Nine Ten Capital Management LLC, (“Nine Ten”) formed in March 2014, is a limited liability company located in Chicago, Illinois. Nine Ten received its registration from the Securities and Exchange Commission in May 2014. The Adviser provides discretionary investment management services to Nine Ten Partners LP (the “Fund”) through Limited Partner interests. The Fund is exempt from registration under the Investment Company Act of 1940, as amended (“Investment Company Act”). This is currently Nine Ten’s only strategy offered. Four individuals have an equity stake in Nine Ten. Two owners of Nine Ten are also principals, owners, and/or employees of Bares Capital Management, Inc., (“Bares Capital”) a registered investment advisor with the SEC since 2005. Bares Capital is considered an affiliated investment adviser only due to the ownership mentioned above. The Fund On July 1, 2014, the Adviser launched the Fund with assets converted from Bares Capital’s Micro- Cap Strategy separate accounts. The Micro-Cap Strategy is no longer offered at Bares Capital and legacy separate account owners invested in this strategy have either joined the Fund in a tax neutral transaction or have liquidated their accounts. The Adviser’s services to the Fund are provided pursuant to an investment management agreement (the “Investment Management Agreement”) with the General Partner of the Fund, which is an affiliate of Nine Ten. In accordance with the terms of the Investment Management Agreement, the General Partner has delegated to the Adviser all of its authority under the Fund's Limited Partnership Agreement (the "Partnership Agreement") to manage and operate the Fund and formulate investment policy with full discretion. The Investment Management Agreement requires the Adviser to manage the investments of the Fund, subject to and in accordance with the Fund's investment objectives and limitations provided in the Partnership Agreement and Private Placement Memorandum (“PPM”). The Fund seeks to maximize growth of capital through a portfolio of primarily long positions in publicly-traded equity securities focused on smaller companies, while retaining the flexibility necessary to invest opportunistically across all market capitalizations. The Fund will also have the ability to utilize short sales and options, make opportunistic credit investments and invest in restricted and private

securities. The Adviser will focus its research on small companies, including micro-cap companies, which we believe is the most inefficiently priced, publicly-traded asset class. While not part of the Fund’s core investment approach, the Fund may also selectively invest in options, other derivative instruments and restricted and private securities, as well as participate in direct equity financings in public companies, short sale opportunities, investments outside of the United States and investments in parts of a company’s capital structure other than common stock. Advisory Services The Adviser tailors its advisory services to the specific investment objectives and restrictions of the Fund pursuant to the investment guidelines and restrictions set forth in the Fund’s PPM, Partnership Agreement and other governing documents (collectively, the “Governing Documents”). Information about the Fund and the particular investment objectives, strategies, restrictions, and risks associated with an investment in the Fund are described in detail in the Governing Documents, which are made available to investors only through the Adviser and its authorized agents. Fund investors do not receive customized investment management services. With the exception of the investment restrictions articulated in the Fund’s Investment Management Agreement, investors in the Fund are not permitted to impose restrictions on the Adviser’s investment discretion. Investments in the Fund involve significant risks and should be regarded as long-term in nature, and therefore should represent only one portion of an investor’s diversified investment portfolio. Please see Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss for more information about the risks associated with an investment. Non-managed assets are not accommodated by the Adviser. Nine Ten has approximately $471,782,287 in discretionary assets under management as of December 31, 2023. The Adviser does not provide legal, tax or accounting advice or services and a client should not assume that Nine Ten is providing such services at any time. Also, securities or other investments on which the Adviser provides advice are not deposits or obligations or any bank, are not endorsed or guaranteed by any bank and are not insured by the Federal Deposit Insurance Corp., the Federal Reserve Board, or any government agency and that Nine Ten is not a trust or banking institution.