Inclusion of Mountaingate Capital does not imply an endorsement or recommendation by Inc. Magazine of Mountaingate Capital.

Rankings conducted by Inc. Magazine.

Mountaingate Capital submitted itself for consideration in Inc. Magazine’s Top 50 Best Private Equity Firms for Entrepreneurs rankings in 2019, 2020, 2021, 2022. Selection criteria included, but was not limited to, references from founders of current and/or prior portfolio companies, experience investing in entrepreneur- and founder-led businesses in terms of number of transactions, and other publicly available data.

Mountaingate Capital was included in the 2019 inaugural list at no charge. In 2020, 2021 and 2022 Mountaingate paid an application fee of $795 for consideration in such annual ranking, and also paid a licensing fee of $3,245 to use the 2020, 2021, and 2022 logo.

Regulatory Disclosure:

VISITORS TO THE MOUNTAINGATE WEB, LINKEDIN AND INSTAGRAM SITES ARE ASKED TO READ THE FOLLOWING:

TERMS AND CONDITIONS

The information offered by Mountaingate Management Co., LLC, and its affiliated investment advisers, including Mountaingate Management Co. II, LLC and KRG Capital Management, L.P., (“Mountaingate”) on its web, LinkedIn, and Instagram sites (the “Sites”) is subject to certain terms and conditions (the “Terms and Conditions”). These Terms and Conditions apply to all users. By entering the Sites or by transmitting any information to the Sites you acknowledge and agree to all of the Terms and Conditions. Please read them carefully. If you do not agree to the Terms and Conditions, please do not use the Sites. Any use of the Sites in a manner inconsistent with these Terms and Conditions is deemed unauthorized access and may subject the user to civil or criminal penalties. We reserve the right to revise these Terms and Conditions at any time and for any reason, without notice or obligation, by updating this posting. Your continued use of the Sites following the posting of any changes to the Terms and Conditions will mean that you accept such amendments. We strongly recommend that you periodically visit this page of the Sites to review the Terms and Conditions.

COPYRIGHTS AND TRADEMARKS

The content on the Sites, including the compilation of such content, and the software used on the Sites, is the exclusive property of Mountaingate or others and is protected by U.S. and international copyright laws. No portion of the Sites, including, without limitation, the text or images may be used in any manner, or for any purpose, without the prior express written permission of Mountaingate, except as provided herein under “Restricted Use of Sites Materials” below. Mountaingate will aggressively enforce its intellectual property rights to the full extent of the law. Any unauthorized use of such materials may subject you to penalties or damages, including, without limitation, those related to violation of trademarks, copyrights, privacy and publicity rights.

RESTRICTED USE OF SITES MATERIALS

Mountaingate grants you a limited license to access and make use of the Sites. For your personal use only, you may print copies of the information from the Sites and you may store information from the Sites on your own computer. You may not modify the Sites, or any portion thereof, for any reason. Any unauthorized use terminates the permission or limited license granted by Mountaingate. Mountaingate reserves all other rights.

LINKING, POSTING AND TRANSMITTING

Although Mountaingate provides the information accessible on the Sites for your personal, non- commercial use, Mountaingate retains all property rights, including, without limitation, property rights under U.S. and international copyright law, to all such information. Without the prior express written permission of Mountaingate or as set forth under “Restricted Use of Sites Materials” above, you MAY NOT do any of the following: (A) hyperlink to the Sites, whether to its homepage or to an interior page; (B) include information from the Sites on another Site, on a server computer, or in documents; (C) modify or re-use the information from the Sites; or (D) transmit any commands, codes or information to the Sites, with the exception of those commands necessary to view the Sites. Mountaingate reserves all other rights.

Although Mountaingate, or other parties involved in creating, producing, or delivering the Sites, may monitor or review any transmissions to the Sites or to Mountaingate personnel, Mountaingate and such other parties assume no responsibility or liability that may arise from the content thereof, including, without limitation, claims for defamation, libel, slander, obscenity, pornography, profanity, or misrepresentation.

Although the Sites may be linked to other Sites upon express written permission from Mountaingate, Mountaingate is not, directly or indirectly, implying any approval, association, sponsorship, endorsement, or affiliation with the linked Sites, unless specifically stated therein. By entering the Sites you acknowledge and agree that Mountaingate has not reviewed all the Sites that may be linked to the Sites and is not responsible for the content of any off-site pages or any other Sites linked to the Sites. Such third party may have a privacy policy different from that of Mountaingate, and the third-party website may provide less security than the Mountaingate Sites. You acknowledge and agree that when you follow links to pages not maintained on the Sites, you do so at your own risk.

DISCLAIMERS

While Mountaingate makes all reasonable efforts to help ensure that material on the Sites is correct, accuracy cannot be guaranteed and Mountaingate makes no warranties or representations that the Sites are accurate, reliable or up-to-date, that the Sites will be available at any particular time or location, or that the Sites are free from viruses or other harmful components. The Sites, and all information and materials contained herein, are provided to you “as is” without warranty of any kind, either express or implied, including without limitation, the implied warranty of merchantability, fitness for a particular purpose, title and non-infringement to the full extent permitted by law.

INTERNATIONAL USE

The Sites are operated and controlled by Mountaingate in the United States. Due to the global nature of the internet, the Sites may be accessed by users in countries other than the United States. Mountaingate makes no warranties that materials on the Sites are appropriate or available for use in such locations. If it is illegal or prohibited in your country of origin to access or use the Sites, then you should not do so. Those who choose to access the Sites outside of the United States do so on their own initiative and are responsible for compliance with all local laws and regulations.

