Acuitas Investments, LLC (“Acuitas” or the “Adviser”) is primarily owned and controlled by Christopher D. Tessin and Dennis W. Jensen. Less than 20% of the firm is owned by non-operating external partners. The company was formed in January 2011. Acuitas is an investment adviser specializing in global small cap and microcap investing. Our primary business is managing multi-manager strategies that are invested in global microcap and small cap securities. Acuitas is the investment adviser of the Acuitas U.S. Microcap Fund, (“the Mutual Fund”) an open-end mutual fund managed under the Forum Funds II Series Trust, a Series Trust registered under the Investment Company Act. Acuitas is the investment adviser of Acuitas Long/Short Fund, LP and Acuitas Emerging Markets Small Cap Fund, LP (collectively “the Funds”), each a private investment limited partnership formed in Delaware. Acuitas also provides discretionary investment advice to other separately managed accounts for which we employ similar strategies as those employed for the Funds and Mutual Fund. Currently, for the Funds, Mutual Fund and separately managed accounts, Acuitas selects and monitors other independent investment advisers (“subadvisers") who purchase and sell securities for each client’s account. The subadvisers are generally retained through a contractual sub-advisory relationship with us. Additional detail on the Funds’ investment strategies, and the terms and conditions on which we privately offer ownership interests to eligible

investors are described in a current Private Placement Memorandum ("PPM") for each Fund, which is provided to all prospective investors of the Funds. Information in this brochure summarizes certain disclosures in the PPMs. A prospective Fund investor is urged to rely on the fuller descriptions in the Funds’ PPMs, and to contact Acuitas with any questions about the disclosures in the Funds’ PPMs or this brochure. The Mutual Fund is managed in accordance with its investment objectives. Information about the Mutual Fund is provided in the prospectus and statement of additional information, which are available on the SEC’s website at www.sec.gov or on Acuitas’ website at www.acuitasfunds.com. In servicing our clients, Acuitas takes into account the investment objectives, restrictions and guidelines of each client. However, for the Funds and Mutual Fund, advisory services for each client are not tailored to the individual needs of the investors. Investors in these products may not impose restrictions on Acuitas with respect to the investments we make on behalf of our clients. The investment strategy is defined in the PPMs for the Funds and prospectus for the Mutual Fund. See also the section entitled "Methods of Analysis, Investment Strategies and Risk of Loss" in this brochure. As of December 31, 2023, Acuitas managed $902,208,628 in discretionary assets. Page 5