Waratah Capital Advisors Ltd., a limited company organized under the laws of the Province of Ontario, Canada (“Waratah”, “the Firm”, “our,” or “we”) is a Toronto, Canada based investment manager. Waratah was founded by Brad Dunkley and Blair Levinsky in 2010. Its principal owners are Highbourne Road Capital Corporation., and Mount Slaven Inc. Waratah provides investment advisory services to pooled investment vehicles (the “Waratah Funds” or the “Funds”) pursuant to separate investment management agreements. The securities of the Waratah Funds are not registered under the Securities Act of 1933, as amended, and the Waratah Funds are exempt from registration under the Investment Company Act of 1940, as amended. The general partners of the Waratah Funds (each, a “General Partner”), each of which is an affiliate of Waratah, have broad discretion under each Waratah Fund’s limited partnership agreement to manage the affairs of the respective Waratah Fund. Pursuant to such discretion, each of the General Partners has engaged Waratah to provide investment advisory services on behalf of the Waratah Fund. In addition, Waratah also manages separately managed accounts (the “SMAs”). Waratah invests primarily in equity securities listed on Canadian and U.S. exchanges, and to a lesser extent in international securities, fixed income securities and preferred shares. The SMA client is a Bermuda domiciled entity. Investors in the Waratah Funds (including through feeder funds advised by Waratah) currently include North American and global pension funds, endowments and other institutional investors and North American high net worth individuals. Waratah Funds and SMAs are collectively referred to throughout this brochure as “clients.”1 For purposes of this brochure, references to “U.S. clients” refers to any SMA clients who are resident in the United States. The Waratah Funds As noted above, Waratah provides investment advisory services to the Waratah Funds, each of which has a different strategy, as described below. Access to the Waratah Funds is typically provided through various vehicles depending on the nature and location of the investor and may not in all cases be available to U.S. investors. Waratah One Fund Waratah One Fund (“Waratah One”) seeks to maintain a highly diversified low net dollar exposure portfolio of long and short positions in US and Canadian equities. A disciplined multi- factor approach to risk control is used to measure and manage portfolio exposures. To maximize opportunities and to reduce risks in response to market conditions, Waratah actively adjusts the gross and net positions of Waratah One. Waratah One targets low volatility of daily returns and seeks to minimize capital drawdowns by factor balancing, hedging and employing 1 Investors in the Waratah Funds are not clients of Waratah for purposes of the Advisers Act. stop-loss limits. Where Waratah is of the view that it would be beneficial, non-equity securities and international equity securities may form part of Waratah One’s investment portfolio. In seeking to achieve Waratah One’s investment objective, Waratah employs a bottom-up fundamentally driven approach to security selection and portfolio management. Waratah One X Fund Waratah One X Fund is a 1.45x levered version of the model Waratah One strategy. As a result, the stock selection and risk management processes employed to manage this fund are identical to the processes employed in Waratah One. The only material difference is that every long and short position present in Waratah One is scaled by 1.45x in order to construct the Waratah One X Fund. Waratah Performance Fund Waratah Performance Fund (“Waratah Performance”) primarily takes long and short positions in U.S. and Canadian equities. This strategy matches conviction with position size and can build positions up to 10% of the portfolio in a single security. Detailed research driven stock selection combined with active portfolio construction combine to target risk-adjusted returns with lower volatility and drawdowns than North American equity markets. To maximize opportunities and to reduce risks in response to market conditions, Waratah actively adjusts the gross and net positions of Waratah Performance. Waratah Performance also seeks to minimize capital drawdowns by employing rolling “stop-loss” limits. Where Waratah is of the view that it would be beneficial, non-equity securities and international equity securities may form part of Waratah Performance’s investment portfolio. In seeking to achieve the Waratah Performance’s investment objective, Waratah Performance employs a bottom-up fundamentally driven approach to security selection and portfolio management. Waratah Equity Income Fund Waratah Equity Income Fund (“Waratah Income”) invests in companies which have a strong cash flow generation, a history of prudent capital allocation and an ability to maintain or grow their cash flows. Research driven stock selection with a focus on bottom-up fundamental research and active portfolio construction combine to target attractive risk-adjusted returns. Where the Investment Manager is of the view that it would be beneficial, non-equity securities and international equity securities may form part of the fund’s investment portfolio. Waratah Special Opportunities Fund Waratah Special Opportunities Fund (“Waratah Special Opportunities”) seeks to produce above market returns by concentrating investments in a select number of opportunities that are researched by Waratah’s investment team. Waratah Special Opportunities seeks to invest in undiscovered and/or misunderstood businesses whose securities are trading well below Waratah’s internal valuations. In certain circumstances Waratah may engage co-operatively or otherwise with management of investee businesses to affect changes that result in unlocking shareholder value. Waratah can invest up to 100% of Waratah Special Opportunities’ gross asset value in equities, fixed income securities, preferred

