Our Firm abrdn Alternative Funds Limited (formerly Aberdeen Standard Alternative Funds Limited) (herein “aAFL”, “our”, or “we”) is headquartered in Edinburgh, United Kingdom, and is a wholly owned subsidiary of abrdn Investment Management Limited (abrdn IML). abrdn IML is ultimately 100% owned by abrdn plc (“abrdn”). The trading name for all Group entities is abrdn. In addition to aAFL, abrdn Inc. (formerly Aberdeen Standard Investments Inc.), abrdn Asia Limited (formerly Aberdeen Standard Investments (Asia) Ltd).,, and abrdn Investments Limited (formerly Aberdeen Asset Managers Limited.) are all wholly owned subsidiaries of abrdn Holdings Limited (formerly Aberdeen Asset Management PLC). Aberdeen Capital Management LLC and abrdn ETFs Advisors LLC (formerly Aberdeen Standard Investments ETF Securities Advisors LLC) are wholly owned subsidiaries of abrdn Inc. abrdn Capital Partners LLP (formerly SL Capital Partners LLP), based in Edinburgh, Scotland, is also a wholly owned subsidiary of abrdn IML. aAFL, abrdn Inc., abrdn Asia Limited, , abrdn Investments Limited, Aberdeen Capital Management LLC and abrdn ETF Securities Advisors LLC, and abrdn Capital Partners LLP (collectively, “abrdn” or “the Advisers”) are registered as investment advisers with the Securities and Exchange Commission (the "SEC"). In rendering investment advisory services, the Advisers may share resources, including personnel and facilities, and research information. The Advisers may also use the resources of other abrdn subsidiaries. The Advisers have entered into a Memorandum of Understanding (“MOU”), and have elected to appoint as access persons certain individuals who are employed by affiliated offshore unregistered advisers. These individuals render portfolio management, research and trading services to the Advisers' clients. aAFL has been registered with the SEC as an investment adviser since May of 2009. Advisory Services aAFL offers discretionary investment advisory services to institutional clients globally. aAFL manages assets across an array of classes including multi-asset, fixed income, private equity private credit, and real assets. Our clients include U.S. Private Funds, Non-U.S. Private Funds and Pooled Vehicles , described more below:
• U.S. Private Funds aAFL serves as investment adviser to certain private funds with U.S. investors. As private funds, these are not registered or required to be registered under the Investment Company Act of 1940, and any offer or sale of interest in these private funds is made pursuant to an exemption from registration under the Securities Act of 1933. These funds may be domiciled in the U.S., as in the case of a Delaware partnership, or outside the U.S., as in the case of a Cayman LTD. U.S. investors in these funds would be deemed qualified purchasers.
• Non-U.S. Private Funds aAFL serves as investment adviser to private funds not offered to U.S. investors. aAFL is registered as an adviser and an Alternative Investment Fund Manager with the Financial Conduct Authority (“FCA”). As such, aAFL provides these management services under the appropriate regulatory framework. Tailoring Services to Client Needs We typically manage client accounts on a discretionary basis; however, we will manage client accounts on a non-discretionary basis subject to client instruction. We make investments

for clients in accordance with mutually agreed upon written investment guidelines and provide continuous supervision of client portfolios. Investment services may be tailored for each client’s specific needs and objectives, and clients may impose reasonable restrictions on investing in certain securities or types of securities. We have established procedures and controls to help ensure compliance with each client’s specific investment guidelines and any client-imposed restrictions. Where we are the investment adviser to a pooled investment vehicle, investment objectives, guidelines and any investment restrictions are not typically tailored to the needs of individual investors in those vehicles, but rather are described in the prospectus or other relevant offering document for the vehicle. The advisory or sub-advisory fee is subject to negotiation and is fully disclosed to clients. Upon request, clients may also receive investment advice on a more limited basis through advisory or consulting-like services, including advice on isolated areas of concern such as special projects or a specific topic. Clients wishing to engage aAFL for consulting services will be required to enter into a written agreement and may be subject to certain fees and conditions. U.S. Private Funds and Non-U.S. Private Funds The relevant markets, risks, target performance, strategy, benchmarks, and other investment details will be detailed in the offering memorandum of the vehicle. We may, directly or indirectly, and without notice to other investors, enter into “side letter” agreements with certain prospective or existing investors (including investors affiliated with aAFL) granting them, among other things, fee waivers or reductions, future capacity rights in a fund, interests or shares having different voting rights or restrictions, reduced minimum subscription amounts, additional rights to reports and other information and other more favorable terms than the terms that are described in the relevant offering memorandum. The funds that enter into these arrangements have no obligation to offer such differing or additional rights, terms or conditions to all interest holders, and aAFL may or may not offer similar differing or additional rights, terms or conditions to other clients in customized discretionary accounts it manages or to non-discretionary accounts to which it provides investment advice. In rare instances where aAFL is provided with enhanced portfolio disclosure from other managers (including potentially material non-public information concerning the portfolio holdings of an underlying fund pursuant to a confidentiality agreement with the underlying fund or its manager), aAFL will not be able to share information concerning such holdings or information or the fact of the existence of such a confidentiality agreement with advisory clients unless specifically authorized to do so by the underlying fund or its manager. The relevant markets, risks, strategy, benchmarks, fees, expenses and other investment details will be detailed in the offering memorandum of the vehicle. Please also see the “Fees and Compensation” and “Brokerage Practices” items of this Brochure for more information. Assets under Management As of December 31, 2022, aAFL managed $ 4.2 billion on a discretionary basis. We do not manage any assets on a non-discretionary basis.