➢ The Adviser’s headquarters updated its physical address to be: 501 West Broadway, Suite 1350, San Diego, CA 92101 ➢ The Adviser made updates to Item 15 of this Brochure to reflect indirect custody implications by way of its affiliation with the general partner(s) of certain pooled investment vehicles managed by IPG Advisors. Business Commencement Date IPG Advisors has been in business since March of 2010. IPG Advisors is a registered investment adviser formed as a limited liability company in the state of California, headquartered in San Diego, California. Ownership Mr. Adolfo Gonzalez Rubio is the principal majority owner of the Firm. Other owners of the Firm are Messrs. Alberto Benrey and Alfonso Aldrete each maintain less than a 25% ownership interest in the Firm. Services Please find outlined below the various types of advisory services offered by IPG Advisors: ➢ Discretionary Accounts Regarding discretionary investment advisory client accounts, IPG Advisors provides personalized discretionary investment management services to its clients in accordance with our Discretionary Investment Management Agreement. Clients are asked to provide IPG Advisors with important information regarding their current financial holdings, investment objectives, risk tolerance, liquidity needs, and time horizon for IPG Advisors to determine an investment approach in the client’s best interest. The Firm also inquires as to the client’s guidelines, any specific restrictions and income requirements to be used for the management of the client’s accounts. From the information that is supplied by the client, IPG Advisors seeks to construct an allocation mix and investment strategy that it believes is suitable for that client to achieve their investment goals/objectives. IPG Advisors offers the following investment strategies to clients with similar overall investment objectives: ▪ The Global Opportunities Strategy. ▪ The Global Short Duration Strategy. ▪ The Global Intermediate Duration Strategy. ▪ Capital Appreciation Equity Trading Strategy, and ▪ The Asset Allocation Strategy. Please see Section 8 of this Brochure for further details and an overview of each investment strategy and methodology. In addition to the above referenced investment strategies, IPG Advisors also offers customized portfolios to its clients who are seeking a tailored strategy. IPG Advisors’ investment adviser representatives typically serve as portfolio managers for these tailored portfolios. Building such portfolios, and its implementation are dependent upon the client’s investment profile which outlines each client’s current situation (income, investment objectives, risk tolerance levels, among other factors) and is used to construct a client specific plan. Client can impose restrictions on investing in certain securities or types of securities. In Discretionary accounts, clients can still make requests to purchase or sell securities, however the overall purpose of the discretionary account is to manage the client’s investments in the agreed upon manner based upon the discretionary agreement on file. Deviating from such investment models agreed upon will impact the portfolio’s investment performance and returns, continued deviating from the discretionary management agreement may result in the account being changed to a ‘Non-Discretionary’ account. Please refer to Item 8 for further information on our methods of analysis and investment strategies including details on the specific risks associated with these strategies. ➢ Non-Discretionary Accounts Regarding Non-Discretionary investment advisor client accounts, IPG Advisors also offers non- discretionary advisory services to its clients pursuant to a Non-Discretionary Investment Management Agreement. As with the discretionary accounts, clients are asked to provide the Firm with important information regarding their financial profile and any guidelines the client wishes IPG Advisors to follow related to their investment management of the accounts. For non-discretionary accounts, IPG Advisors will recommend investment strategies, asset allocation mixes, or changes to the client's existing portfolio that the Firm believes is suitable for that client and in the client’s best interest; however, the client is the one who will grant the final approval and final direction of their own investment account(s). The Firm has an ongoing responsibility to make recommendations to the client based upon the client's investment objectives and risk tolerance, and so, when the Firm provides investment recommendations then client will advise of the approval or disapproval of each recommendation made by the Firm. Upon approval of any recommendation, the Firm will arrange for effecting the securities transaction(s) recommended. ➢ Family Office Services IPG Advisors is committed to providing Family Office Services from the United States for its Latin American domiciled clients. We offer a wide spectrum of Family Office Services to assist with managing life events and assessing their financial ramifications. Services are selected by the client and may include, without limitation: ▪ Assistance with obtaining banking services. ▪ Notary services. ▪ Property Management. Our Property Management Services are designed to meet client needs associated with vacation home maintenance and management, among other things. ▪ Professional Service Referrals and Assistance. The Firm will introduce clients to professional service providers and manage the relationship commensurate with the needs of the client. For example, we may provide

