Firm Overview Coburn Barrett, LLC (“Coburn Barrett” or “Investment Manager”) is a San Francisco-based investment management firm that commenced operations in 1997. The managing partners and principal owners of Coburn Barrett are Thomas Wehlen, Rainer Genschel, Eleanor Brigham Wehlen, and Andrew Brigham (the “Managing Partners”). Coburn Barrett provides discretionary investment advisory services to its clients (the “Advisory Clients”), which include a pooled investment vehicle (“Fund”) and separately managed accounts (“Managed Accounts”). The Fund is a private open-ended investment fund organized as a Cayman Islands exempted company. Coburn Barrett’s investment advisory services follow a long-term investment philosophy that typically favors investment holding periods of three years and beyond with the primary objective of long-term capital appreciation of invested assets. Advisory Services Each Advisory Client’s investment objectives and strategy are set forth in a private placement memorandum (in the case of the Fund) or investment management agreement (in the case of a Managed Account). Such documents, together with the subscription agreements, operating agreements, and other governing documents of the Advisory Clients (as applicable), are collectively referred to as the “Governing Documents.” The Governing Documents contain detailed information regarding the investment strategies utilized and any investment restrictions imposed; investment strategies and restrictions vary by Advisory Client. Managed Accounts and investments in the Fund are subject generally to significant account minimums. Coburn Barrett generally has broad and flexible investment authority with respect to the Advisory Clients. Coburn Barrett generally pursues a quantitative strategy that combines Global Macro and Global Tactical Asset Allocation methodologies. However, Coburn Barrett may vary its investment approach to the extent it determines that doing so will be in the best interests of the Advisory Clients and may reallocate Advisory Client assets in response to changing market conditions. Coburn Barrett’s investment

methodology generally seeks to replicate a slightly leveraged position in a global index representing a broad cross section of liquid, investable securities in world markets. Security classes in this index generally include equities, fixed income, commodities and currencies, resulting in a broadly diversified base portfolio. Please refer to Item 8 for additional information relating to Coburn Barrett’s investment strategies and their associated risks. The types of asset classes utilized may vary by Advisory Client according to its investment strategy and any restrictions imposed. Please refer to the applicable Governing Documents for further information on the investment strategy utilized and any restrictions imposed. Coburn Barrett does not tailor its advisory services to the individual needs of investors in the Fund (“Investors”) and does not accept Investor-imposed investment restrictions. As noted above, Coburn Barrett has broad and flexible investment powers and is not bound by any fixed restrictions or guidelines in allocating Advisory Client assets other than those stated in the relevant Governing Documents. The investment management agreements for Managed Accounts generally are heavily negotiated. Managed Accounts are tailored to the individual needs of the holders of such Managed Accounts and therefore may be subject to objectives, guidelines, restrictions, terms and/or fees different than those of the Fund. Managed Accounts generally are subject to significant account minimums. In the future, Coburn Barrett may enter into side letter agreements. Coburn Barrett generally enters into side letters pertaining to fee arrangements only with Investors who make substantial commitments of capital. Side letter provisions are typically negotiated prior to investment and are not indefinite in length. Coburn Barrett does not participate in wrap fee programs. As of December 31, 2022, Coburn Barrett manages approximately $142,963,907 of Advisory Client assets on a discretionary basis. Coburn Barrett does not currently manage any Advisory Client assets on a non- discretionary basis.