Disclosures

Zuckerman Investment Group, LLC is an investment adviser registered with the United States Securities and Exchange Commission. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply any level of skill or training. Zuckerman Investment Group, LLC may only transact business or render personalized investment advice in those states and international jurisdictions where it is registered, has notice filed, or is otherwise excluded or exempted from registration requirements. An investor should consider his or her investment objectives, risks, charges and expenses carefully before investing. Please refer to Zuckerman Investment Group, LLC’s ADV Part 2 for additional information and risks at https://www.adviserinfo.sec.gov/Firm/137785.