b'Courage of Conviction High Active ShareSince our founding in 2013, we take pride in achieving our clients objectives. As all Kopernik portfolios have a high active share, our clients portfolios perform differently from indices and peers. Our courage of conviction rewards our clients with excess returnsover time. We are cognizant of the fact that when an industryorcountrybecomesasignificantpartofthebenchmark, they tend to perform poorly in the future. Size MattersTo access the best values while staying true to our convictions, we are always cognizant of the assets we manage. Our assets under management will remain modestenabling us to continue achieving successful results for our clients.Global PurviewOur analysts are organized according to their industry or sector, all potentially covering the globe. Deep and thoroughresearchofspecificsectorsaroundtheworld,and avoidance of a narrow, silo structure, allow us to findthestrongestcompaniesandthebestvaluesnomatter their location (adjusted for margin of safety). Kopernik Global Investors, LLC|3'