Cladrius Partners LLC (“Cladrius” or the “Firm”) was founded in 2019 by Dennis Ruggere and he serves as the Chief Investment Officer and Chief Executive Officer of the Firm. Mr. Ruggere is responsible for the day-to-day management of Cladrius and the investment program of the Cladrius Funds. M.D. Sass Cladrius Partners, LLC (the “M.D. Sass Member”) has provided operating and seed capital to Cladrius. The M.D. Sass Member is owned by certain officers of M.D. Sass Investors Services, Inc. (“M.D. Sass”) and family trusts of the foregoing persons. M.D. Sass is the managing member of the M.D. Sass Member. M.D. Sass is controlled by Martin D. Sass. Mr. Ruggere and the M.D. Sass Member have equal ownership in each of the Investment Manager and the General Partner. FTP Investment I LLC (“Fir Tree”), an entity sponsored by certain senior partners of Fir Tree Partners, has provided seed capital in exchange for a minority economic participation in each of the Firm and the General Partner. Cladrius provides advisory services to privately offered pooled investment vehicles exempt from registration under the Investment Company Act of 1940, as amended. Cladrius is the investment manager for Cladrius International Ltd., (the “Cayman Feeder Fund”), Cladrius LP, (the "U.S. Feeder Fund" and together with the Cayman Feeder Fund, the “Feeder Funds”) and Cladrius Ltd., an exempted company incorporated under the laws of the Cayman Islands (the "Master Fund" and together with the Feeder Funds, the "Funds"). The Funds are subject to the overall supervision of Cladrius Partners LLC, Cladrius GP LLC (the general partner of the U.S. Feeder Fund, the "General Partner") and the Board of Directors of the Cayman Feeder Fund and the Master Fund (the “Directors”), and pursuant to the limited partnership agreement of the U.S. Feeder Fund and the Memorandum and Articles of Association of the Cayman Feeder Fund and the Master Fund (the “Operating Agreements”). The funds and related entities are controlled by affiliates of Cladrius. The Partnership and the Partnership’s offshore counterpart, the Offshore Fund, a Cayman Islands exempted company, will invest substantially

all of their capital in the Master Fund, a Cayman Islands exempted company, except when the Investment Manager (as defined below) determines otherwise. Although investment and trading activity is currently expected primarily to be at the Master Fund level, the Partnership and the Offshore Fund may also make direct investments when the Investment Manager determines that it is appropriate to do so. The Investment Manager may, in its sole discretion, limit investing by the Partnership to indirect investing through the Master Fund in order to comply with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Investment Manager will serve as the investment manager of each of the Partnership, the Offshore Fund and the Master Fund (collectively, the “Cladrius Funds”). The Investment Manager is exempt from registration as a commodity pool operator with the Commodity Futures Trading Commission (“CFTC”) with respect to the Funds in reliance upon an exemption under CFTC Rule 4.13 and exempt as a commodity trading advisor pursuant to CFTC Rule 4.14. Cladrius has full discretionary authority with respect to investment decisions for the Funds, and its advice is made in accordance with the investment objectives and guidelines set forth in the Fund’s offering documents. Cladrius does not provide specifically tailored advice to investors in the Fund. Cladrius is the investment manager for Cladrius Special Situations Fund I LLC (the “SS1 Fund”). Assets Under Management As of December 31, 2022, Cladrius’ regulatory assets under management were approximately $316,977,898 all of which are managed on a discretionary basis. Types of Investments The Funds will primarily invest in credit instruments (corporate, sovereign, structured credit), convertible securities, quasi-equity securities (preferred, hybrid), equity securities, including options, single name and index derivatives and other securities as Cladrius may determine from time to time. Cladrius will pursue investments on a global basis. Many of the Funds’ investments are liquid, but liquidity can vary considerably from investment to investment.