The Lyme Timber Company LLC is an investment advisory firm specializing in advisory services related to investments in timberlands and other rural real estate. Lyme was founded in 2008 by James Hourdequin, Thomas Morrow, and Peter Stein to continue the business of Lyme’s predecessor, The Lyme Timber Company, LP (subsequently renamed LTC Partners LP), which was founded in 1976. LTC Partners LP initially retained a minority interest in Lyme and then sold that interest to Lyme in 2021. Lyme is 100% owned by its employees, and as of the date hereof, James Hourdequin, David Hoffer, Thomas Morrow, Sean Ross, Peter Stein, and Sarah Kitz (the “Principals”) collectively own over 90% of Lyme. In meeting each client’s needs, Lyme follows a disciplined and value-oriented investment philosophy with the goal of achieving attractive risk-adjusted returns. We have expertise in the careful selection, management, and disposition of timberland and rural real estate, including lands with important conservation values. We have extensive experience in the negotiation and sale of working forest conservation easements and implementation of carbon offset projects that restrict development on lands but allow income generation from sources such as sustainable timber harvesting, recreational leasing activities, and the sale of ecosystem services. Lyme seeks to sell conservation easements and other interests early in the investment cycle to help enhance investment performance of the client portfolios we manage while reducing real estate exposure and risk for the clients. We also have expertise structuring advantageous debt arrangements (e.g. New Markets Tax Credit financings), restructuring forestry and timber operations, and developing and managing wetland and stream mitigation banks. Lyme provides investment advisory services to pooled investment vehicles (each a “Fund” and collectively, the “Funds”). In addition, Lyme provides management services to a separately managed account (the “SMA” and together with the Funds,

the “Clients”) based on the terms set forth in the relevant management agreement. We tailor our advisory services to the specified investment mandates of our Clients, consistent with the Client’s governing documents, which may include a private placement memorandum, limited partnership agreement, management agreement, and/or subscription agreement (individually and collectively, the “Governing Documents”). Because we are committed to adhering to a specialized investment strategy, we do not otherwise generally permit investors in the Funds to impose restrictions on our ability to invest. Our Funds’ objective is to generate capital appreciation and income through investments in timberland, ranch and agricultural land, rural real estate, and related assets. We believe that our experience, knowledge, and use of multiple conservation sale strategies can help achieve attractive risk-adjusted returns. Specifically, we focus on the following key objectives: 1. Seek attractive investment returns through disciplined valuation, conservation sales, and/or operational restructuring. 2. Pursue conservation-related investment strategies that help to mitigate speculative real estate exposure and risk. 3. When prudent, and subject to limitations in the Governing Documents, seek to utilize advantageous financing to enhance equity returns. 4. Seek to enhance Fund-level returns through careful investment in emerging ecosystem service opportunities, such as wetland, stream and endangered species mitigation banking. 5. Work to maintain strong investment discipline with the Principals involved in all investments. As of December 31, 2023, we managed approximately $738,640,908 in regulatory assets under management, all on a non-discretionary basis. We have indicated that Lyme provides non- discretionary advice because Lyme’s investment advice is subject to the approval of each Fund’s general partner. However, please note that each Fund’s general partner is a related person and under common control with Lyme.