Introduction Citi Global Alternatives, LLC (“Citi Alternatives”) is a Delaware limited liability company and an indirect, wholly-owned subsidiary of Citigroup Inc. (“Citigroup”). Citigroup is a publicly held company. As a result of internal Citi organizational changes and other considerations that occurred in 2022, the registered investment adviser business of Citi Private Alternatives, LLC (previously known as Citi Private Advisory, LLC) (“CPA”) was moved in its entirety into a newly formed entity, Citi Alternatives. Citi Alternatives commenced operations in September 2022 (succeeding the registered investment adviser business of CPA, which commenced operations in October 2010). Citi Alternatives provides advisory services to private investment funds, including feeder funds organized to invest primarily in other private investment funds advised by third-party managers (each, a “Feeder”), funds of hedge funds (each, a “Fund of Hedge Funds”), funds of private equity and real estate funds (each, a “Fund of PERE Funds,” and collectively with the Funds of Hedge Funds referred to as “Funds of Funds”), and private funds that invest in a portfolio of co-investment opportunities sourced from third party managers (“Co-Investment Funds”). These third-party managed funds include hedge funds, private equity funds (and co-investment vehicles) and real estate funds (and co-investment vehicles). Citi Alternatives also provides investment advice to separately managed accounts (“Managed Accounts”) on either a fully discretionary or non-discretionary basis. In addition, Citi Alternatives provides certain non-fee services as described below. Clients should read and consider carefully the information contained in this brochure. While Citi Alternatives believes that its professional investment advice can work to benefit many clients, there is no assurance that the objectives of any Feeder, Fund of Funds, Co-Investment Fund, Managed Account or other investment program described herein will be achieved. Services Provided: Feeder Platforms HedgeForum Platform Citi Alternatives provides investment advice to private investment funds that are organized to invest primarily in other private investment funds commonly known as hedge funds through its HedgeForumSM platform (“HedgeForum” or “HedgeForum Platform”). Hedge funds are professionally managed, pooled investment vehicles that use investment techniques including but not limited to active trading, short selling, arbitrage and leveraging. Because of high minimum investment levels and other reasons, certain eligible investors generally would not have the opportunity to invest directly in certain hedge funds, and the HedgeForum Platform enables such investors to invest indirectly in these single manager hedge funds managed by third parties. Typically, each hedge fund offered on HedgeForum (each, a “HedgeForum Master Company”) will be a separate legal entity that acts as a master vehicle in a “master-feeder” structure, and each HedgeForum Master Company will often have, directly or indirectly, either or both a U.S. feeder fund and a Cayman Islands feeder fund (each, a “HedgeForum Feeder”) through which U.S. taxable and U.S. tax-exempt and non-U.S. investors, respectively, indirectly invest into a HedgeForum Master Company. Each HedgeForum Master Company may be organized in one of a number of different jurisdictions, but each is commonly organized in the Cayman Islands or Delaware. A third-party hedge fund manager (each, a “HF Portfolio Manager”) sponsors and advises each HedgeForum Master Company and manages the assets of such HedgeForum Master Company (either directly or by managing a master trading vehicle in which such HedgeForum Master Company invests substantially all of its assets). Private Equity Platform Citi Alternatives provides investment advice to private investment funds (each a “PE Feeder”) that are organized to invest primarily in private equity funds through its private equity platform (“Private Equity Platform”). Private equity funds are limited partnerships, limited liability companies or other investment vehicles. Private equity funds typically acquire non-publicly traded interests that they may hold for extended periods of time. These securities often are acquired in management buyouts, or in connection with company growth or restructurings. These securities may take the form of common equity, preferred equity, debt or other similar instruments. The capital provided by the investments may be used in the early or intermediate stages of an enterprise or may fund the expansion of an established business. Because of high minimum investment levels and other reasons, certain eligible investors generally would not have the opportunity to invest directly in certain private equity funds, and the Private Equity Platform enables such investors to invest indirectly in these single manager private equity funds managed by third