Alumina is an independent private investment firm founded in 2012 and organized under the laws of the state of North Carolina as a limited liability company. Alumina is principally owned and controlled by Greg Kares, Principal. We use the terms “Alumina”, “we” or “us” in this brochure to refer to Alumina Investment Management, LLC. Alumina offers both discretionary and non-discretionary investment management services to a variety of institutional investors which may include banks, REITs, and life insurance company trusts as well as non-discretionary consulting and analytical support to large financial institutions. Our firm tailors its services to the specified investment objectives and restrictions set forth in each client’s investment management agreement and related governing documents. Investment Management Our investment management services are generally provided to a variety of institutional investors that may include banks, REITs and private investment trusts. The private investment trusts serve as an investment option for insurance companies as an underlying funding option for their policies. We manage the assets of the trusts with the objective to provide a total return that is consistent with a targeted crediting rate while providing a high level of capital preservation. Our clients generally adopt investment guidelines and restrictions relating to the types and dollar amount of securities that it may purchase. We tailor our investment decisions to meet any applicable investment guidelines. Investment Management services can be provided on either a discretionary or non-discretionary basis according to the needs of a particular client. Consulting and Analytical Support We work with banking

institutions to evaluate and analyze the risks and opportunities associated with managing a bank investment portfolio consisting of a wide variety of fixed income assets over numerous market cycles. We perform an extensive review of a bank’s interest rate measurement systems and processes, then develop an investment strategy with the objective of managing the bank’s interest rate risk in light of deposit product reactivity, the sensitivity of all core banking functions, hedging strategies, accounting functions, the economic outlook and the impact of regulatory actions. After the investment strategy has been implemented, we provide the bank with modeling analytics and reporting support on a monthly basis. We monitor the portfolio to ensure that interest rate risk and certain credit exposures are within acceptable limits. We may also provide additional and / or ongoing nondiscretionary portfolio management support with the aim of helping bank clients achieve their interest rate risk, credit risk and / or other management objectives. We also work with the bank to develop presentations for regulators, auditors and rating agencies. With respect to real estate investment trusts (REITs) we provide advice and investment management services on a variety of eligible investments. We seek investments with risk-reward profiles that may help REIT clients meet their objectives of paying dividends to shareholders while preserving capital. We may also consult on matters pertaining to overall interest rate positioning, yield curve exposure, and leverage. As of December 31, 2023, Alumina had $11,978,167,685 assets under management on a non- discretionary basis. There were no discretionary assets under management as of 12/31/ 2023.