Firm Description Bristol Group, Inc. (“Bristol Group,” or “Bristol”) was founded in 1980 and has been registered under the Investment Advisers Act of 1940 since its inception. Bristol Group is a nationally active real estate investment management and development firm based in San Francisco, California. Since its inception, Bristol Group has concentrated its activities in three areas: high return value- added investment, development and redevelopment; complex work outs for major pension funds; and the purchase and development of industrial properties. We function as an owner, investor and operator of investment grade real estate assets as well as an entrepreneurial owner and operator for special situations that may or may not be considered institutional grade real estate. Investment structures include outright purchases, strategic alliance co- investments, and hybrid debt equity vehicles. Real estate investments are located domestically within the United States. Bristol Group’s investors and clients include a select group of major public and corporate pension funds, trusts, estates, and other qualified investors. Advisory or management services on listed or unlisted securities is not rendered. Bristol Group does not act as a custodian of liquid client assets (i.e., cash and marketable securities). Custody of liquid assets is outsourced to a qualified independent bank custodian. Other professionals (such as attorneys, consultants, auditors, tax return preparers, insurance agents, etc.) are engaged directly by Bristol Group on an as-needed basis when appropriate. Conflicts of interest will be disclosed to clients in the unlikely event they occur. Principal Owner Jeffrey S. Kott is the sole 100% shareholder. Types of Advisory Services Bristol Group, Inc. provides ownership and investment management and supervisory services, also known as asset management services, related to domestically located commercial real estate investments for a select group of qualified investors. Bristol executes property and portfolio level strategies for real estate assets during their full life cycle from acquisition through disposition. As of December 31, 2023, Bristol Group, Inc. has approximately $2.64 billion of assets under management, exclusively in real estate investments, for six distinct investment accounts comprised of three separately managed accounts and four private real estate investment partnerships. Approximately $1.79 billion is managed on a discretionary basis, and $850 million is managed on a non-discretionary basis. Tailored Relationships The goals and objectives for each client or investment partnership are documented. Investment policy statements are created that reflect

the stated goals and objective for each client or investment partnership. Agreements may not be assigned without client consent. Types of Agreements The following agreements define the typical client relationships: Investment Management Agreements, Limited Liability Company Agreements, Limited Partnership Agreements. Advisory Service Agreement Advisory Service Agreements, Investment Management Agreements, Limited Partnership Agreements and Limited Liability Company Agreements (each an “Agreement” and collectively, “Agreements”), where applicable, define the scope of work and fee compensation for investment management and advisory services and is provided to clients in writing prior to the start of the relationship. Existing Advisory Service Agreements are an ongoing agreement and the length of service to the client is at the client’s discretion. The client or the investment manager may terminate an Agreement by written notice to the other party. At termination, fees will be billed on a pro rata basis for the portion of the quarter completed. The portfolio value at the completion of the prior full billing quarter is used as the basis for the fee computation, adjusted for the number of days during the billing quarter prior to termination. Asset Management Assets are invested in domestically located real estate properties and real estate related investments. Investments may also include opportunistic investments in real estate-related debt and equity interests, including distressed debt, real estate securities, real estate operating companies and companies with significant real estate holdings, and interests in partnerships. Initial public offerings (IPOs) are not available through Bristol Group, Inc. Termination of Agreement The Agreements contain removal and/or termination provisions where Bristol Group (or an affiliate) may be removed from its management duties or terminated under certain circumstances. With respect to Bristol Group’s separate account clients, in general, a client may terminate any of the Agreements by notifying Bristol Group in writing as provided in the Agreements. Fees will be billed for the time spent on the investment advisory engagement prior to notification of termination as provided in the Agreements. Conversely, Bristol Group may also terminate any of the Agreements by notifying the client in writing as provided in the Agreements. With respect Bristol Group’s private real estate funds, Bristol Group (or an affiliate) acting as manager or general partner, may be removed from its management duties under certain circumstances or with a specified percentage interest vote of the fund’s other partners as provided in the partnership agreements.