parties. Typically, PE Feeders offered on the Private Equity Platform act as feeder funds that invest in an underlying private equity fund managed and advised by a third party (each, a “PE Master Company”). The PE Master Company is a separate legal entity that acts as a master vehicle in a “master-feeder” structure, and each PE Master Company will have either or both a U.S. PE Feeder and a Cayman Islands, Luxembourg or other non-U.S. domiciled PE Feeder that enable U.S. taxable and U.S. tax-exempt and non-U.S. investors to invest through such PE Feeders into the PE Master Company. Each PE Master Company may be organized in one of a number of different jurisdictions, but is commonly organized in the Cayman Islands, Luxembourg or Delaware. A third-party private equity fund manager (each, a “PE Portfolio Manager”) sponsors and advises each PE Master Company and manages the assets of such PE Master Company (either directly or through one or more of its affiliates). The Private Equity Platform may also enable certain eligible investors to invest via a PE Feeder alongside a PE Master Company in a specified company or transaction (either directly or through an investment in another vehicle managed by the PE Portfolio Manager (each, a “PE Co- investment SPV Vehicle”)). Real Estate Platform Citi Alternatives provides investment advice to private investment funds (each, a “RE Feeder”) that are organized to invest primarily in real estate funds or real estate co-investments through its real estate platform (“Real Estate Platform”). Real estate funds are limited partnerships, limited liability companies and other investment vehicles that invest, directly or indirectly, in real estate and real estate-related investments, which is broadly defined. Such funds typically acquire interests in real estate properties that they may hold for extended periods of time. A real estate fund may also acquire publicly-traded shares of Real Estate Investment Trusts (“REITs”) or shares in other companies that own, develop, operate or finance real estate as their primary business (“REOCs”) or Commercial Mortgage-Backed Securities (“CMBS”) or other debt instruments, both publicly and privately traded. Because of high minimum investment levels and other reasons, certain eligible investors generally would not have the opportunity to invest directly in certain real estate funds, and the Real Estate Platform enables such investors to invest indirectly in these single manager real estate funds managed by third parties. Typically, RE Feeders offered on the Real Estate Platform act as feeder funds that invest in an underlying real estate fund managed and advised by a third party (each, a “RE Master Company” and, together with Hedge Forum Master Companies and PE Master Companies, “Master Companies”). The RE Master Company is a separate legal entity that acts as a master vehicle in a “master-feeder” structure, and each RE Master Company will have either or both a U.S. RE Feeder and a Cayman Islands, Luxembourg or other non-U.S. domiciled RE Feeder that enable U.S. taxable and U.S. tax-exempt and non-U.S. investors to invest through such RE Feeders into the RE Master Company. Each RE Master Company may be organized in one of a number of different jurisdictions, but is commonly organized in the Cayman Islands, Luxembourg or Delaware. A third-party real estate fund manager (each, a “RE Portfolio Manager”) sponsors and advises each RE Master Company and manages the assets of such RE Master Company (either directly or through one or more of its affiliates). The Real Estate Platform may also enable certain eligible investors to invest via a RE Feeder alongside a RE Master Company in a specified property or transaction (either directly or through an investment in another vehicle managed by the RE Portfolio Manager (each, a “RE Co- investment SPV Vehicle”)). General Eligible investors may invest in any combination of HedgeForum Feeders, PE Feeders, PE Co- investment SPV Vehicles, RE Feeders, and RE Co-investment SPV Vehicles based on their individual investment needs. The third-party portfolio managers (“Portfolio Managers”) are selected by Citi Alternatives, which takes advantage of Citi Alternatives’ experience in manager sourcing, due diligence and risk management capabilities in evaluating and selecting third-party Portfolio Managers for inclusion on the relevant Platform (as defined below). In selecting Portfolio Managers, Citi Alternatives generally will consider various factors as appropriate for the relevant Platform, including, but not limited to: (i) investment strategy and targeted sectors; (ii) the Portfolio Manager’s investment team and personnel; (iii) the overall sustainability risk profile of the Portfolio Manager; and (iv) the track record and transactions done by the Portfolio Manager’s investment team. In respect of the HedgeForum Platform, Citi Alternatives also considers, among other