Thomas J. Herzfeld Advisors, Inc.

VER THOMAS J. HERZFELD ADVISORS, INC.

Thomas J. Herzfeld Advisors, Inc., (TJH) formed in 1984, is an investment management firm devoted to investment analysis and account mangement of all asset classes in the closed-end fund (CEF) universe. The firm also specializes in Caribbean Basin investments, including Cuba (as legally permissible), since 1994.

With over four decades of expertise in the finance industry, and as one of the first firms to exclusively focus on the CEF field, TJH is considered by many to be a leading expert in the industry. Our firm has conducted research found in thousands of financial publications & academic journals.

Tom Herzfeld wrote the first documented textbook on closed-end funds, The Investor’s Guide to Closed-End Funds: The Herzfeld Hedge, which introduced complex CEF hedging strategies to the industry (McGraw-Hill, 1979). We also published the industry’s most extensive and comprehensive monthly research report for nearly three decades, The Investor’s Guide to Closed-End Funds, making the firm synonymous with closed-end fund research and trading, and more specifically hedging and arbitrage strategies. The research was published for 28 years, until January 2014, when the firm decided to internalize all research efforts. The firm has been consulting for large financial institutions and governmental organzitions on high-level strategy advice for over four decades.

The firm created and calculates the industry benchmark: The Herzfeld Closed-End Average. It is the most established CEF index of price performance and premium/discount levels of domestic U.S. equity closed-end funds. It has been published weekly in the Mutual Fund section of Barron’s since 1987.

The Herzfeld/Cuba division of Thomas J. Herzfeld Advisors, Inc. is the investment advisor to The Herzfeld Caribbean Basin Fund, Inc. a closed-end fund listed on the NASDAQ Capital Market exchange, symbol CUBA. KPMG, LLP serves as the independent auditor to The Herzfeld Caribbean Basin Fund, Inc. State Street Bank and Trust serves as custodian for the Fund. Thomas J. Herzfeld Advisors, Inc. is also the subadviser to the mutual fund: the Virtus Herzfeld Fund (VHFAX).

VER THOMAS J. HERZFELD ADVISORS, INC.

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