Description of the Firm Sapere is a North Carolina limited liability company that was formed in 2002 by its principal owner, Scott Trease, to offer a specialized investment approach to a select client base. Investment Management Sapere manages portfolios on a discretionary basis by primarily allocating client assets amongst various equities, mutual funds, privately offered investment vehicles and private funds, some of which are managed by Sapere in accordance with the investment objectives and investment policy statement of its individual clients. Clients may also engage Sapere to advise on certain investment products that are not maintained at their primary custodian, such as variable annuity contracts, and assets held in employer sponsored retirement plans and qualified tuition plans (i.e., 529 plans). In these situations, Sapere directs or recommends the allocation of client assets among the various investment options available with the product. These assets are generally maintained at the underwriting insurance company or the custodian designated by the product’s provider. Clients are advised that it remains their responsibility to promptly notify Sapere if there are changes in their financial condition or investment objectives for the purpose of evaluating and/or revising Sapere’s advisory services. Private Fund Management Sapere serves as the investment manager to a number of private pooled investment vehicles (the “Private Funds”). The Firm’s affiliate, Sapere Fund Management, LLC (“SFM”), is the general partner of the Private Funds. The General Partner may be deemed to be performing advisory services to the Private Funds, and therefore rely on Sapere’s registration under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Interests in the Private Funds are privately offered pursuant to Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). The Private Funds also currently rely on an exemption from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Investment in the Private Funds involves a significant degree of risk. Relevant information, terms and conditions relative to the Private Funds, including the compensation received by Sapere or SFM as the general partner and/or investment manager, suitability, risk factors, and potential conflicts of interest, are set forth in the Confidential Private Offering Memorandum, Limited Partnership Agreement or similar shareholder agreement, and Subscription Agreement (collectively, the “Offering Documents”), which each investor is required to receive and/or execute prior to being accepted as an investor in the Private Funds. Given the above discussion relative to the objectives, suitability, risk factors, and qualifications

for participation in the Private Funds, Sapere and SFM may give advice or take action with respect to the Private Funds that differs from that for individual client accounts. To the extent that a particular investment is suitable for both the Private Funds and certain individual client accounts, such investments will be allocated between the Private Funds and the individual client accounts pro rata based on the assets under management or in some other manner which Sapere determines is fair and equitable under the circumstances to all of its clients. Financial Planning and Consulting Services Sapere offers clients a range of financial planning and consulting services including, but not limited to, tax planning, budget analysis, investment planning, insurance planning, estate planning, retirement planning, business planning, employee benefits planning, college educational funding, and charitable giving. In performing financial planning and consulting services, Sapere will generally not verify any information received from the client or, if applicable, from the clients’ other professionals (e.g., attorneys, accountants, etc.) and is expressly authorized to rely on such information. Sapere may recommend the services of itself and/or other professionals to implement its recommendations. Clients are advised that a conflict of interest exists if Sapere recommends its own services. Clients are under no obligation to act upon any of the recommendations made by Sapere under a financial planning or consulting engagement or to engage the services of any such recommended professional, including Sapere itself. Clients retain absolute discretion over all such implementation decisions. Clients are advised that it remains their responsibility to promptly notify Sapere if there is ever any change in their financial situation or investment objectives as identified in the client’s investment policy statement found in the client’s executed investment management agreement, for the purpose of reviewing, evaluating, or revising Sapere’s previous recommendations and/or services. Customized Advisory Services Sapere tailors its advisory services to accommodate the specific needs and objectives of clients. Sapere may agree to certain client-imposed restrictions (such as, securities not to be bought or sold), if the Firm determines, in its sole discretion, that such mandates will not interfere with the implementation of its management strategy or prove overly burdensome to its back-office operations. Wrap Fee Programs The Firm does not sponsor or participate in any wrap fee programs. Assets Under Management As of December 31, 2023, the Firm had approximately $345,086,282 in assets under management, all of which was managed on a discretionary basis.