factors: (i) the HF Portfolio Managers’ historical ability to generate attractive risk-adjusted returns over time; (ii) the HF Portfolio Managers’ historical ability to monitor and control risk appropriate to their strategy; and (iii) the adequacy of the HF Portfolio Managers’ business and operational infrastructure to support current and future projected assets under management. Within each of these two sets of broad areas, Citi Alternatives uses an extensive list of issues, questions and metrics designed to assist it in deciding whether to allow a particular Portfolio Manager onto the relevant Platform. Interviews with other investors and lenders and verification from independent professionals may also be undertaken. Prior to a Feeder being admitted to a Platform, the Master Company and Portfolio Manager must be approved by an internal investment committee and are also subject to various Citigroup approval processes. The members of this investment committee include officers of Citi Alternatives and officers of other Citigroup entities. Given the illiquid nature of most real estate and private equity funds, once a RE Feeder or PE Feeder is launched, Citi Alternatives will be responsible primarily for effecting the Feeder’s investment in the designated Master Company or Co-investment SPV Vehicle as directed by the Feeder’s governing documents and monitoring the investment during the term. For certain investments, Citi Alternatives or its delegate may serve as a member of the relevant Master Company’s limited partner advisory committee or serve in a similar function. The terms of any such advisory committee or similar function will be disclosed in the relevant Master Company’s governing documents. Because of the redeemable nature of most hedge funds, Citi Alternatives’ investment advisory role with respect to HedgeForum Feeders includes but is not limited to ongoing due diligence, performance monitoring, review of adherence to regulatory and investment guidelines, assessment of the use of leverage and examination of risk management procedures. Services Provided: Managed Accounts Citi Alternatives provides investment advice to Managed Accounts that will primarily acquire interests in HedgeForum Feeders or directly in HedgeForum Master Companies or other funds advised by HF Portfolio Managers or hedge funds included on the Platforms, although the Managed Accounts may also acquire interests in private investment funds advised by third-party managers that are not included on the Platforms (“Non-Platform Funds”). Citi Alternatives provides such advice either directly to the client or, generally with respect to non-U.S. clients, on a sub-advisory basis (with a local Citigroup affiliate generally serving as the direct advisor). The Managed Accounts are managed on a fully discretionary basis (“Discretionary Managed Accounts”) or a non-discretionary basis (“Non-Discretionary Managed Accounts”). Individual account agreements will provide for client notice or approval procedures, if any. With respect to a Discretionary Managed Account, Citi Alternatives and its affiliates will enter into an advisory agreement and related account opening documents with the client pursuant to which Citi Alternatives will construct and manage on a discretionary basis the Discretionary Managed Account. With respect to a Non-Discretionary Managed Account, Citi Alternatives and its affiliates will enter into an advisory agreement and related account opening documents with a client pursuant to which Citi Alternatives will provide investment advice relating to private investment funds and will construct on a non-discretionary basis the Non-Discretionary Managed Account’s portfolio. Individual agreements may provide for other services to be provided by Citi Alternatives which may include: overall allocation advice, due diligence services, consolidation of certain accounts, analytical and reporting services and certain administrative services. Citibank, N.A. or other Citigroup affiliates or third parties are often retained by the Managed Account clients or Citi Alternatives to provide administrative, custodial or other services to the Managed Accounts. In 2015, The Bank of New York Mellon (“BNY”) was appointed to perform certain sub-custodial and other functions in respect of the Managed Accounts established as of such date and has been appointed to perform such services for subsequent Managed Accounts. In constructing a Managed Account portfolio, Citi Alternatives will first consider and assess the Managed Account client’s financial goals, investment objectives, investment time horizon, risk tolerance, investment preferences and other considerations deemed appropriate by Citi Alternatives. Citi Alternatives expects that it will utilize its proprietary asset allocation methodology and processes to determine strategic allocations for the portfolio. It will also consider macroeconomic and market factors along

