Founded in 1997, Crestline is an institutional alternative investment manager specializing in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm manages a multi-PM equity market neutral hedge fund and provides beta and hedging solutions for institutional clients. Crestline seeks to provide attractive risk-adjusted returns for sophisticated asset owners, using its credit expertise and innovative products to pursue value creation in global markets. Crestline Management, L.P., or Crestline, and its affiliates sponsor and provide investment management services on a discretionary basis to private pooled investment funds and private managed accounts (single investor funds or entities), which are referred to in this brochure as the clients or fund clients, that employ a variety of investment strategies. Depending upon the type of strategy permitted by the relevant fund client’s constituent and offering documents, which are referred to in this brochure as governing documents, and/or the relevant fund client’s mandate, a fund client may have an opportunistic investing strategy (blending structured equity, and private credit and seeking to capitalize on current market dislocations and inefficiencies), a lending strategy, hedge fund strategy (which consists of a multi-portfolio manager hedge fund and hedge fund of funds) and fund liquidity solutions strategy (including portfolio financing, Co-GP and fund restructuring). Crestline also provides “beta” solution services to certain fund clients and investors and also provides targeted due diligence services to certain investors upon request. The opportunistic investing strategy, lending strategy, fund liquidity solutions strategy, hedge fund strategy, and the “beta” solution services are Crestline’s core lines of business. Fund clients with opportunistic investment strategies invest in a broad variety of financial instruments ranging from marketable securities and options to illiquid investments, including, without limitation, structured equity, private credit and debt instruments, across a variety of strategies. The goal of the opportunistic fund clients is to seek to achieve superior risk-adjusted returns over a finite period of time utilizing a flexible and opportunistic investment mandate that will tactically invest capital in order to seek to take advantage of market dislocations and inefficiencies through investments in (1) sectors Crestline believes have been underserved by traditional banks, (2) economic and market dislocations and (3) special situations. Fund client investments will generally take the form of (a) corporate solutions (debt or structured equity investments in small and medium sized businesses), (b) asset based (lending against or purchasing a single asset or a portfolio of assets with a cash flow stream attached), (c) stressed/special situations (typically a debt investment or asset purchase of an underperforming company or undervalued asset) and (d) hedges and derivatives related to the foregoing investments. Investments will consist of both debt and equity investments and will be primarily focused in the United States and Europe. Crestline has also established a platform for alternative financing for middle market companies (collectively, “Direct Lending” or “Specialty Lending”). Direct Lending’s objective is to achieve illiquidity premiums, while assuming less risk, over high-yield and broadly syndicated bank debt markets by making investments generally in directly originated middle market loans (or acquiring such loans in a secondary transaction such as a syndication or other market transaction). Crestline seeks to provide investors in Specialty Lending with (i) exposure to privately negotiated investments in middle market companies, (ii) downside protection by emphasizing investments in senior secured loans with conservative risk metrics and strong business fundamentals, (iii) high levels of current income, and (iv) potential for equity upside through warrants and small direct equity investments (only when made alongside Specialty Lending’s debt investment). With respect to its legacy hedge fund of funds strategy, which is in wind down, where it made allocations to portfolio managers, Crestline allocated, and from time to time reallocated, the capital of its fund clients to the investment discretion of portfolio managers by investing in the underlying private funds they manage, which are referred to in this brochure as the underlying private funds. Crestline also made some such allocations via Crestline-sponsored funds where such allocations are or were sub-advised or in some cases managed entirely by one or more third-party investment

management firms subject to Crestline’s oversight. The portfolio managers, in turn, invest those assets using a number of investment strategies. With respect to funds within its equity strategy (collectively, “Crestline Summit” or “Summit”), Crestline engages third party sub-advisers and internal Crestline employees as portfolio managers to provide a continuous investment program, including investment research and discretionary management. In certain instances, the sub-advisers will be internal Crestline employees that will be compensated similar to third party sub-advisers. Crestline’s investment strategy relies on its performance of extensive due diligence, which is discussed in “Methods of Analysis, Investment Strategies and Risk of Loss” for more details. Furthermore, as part of the investment program of certain fund clients, Crestline previously acquired investments in underlying private funds directly from sellers of such funds via the secondary market and typically at a substantial discount to the underlying private fund’s published net asset value (the “recovery fund strategy”). The clients or accounts utilizing this investment strategy are generally in wind-down. Crestline also provides due diligence functions to certain clients by providing fundamental due diligence and analysis of discrete investment opportunities which may take the form of venture capital or private equity investments. Such investments may have unique catalysts for value realization such as initial public offerings, mergers, acquisitions or other business combinations which Crestline may advise an investor in as part of such investments. When appropriate, Crestline creates special purpose vehicles to pool its fund clients’ assets and invest in financial instruments (including loans) and to invest with portfolio managers. Crestline also invests its fund clients’ assets through discretionary managed accounts, entities including Crestline-advised fund clients as investors, swaps or other similar products. Crestline tailors its advisory services to the requirements (including any client restrictions) of each of the fund clients it manages, as set forth in the private placement memorandum or the investment mandate in the relevant investment management agreement. Crestline also has a “beta” solutions business that customizes portfolio overlay and hedging solutions for institutional investors according to the governing documents of the relevant fund client or investor. See the section entitled “Methods of Analysis, Investment Strategies and Risk of Loss” for further discussion. Crestline provides investment advice through various affiliates and subsidiaries. Crestline Investors, Inc. is the general partner of Crestline Management, L.P. and Crestline Associates Holdings, L.P. Crestline Associates Holdings, L.P., or Associates, serves as the holding company of the general partner and special limited partner entities (that in some cases harvest incentive-based compensation) of certain of its fund clients. As needed, Crestline may create entities to serve as general partner to certain limited partnership investment funds. Certain fund clients have independent boards of directors. Specific detail regarding general partner relationships and directorships can be found in each investment fund’s offering memorandum or other constituent documents. Crestline Canada, Inc. and its subsidiary Crestline Canada Sub, L.P. are investment managers doing business in Canada that provide the “beta” overlay advice to Crestline Management, L.P. and certain Canadian trusts. Crestline-Kirchner, L.P. provides services to limited and general partners of private equity funds. Crestline Europe, LLP, a participating affiliate registered with the Financial Conduct Authority (“FCA”), serves as the European investment adviser and is helping Crestline with investment diligence and analysis for its clients on certain primarily European opportunities. Crestline Management, L.P. has been registered as an investment adviser with the Securities and Exchange Commission since 2002. Crestline’s principal owners are Mr. Douglas K. Bratton (and estate planning entities) and Thru Line L.P. (Thru Line L.P. does not have a management function or control of the filing adviser); minority owners include Ms. Caroline Cooley and Mr. John Cochran and three passive minority partners. The non-entity owners of Crestline also own Crestline Canada, Inc. Thru Line, L.P. is, alongside Crestline Canada, Inc., an owner of Crestline Canada Sub, L.P. Crestline utilizes other research affiliate entities in the ordinary course of business in New York and Tokyo, Japan. As of December 31, Crestline’s regulatory AUM computed pursuant to applicable SEC guidelines is $20,824,607,947.