This newsletter is for informational purposes only. This newsletter does not purport to be all-inclusive and does not contain all material information that a prospective investor may require when contemplating making an investment. The contents herein should not be construed as or relied upon in any manner as investment, legal, tax, or other advice. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The investments and strategies discussed herein are not suitable for all investors.

Under no circumstances should any information herein be construed as an offer soliciting the purchase or sale of any security or interest in any pooled investment vehicle sponsored by Silversmith. Nor should it be construed as an offer to provide investment advisory services; an offer to invest in a Silversmith-managed fund will be made separately and only by means of the confidential offering documents of the specific fund — which should be read in their entirety, and only to those who, among other requirements, meet certain qualifications under federal securities laws. Any investment decisions in connection with a Silversmith-managed fund should be based on the information contained in the confidential offering documents.

Certain materials and information in this newsletter contain the opinions and beliefs of Silversmith and/or Silversmith senior management and are based on a variety of assumptions and estimates that are subject to various risks, while other information contained herein has been obtained from third-party sources, including from portfolio companies of funds managed by Silversmith. These views are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice and do not purport to be complete. While taken from sources believed to be reliable, Silversmith has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation and are not responsible for any inaccuracies, omissions and dated information contained in such information and make no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained herein, and expressly disclaim any responsibility or liability therefor. The inclusion of third party logos herein does not imply affiliation with or endorsement by such firms or businesses.

There can be no assurances that Silversmith’s investment objectives will be achieved or investment strategies will be successful. Any investment in a vehicle managed by Silversmith involves a high degree of risk including the risk that the entire amount invested is lost. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by Silversmith and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. Investment objectives and results may vary substantially over time. An investment in a Silversmith-managed fund is not intended to be a complete investment program for any investor. The companies identified in this newsletter do not represent all of Silversmith's investments, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. For a full list of all Silversmith investments, please click here. The investments and realizations listed herein reflect activity publicly announced in 2022. Past results of Silversmith’s investments, funds, or investment strategies are not indicative of future results.

Certain information contained in this newsletter constitutes “forward-looking statements” that can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any Silversmith investment may differ materially from those reflected or contemplated in such forward-looking statements. No person or entity should rely on these forward-looking statements when making any investment decision. There is no obligation for Silversmith to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements contained herein are qualified in their entirety by the foregoing cautionary statements.

This newsletter identifies a number of benefits inherent in Silversmith’s services and operations on behalf of Silversmith-managed funds, although any such investment vehicle is also subject to a number of material risks associated with these benefits, as further identified in the confidential offering documents of the relevant Silversmith-managed fund. Although Silversmith believes that Silversmith and its personnel will have competitive advantages in identifying, diligencing, monitoring, consulting, improving and ultimately selling investments on behalf of any Silversmith-managed fund, there can be no guarantee that Silversmith will be able to maintain such advantages over time, outperform third parties or the financial markets generally, implement its investment strategy or achieve its investment objectives for any Silversmith-managed fund or any investment, or avoid losses. For additional information regarding risks and potential conflicts of interest regarding an investment in a Silversmith-managed fund, please see the risk factors and conflicts of interest disclosures in the relevant confidential offering documents of the applicable vehicle.

There is no guarantee that Silversmith will successfully implement and make investments in companies that create positive ESG impact while enhancing long-term shareholder value and achieving financial returns. To the extent Silversmith engages with companies on ESG-related practices and potential enhancements thereto, such engagements may not achieve the defined financial and social results, or the market or society may not view any such changes as desirable. Considering ESG qualities when evaluating an investment may result in the selection or exclusion of certain investments based on Silversmith’s view of certain ESG-related and other factors, carries the risk that Silversmith-managed funds may underperform funds that do not take ESG-related factors into account because the market may ultimately have a different view of a particular company's performance than anticipated by Silversmith.

This newsletter may provide links to websites or articles operated by other entities. These links are provided strictly for your convenience. In addition, third-party sites may be linked to this website with or without Silversmith’s consent. Silversmith makes no warranty or representation regarding, do not endorse, and do not accept any responsibility for, any websites linked to or from this website of information appearing thereon. By clicking on any link herein (or copying and pasting its URL into your web browser) you acknowledge and agree that use of third-party websites is strictly at your own risk.

Footnotes:

1. As of 12/31/2022

2. Select investments presented herein are solely for illustrative purposes and have been selected in order to illustrate investments, realizations or add-on acquisitions made by Silversmith or Silversmith portfolio companies in 2022. This is not a complete list of investments made since inception. References to investments included herein should not be construed as a recommendation of any particular investment or security. It should not be assumed that investments made in the future will be comparable to the investments described herein. The investments and realizations listed herein represent activity publicly announced in 2022. For a complete list of investments, please see www.silversmith.com/portfolio.

3. Past performance is not indicative of future results. There can be no assurances that historical trends will continue throughout the life of any Silversmith fund.

4. The average revenue growth presented herein is as of the last 12 months ending 9/30/22.

5. Investments listed herein are for illustrative purposes only, have been selected in order to provide examples of investments that have implemented practices to improve their ESG / D&I profile and do not purport to be a complete list thereof. It should not be assumed that any of these investments were or will be profitable, that these companies will meet their ESG / D&I initiatives or that investments made in the future will be comparable to the investments described above. Silversmith makes no claim to adhere to any particular ESG / D&I framework and, given the wide range of ESG / D&I investing practices deployed by other asset managers, there is no assurance that the ESG Policy requires Silversmith to engage in any particular practice that other ESG policies may require. There can be no assurances that Silversmith will be able to implement its ESG / D&I initiatives such as these in the future or that the ESG / D&I initiatives will be successful.

6. The Firm Recognitions presented herein are from third-parties that are not affiliated with Silversmith. These third-parties independently assess nominees based on multiple criteria. The awards and designations presented on this website are the opinion of the respective parties conferring the award or designation and not of Silversmith. Recognitions by third-parties are not indicative of future performance. Silversmith pays a licensing or related fee to participate and/or distribute the results. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award or designation. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing.

7. There can be no assurances that Silversmith or any of its affiliates will continue to work with, or support, any of the organizations whose logos are included herein in the future.