This Brochure generally includes information about the Investment Adviser, whose office and principal place of business is located outside of the United States, and its relationships with its United States domiciled Clients (each, as defined below) and affiliates. Although much of this Brochure applies to all such Clients and affiliates, certain information included herein may apply only to specific Clients or affiliates only. A. General Description of Advisory Firm BW Asset Management Ltd. (“BW,” the “Investment Adviser” or “we”), a Cayman Islands exempted limited liability company with its principal office in George Town, Grand Cayman, Cayman Islands, was established the 6th day of June 2013 and is 100% held by Borrelli Walsh Asia Limited, a British Virgin Islands corporation whereby Cosimo Borrelli, Jason Aleksander Kardachi and Mitchell Wayne Mansfield, as individuals, hold positions of senior managing members and/or are board of directors. The Investment Adviser provides investment advisory services and to act as liquidation, wind‐down and/or interim manager in special situations by providing investment advisory, financial advisory and restructuring services to United States domiciled pooled investment vehicles, registered investment companies, liquidating trusts, special purpose vehicles and issuers (collectively “Clients”) across a wide range of investment strategies, asset classes, industries and geographies. The Investment Adviser’s general strategy is to assume the investment management and advisory responsibilities with respect to Clients: (i) that were established and previously managed by another investment adviser that no longer wishes, or is unable, to continue providing services to the Client; or (ii) where the Client (or its stakeholders) has taken action to replace the existing investment adviser because the Client is winding down or requires other specialized advice and support to deal with the disposal of complex or illiquid assets, internal and external investigations, commercial disputes and/or other special situations. Client assets include, but are not limited to, debt and/or equities, other securities, instruments, agreements and investments (the “Collateral”) and liabilities secured by the Collateral (the “Notes”). For each Client, BW will enter into a separate investment management/advisory agreement and/or other agreement

with the person or entity acting in the capacity of manager, managing member, general partner, financial advisor, fund liquidators, liquidating trustee or director of the Client (together the “Investment Management and Advisory Agreement”), which will outline general duties, representations and warranties, compensation, liability and indemnification of the advisory team members. In certain circumstances, an employee, officer, director, or affiliate of the Investment Adviser may serve as the manager, managing member, general partner, liquidating trustee, or similar position of a Client. B. Description of Advisory Services BW provides discretionary, and occasionally may provide non‐discretionary, investment advice and services primarily in the context of assisting its Clients realize investment portfolios, reduce or eliminate their exposure to potential liabilities and return capital to investors in a timely and orderly manner. Typically, the Investment Adviser is engaged when a Client is seeking to wind down its operations and/or becomes stressed or distressed from issues such as illiquidity, underperformance, allegations of fraud or wrongdoing, regulatory action or another special situation. In these circumstances, a Client will require a replacement adviser to take control of the situation, assess all available options and possible solutions, identify and manage existing and potential risks, and take appropriate action and decisions to maximize the return to the Client’s stakeholders and minimize downside. C. Availability of Customized Services for Individual Clients The Investment Adviser’s investment decisions and advice with respect to each Client are subject to each Client’s investment objectives, restrictions and guidelines, as set forth in the Client’s governing documents, which may include private placement or offering memoranda, articles of association, limited partnership agreements indenture/pooling and servicing agreements, and collateral administration agreements or other relevant constitutional documents (the “Governing Documents”), as the case may be. The advice will also be tailored depending on the circumstances of each Client and will be documented in each Client’s Investment Management and Advisory Agreement. D. Assets Under Management As of December 30, 2023, The Firm manages $83,922,548.70 in regulatory assets (“RAUM”), all on a discretionary basis.