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Representative Portfolio Portfolio as of July 2025This brochure or pamphlet does not constitute any investment advice, any offer to perform investment advisory services or any solicitation or offer to buy or sell any securities. No representation is made about the accuracy or completeness of the information contained in this brochure or pamphlet. Past performance does not guarantee future results. This brochure or pamphlet is confidential, may be proprietary and is intended only for the recipient. Merit Capital disclaims all responsibility from and accepts no liability whatsoever for the consequences of any unauthorized person acting, or refraining from acting, on any information contained in this message. U.S MineralsRecycler and processor of industrial minerals for the abrasivesand roofing industries.Tinley Park,IllinoisRevisionManufacturer of ballistic and laser protective eyewear.Essex,VermontGlunt IndustriesRepairs and refurbishes equipment for the steel, aluminum, andpipemill industries.Warren,OhioKinex Medical Company And R&M Rehabilitation Providerof post-operative orthopedic rehabilitation productsand services.Waukesha,WisconsinProp%u00e9t FootwearSupplier of comfort footwear products.Auburn, WashingtonJohn-RichardDesigner and manufacturer of high-end home furnishings.Highpoint, North CarolinaIdentity GroupDesigner and manufacturer of custom identity products andwayfinding services.Nashville,TennesseeUrban SurfacesDistributor of flooring products.Corona, CaliforniaAdvantaged Sintered Metals &Contact TechnologiesDesigner and manufacturer of powder metal parts.St. Marys,PennsylvaniaGoodGiantFull-service, integrated marketing agency.Mobile, AlabamaMedway Air AmbulanceProviderof fixed-wing medical airtransport services.Lawrenceville,GeorgiaCyCan IndustriesDeveloper and manufacturer of adhesives, cleaners, lubricants, fragrances, and coatings.Woodstock, GeorgiaNester HosieryDesigner and manufacturer of high performance outdoor woolsocks.Mt.Airy,North CarolinaAcaciaProvider of home health, hospice, and palliative services.Orange County, CaliforniaGartnerDesigner of various stationery and gift products for sale tomass merchants, online,and other retailers.Stillwater,MinnesotaDisplayit, Inc.Designer, manufacturer, and installer of custom structural branded solutions.Irvine, CaliforniaStratusProviderof in-home neuro-diagnostic testing services.Irving,TexasAmerican Producers SupplyDistributor of industrial and construction relatedproducts.Marietta, OhioReliantProvider of home healthcare and hospice care services.Allen,TexasKemper EquipmentDesigner, manufacturer, and assembler of aggregateprocessing equipment.Honey Brook, PennsylvaniaMW Metals GroupProviderof industrial scrap management services.Dayton,OhioPFIProvider of retail display solutions.St. Louis, MissouriGlenn RiederManufacturer and installerof custom architectural millwork.West Allis, WisconsinAFXDesigner and distributor of decorative and commercial lighting solutions.Waukegan, IllinoisMicroPrecisionManufacturer of precision machined parts.Delavan,WisconsinCircuit CheckDesigner and manufacturer of custom test systems and test fixtures for electronics.Maple Grove, MinnesotaKishDistributor and processor of industrial minerals.Cleveland, OhioCarl%u2019s PlaceManufacturer and distributor of golf simulator kits and components.Milton, Wisconsin