LIMITATIONS ON LIABILITY

By entering the Sites you acknowledge and agree that your use is at your own risk and that none of the parties involved in creating, producing, or delivering the Sites is liable for any direct, incidental, consequential, indirect, or punitive damages, or any other losses, costs, or expenses of any kind (including legal fees, expert fees, or other disbursements) that may arise, directly or indirectly, through access to the Sites, use or browsing of the Sites, or through your downloading of any text or images, from the Sites, even if Mountaingate has been advised of the possibility of such damages.

INDEMNIFICATION

You agree to indemnify and hold harmless Mountaingate, its officers, directors, affiliates and agents, as well as Mountaingate’s licensors and other third parties with which Mountaingate contracts, from and against any and all claims, demands, actions, costs or expenses or both, including reasonable attorney’s fees, incurred by or against such persons or entities arising out of or resulting from your use of the Sites, your violations of these Terms and Conditions and/or your violation of any rights of a third party.

APPLICABLE LAW AND JURISDICTION

By visiting the Sites, you agree that the laws of the state of Colorado, without regard to principles of conflict of laws, will govern these Terms and Conditions and any dispute of any sort that may arise between you and Mountaingate. You hereby consent to the jurisdiction of the federal and state courts in Colorado for the purpose of resolving any dispute in connection with your visit to the Sites. Mountaingate may seek injunctive or other appropriate relief in any state or federal court in the state of Colorado, and you consent to exclusive jurisdiction and venue in such court.

SEVERABILITY

If any of the Terms and Conditions shall be deemed invalid, void, or for any reason unenforceable, such condition shall be deemed severable and shall not affect the validity and enforceability of any of the remaining Terms and Conditions.

REGULATORY

Mountaingate Management, L.P. is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”). Registration as an investment adviser does not imply a certain level of skill or training. Further information about Mountaingate is also available on the SEC’s website at www.adviserinfo.sec.gov.

JURISDICTIONAL LIMITATIONS

Mountaingate may only transact business or render investment advice in those states and jurisdictions where it is authorized to do so. Any communications with prospective investors residing in states or international jurisdictions where Mountaingate is not registered or licensed shall be limited so as not to trigger registration or licensing requirements.

NOT AN OFFER TO SELL

All information contained on the Sites has been prepared by Mountaingate for informational purposes only, without regard to any particular user’s investment objectives or financial condition, and Mountaingate is not soliciting any action based upon it. Nothing on the Sites is to be construed as a recommendation, or as an offer or solicitation to purchase securities or invest in any security, including the private equity funds advised, sponsored, or raised by Mountaingate (“the Mountaingate Funds”). Mountaingate provides investment advisory services only to the privately offered Mountaingate Funds. Mountaingate does not solicit or make its services available to the public or other advisory clients. Any offer or solicitation with respect to the Mountaingate Funds, if made, will be made only through a confidential offering memorandum (the “Memorandum”) and limited partnership or similar agreement and subscription agreement in respect of such Mountaingate Fund and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. These documents will contain information to help investors evaluate the Funds’ investment objectives, risks, charges and expenses, among other factors, before considering an investment.

RELIANCE

Nothing contained on the Sites constitutes legal, tax, investment or other advice. You may want to consult your business advisor, attorney and tax accounting advisors concerning any contemplated transactions.

No securities commission or similar regulatory authority in the U.S. or any other jurisdiction has reviewed, recommended or in any way passed upon these materials or the merits of an investment in the Mountaingate Funds, and any representation to the contrary is an offense.

PROJECTIONS MAY NOT MATERIALIZE

The Sites may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Mountaingate does not assume any obligation to correct or update the historical, forward-looking or other information contained herein.

PORTFOLIO COMPANY CASE STUDIES

The Sites contain information about a selection of Mountaingate investments. These portfolio company case studies offer summary information, are provided as examples that clarify and typify Mountaingate’s investment approach and may not represent a complete list of Mountaingate investments. Past results are no guarantee of future results and no representation is made that an investor or portfolio company will or is likely to achieve results that are similar to those of the companies described. These investments were not chosen for their returns on investment.

STATEMENTS OF PORTFOLIO COMPANY EXECUTIVES

Set forth on the Sites are statements of certain officers of select portfolio companies in which the Mountaingate Funds have invested or currently invest. The portfolio company officers were not selected on the basis of performance criteria. This is not a complete list of all officers associated with the portfolio companies in which the Mountaingate Funds have invested or are invested. Other portfolio company officers may not have the same experience as those individuals identified on the Sites. The Sites are intended solely to provide information regarding Mountaingate’s potential capabilities for prospective portfolio companies and is not an offer to sell to any person, or a solicitation from any person of an offer to buy, any securities. The statements contained herein are not statements of any Mountaingate client fund or investor and do not describe any experience with or endorsement of Mountaingate as an investment adviser by any such client or investor.

REFERENCE TO KRG CAPITAL MANAGEMENT, LP

This site includes investments made by Mountaingate Management Co., LLC (“Mountaingate”) and investments made by KRG Capital Management, LP (“Legacy Investments”). KRG Capital Management, LP (“KRG”) is the predecessor firm to Mountaingate. All investments presented on this site were led, co-led, or managed by one or more of Bruce L. Rogers, Stewart A. Fisher, Colton J. King and Bennett R. Thompson (collectively, for purposes of this note, the “Principals”). The performance of particular Legacy Investments also received the benefit of the efforts of other individual investment professionals who are not part of Mountaingate. All investments shown, including Legacy Investments, were made in the specialty distribution, marketing services, specialty manufacturing and business services industries, pursuant to a substantially similar investment strategy. For these reasons, the Principals believe that it is appropriate to present the Legacy Investments for informational purposes. Past performance is not necessarily indicative, or a guarantee, of future results.