with its qualitative views in both constructing the initial portfolio as well as providing ongoing monitoring and rebalancing advice. In certain instances, depending on an individual client’s needs and preferences, Citi Alternatives may construct portfolios that are either concentrated in terms of strategy or sectors or in terms of the number of funds. See Item 8 “Methods of Analysis.” The Managed Accounts program is generally referred to as the “Custom Hedge Fund Portfolios” program. Citi Alternatives expects in the future to launch a comparable managed account program that will invest in funds advised by RE Portfolio Managers and PE Portfolio Managers on the relevant Platforms. Services Provided: Fund of Hedge Funds General Citi Alternatives provides investment advice to Fund of Hedge Funds that are organized to invest primarily in other hedge funds (“Underlying Hedge Funds”). Citi Alternatives serves as the investment manager or sub-investment manager of the Fund of Hedge Funds. The Underlying Hedge Funds will be selected by Citi Alternatives, which takes advantage of Citi Alternatives’ sourcing, due diligence and risk management capabilities in evaluating and selecting third-party hedge fund managers for inclusion in the Fund of Hedge Funds’ portfolio. The Underlying Hedge Funds will be selected based on multiple criteria, including: (i) the Portfolio Managers’ historical ability to generate attractive risk-adjusted returns over time; (ii) the Portfolio Managers’ historical ability to monitor and control risk appropriate to their strategy; (iii) the overall sustainability risk profile of the Portfolio Manager; and (iv) the adequacy of the Portfolio Managers’ business and operational infrastructure to support current and future projected assets under management. It is expected that certain of the Portfolio Managers included in a Fund of Hedge Funds will also be on the HedgeForum Platform. After undergoing Citi Alternatives’ initial due diligence and approval process, all of the Underlying Hedge Fund Portfolio Managers will be subject to ongoing monitoring by Citi Alternatives’ investment professionals. Citi Alternatives will determine the initial allocation among the Underlying Hedge Funds, perform on-going due diligence on the Underlying Hedge Funds, and regularly rebalance the allocation among the Underlying Hedge Funds based on, among other factors, the Fund of Hedge Funds’ strategies, investment limitations and investment restrictions as well as Citi Alternatives’ assessment of global market conditions. Citi Alternatives expects that it will utilize its proprietary asset allocation methodology and processes to determine strategic allocations for each Fund of Hedge Funds. It will also consider macroeconomic and market factors along with its qualitative views in both constructing the initial portfolio as well as providing ongoing monitoring and rebalancing advice. See Item 8 “Methods of Analysis.” Structure There are two Fund of Hedge Funds vehicles, one onshore and one offshore, that have been structured as “umbrella” structures which either issue shares in separate sub-funds or issue interests in series, depending on the vehicles’ jurisdiction of organization. Each series or sub-fund (each a “HF Portfolio”) will seek to achieve its own investment objective and policy, have separate rights and privileges as established in the vehicles’ respective constitutive documents and bear separate liabilities. Each HF Portfolio will invest substantially all of its assets in Underlying Hedge Funds. Currently, the onshore vehicle has two active HF Portfolios and the offshore vehicle has three active HF Portfolios that are operated as fund of hedge funds vehicles, and will accept investors at a minimum subscription amount of $100,000 for the onshore vehicle and $175,000 for the offshore vehicle. The minimum subscription amounts may be waived by the HF Portfolios, subject to applicable law. Additional HF Portfolios are expected to be established in the future. Each Fund of Hedge Funds vehicle has established, or is also expected to establish, HF Portfolios that will be customized for, and available for investment by, certain eligible clients of Citigroup affiliates (“Dedicated Portfolios”). Similar to the Discretionary Managed Accounts, in constructing a Dedicated Portfolio, Citi Alternatives will first consider and assess, among other factors, the Dedicated Portfolio client’s financial goals, investment objectives, investment time horizon, risk tolerance, investment preferences and other factors deemed appropriate by Citi Alternatives. Citi Alternatives expects that it will utilize its proprietary asset allocation methodology and processes to determine strategic allocations for the Dedicated Portfolios. It will also consider macroeconomic and market factors along with its qualitative views in both constructing the initial portfolio as well as