A. General Description of the Advisory Firm IWC Investment Partners A/S (“IWC IP” or the “Firm”), was founded in 2012 and is headquartered in Copenhagen, Denmark. The Firm provides investment advisory services to privately offered pooled investment vehicles and separately managed accounts. The Firm does not have a place of business in the U.S. and offers only separate account management advisory services to U.S. investors. IWC IP is a wholly-owned subsidiary of International Woodland Company Holding A/S (“IWC Holding”), which, in turn, is owned by four shareholders: BNP Paribas Asset Management Holding S.A., LB Forsikring A/S, OREW Holding ApS, and International Woodland Company Employee ApS. International Woodland Company ApS is a Danish company that is wholly-owned by IWC Holding A/S. In September 2023, BNP Paribas Holdings S.A. obtained a majority stake in IWC Holding. IWC IP is authorized as an Alternative Investment Fund Manager (“AIFM”) by the Danish Financial Supervisory Authority (“Danish FSA”) in accordance with the EU Alternative Investment Fund Managers Directive (“AIFMD”) to provide (i) investment management of Alternative Investment Funds, and also to provide (ii) investment advice and (iii) discretionary portfolio management services regarding financial instruments to professional clients. B. Description of Advisory Services The Firm is a timberland investment adviser for institutional investors, focusing on private timberland investment management worldwide. While timberland-related assets are the Firm’s primary business, IWC IP also advises on agriculture-related assets. IWC IP also manages pooled investment vehicles with currently no investors in the United states. The Firm may in the future also offer such vehicles to investors in the United States (the “Funds”). The Firm, or an affiliate, acts as non-discretionary investment adviser to institutional investors that have separately managed accounts (“Separate Accounts”). Each Fund and Separate Account is a “Client”

and collectively they are the “Clients” of the Firm. The Clients of the Firm primarily make commitments in timberland investment funds and other structures, which are managed by specialized timberland investment management organizations (often referred to as “TIMOs”). Investment structures, that the Clients will invest in, include those managed by large-cap managers, small-cap managers, and new/emerging managers. Investments are generally made through: (i) Primary funds: Newly established pooled investment vehicles with an investment strategy in commercial timberland assets; (ii) Secondary interests in existing funds: Interests in an already established pooled vehicle holding timberland assets, as interests in such funds may become available for sale as existing investors seek to exit; (iii) Co-investments: Investments alongside a primary fund in specific timberland assets; and (iv) Separate accounts with the TIMOs: Investment structures established with specialized timberland investment managers to obtain customized access to timberland investment strategies and assets. C. Tailored Advisory Services The Firm tailors its advisory services to the specific investment objectives and restrictions of its Clients pursuant to the investment guidelines and restrictions set forth in their respective confidential offering documents, limited partnership agreement, investment advisory contract, and other governing documents as well as information learned through ongoing discussions with Clients maintaining Separate Accounts with the Firm. Clients and prospective clients should refer to all governing documents of the applicable Client or contractual relationship for complete information regarding investment objectives and restrictions. There is no assurance that these investment objectives will be achieved. D. Wrap Fee Programs The Firm does not participate in wrap fee programs. E. Assets Under Management As of December 31, 2023, IWC IP managed assets of approximately U.S. $199,947,113 on a discretionary basis and U.S. $5,422,879,285 on a non-discretionary basis.