EASTERLY INVESTMENT PARTNERS LLC

Easterly offers advisory services and may engage in any investment strategy or make any investment, including those not described in this brochure, subject to each client's investment objectives and guidelines. The investment strategies pursued by Easterly are speculative and entail substantial risks, and clients should be prepared to bear a substantial loss of capital. Easterly may invest on behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of Managed Accounts. The Advisory Affiliates may give advice or take action for their own accounts that may differ from, conflict with or be averse to the advice given or action taken by Managed Accounts. These activities may adversely affect the prices and availability of other securities or instruments held by or potentially considered for Managed Accounts.

Easterly's Murphy Team generally utilizes a fundamental, bottom-up methodology to construct a Managed Account's portfolio. This approach seeks to identify situations where there are significant gaps between market perceptions and economic realities, and identifiable catalysts that could close such gaps. Easterly believes that this fundamental approach to select attractive "long" equity positions is key to achieving sustained and substantial appreciation. Easterly may engage in any investment strategy and make any investment, including those not described in this Brochure, that they consider appropriate, subject to each Client's investment objectives and guidelines. The investment strategies that Easterly pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved.

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