ADVISORY BUSINESS A. General Description of Advisory Firm. Moerus Capital Management LLC (“Moerus”, the “Adviser”, or the “Firm”), a Delaware limited liability company, was formed in February 2015. Moerus began operations in September 2015 and is located in New York City. Amit Wadhwaney, founding partner and Portfolio Manager, is the principal owner of the Adviser; Michael Campagna and John Mauro are both minority owners in the Adviser. B. Description of Advisory Services. 1. Advisory Services. Moerus serves as the investment adviser, with discretionary trading authority, to the Moerus Global Value Fund Master (Cayman) Ltd and its respective feeder funds (together, the “Private Fund”). Subject to the terms described below, the Private Fund offers and sells its interests solely to accredited investors, qualified clients, qualified purchasers, and certain knowledgeable employees of Moerus and its affiliates. Moerus also provides discretionary investment management services to the Moerus Worldwide Value Fund, an investment company registered under the Investment Company Act of 1940 (hereafter referred to as the “Registered Fund”). Additionally, Moerus provides investment management services to separately managed accounts (hereafter referred to as the “SMA” or “SMAs”). Together, the Registered Fund, the Private Fund, and the SMAs will be referred to herein as Moerus’ “Clients” or “Client Accounts”. 2. Investment Strategies and Types of Investments. The Adviser’s investment advisory services generally aim to achieve long-term capital appreciation by investing with a preference for well-capitalized companies that are trading at what Moerus deems to be substantial discounts to their intrinsic value. While it is anticipated that the Adviser

will invest primarily in stocks, bonds, foreign currencies, forward contracts, futures, and options, the Adviser has broad and flexible investment authority. These investments will be identified and selected by applying a fundamental, opportunistic, and bottom-up value investing methodology. This process will normally result in a portfolio of high conviction core positions. The Adviser’s investment program is speculative and entails substantial risks. There can be no assurance that the investment objectives of the Adviser will be achieved or that investment results might not vary substantially on a monthly, quarterly, or annual basis. A more detailed description of the investment strategies pursued, and types of investments made by Moerus is provided in Item 8 of this Brochure (“Methods of Analysis, Investment Strategies, and Risk of Loss”). Additional information regarding the fees, expenses, risks, and investment process for the Private Fund and Registered Fund can be found in the respective offering documents. C. Availability of Customized Services. Moerus’ investment decisions and advice are subject to each Client’s investment objectives and guidelines, as set forth in the confidential offering document, prospectus, investment advisory agreement, and/or other constituent documents, which may impose restrictions on investing in certain securities or types of securities. Investors in the Private Fund or Registered Fund are not permitted to restrict or otherwise control the investments of the respective fund. D. Wrap Fee Programs. Moerus does not participate in wrap fee programs. E. Assets Under Management. As of December 31, 2023, Moerus’ total regulatory assets under management were approximately $768,788,723. All such assets were managed on a discretionary basis.