Piney Lake Capital Management LP is a Delaware limited partnership (hereinafter “Piney Lake,” “Investment Manager”, “we”, “us”, “our” or the “Firm”) which was founded in May 2018 by Michael B. Lazar (the “Principal”). Mr. Lazar serves as “President and Chief Executive Officer, a “Limited Partner” to the Firm, and as “Managing Member” to the General Partner, Piney Lake Capital GP LLC. Piney Lake will provide discretionary investment management services to qualified investors through its private funds: Piney Lake Opportunities ECI Master Fund LP (the “ECI Master Fund”), Piney Lake Opportunities Non-ECI Master Fund LP (the “Non-ECI Master Fund”), together, the “Master Funds”; Piney Lake Opportunities Fund LP (the “Domestic Fund”); and Piney Lake Opportunities Offshore Fund LP (the “Offshore Fund”, together with the Domestic Fund the “Feeder Funds”), operate as a “master-feeder” structure with two master funds. The Offshore Fund invests substantially all of its investable assets indirectly in the Master Funds through its subsidiaries, including Piney Lake Opportunities LLC, Piney Lake Opportunities B LLC, (collectively, the “Delaware Intermediate Investment Vehicles”), and Piney Lake Opportunities Ltd, (the “Cayman Intermediate Investment Vehicle”, and together with the Delaware Intermediate Investment Vehicles, the “Intermediate Investment Vehicles”). The Delaware Intermediate Investment Vehicles invest in the ECI Master Fund and the Cayman Intermediate Investment Vehicle invests in the Non-ECI Master Fund. The Master Funds, the Feeder Funds and the

Intermediate Investment Vehicles are each referred to as a “Fund” or “Client”, and collectively as the “Funds” or “Clients”. The Feeder Funds’ “Limited Partners” are hereafter collectively referred to as the “Investors” where appropriate. This Brochure does not constitute an offer to sell or a solicitation of an offer to buy any securities. The Funds’ securities are offered and sold on a private placement basis under exemptions promulgated under the “Securities Act” of 1933 and other applicable state, federal or non-U.S. laws. Significant suitability requirements apply to prospective investors in the Funds, including requirements that they be “accredited investors” as defined in Securities Act and “qualified purchasers” as defined in the Investment Company Act of 1940. Persons reviewing this Brochure should not construe this as an offer to sell or a solicitation of an offer to buy the securities of any of the Funds described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. We will not tailor our advisory services to the individual needs of any particular Investor. Our investment decisions and advice with respect to the Funds are subject to each Fund’s investment objectives and guidelines, as set forth in its respective “Offering Documents.” We do not currently participate in a Wrap Fee Program. As of December 31, 2023, the Firm has regulatory assets under management of $784,473,692 all managed on a discretionary basis.