MEREWETHER INVESTMENT MANAGEMENT, LP

Merewether's advisory services are tailored to meet the investment objectives outlined in the client's offering memorandum and governing documents, including investment management agreements. Generally, Merewether has the authority to buy or sell securities without consulting clients or fund investors. The advisory services are not tailored to individual fund investors, and the firm does not accept investment restrictions imposed by them. However, the adviser may tailor its services to the individual needs of managed account clients, with each advisory agreement negotiated separately to suit the client's specific needs and investment guidelines. The use of brokerage commissions to obtain investment research services and pay for administrative costs and expenses may create a conflict of interest between the adviser and its clients. Research and brokerage products and services may be used to service some or all of the adviser's clients, but some research and brokerage may not be used to service clients whose commission dollars provided for the research or brokerage. The availability of these non-monetary benefits may influence the adviser to select one broker over another to perform services for its clients.

Merewether employs three primary investment strategies. The first strategy aims to generate absolute returns through a long/short or long-only, energy-focused investment approach. This involves investing in securities issued by companies within the energy sector, encompassing exploration and production of energy-related natural resources, companies providing products or services to the energy sector, midstream companies, downstream companies, electric vehicle value chain companies, and other energy-exposed industrial companies. The second strategy focuses on investing in the same energy sectors but solely through a long-only investment strategy. The third and final strategy seeks to capitalize on the alpha generated by the adoption of "new energy" fuel sources. This involves identifying the "value chain" associated with each new energy fuel source and investing in publicly traded equities within those chains.

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