providing ongoing monitoring and rebalancing advice. See Item 8 “Methods of Analysis.” Dedicated Portfolios may be referred to as part of the “Custom Hedge Fund Portfolios” platform. Citi Alternatives currently serves as a sub-advisor to fund of hedge funds vehicles established, sponsored and/or advised by a third party and may in the future serve as a sub-advisor to additional such fund of hedge funds vehicles, including vehicles investing in insurance and other sectors. Citi Alternatives utilizes substantially similar investment management, due diligence and risk management processes described above for such sub-advised fund of funds vehicles as it does for the Fund of Hedge Funds. Services Provided: Fund of Private Equity/Real Estate Funds General Citi Alternatives provides investment advice to Fund of PERE Funds that are organized to invest primarily in a portfolio of other private equity or real estate funds and co-investment opportunities. Such investments include within a Fund of PERE Funds: PE Feeders or PE Master Companies on the Private Equity Platform; RE Feeders or RE Master Companies on the Real Estate Platform; and related co-investment vehicles (collectively, “Underlying PERE Funds”). Citi Alternatives serves as the investment manager or sub-investment manager of the Fund of PERE Funds. Citi Alternatives will determine the initial allocation among the Underlying PERE Funds based on the criteria set forth in the relevant fund governing documents. Structure Currently, there are seven Fund of PERE Funds and each invests substantially all of its assets in Underlying PERE Funds. These Fund of PERE Funds will generally accept investors at a minimum subscription amount of $250,000. The minimum subscription amounts may be waived by the Fund of PERE Funds, subject to applicable law. In addition, there is currently one Fund of PERE Funds vehicle that is structured as an “umbrella” vehicle, which issues shares in separate sub-funds. Each sub-fund (each a “PERE Portfolio”) will seek to achieve its own investment objective and policy, have separate rights and privileges as established in the vehicles’ respective constitutive documents and bear separate liabilities. Each PERE Portfolio will invest substantially all of its assets in Underlying PERE Funds either directly or through a PE Feeder, RE Feeder or another Fund of PERE Funds vehicle. This umbrella structure currently has three PERE Portfolios which consist of Custom PERE Portfolios as defined below and two Funds of PERE Fund. Minimum investment for each PERE Portfolio is $10,000,000. There are currently two sub-funds within this vehicle structured as feeders (i.e., each of these sub-funds is allocated to a specified PE Master Company) and it is expected that additional future sub-funds within this vehicle will be structured as feeders (i.e., allocated to a specified PE Master Company or RE Master Company) or Fund of PERE Funds. Certain PERE Portfolios may be created for individual clients of Citigroup affiliates or related groups of investors and would be managed on a more customized basis in accordance with those clients’ and/or investors’ particular objectives (“Custom PERE Portfolios”). Additional Fund of PERE Funds and PERE Portfolios are expected to be established in the future. Services Provided: Co-Investment Funds General Citi Alternatives provides investment advice to Co-Investment Funds that are each organized to invest in a diversified portfolio of private equity and real estate co-investments (“Co- Investments”). Each Co-Investment Fund’s portfolio is anticipated to include investments in single asset co-investment vehicles and is expected to be diversified as provided in the Co-Investment Funds’ governing documents, including by underlying investment group, geography, strategy and sector. Co-Investments in which the Co-Investment Funds are expected to invest will focus on strategies that include, but are not limited to, buyouts, growth, venture, structured credit, mezzanine, infrastructure, distressed/turnarounds, core real estate, value-add real estate, and opportunistic real estate. It is expected that the Co-Investments will be sourced from Portfolio Managers on the Platforms, thus leveraging Citi Alternatives’ experience in manager sourcing, due diligence and risk management capabilities in evaluating and selecting third party Portfolio Managers and the related Co-Investments. Co-investments will be selected based on Citi Alternatives’ detailed qualitative and quantitative analysis of the investment merits of a selected opportunity in addition to the analysis that is performed on respective Portfolio Manager when they were onboarded to the Platform, the characteristics and diversification of existing investments, the desired pace of deployment of capital and the expected pipeline of investment opportunities and any investment limitations and investment restrictions of the Co-Investment