translation assistance in connection with the professional services rendered by the third party. Types of professional services referred include: o Real estate brokerage services. o Legal services. o Estate planning services ▪ Investment banking consulting. ▪ Office Use. Our corporate offices are in San Diego. From time to time, clients wish to utilize our corporate conference rooms for business meetings. Conference rooms must be reserved. ▪ Customized Special Reports. From time to time, IPG Advisors is requested to prepare consolidated reports in Spanish and/or analyze financial-related statements prepared by third parties; and ▪ Concierge Services. Our Concierge Services are designed to meet individual client needs in an administrative capacity for such things as transportation, travel, entertainment, event planning, and other personal or family arrangements. For more information about these services, please contact your Investment Advisor Representative or IPG Advisors. ➢ Sub-Advisory Services IPG Advisors provides additional services for clients from time-to-time as agreed between the client and the Adviser. In this regard, IPG Advisors acts as a sub-adviser or engages the services of sub-advisers to assist or manage client portfolios and related funds. Such activities include but are not limited to the selection and monitoring of client portfolios, as well as asset allocation and continued analysis related to the Firm’s portfolio management services. Sub- advisers’ services are contracted by the Firm. IPG Advisors sub-advisory services, include but are not limited to arrangements with its affiliates or other related parties to act as a sub-adviser. When either acting as a sub-adviser for affiliates or engaging affiliates as a sub-adviser IPG Advisors notes the common ownership structure creates a conflict of interest, as well as related fees may be shared with the sub-adviser pursuant to the terms of a formalized agreement. ➢ Third Party Asset Managers (“TPAM”) IPG Advisors also provides access to third party asset managers for situations where clients seek certain types of portfolio management, execution, and platform access services. In this regard, IPG Advisors seeks to enter into agreements with other TPAMs who also provide tailored investment advisory services and programs. Typically, securities transactions are recommended by the TPAM; however, the final decision rests with IPG Advisors and its IARs on the execution of such recommendations based on the client’s best interest and investment mandate on their advisory account. There may be instances in which, as specified in the management agreement, that the TPAM’s is allowed to exercise discretion in the management of client accounts. In such instances, IPG Advisors will ensure that the proper documentation is on file authorizing such a relationship and IPG Advisors will periodically review the reports provided by the TPAM to the client to ensure the client’s best interest is adhered to. ➢ Other Services o Special Purpose Vehicles IPG Advisors has been engaged by IPG Alternative Investment GP, LLC (the “General Partner”) to serve as the Management Company of IPG Secondary I, LP, a limited partnership (the “Partnership”) that was created as a special purpose vehicle (“SPV”) for its investors to purchase private shares of a security called Clip Limited. SV Latam serves as an external asset manager to the SPV and receives a portion of the Management Fee paid to IPG Advisors and is also subject to receiving 50% of the performance fees charged by the SPV. Only qualified clients are allowed to invest in the referenced SPV. o Private Funds IPG Advisors serves as Investment Manager to private funds that offer interests pursuant to a Private Offering Memorandum. IPG Advisors directs the investment and re-investment of the securities, cash, and other assets, in accordance with the information provided by the pooled investment vehicles (“Investment Funds”). All terms are generally established at the time of a pool’s formation and investors may not restrict the investments except as indicated in the fund documents. The Investment Funds authorize IPG Advisors to exercise complete and total discretion in the investment of the assets in such Funds. In this connection, the Investment Funds authorizes IPG Advisors, to buy, sell, and trade assets in the Funds, in accordance with the terms and conditions of the fund documents and pertaining agreement. Investors in the pooled investment vehicles should be aware of additional risks, restrictions on withdrawals and redemptions and other important information associated with the pooled investment vehicles. As of December 31, 2023; IPG IA managed approximately $210,915,526 in Private Funds. Investment Product Types Generally, the Firm’s investment advice is confined to the following types of securities and products: ▪ Exchange listed securities. ▪ Securities traded over the counter. ▪ Securities issued by foreign issuers, including foreign sovereign debt instruments. ▪ Corporate debt securities. ▪ Commercial paper. ▪ Certificates of deposit. ▪ Warrants. ▪ U.S. government securities. ▪ Municipal securities. ▪ Mutual funds (foreign and domestic); ▪ Private Funds affiliated with the IPG ▪ Exchange-traded funds. ▪ Options contracts on securities. ▪ Interests in partnerships investing in real-estate. ▪ Structured products, including principal-protected notes. ▪ Hedge funds; and ▪ Private Placements. Assets Under Management As of December 31, 2023, IPG Advisors managed approximately US $2,533,771,492 in clients’ assets on a discretionary basis and $972,511,210 on a non-discretionary basis.