of cost at the time of investment). The Adviser has the authority, however, to invest in companies with larger capitalizations and acquisition prices. The Adviser seeks to establish sizable, long-term positions in a concentrated number of companies whose value could appreciate significantly as a result of a change in corporate strategy or various operational, financial or corporate governance improvements. Core positions in the Fund’s portfolio are expected to consist generally of a limited number of companies, generally ranging from approximately five to twenty issuers. After establishing a position in a company, Barington seeks to function as a value-added investor to help effectuate change to improve shareholder value. Among other things, Barington may attempt to act as a catalyst to compel a merger or an acquisition, the sale of the entire company or the divestiture of one or more underperforming divisions, the implementation of operating and corporate governance improvements and expense reductions, a change in strategic direction or a change in management or management structure. A complete description of the Fund’s investment program is set forth in the Amended and Restated Confidential Private Offering Memorandum for the Fund (the “Offering Memorandum”). From time-to-time, the Adviser enters into agreements (“Co-Investment Agreements”) to provide non-discretionary investment advisory services to various parties (each, a “Co-Investor”) that may be interested in co-investing with the Fund on specific investment opportunities. The investment objective of the co-investments is to realize returns, principally in the form of capital appreciation, through investments in small- and mid-capitalization publicly-traded companies where Barington can act as a catalyst to enhance shareholder value (each, an “Investment Opportunity”). When an Investment Opportunity is identified by the Adviser

that the Adviser believes may be of interest to a Co-Investor, the Adviser may present such Investment Opportunity to the Co-Investor for its approval or disapproval. The Co-Investor will determine, in its sole discretion, whether or not to invest in the Investment Opportunity and the amount to be invested in the Investment Opportunity. Once an investment decision has been approved by a Co-Investor, the Adviser will typically execute trades for the Co-Investor and its other Clients (as hereinafter defined) participating in the Investment Opportunity utilizing a broker-dealer selected by Barington. See Item 12B. After the Adviser establishes a position in an Investment Opportunity, Barington then seeks to function as a value-added investor to help effectuate change to improve shareholder value as described above. The Adviser also provides discretionary and non-discretionary investment advisory services to separately managed accounts (the “Managed Accounts”). The discretionary Managed Accounts investment objective is to realize superior long-term returns, principally in the form of capital appreciation, through the purchase of equity securities of small- and mid-capitalization publicly traded companies by pursuing investment strategies substantially similar to those of the Fund. All investments made by the Adviser for the discretionary Managed Account, and the amount invested in each such investment, are to be selected by the Adviser in its sole discretion acting in good faith, it being understood that the Managed Accounts will not seek to replicate the Fund or its historical investments, but rather will co-invest with the Fund from time to time in new investments made by the Fund. As a result, the discretionary Managed Account is likely to have a more concentrated portfolio than the Fund’s. The Adviser executes trades for the Managed Accounts and its other Clients participating in the Investment Opportunity utilizing a broker-dealer selected by Barington. See Item 12B. After the Adviser establishes a position in an Investment Opportunity, Barington then seeks to function as a value-added investor to help effectuate change to improve shareholder value as described above. Finally, the Adviser provides research, analytical and non-discretionary investment advisory services to a publicly traded company (the “Company”), to assist the Company in identifying public companies that may be appropriate for investment or acquisition by the Company. Pursuant to the agreement between the Adviser and the Company, the Adviser will present potential investment or acquisition opportunities to the Company that it believes may be appropriate for the Company, based on direction and feedback it receives from the Company from time to time. The Company will determine, in its sole discretion, whether or not to pursue any opportunity presented by the Adviser. The Company is not required to pursue any investment or acquisition opportunity presented to it by the Adviser, and may reject any investment or acquisition opportunity that is presented to it by the Adviser for any reason whatsoever. While Barington currently only provides advisory services to the Fund, the Co-Investors, the Managed Accounts and the Company (collectively, “Clients”), Barington may, in the future, provide advisory services to additional clients with similar or differing investment strategies. THERE CAN BE NO ASSURANCE THAT THE ADVISER WILL BE SUCCESSFUL IN ASSISTING ANY CLIENT IN ACHIEVING ITS INVESTMENT OBJECTIVES. THE TYPE OF INVESTING BARINGTON UNDERTAKES IS SPECULATIVE AND, BY ITS NATURE, MAY BE CONSIDERED TO INVOLVE A HIGH DEGREE OF RISK. SEE ITEM 8 BELOW. C. Availability of Customized Services. The Adviser tailors the advisory services it provides to the Co-Investors, the Managed Accounts, and the Company to meet the individual needs of such Clients. The Adviser does not tailor its advisory services to the Fund to the individual needs of investors (“Investors”) in the Fund nor accept Investor-imposed investment restrictions. D. Wrap Fee Programs. The Adviser does not participate in any wrap fee programs. E. Assets Under Management. As of December 31, 2023, the Adviser managed approximately $146,112,404 on a discretionary basis and approximately $529,122 on a non-discretionary basis in regulatory assets under management.