Fund. Citi Alternatives serves as the investment manager of the Co-Investment Funds and will determine the allocation among the Co-Investments based on the criteria set forth in the relevant fund governing documents. Structure Currently, there are two Co-Investment Funds expected to be launched on or around the second quarter of 2024, and each is expected to invest substantially all of its assets in Co-Investments. These Co-Investment Funds will generally accept investors at a minimum subscription amount of $250,000. The minimum subscription amounts may be waived by the Co-Investment Funds, subject to applicable law. Additional Co-Investment Funds are expected to be established in the future. Services Provided: Portfolio Diagnostic Reviews Citi Alternatives provides investment portfolio analysis (a “Portfolio Diagnostic Review”) on a non-fee basis to certain select clients of Citigroup affiliates. A Portfolio Diagnostic Review is performed by Citi Alternatives for an individual client to provide them with a better understanding of their alternative fund holdings and portfolio construction issues. Citi Alternatives will evaluate a client’s portfolio for, among other things, diversification, liquidity and allocation of investment strategies. Citi Alternatives’ evaluation of the client’s portfolio is based on the data provided by the client on existing alternative fund holdings. Citi Alternatives only provides information with respect to the client’s portfolios, and clients are solely responsible for all investment decisions relating to the client’s portfolios. After receiving a Portfolio Diagnostic Review, clients may decide to invest in one or more Feeders, Funds of Funds or Co-Investment Funds; invest in a Dedicated Portfolio; or retain Citi Alternatives to advise a Managed Account for the client. See Item 8 “Methods of Analysis.” Definitions The term “Feeder” includes a HedgeForum Feeder, a PE Feeder, and a RE Feeder. The term “Master Company” includes a HedgeForum Master Company, a PE Master Company and a RE Master Company. The term “Underlying Fund” includes, where applicable, a HedgeForum Master Company, a PE Master Company, a PE Co-investment SPV Vehicle, a RE Master Company, a RE Co-investment SPV Vehicle, a Co-Investment, an Underlying Hedge Fund and an Underlying PERE Fund. The term “Platforms” includes the HedgeForum Platform, hedge funds considered as part of the Citi Wealth Investments – Alternatives platform and available as a fund investment in Managed Accounts, Fund of Hedge Funds or Co-Investment Funds, the Private Equity Platform and the Real Estate Platform. The term “Portfolio Manager” includes an HF Portfolio Manager, a PE Portfolio Manager and a RE Portfolio Manager or portfolio manager of an Underlying Hedge Fund, Underlying PERE Fund or Co-Investment. The term “Co-investment SPV Vehicle” includes any PE Co-investment SPV Vehicle or RE Co-investment SPV Vehicle as applicable. The term “Fund(s) of Funds” includes the Fund(s) of Hedge Funds and the Fund(s) of PERE Funds (as well as the Custom PERE Portfolios part of the Fund of PERE Funds structure). Particular Investment Restrictions Individual investors in the Feeders, the Fund of Funds and Co-Investment Funds are not consulted in the design or implementation of investment programs. Each Feeder’s account documentation will describe such Feeder’s investment program and will identify the respective Master Company. Each Fund of Funds’, Co-Investment Fund’s and Dedicated Portfolio’s account documentation will describe its investment program and any related investment restrictions. With respect to Managed Accounts, each advisory agreement and related account documentation will specify the particular investment program and any related investment restrictions. It is expected that in general each Managed Account and each Dedicated Portfolio will be customized to reflect a particular investor profile. An investor profile generally addresses existing investments, income preferences, liquidity preferences, investment time horizon, investment objectives, risk tolerance and investment experience. Wrap Fee Programs Citi Alternatives does not participate in wrap fee programs. Assets Under Management As of December 31, 2023, Citi Alternatives managed $20,590,054,868 of discretionary assets and $24,101,863 of non-discretionary assets. The discretionary assets consisted of (i) Feeders on the HedgeForum Platform and special purpose vehicles related to the HedgeForum Platform; (ii) Feeders in the Private Equity Platform; (iii) Feeders in the Real Estate Platform; (iv) two Funds of Hedge Funds consisting collectively of multiple portfolios (including Dedicated Portfolios), (v) eight Funds of PERE Funds (including Custom PERE Portfolios); and (vi) advisory contracts for Discretionary Managed Accounts. Citi Alternatives managed six advisory contracts for Non- Discretionary Managed Accounts during 2023.