BCFA manages Separate Managed Accounts. As of December 31, 2022, BCFA had $6,393,923 of Separate Managed Account Client assets under management on a discretionary basis. Separate Managed Account Clients will sign an Investment Management Agreement (“Agreement”) with BCFA. A separate Managed Account (“Managed Account”) is maintained for each Client at a qualified Custodian of the Clients choosing and the Client retains all rights of ownership and control to their Managed Account. Investment account assets consist of (i) all such cash and investments of the Client as the Client may place under the supervision of BCFA from time to time, plus (ii) all investments, reinvestments and proceeds of the sale thereof, including, without limitation, all dividends and interest on investments, and all appreciation thereof and additions thereto, less depreciation thereof and withdrawals therefrom (“Investment Account Assets”). In order to become a Client, prospective Clients must represent and warrant to BCFA that: (i) it has full capacity and authority to enter into the Agreement and to perform its obligations thereunder; (ii) it has all governmental and regulatory licenses, registrations and approvals required by law as may be necessary perform its obligations under the Agreement; (iii) it will not, by entering into the Agreement and performing its obligations hereunder, breach or cause to be breached any undertaking agreement, contract, statute, rule or regulation of any court or any governmental body or administrative agency or self-regulating authority having jurisdiction over it; and (iv) should it be acting on behalf of third-party investors, it has determined the extent of any information regarding BCFA that is required to be provided to such third-party investors and takes sole responsibility therefore. Clients must meet certain minimum suitability requirements determined by BCFA. Investors must respond to all questions listed in the Agreement in order to be able to become a Client of BCFA. BCFA may reject any person’s request to become a Client for any reason. BCFA does not guarantee any specific level of performance, the success of any investment decision or strategy that BCFA may use, or the success of BCFA’s overall management of the Client. The Client understands that investment decisions made for the Client by BCFA are subject to various market, currency,

economic, political and business risks, and that those investment decisions will not always be profitable. 5 Bellwood Capital Fund Advisors, LLC – Part 2A of Form ADV There is no guarantee that the advisory services offered would result in the Client's goals and objectives being met. There is no guarantee of profit or protection from loss. The fees and expenses in connection with these advisory services may be higher than the cost of similar services offered through other financial firms or the fees associated with other financial services. No assumption can be made that any particular advisory services, investment strategy or fee arrangement will provide better returns than other investment strategies. Clients are responsible for notifying BCFA of any changes to their financial situation or investment objectives. BCFA does not provide portfolio management services for a wrap fee program. Peter John Ebell Specializing in global investing, Mr. Peter Ebell is the founder of BCFA. Mr. Ebell was born in 1965 in Johannesburg, South Africa. He received his Bachelor of Science degree in Metallurgical Engineering (cum laude) from the University of the Witwatersrand in Johannesburg. Mr. Ebell continued his education and received an MBA from Southern Methodist University in Dallas, Texas, graduating with honors. Mr. Ebell’s academic achievements earned him the Chamber of Mines of South Africa Gold Medal and Scholarship. Mr. Ebell is a member of the South African Institute of Stock Brokers. Prior to forming BCFA, Mr. Ebell was a Director and Shareholder of Coronation Capital Limited. For nearly ten years in this capacity, Mr. Ebell served on the Executive Investment Committee and was directly responsible for the listed equity division. Mr. Ebell has also held positions as Equity and Equity Derivatives Analyst for several firms building vast experience encompassing nearly 20 years. This Brochure provides information regarding the Investment Adviser and the qualifications, business practices, and nature of advisory services that should be considered. Please contact Mr. Peter J. Ebell if you have any questions about this Brochure. Additional information about the Investment Adviser is available on the Internet at www.adviserinfo.sec.gov. You can search this site by a unique identifying number, known as a CRD number. The CRD number for BCFA is 158125.