Description of Pillar Capital. Pillar Capital Management Limited (the “Advisor”), a Bermuda exempted company, is an investment manager specializing in catastrophe risk investments for privately offered pooled investment vehicles. The Advisor was formed in April 2008 (under a predecessor name) by Benfield Group. The Advisor is 100% owned by Pillar Capital Holdings Limited. Its ultimate principal owners are certain management persons of the Advisor and Transatlantic Holdings, Inc., a leading international (re)insurance company and an indirect subsidiary of Berkshire Hathaway, Inc. Advisory Services Offered. The Advisor provides investment management services regarding catastrophe risk to its Clients, which are organized as privately offered pooled investment vehicles open for investment by qualified institutional and high net worth investors. The Advisor currently acts as the sponsor and investment manager of private investment funds (each a “Fund”, collectively the “Funds”). Each Fund is referred to as a “Client” or collectively as “Clients”. Each Fund is open for investment only by qualified institutional or high net worth investors that meet the suitability requirements set forth in the applicable Fund's subscription documents. The Funds conduct all trading activity pursuant to the investment strategies described generally below. Funds may be organized and offered for private investors generally, and under certain circumstances may be customized for single investors or groups of investors as agreed with the Advisor. The Funds pursue investment strategies that purchase or sell various types of securities and financial instruments, the return or performance of which are primarily linked to catastrophic events and other property insurance risk. Transactions are typically structured as securities in the form of notes, over-the-counter swaps, or other derivatives contracts. The Advisor expects that its advisory services will be limited to advice regarding the foregoing investment strategies and instruments, as generally described below, together "Insurance-Linked Securities".
• Private collateralized reinsurance arrangements sourced in traditional property catastrophe reinsurance markets, including reinstatement premium protection reinsurance contracts and quota share contracts;
• Catastrophe bonds (principal-at-risk variable rate notes and other event-linked securities) being referred to collectively as “Cat Bonds”;
• Industry loss warranties (both indemnity-based and non-indemnity-based) reinsurance or derivative contracts triggered by industry-wide insurance losses (referred to collectively as “ILWs”);
• Shares of special purpose reinsurers and other securities or instruments the return on which is linked to the occurrence of a predetermined event. The primary differences between the Funds relate to portfolio diversification, the nature and terms of the specific portfolio investments, the Advisor's fees, liquidity, and the investors' redemption or withdrawal rights. A Fund is normally organized into one or more classes of shares or interests, each with its own terms and conditions. For a complete description of a Fund's investment objectives and strategies, as well as a description

of the material terms of an investment in a Fund (including the risks of an investment and associated conflicts of interest), please refer to the relevant Fund's Confidential Private Placement Memorandum (the “Memorandum”). The Funds themselves do not carry out insurance or reinsurance business. To facilitate its Clients’ access to the traditional reinsurance market, Pillar Capital organized JC Re Ltd. (“JC Re”), a Bermuda exempted company limited by shares which is licensed as a Class 3 insurer under the Bermuda Insurance Act 1978 and is also registered as a segregated accounts company pursuant to the provisions of the Bermuda Segregated Accounts Companies Act, 2000. Pillar Capital is the manager of JC Re. The Advisor currently expects that all such reinsurance-related derivative transactions for its Clients generally will be entered into with JC Re as opposed to with a third party transformer. The primary purpose of using JC Re is to eliminate the “mark-up” that would otherwise be charged to Clients by a third party transformer on the derivative transaction. Pillar Capital generally invests the collateral and unearned premiums of JC Re and the uninvested Client assets in cash, money market funds, and financial instruments rated "AA-" or better by Standard and Poor's or equivalent. Tailored Services. An offering to invest in a Fund can be made only by means of such Fund's Memorandum. As the investment manager and sponsor of the Funds, Pillar Capital makes decisions on how each Fund should allocate its assets to certain investments; selects brokers, dealers, banks and other counterparties or intermediaries by or through whom portfolio transactions will be executed or carried out; monitors each Fund's investments; and makes all other necessary or appropriate recommendations to carry out its portfolio management duties. Each of the Advisor’s Funds has different objectives and characteristics, with varying allocations to investment instruments, such as catastrophe bonds and other over-the-counter insurance-linked instruments. Pillar Capital does not tailor its advisory services to the individual needs of Investors, although the Advisor's services are tailored to meet the investment mandates of the Funds, as described in each Fund's Memorandum. The Advisor has and may form and manage additional privately offered pooled investment vehicles in the future for other qualified investors on a limited basis, which may be organized in the form of single member limited liability entities. For purposes of this Brochure, all of the foregoing additional funds shall also be referred to interchangeably herein as a “Fund” or a “Client”. The Funds have entered into side letter agreements with certain Fund Investors. Such agreements could provide such Fund Investors with different notification rights, certain reporting obligations and special fee arrangements, but not preferential liquidity terms, among others. The Funds generally enter into side letters only with Fund Investors who make substantial commitments of capital. Wrap Fee Programs. Pillar Capital does not participate in any wrap fee programs. Client Assets the Advisor Manages. Pillar Capital's Regulatory Assets Under Management as at December 31, 2022, were approximately $3.166 billion.