shares and derivatives. Where Waratah is of the view that it would be beneficial, any other securities may form part of the Waratah Special Opportunities’ investment portfolio. In seeking to achieve the Waratah Special Opportunities’ investment objective, Waratah employs a bottom-up fundamentally driven approach to security selection and portfolio management. Waratah Alternative ESG Fund Waratah Alternative ESG Fund (“Waratah AESG”) seeks to maintain a diversified investment portfolio comprised of long and short positions in global equities which maintains an overall as well a basket level positive ESG scoring. To maximize opportunities and to reduce risk in response to market conditions, Waratah actively adjusts the gross and net positions of the Partnership. Detailed research-driven stock selection, combined with active portfolio construction, target risk adjusted returns with lower volatility and drawdowns than equity markets. A disciplined multi- factor approach to risk control is used to measure and manage portfolio exposures. The Partnership also seeks to minimize capital drawdowns by employing rolling “stop-loss” limited on all individual positions. Waratah has developed its own proprietary industry specific ESG scoring system and will assign a company a score of +/- 3 where the portfolio will in total have a positive ESG score. Where the Investment Manager is of the view that it would be beneficial, non-equity securities may form part of the Partnership’s investment portfolio. Waratah Yield Fund Waratah Yield Fund (“Waratah Yield”) seeks to generate an attractive risk-adjusted return and preserve capital by investing in a diversified portfolio of debt and income producing instruments of corporations and governments. Waratah Yield will primarily invest in fixed-income securities and debentures with a focus on corporate and government debt. In seeking to achieve Waratah Yield’s investment objective, the investment manager will employ a research-driven approach to the selection of securities with a focus on bottom-up fundamental research and active portfolio construction to target attractive risk-adjusted returns with a focus on capital preservation. Royalty Capital Private Equity Royalty Capital Limited Partnership invests in the common shares of Lithium Royalty Corp (“LRC”) which seeks to invest in Royalty Interests from companies operating in the electric battery materials industry with a specific focus on lithium development companies. LRC may also invest in debt and equity securities and other financial instruments issued by companies in the battery materials industry independent of any Royalty Interest. LRC may also use derivatives to obtain exposure to such investments and Royalty Interests and to hedge in respect of currency risks. Cash equivalent investments may also comprise of the investment mix from time to time. Summerhill Resorts Ltd. Summerhill Resorts Ltd. (“Summerhill”) acquires and operates real estate assets in Canada. Summerhill’s initial focus will be acquiring recreational vehicle parks and manufactured home communities; however it may also invest in marinas, resorts and other types if real estate. Summerhill may also engage in lending, and the development of recreational vehicle parts, manufactured home communities and other real estate assets. Waratah Electrification and Decarbonization Fund The Waratah Electrification and Decarbonization Fund (“Waratah E&D Fund”) seeks to achieve attracted risk-adjusted returns through investments in battery material projects, battery material companies and other electric vehicle and decarbonization-related investment opportunities. The Waratah E&D Fund expects to invest primarily in equity securities, structured debt, direct project interests, off-take financings, warrants, options, right of first refusals, and other securities of private and or public companies. The Waratah E&D Fund may also use derivatives to hedge in respect of currency risk and commodity risks and my invest in short-term cash equivalent investments from time to time. Li Equities Investments LP Li Equities Investments LP (“Li Equities”) holds a portfolio of investments in battery material projects, battery material companies and other electric vehicle and decarbonization-related investment opportunities on behalf of the Royalty Capital funds. Waratah may at any time adopt new strategies or deviate from the guidelines in the relevant Waratah Fund offering documents. In the event of any material deviation from its current intended strategies, Waratah will advise the General Partner and the Waratah Funds’ investors in writing. Any restrictions on investments in certain types of securities are established by the General Partner of the applicable Waratah Fund and are set forth in the documentation received by each investor prior to investment in such Waratah Fund. Once invested in a Waratah Fund, investors cannot impose restrictions on the types of securities in which the Waratah Fund may invest. Waratah also manages a SMA for a client. The Waratah SMA may invest on a pari passu basis with one or more of the Waratah Funds. SMAs may be established to focus on a specific investment opportunity or may be otherwise customized by the SMA client in consultation with Waratah. SMA clients may place restrictions on investing in certain types of securities or certain securities. We currently do not offer advisory services to U.S. investors through a wrap fee program or participate in any wrap fee program available to U.S. investors. In addition to registration with the SEC as an investment adviser, Waratah is registered with the Ontario Securities Commission as an investment fund manager, portfolio manager and exempt market dealer and, in the provinces of Quebec, New Brunswick, Nova Scotia, British Columbia, Alberta, Saskatchewan and Manitoba, as an exempt market dealer. As of December 31, 2023, Waratah managed approximately USD $3.48 billion discretionary assets on behalf of all its clients (both U.S. and non-U.S. clients). As of December 31, 2023, Waratah did not manage assets on a non-discretionary basis.