CONIFER MANAGEMENT, L.L.C.

The Adviser provides investment advice to private funds, focusing on meeting each fund's specific investment objectives and strategies. They achieve this by investing in various securities, including equity, debt, and other types, identified through their fundamental, bottom-up analysis. The Adviser manages a significant amount of client assets, totaling approximately $4,602,060,784 as of December 31, 2023, all of which are managed on a discretionary basis. The Adviser utilizes fundamental analysis in formulating investment advice and managing client assets. This involves analyzing an issuer's financial statements, management, competitive advantages, competitors, and markets. They employ a variety of investment strategies, including bottom-up fundamental analysis, to provide advisory services to clients. The Adviser does not engage in principal transactions with its advisory clients and continually reviews client portfolios to ensure alignment with their investment objectives.

The Adviser typically manages accounts in accordance with each client's overall investment objective and strategy. They use fundamental analysis in formulating investment advice and managing client assets. This involves analyzing an issuer's financial statements, management and competitive advantages, and competitors and markets. The Adviser typically employs bottom-up fundamental analysis. The Adviser employs a variety of investment strategies, including "Buy and Hold" and "Focused Portfolio/Lack of Diversification." The "Buy and Hold" strategy involves holding securities for a long period of time, potentially missing out on short-term gains. The "Focused Portfolio/Lack of Diversification" strategy concentrates investments in a limited range of securities, countries, or industry sectors, which can lead to greater volatility compared to a diversified portfolio.

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