b'Competitive AdvantagesOrganizational EdgeOur deliberately modest size allows us to access a much larger investable opportunity set.Often more attractive investments are too small to have an impact on large portfolios. In addition,100% employee ownership promotes necessary autonomy to put client needs above corporate interests. Behavioral EdgeOur culture and mindset compel us to select the best securities for our clients, which is often deeply unpopular. We lower the risk in client portfolios even when doing so may increase business risk to Kopernik. Analytical Edge Our independent thought, as well as our distinct sector- and industry-specific models, provide important competitive advantages in our analysis. Our commitment to maintaining manageable AUM, to employee ownership, and to our conviction that being right in the long-term often requires looking wrong in the short-term, is paramount. Our Kopernik investment platform brings together extensive, diverse experiences of investing in global markets, which all contribute to a successful track record that benefits our clients.4|'