Elevage Partners, LLC (“Elevage” or “Firm”), a Delaware Limited Liability Company, was founded by Jeffery D. Powell, CEO and Chief Compliance Officer, and began conducting business in 2011. Elevage is a SEC-registered investment adviser with its principal place of business located in Nevada. Listed below are the Firm's principal shareholders (i.e., those individuals and/or entities controlling 25% or more of this company):
• Jeffery D. Powell The EP Alternative Fund, LLC and the Elevage Artio SPV and Elevage Artio SPVII (the “Funds”) are Delaware limited liability companies for which Elevage serves as investment adviser. The Funds are no longer being offered to new investors. Jeffery Powell serves as Manager of the Elevage Artio SPV and SPVII while Elevage serves as Manager to the EP Alternative Fund, LLC. For more details see Item 5 “Fees and Compensation”, Item 8 “Methods of Analysis, Investment Strategies and Risk of Loss”, and Item 10 “Other Financial Industry Activities and Affiliations.” Elevage offers the following advisory services to our clients: INVESTMENT SUPERVISORY SERVICES ("ISS") INDIVIDUAL PORTFOLIO MANAGEMENT Elevage provides continuous advice to a client regarding the investment of client funds, based on the individual needs of the client. Through personal discussions in which goals and objectives based on a client's particular circumstances are established, we develop a client's personal investment policy and create and manage a portfolio based on that policy. During our data- gathering process, we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs, and clients may impose reasonable restrictions on the management of their accounts. As appropriate, we also review and discuss a client's prior investment history, as well as family composition and background. We manage these advisory accounts on a discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. In some situations, Elevage provides these investment supervisory services to client accounts that are held in 401(k)s, HSAs or similar plans (“held-away accounts”) to manage these assets within the options available in the plan, and utilizes a third party Order Management System in order to effect transactions on behalf of the client. Our investment recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company and will generally include advice regarding the following securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Corporate debt securities (other than commercial paper)
• Municipal securities
• Mutual fund shares Because some types of investments involve certain additional degrees of risk, they will only be implemented/recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability. When we recommend investing in one of our proprietary or related funds or provide other investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Securities Act (“ERISA”) and/or the Internal Revenue Code (“IRC”), as applicable, which are laws governing retirement accounts. The receipt of our advisory fee for making a recommendation creates a conflict of interest under ERISA/IRC with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. For example, if we recommend that you rollover assets from one retirement account to another and we will receive increased compensation as a result of that recommendation, we have a conflict that requires us to operate under this special rule. FINANCIAL PLANNING We provide financial planning services. Financial planning is a comprehensive evaluation of a client’s current and future financial state by using currently known

variables to predict future cash flows, asset values and withdrawal plans. Through the financial planning process, all questions, information and analysis are considered as they impact and are impacted by the entire financial and life situation of the client. Clients purchasing this service receive a written report which provides the client with a detailed financial plan designed to assist the client achieve his or her financial goals and objectives. In general, the financial plan can address any or all of the following areas:
• PERSONAL: We review family records, budgeting, personal liability, estate information and financial goals.
• TAX & CASH FLOW: We analyze the client’s income tax and spending and planning for past, current and future years; then illustrate the impact of various investments on the client's current income tax and future tax liability.
• INVESTMENTS: We analyze investment alternatives and their effect on the client's portfolio.
• INSURANCE: We review existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home and automobile.
• RETIREMENT: We analyze current strategies and investment plans to help the client achieve his or her retirement goals.
• DEATH & DISABILITY: We review the client’s cash needs at death, income needs of surviving dependents, estate planning and disability income.
• ESTATE: We assist the client in assessing and developing long-term strategies, including as appropriate, living trusts, wills, review estate tax, powers of attorney, asset protection plans, nursing homes, Medicaid and elder law. We gather required information through in-depth personal interviews. Information gathered includes the client's current financial status, tax status, future goals, returns objectives and attitudes towards risk. We carefully review documents supplied by the client, including a questionnaire completed by the client, and prepare a written report. Should the client choose to implement the recommendations contained in the plan, we suggest the client work closely with his/her attorney, accountant, insurance agent, and/or stockbroker. Implementation of financial plan recommendations is entirely at the client's discretion. We also provide general non-securities advice on topics such as tax and budgetary planning, estate planning and business planning.
• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Warrants
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Mutual fund shares
• United States governmental securities Typically, the financial plan is presented to the client within six months of the contract date, provided that all information needed to prepare the financial plan has been promptly provided. Financial Planning recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company. All recommendations are of a generic nature. The client is under no obligation to act upon the investment adviser's or associated person's recommendation; if the client elects to act on any of the recommendations, the client is under no obligation to effect the transaction through the investment adviser, the associated person when the person is an agent with a licensed broker-dealer or through any associated or affiliated person. Elevage is not an accounting, tax advisory or insurance firm and it should be noted that we are not attorneys and do not prepare legal documents. Elevage is the investment advisor to the EP Alternative Fund, LLC and the Elevage Artio SPV, which are pooled investment vehicles. Investors in the Funds may not place their individual restrictions on the Funds. AMOUNT OF MANAGED ASSETS As of 12/31/2023, Elevage managed $125,603,450 of assets under management on a discretionary basis and $18,172,818 of assets on a non-discretionary basis for a total of $143,776,268 of assets under management.