SUMMARY Cambridge Associates, LLC is a privately held investment advisory firm (the “Firm”) principally owned by employees and clients. OUR MISSION STATEMENT We partner with endowments, foundations, pension plans, corporations and private clients to implement and manage custom portfolios to generate outperformance so they can maximize their impact on the world. THE FIRM The Firm has six global subsidiary affiliates collectively providing investment management, investment advisory, research and performance reporting services. NAME LOCATION LEGAL STRUCTURE Cambridge Associates Limited London, England Limited Company in England and Wales (Authorized and regulated by the U.K. Financial Conduct Authority) Cambridge Associates Asia Pte Ltd. Singapore Singapore Corporation (Registered and regulated by the Singapore Monetary Authority) Cambridge Associates Limited, LLC Boston, Massachusetts U.S.A. and Sydney, Australia Massachusetts Limited Liability Company (Registered with the U.S. Securities and Exchange Commission, subject to oversight by the Australian Securities and Investment Commission and registered as an Investment Fund Manager and Portfolio Manager in the Canadian provinces of Ontario, Quebec, Nova Scotia and British Columbia.) Cambridge Associates GmbH Munich, Germany German Limited Liability Company (Registered and regulated by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Cambridge Associates (Hong Kong) Private Limited Hong Kong, China Hong Kong Private Limited Company (Licensed with the Securities and Futures Commission of Hong Kong) Cambridge Associates Investment Consultancy (Beijing) Ltd. Beijing, China People’s Republic of China Limited Liability Company In addition to the entities listed above, the Firm and its affiliates have established various entities to serve as general partners and/or managing members for the Firm’s Single Investor and Single Manager Funds1. The Firm and its affiliates are under common ownership and control. Cambridge Associates, LLC is not affiliated with any broker/dealers, other investment managers, solicitors or placement agents. The Firm provides its clients with a wide range of services designed to help maximize portfolio returns within the context of their governance framework. For clients with limited in-house resources and an 1 Please refer to pages 5-6 of this Brochure for more information relating to our Single Investor and Single Manager Funds. investment committee that seeks to delegate portfolio implementation, we offer discretionary investment management or Outsourced Chief Investment Officer services (OCIO). For those that seek a similar level of support but wish to retain approval rights on manager hiring and firing, we offer non-discretionary portfolio management services. The Firm provides these services for a total portfolio or for specific asset classes. For clients that have fully built-out investment offices, we offer staff extension services which are customized to complement such clients' in-house resources. Typically, this includes our acting as a sounding board as well as providing alternative asset expertise and manager due diligence and tools. We also offer services to clients that seek specialized advice and guidance. These services are typically tailored to the client but most often include strategic and tactical asset allocation advice as well as manager selection, participation in committee meetings, access to research services and performance reporting. We also provide focused investment services relating to socially responsible investing, ESG and impact investing and have dedicated resources researching managers and working with clients to align their investing with their missions. In addition, we provide expertise and guidance regarding the selection of diverse managers through dedicated resources seeking to find and diligence women and minority managers. Generally, the Firm does not engage in individual stock selection but rather assists clients in selecting and investing with institutional quality, external investment managers. The Firm does, however, provide advice to clients on co-investment opportunities in individual companies, exchange traded funds (ETFs), equity and bond futures and secondary market offerings of privately placed investment funds (secondaries). The Firm has dedicated substantial resources in conducting due diligence and investing in alternative asset classes including hedge funds, private investments (private equity/venture capital), private credit, real estate, timber and other natural resources. To focus on the specific needs of various groups of clients, we have formed practice areas specializing on the needs of endowments and foundations, private clients and pensions. These practice areas seek to expand our knowledge of the investment requirements of each type of client and maximize our ability to better serve those clients. CA Capital Management is our discretionary platform supporting our OCIO discretionary investment management practice. We have created vehicles to provide administrative ease and improve access to managers. These include: SINGLE INVESTOR FUNDS Although we typically service discretionary clients through separately managed accounts, we

