A. The Company River Partners Capital Management, LP is a Delaware limited partnership that was founded in October 2014 and has been registered as an investment adviser with the U.S. Securities and Exchange Commission since November 2014. Throughout this disclosure brochure, River Partners Capital Management, LP is referred to as “River Partners” or the “firm.” The principal owner of River Partners is John A. Levin, as Trustee of the Levin 2017 Long-Term Trust. B. Advisory Services Investment Management Services River Partners provides discretionary investment advice and management services to private investment funds (“Private Funds”) and separately managed accounts (each a “Separately Managed Account” and collectively, “Managed Accounts”) and non- discretionary investment advice and management services to Separately Managed Accounts. For those Managed Accounts with discretionary authority, River Partners will typically designate the active discretionary management of Managed Accounts among certain institutional quality investment managers that manage private investment funds organized as pooled investment vehicles or that provide investment management services on a sub-advisory basis, including River Partners advisory affiliates. River Partners maintains sole discretion to engage (and terminate such engagement) of the investment manager(s). For certain Managed Account clients, River Partners provides active discretionary management based on investment guidelines established with such clients. The use of third-party investment managers is designed to provide clients with exposure to different asset classes, including, but not limited to, equities, fixed income, hedge funds, commodities, venture capital and private equity. Please see the disclosures in Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss – for additional information about the investment strategies employed by River Partners and any associated risks. River Partners will create a customized asset allocation strategy to meet a client’s individual investment objectives. River Partners will review a client’s present financial situation, cash flow needs, tax status, existing investments, investment restrictions (if any) and time horizon before determining portfolio allocations and suitable investment managers. River Partners will then set an investment policy that outlines the overall investment objectives and goals, risks, restrictions, strategic asset allocation, investments and ranges, and benchmarks for such client. The investment policy will provide the principles under which River Partners will manage each client’s investment program. The investment policy typically includes guidelines on, but not limited to, the following: strategic asset allocation regarding broad asset classes including global equities, private investments, hedge funds, global fixed income and commodities, and the client’s individual return objectives, risk tolerance, liquidity needs, time horizon. Private Funds Program The River Partners Private Funds Program (the “Program”) is designed to provide clients with the opportunity to invest in one or more Private Funds that seek to achieve their objective by deploying assets among a select group of third-party investment managers that generally conduct their investment programs through unregistered, pooled investment vehicles (“Investment Funds”). The Program allows clients to invest with investment managers whose Investment Funds will be closed from time to time to new investors or that otherwise typically place stringent restrictions on the number and type of clients whose money they will manage. The Program enables clients to invest with a cross-section of a concentrated set of investment managers without incurring the high minimum investment requirements that these investment managers typically would impose. Although each Private Fund currently intends to invest its assets primarily in Investment Funds, a Private Fund also can (i) invest its assets directly with certain third-party, independent portfolio managers on a sub-advisory basis and/or (ii) make direct investments in certain securities for cash management or other short-term investment purposes. River Partners selects the Investment Funds on the basis of various criteria, generally including, among other things, an analysis of: investment process (security selection expertise, depth of investment research, idea sourcing, decision making process,

risk controls, and team), portfolio transparency, organization (composition and stability of client base, background checks of key professionals, stability of team, and assets under management growth), compliance (business terms, vendor relationships, and back office review), alignment of interests, fees, costs, liquidity, performance, leverage, attribution analysis, return patterns, factor analysis, and exposure analysis. Private Funds advised by River Partners are not offered or sold to the public. They are accessible only to investors who are “Accredited Investors” as defined in Regulation D under the Securities Act of 1933 who receive a confidential private placement memorandum issued by the Private Fund and who ultimately become parties to the agreement governing the operation of the Private Fund. The terms and conditions for participation in a Private Fund, including management fees, conflicts of interest and risk factors, are set forth in the respective Private Fund’s offering documents. Separately Managed Account Program The River Partners Separately Managed Account Program (“SMA Program”) is only offered to certain legacy clients - consisting of family office members, trust vehicles and their employees and affiliates (“SMA Clients”) – and is not open to new clients. SMA Clients have directed River Partners to designate the active discretionary management of the SMA Clients’ separately managed accounts to Levin Capital Strategies, L.P. (“Levin Capital”), a registered investment adviser and affiliate of River Partners. The accounts of certain SMA Clients will occasionally also be managed by unaffiliated third-party advisers on a sub-advisory basis at the direction of the SMA Client. A limited number of accounts which have specifically selected active management by River Partners will also invest in individual equity and fixed income instruments. River Partners is in the process of transitioning certain accounts of SMA Clients to the Private Funds Program. Please see the disclosures in Item 10 – Other Financial Industry Activities and Affiliations – for additional information on the relationship between River Partners and Levin Capital Strategies, L.P. Investment Monitoring Services River Partners will also provide investment monitoring and reporting services with respect to certain assets that are not being actively managed by River Partners as part of its investment management services. Pursuant to these services, River Partners will (i) monitor the performance and consistency of the client’s investments as appropriate to a client’s stated risk tolerance, investment goals and suitability and (ii) provide the client with a monitoring report. River Partners will also monitor and facilitate the subscription, redemption, and cash flows processes, including capital gains or dividends, with regards to SMA Client assets invested in private funds advised by affiliated managers. Family Office Services If requested by the client, River Partners occasionally also provides the following additional family office services:
• Bill paying;
• Check writing; and
• The coordination of professional and other services (i.e., legal, insurance, home repair, public relations). C. Client Tailored Services and Client Imposed Restrictions As detailed above, River Partners will create a customized investment strategy to meet a client’s individual investment objectives. Generally, clients are permitted to impose reasonable restrictions on investing in certain securities or types of securities in their advisory accounts, provided, however, that some restrictions will not be accommodated when utilizing private funds or with respect to certain third-party investment managers. In addition, a restriction request will not always be honored if it is fundamentally inconsistent with River Partners’ investment philosophy, runs counter to the client’s stated investment objectives, or would prevent River Partners from properly servicing client accounts. D. Wrap Fee Programs River Partners does not provide portfolio management services to wrap fee programs. E. Assets Under Management As of December 31, 2022, River Partners had approximately $1,104,428,014 in assets under management. Of those assets, $1,075,635,061 are managed on a discretionary basis and $28,792,953 are managed on a non-discretionary basis. River Partners also has $330,436,257 in assets under advisement.