Ferrata Advisory Partners will look to identify, invest in and enhance the value of great businesses, large and small. In every investment we make, our goal is to understand the industry and business. Our investment review process is disciplined and thorough. In addition to a detailed financial analysis, we perform a comprehensive top-down and bottom-up review of the industry and company, which will be supported by significant—and often proprietary—primary field research. In addition to extensive discussions with management, we will, as appropriate, interview and/or survey customers, suppliers, competitors, employees (current and former), and other relevant industry participants and experts. We look to invest in businesses at attractive valuations. Our target investments have the following :

• High returns on capital
• Business models that generate substantial free cash flow
• Attractive growth opportunities
• Sustainable barriers to entry
• Strong management teams with a commitment to creating shareholder value
• Stable cash flow
• Market share