have established and offer “Single Investor Funds” or “SIFs” for clients seeking a portfolio of alternative investment assets without the associated administrative burdens. We establish a separate SIF for each client, and we act as the investment manager to that SIF in a discretionary capacity. We outsource investment accounting and administration, tax preparation, annual audits and custody/banking to qualified third-party service providers. Unless otherwise instructed by a client, we take responsibility for the management of these external relationships, effectively relieving a client of the administration associated with the investment program. Due to regulatory requirements in specific jurisdictions, SIFs may not be available for all clients. SINGLE MANAGER FUNDS We have established several “Single Manager Funds” or “SMFs” to aggregate assets from multiple clients for investment in alternative assets whose high minimums or other access restrictions would have otherwise prevented these clients from investing or to obtain more favorable fees or terms from managers. When clients express enough interest to warrant the use of an SMF, we may establish a separate fund for each alternative investment or manager for which we are pooling assets, including for co-investments and secondaries. Due to regulatory requirements in specific jurisdictions, SMFs may not be offered to all clients. COMMINGLED INVESTMENT FUNDS Last year we launched the Cambridge Associates Secondaries Aggregation Fund “CASA”, a commingled investment fund focused on secondaries. The fund focuses on smaller and middle market secondary opportunities, seeks to provide J-curve mitigation for clients’ private investment portfolios and efficiently provides access to secondaries for a broad range of clients. Due to regulatory requirements in specific jurisdictions, commingled funds may not be offered to every client. REGULATORY ASSETS UNDER MANAGEMENT NUMBER OF ACCOUNTS ASSETS AS OF DECEMBER 31, 2022 Discretionary 182 78,909,400,000 Non-Discretionary 404 197,121,900,000 Total 586 276,031,200,0002 These figures (rounded to the nearest $100,000) are based on the net asset values of our clients’ securities (including hedge funds and private investments) as reported to us by the investment managers. The value of private investments is reported with at least a one-quarter lag. Where we advise or manage assets that are also invested in one of the Firm’s investment vehicles, we count those assets only once for the purposes of Regulatory Assets under Management. In addition to our Regulatory Assets under Management, we also maintain relationships with many of our clients where we engage in proactive and ongoing leadership of the client’s investment program on a non- discretionary basis, however, these assets are not considered Regulatory Assets under Management by the U.S. Securities and Exchange Commission. INDUSTRY PARTNERSHIPS We have been selected to provide data and/or analysis as well as to develop and maintain customized industry benchmarks for several prominent industry associations, including, but not limited to:  American Investment Council (AIC)  Australian Investment Council (AIC)  African Private Equity and Venture Capital Association (AVCA)  China Venture Capital and Private Equity Association (CVCA)  The Global Private Capital Association (formerly EMPEA)  Institutional Limited Partners Association (ILPA)  Invest Europe (IE)  New Zealand Private Equity and Venture Capital Association Inc. (NZVCA)  Singapore Private Equity & Venture Capital Association (SVCA) 2 Totals may not sum due to rounding. We have also entered into various distribution and licensing agreements to supply platforms with anonymous and aggregated private equity, venture capital, real estate, and other private investments fund performance data and statistics. Through these agreements, we provide aggregated fund performance information to entities whose members or clients include investment management firms. This results in the Firm receiving indirect compensation from investment managers, some of whom we may evaluate and recommend to our clients. We take steps to mitigate this potential conflict, including requiring our distribution partners to be the sole interface with their investment manager members and subscribers and asking them to shield the identity of any such members/subscribers from our investment professionals. Despite these efforts, it is possible that our investment professionals could become aware of the identity of these investment managers and favor them over others. We have also entered into benchmark licensing agreements with unaffiliated investment managers where our licensing fees are based on assets raised in investment products sponsored and/or managed by such investment managers. In those instances, we acknowledge that a conflict of interest exists if we recommend or invest our clients in such investment products and will provide prior disclosure regarding our compensation arrangements if a recommendation or investment is made. Due to rules in the Employee Retirement Income Security Act of 1974 (“ERISA”), we will not recommend or invest assets of plans subject to ERISA in products where this conflict of interest exists.