A. AIP, LLC (“AIP,” “American Industrial Partners,” or the “Firm”), a Delaware limited liability company, is an investment adviser located in New York, NY, founded in 2005. American Industrial Partners serves as the sole investment adviser to pooled investment vehicles (each a “Fund” or “Client”). The Funds are exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), pursuant to Section 3(c)(7) of the Investment Company Act. Interests in the Funds are privately offered generally to qualified investors. For purposes of this Brochure, “American Industrial Partners” or the “Firm” also includes (where the context permits), affiliated general partners of the Funds. Currently, American Industrial Partners has 83 employees, 53 of whom perform investment advisory functions. John Becker, Kim Marvin and Dino Cusumano are the principal owners of the Firm. American Industrial Partners generally provides discretionary investment advisory services to the Funds. In certain limited circumstances, the Firm provides non-discretionary investment advice. American Industrial Partners’ investment objective is to provide its Clients long-term capital appreciation and generate significant risk adjusted returns. As a general matter, the Funds seek to acquire control positions in industrial companies headquartered in the U.S., Canada and other developed markets with EBITDA between $0 (or negative) and approximately $350 million that are underperforming their profit potential (such industrial companies in which the Funds invest, the “Portfolio Companies”). Certain of the Funds also seek to make investments in secured and unsecured loans, notes, bonds and debt, equity and equity-related securities (including without limitation common, preferred, convertibles,

options and warrants) and other obligations of such industrial companies, as well as short sales, derivatives and other hedges (collectively, “Credit Opportunity Investments”). American Industrial Partners is affiliated with entities that serve as the general partners to each of the Funds (each, a “General Partner” and, collectively, the “General Partners”) and each of the Funds is controlled by its respective General Partner. For purposes of this Brochure, “Limited Partner” refers to a limited partner of the Funds. The advisory services of American Industrial Partners and each of the General Partners, as affiliated investment advisers, are described in this Brochure. Each General Partner is deemed registered under the U.S. Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”) pursuant to American Industrial Partners’ registration in accordance with SEC guidance and the information set forth herein regarding the investment advisory services provided by American Industrial Partners shall also apply in respect of the General Partners. B. American Industrial Partners generally utilizes a similar strategy for all its Funds, as outlined above; however, some Funds may differ slightly in their particular investing approach, as specified in each Fund’s offering memoranda. American Industrial Partners may also tailor the advisory services it provides to the Funds to the extent that certain investments cannot be held by certain Funds for legal, tax or investment mandate purposes. 5 | P a g e C. American Industrial Partners does not participate in wrap fee programs. D. As of December 31, 2023, American Industrial Partners managed $16,555,852,322 in assets on a discretionary basis and $176,430,556 in assets on a non-discretionary basis. 6 | P a g e