Introduction The Magnolia Group, LLC (“The Magnolia Group” or the “Firm”) is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”), with principal offices in Omaha, Nebraska. The Magnolia Group, LLC is privately held and is owned 100% by Adam K. Peterson, its founder and Managing Member. The Firm was established in November 2012 and became registered as an investment adviser in August of 2014. The Magnolia Group provides investment advisory services to the Magnolia Capital Fund, LP, the Magnolia Capital Opportunity Fund, LP, the Real Estate Fund I, LLC, Magnolia BOC I, LP, and Magnolia BOC II, LP, collectively (“clients”). Private Fund Asset Management The Capital Fund The Magnolia Group provides investment advisory services to a private investment fund, the Magnolia Capital Fund, LP, a Delaware limited partnership (the “Capital Fund”). The Magnolia Group serves as the general partner (in such capacity, the “General Partner”) and investment adviser to the Capital Fund with sole authority to manage and control the business affairs of the Capital Fund as well as exclusive portfolio management responsibilities pursuant to the Capital Fund’s Limited Partnership Agreement (“Partnership Agreement”). The Magnolia Group manages the Capital Fund’s assets based on the investment objectives and restrictions of the Capital Fund as outlined in the Capital Fund’s Confidential Private Offering Memorandum (“Memorandum”), rather than on the individual needs and objectives of the limited partners in the Capital Fund. While the Capital Fund’s assets will be primarily invested in publicly traded common stock, the Capital Fund is authorized to invest in any other securities, instruments, derivatives, and other investments deemed appropriate by The Magnolia Group, including, but not limited, preferred stock, options on stocks and indices, warrants, bonds, debentures, convertible securities and other debt obligations, exchange traded funds, swaps, forwards, futures, indices, structured and other synthetic securities and related derivative instruments (including those relating to equity securities, equity indices, interest rate products, fixed-income products, currencies and indices), securities of foreign issuers, private equity, and non- marketable investments. Investments in the Capital Fund are suitable for “Accredited Investors” as defined in Rule 501(a) of the Securities Act of 1933 and “Qualified Clients” as defined under Rule 205-3 of the Investment Advisers Act of 1940 (“Advisers Act”). Investors interested in the Capital Fund should refer to the Partnership Agreement and the Memorandum for important information regarding investment objectives, risks, fees, and additional disclosures for a complete understanding of the terms and conditions for investing in the Capital Fund. The Magnolia Capital Opportunity Fund, LP The Magnolia Group provides investment advisory services to a private investment fund, the Magnolia Capital Opportunity Fund, LP, a Delaware limited partnership (the “Opportunity Fund”). The Magnolia The Magnolia Group, LLC Page 5 Form ADV Part 2A Group serves as the general partner (in such capacity, the “General Partner”) and investment adviser to the Opportunity Fund with sole authority to manage and control the business affairs of the Opportunity Fund as well as exclusive portfolio management responsibilities pursuant to the Opportunity Fund’s Limited Partnership Agreement (“Partnership Agreement”). The

Magnolia Group manages the Opportunity Fund’s assets based on the investment objectives and restrictions of the Opportunity Fund as outlined in the Opportunity Fund’s Confidential Private Offering Memorandum (“Memorandum”), rather than on the individual needs and objectives of the limited partners in the Opportunity Fund. The Opportunity Fund was created for the purpose of purchasing securities that the Capital Fund has its optimal allocation to (as determined by The Magnolia Group.) While the Opportunity Fund’s assets will be primarily invested in publicly traded common stock, the Opportunity Fund is authorized to invest in any other securities, instruments, derivatives, and other investments deemed appropriate by The Magnolia Group, including, but not limited, preferred stock, options on stocks and indices, warrants, bonds, debentures, convertible securities and other debt obligations, exchange traded funds, swaps, forwards, futures, indices, structured and other synthetic securities and related derivative instruments (including those relating to equity securities, equity indices, interest rate products, fixed-income products, currencies and indices), securities of foreign issuers, private equity, and non-marketable investments. Investments in the Opportunity Fund are suitable for “Accredited Investors” as defined in Rule 501(a) of the Securities Act of 1933 and “Qualified Clients” as defined under Rule 205-3 of the Investment Advisers Act of 1940 (“Advisers Act”). Investors interested in the Opportunity Fund should refer to the Partnership Agreement and the Memorandum for important information regarding investment objectives, risks, fees, and additional disclosures for a complete understanding of the terms and conditions for investing in the Opportunity Fund. The Real Estate Fund The Magnolia Group provides investment advisory services to Magnolia Real Estate Fund I, LLC (“Real Estate Fund”), an Oklahoma limited liability company managed by Ellbar Partners Management, LLC. Ellbar Partners Management, LLC is wholly owned and controlled by Ellbar Partners, LLC, an unaffiliated private single family office. The Magnolia Group provides non-discretionary portfolio management services to the Real Estate Fund in accordance with the investment guidelines set forth in their amended Investment Management Agreement (“IMA”). The Firm does not tailor its investment advice to the needs of investors in the Real Estate Fund. The assets of the Real Estate Fund are primarily invested in other real estate funds that are managed by The Aligned Group, LLC (“TAG”). Adam Peterson is a 25% owner of TAG, and acts as a co-manager of the real estate funds TAG manages. The Real Estate Fund also directly holds real estate investments distinct from those held through the real estate funds managed by TAG. Funds of One The Magnolia Group also provides investment advisory services to two funds of one, Magnolia BOC I, LP (“BOC”) and Magnolia BOC II, LP (“BOC II”). Each is comprised of a single limited partner investor and is intended to hold only one asset. The Magnolia Group provides only non-discretionary portfolio The Magnolia Group, LLC Page 6 Form ADV Part 2A management services to BOC II, LP, in accordance with the investment guidelines set forth in the limited partnership agreement. Assets Under Management As of December 31, 2019, The Magnolia Group manages approximately $977,601,082 of assets on a discretionary basis and $52,058,069 of assets on a non-discretionary basis.