Disclaimer

The information presented in this investor letter is confidential and specifically prepared to provide information to current and prospective investors in SVN Capital. This letter does not purport to be all-inclusive or to contain all of the information a prospective or existing investor may desire. The information herein is not intended to be used as a general guide to investors or as a source of any specific investment recommendations. SVN Capital expressly disclaims making any express or implied warranties with respect to the fitness, accuracy, or completeness of the information contained herein for any particular usage, application, or purpose.

No assurance can be given that the objectives of a particular investment will be achieved or that an investor will receive a return of all or part of his or her investment. All investments involve the risk of loss, including the loss of principal. In no event shall SVN Capital be responsible or liable for the correctness of any material used herein or for any damage or lost opportunities resulting from the use of such material.

SVN Capital is a Registered Investment Advisor registered in Illinois. This communication does not constitute a recommendation to buy, sell, or hold any investment securities. SVN Capital maintains a long-term investment approach and as such discussion of individual companies herein is intended to provide investors with material updates to portfolio positions, regardless of performance, and should not be construed as an indication of a successful investment.