General and Ownership Incentive is a Norwegian corporation with its principal office and place of business located in Oslo, Norway. Incentive was established in 2014 and is an investment management firm providing investment advisory and related services to its Clients. If the types of services provided by Incentive change, this Brochure will be amended accordingly to reflect these additional services. Its principal owners include Incentive Holding AS (90% ownership) and Sector Asset Management AS (10% ownership). Further information regarding the principal owners of and investors in Incentive can be found in Schedule A of Form ADV Part 1, publicly available online at www.advisorinfo.sec.gov. Types of Advisory Services We Offer Incentive currently provides discretionary investment advice to the Funds. Incentive also acts as investment manager to certain Managed Accounts. Incentive provides various investment related services as may be agreed upon with the Clients from time to time, including determining the investment objectives of the Funds, determining appropriate asset allocation across the Funds’ investment strategies, placing trades for execution, and monitoring existing and prospective investments in light of a Fund or Managed Account’s objectives and risk parameters. Tailoring Advisory Services to the Individual Need of Clients Consistent with its fiduciary duty, Incentive considers the individual needs of all Clients and tailors the advisory services it provides to Clients. The specific services provided by Incentive to a particular Client depend upon the investment objectives

and restrictions as set forth in the documents governing Incentive’s relationship with such Client. Restrictions on investments in certain securities or types of securities (if any) are set forth in these documents. The investments of each Client, including a Fund, are managed in accordance with such investment objectives, restrictions, strategies and guidelines. Accordingly, each Fund is not managed in accordance with the individualized needs of any particular Investor, and Investors should consider whether a Fund meets their investment objectives and risk tolerance prior to investing. Information about the Funds can be found in their relevant registration and/or Governing Documents. Incentive is authorized to make the following determinations in accordance with the Client’s specified investment objectives, without consultation with or consent from the Client before a particular transaction is effected: (i) which securities to buy or sell; (ii) the total amount of securities to buy or sell; (iii) the broker or dealer through whom securities are bought or sold; (iv) the commission rates at which securities transactions for Client accounts are effected; and (v) the prices at which securities are to be bought or sold, which may include dealer spreads or mark- ups and transaction costs. However, Incentive may also accept Managed Accounts with limited discretion. Client Assets Managed by Incentive As of December 31st, 2023, Incentive managed approximately USD 2.383 billion in Client assets on a discretionary basis. Incentive did not manage any assets on a non-discretionary basis as of that date. 8 | P a g e