HCM is a corporation formed under the Maryland General Corporation Law for the primary purpose of engaging in investment management. The corporation was founded in February 1998 and is registered with the SEC as an investment adviser under the Investment Advisors Act of 1940. HCM is an independent entity with majority ownership controlled by the employees and principals of the corporation. HCM invests in quality businesses that we believe have a sustainable competitive advantage and that markets have undervalued relative to our established quantitative measures that have been deployed through multiple market cycles for over 20 years. The HCM value investment philosophy and process were first incepted in 1995 and have been managed under the sole discretion of HCM’s Chief Investment Officer continuously since that time. HCM believes; 1) Companies with a sustainable competitive advantage will outperform the broad market over time. 2) Market volatility can be exploited to purchase companies at a discount to their intrinsic value. 3) A consistent adherence to a discipline based on fundamental valuation techniques will produce results. Hillman Capital Management, Inc. is a registered investment adviser. Registration does not imply a certain level of skill or training.