(A) Merricks Capital Pty Limited (Merricks Capital or the Firm) was established in 2007 and is based in Melbourne, Australia. Merricks Capital is an independent investment manager that is registered and regulated by the Australian Securities and Investments Commission (ASIC) and is the holder of Australian Financial Services Licence (AFSL) No. 319477, which permits the group to provide financial services and financial products to wholesale clients in Australia. This registration does not imply any level of skill or training. Merricks Capital is owned by Adrian Redlich and the Liberman Family who collectively own 95% of the business. Mr. Adrian Redlich continues to be the Executive Chair and Chief Investment Officer of the Firm, with Mr. David Hackett as Chief Executive Officer. (B) Merricks Capital provides a wide range of investment management, portfolio management and advisory services to private investment funds and advised accounts which have individuals, businesses and institutions as investors. These services include (but are not limited to) soft commodity derivatives (for example, futures, forwards, options and swaps), real asset credit and similar debt investing. Please see Item 8 for a detailed description of the Investment Strategy and Methods of Analysis for Merricks Capital’s funds (Funds). Where applicable, Merricks Capital advises and manages accounts for separate account clients on a discretionary and non-discretionary basis (Managed Accounts, and together with the Funds, the Clients). The descriptions set forth in this Brochure of specific advisory services that

Merricks Capital offers its Clients, and investment strategies pursued and investments made by the Firm on behalf of its Clients, should not be understood to limit in any way the Firm’s investment activities. Merricks Capital may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that it considers appropriate, subject to each Client's investment objectives and guidelines. The investment strategies pursued are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved. (C) In its role of managing assets for the Clients, Merricks Capital provides investment advice tailored to the investment objectives and policies of its Clients. Except as provided for in the Funds’ respective investment policies (or the advisory agreement for Managed Accounts), Merricks Capital’s Clients may not impose any other restrictions on investing in securities or types of securities. Aside from the above, Merricks Capital does not provide individual tailored advice to Clients and Merricks Capital generally does not provide individual tailored services. (D) Merricks Capital does not participate in wrap fee programs. (E) As of 30 June 2023, Merricks Capital had USD1,492,430,647 in net assets under management. USD1,319,042,726 of assets are managed on a discretionary basis and USD173,387,921 of assets are managed on a non-discretionary basis.