Forester was founded in 1999 and began investing on behalf of its clients on February 1, 2000. Forester is principally owned by its managing member, Trent A. Carmichael (the “Managing Member”), and his family. In addition to Mr. Carmichael, there are two other members of Forester who receive a profit participation. Forester primarily provides discretionary investment advisory services to the following private investment funds (the “Forester Funds”): Delaware Limited Partnerships
• Forester Partners, L.P.
• Forester Diversified Fund, L.P.
• Forester Strategic Opportunities, L.P.
• Forester Strategic Opportunities II, L.P.
• Forester Co-investment, L.P.
• Forester Insurance Fund Cayman Islands Exempted Companies
• Forester Offshore, Ltd.
• Forester Diversified, Ltd.
• Forester Strategic Opportunities, Ltd.
• Forester Strategic Opportunities II, Ltd. Except as described below, each Forester Fund invests (directly or indirectly) in a diversified group of private investment funds (collectively, “Investment Funds”) sponsored and managed by third-party investment managers (collectively, “Fund Managers”). The Forester Funds generally invest with Fund Managers who employ a classic hedge fund approach by investing in long and short positions, typically in equity securities, and may utilize leverage to magnify the effects of stock selection. In certain cases, the Forester Funds will make strategic investments in private investment funds advised by: (i) early-stage managers; and (ii) more established managers (collectively, the “Strategic Investments”). In connection with the Strategic Investments, the Forester Funds are expected to receive revenue participation rights (the “Revenue Share”). In connection with these Strategic Investments, the Forester Funds will also seek fee discounts, expense caps and capacity rights. Forester Diversified Fund, L.P. also invests with absolute return oriented Fund Managers. Forester Offshore, Ltd. and Forester Diversified, Ltd. indirectly invest in Investment Funds through the investment of substantially all of their investable assets in Forester Partners, L.P. and Forester Diversified Fund, L.P., respectively. Forester Strategic Opportunities, L.P. and Forester Strategic Opportunities II, L.P. exclusively make Strategic Investments and are entitled to receive a Revenue Share with respect to each such Fund Manager. Forester Strategic Opportunities, Ltd. and Forester Strategic Opportunities II, Ltd. indirectly invest in Strategic Investments through the investment of substantially all of their investable assets in Forester Strategic Opportunities, L.P. and Forester Strategic Opportunities II, L.P., respectively. Forester Strategic Opportunities, L.P. and Forester Strategic Opportunities, Ltd. are referred to together in this Brochure as “FSO”. Forester Strategic Opportunities II, L.P. and Forester Strategic Opportunities II, Ltd. are referred to together in this Brochure as “FSO II”. Forester Co-investment, L.P. (the “Co-investment Fund”) invests either directly or in special purpose vehicles offered by various Fund Managers in order to participate in co-investment or similar opportunities identified by Fund Managers. Forester serves as discretionary investment subadvisor to Forester Insurance Fund, a Series of the SALI Multi-Series Fund, L.P. (the “Forester Insurance Fund”). Interests

in the Forester Insurance Fund are only offered to insurance company investors on behalf of certain of their segregated separate accounts that fund certain variable life insurance and variable annuity contracts. The Forester Insurance Fund is primarily invested in Forester Partners, L.P. and Forester Diversified Fund, L.P. In addition, the Forester Insurance Fund invests directly with long/short equity and absolute return oriented Fund Managers. Forester concentrates on Fund Managers that engage in fundamental, bottom-up research and analysis. The Fund Managers are generally not limited or restricted in their investment activities and may at any time invest or trade in long or short positions in U.S. or foreign publicly traded or privately issued common stocks, preferred stocks, stock warrants and rights, corporate or sovereign debt, bonds, notes or other debentures or debt participations, partnership interests, interests in investment companies, convertible securities, swaps, options, futures contracts and other derivative instruments. The Forester Funds also invest in cash and cash-equivalents. In addition, Forester Diversified, Ltd., Forester Strategic Opportunities, Ltd. and Forester Strategic Opportunities II, Ltd. currently invest in forward contracts and engage in spot currency transactions in seeking to hedge currency exposure attributable to shares that are not denominated in U.S. dollars. There can be no assurances that Forester will continue to enter into currency hedging transactions in the future. Forester has facilitated credit arrangements with third parties on behalf of certain Forester Funds to allow those Forester Funds to borrow for short term liquidity needs, including financing of investor withdrawals/redemptions, portfolio reallocations and the settlement of currency hedging transactions (as applicable). Certain Forester Funds have entered into committed lines of credit to enable such borrowings on a periodic basis, although there can be no assurance that any line of credit will be continued or that amounts available thereunder will be sufficient to satisfy its intended uses. Forester provides advice to the Forester Funds based on the specific investment objectives and strategies of such funds. Forester neither tailors its advisory services to the individual needs of investors in the Forester Funds, nor accepts investor-imposed investment restrictions. Forester also provides non-discretionary advisory services regarding a client’s hedge fund portfolio (the “Advisory Client,” and collectively with the Forester Funds, the “Forester Clients”). Forester provides advice based on the specific investment objectives of the Advisory Client. The Advisory Client maintains discretion over the portfolio. The Advisory Client is subject to a higher minimum investment threshold than investors in the Forester Funds and its fees are individually negotiated. Forester also serves as the investment manager for FC Strategic Holdings, Ltd. (the “Holding Company”). Certain Forester Funds and the Advisory Client invest directly or indirectly in the Holding Company to gain access to certain Strategic Investments and to receive revenue participation rights. Forester does not participate in wrap fee programs. As of December 31, 2022, Forester had regulatory assets under management of approximately $1,013,143,000 on a discretionary basis, and $231,319,000 on a non-discretionary basis.