A. General Description of the Adviser The Adviser, Juniper Investment Company, LLC, a Delaware limited liability company, was founded in September 2008 by Alexis P. Michas and John A. Bartholdson. Messrs. Michas and Bartholdson are the principal owners of Juniper and control Juniper. They also are the principal owners and controlling persons of certain affiliates of Juniper that participate in Juniper’s investment advisory business as discussed herein (such affiliates and Juniper collectively, the “Firm”). The Firm’s office is located in New York, New York. The Firm has a staff of 8 employees, including 6 investment professionals. B. Types of Advisory Services Offered The Firm currently manages and provides discretionary investment advisory services to a private investment master fund and its feeder fund (collectively, the “Funds”), a special purpose investment vehicle (a “SPIV”), three co-investment vehicles (each, a “Co-Investment Vehicle”), and a proprietary account researching a potential future fund offering. The Firm’s advisory services are described in more detail below and relate primarily to investments in smaller capitalization publicly traded equities of U.S. companies believed by Juniper to be undervalued. Each client’s investment objective and strategy are also set forth in any confidential private offering memorandum that may be provided to investors in the relevant client (each, an “Investor” and, together, the “Investors”). Additional information relating to the Firm’s advisory services and/or terms on which they may be offered to clients can be found in the client’s investment advisory agreement and/or in the client’s governing documents provided to Investors (collectively with any applicable private offering memorandum of a client, “Client Account Documents”). The Funds The Funds consist of (1) Juniper Targeted Opportunity Fund, L.P., a Delaware limited partnership (the “Master Fund”), and (2) Juniper Targeted Opportunity Fund, Ltd., a Cayman Islands exempted company (the “Feeder Fund”). The Master Fund commenced its investment operations in 2010. Juniper HF Investors II, LLC, an affiliate of Juniper, serves as the general partner of the Master Fund (the “Master Fund GP”), with overall responsibility for managing the business and affairs of the Master Fund. The Feeder Fund commenced its investment operations in 2015, and invests all or substantially all of its investable assets in and through the Master Fund. Messrs. Michas and Bartholdson and Kevin A. Phillip serve as the Directors of the Feeder Fund, with overall responsibility for managing the business and affairs of the Feeder Fund. The Funds invest primarily in publicly traded companies through concentrated ownership positions. Juniper seeks to use its position of control or significant influence to select and/or advise management of the Funds’ portfolio companies, and to assist in the development and execution of corporate strategy, corporate development activity, and, under appropriate circumstances, the recapitalization or sale of a business. Through these management activities, Juniper seeks to realize long-term capital appreciation on behalf of the Funds. Special Purpose Investment Vehicles and Co-Investment Vehicles From time to time, Juniper may offer certain Investors in the Funds or other persons (including affiliates of Juniper) the opportunity to co-invest in portfolio companies alongside the Master Fund, or to make investments in specific target companies in which the Master Fund does not seek

to invest. Juniper generally will form and manage a new Co-Investment Vehicle (or a new series thereof) or SPIV to facilitate such investment activities, with an affiliate of Juniper serving as the general partner or managing member of the vehicle. Juniper may offer Investors the opportunity to invest alongside the Master Fund either by investing in a SPIV in which the Master Fund also invests, or by investing in a Co-Investment Vehicle that invests in parallel with the Master Fund. Juniper believes that raising additional capital from co-investors can materially assist Juniper in implementing its investment strategy and achieving the investment objectives of the Firm’s clients generally. Juniper TGX Investors, LLC, an affiliate of Juniper (“Juniper TGX”), serves as the managing member of Juniper TGX Investment Partners, LLC, a Delaware limited liability company (“TGX Partners”). Juniper formed TGX Partners in 2013 to serve as a SPIV in conjunction with Juniper’s take-private acquisition of Theragenics Corporation, which was a publicly traded portfolio company of the Master Fund prior to that acquisition. We have registered Juniper TGX as a “relying adviser” of Juniper pursuant to Schedule R of Part 1A of this Form ADV. Juniper and its affiliate, Juniper Targeted Opportunity Investors, LLC, also manage Juniper Targeted Opportunities, L.P., a Delaware series limited partnership (“Opportunities LP”). Juniper formed Opportunities LP in 2016 to serve as a Co-Investment Vehicle to invest in opportunities alongside the Master Fund. Opportunities LP has established and offered multiple separate series of limited partnership interests, each of which has been dedicated to facilitating a particular co-investment opportunity. As of December 31, 2022, there are three active series partnerships. Juniper Targeted Opportunity Investors, LLC (“Opportunities GP”) serves as the general partner of each series of Opportunities LP. The Firm may form and manage additional Co-Investment Vehicles and SPIVs in the future. The Funds, TGX Partners and Opportunities LP are collectively referred to herein as our “Advisory Clients.” While much of this Brochure applies to each of our Advisory Clients, certain information included herein applies only to certain Advisory Clients. From time to time we may advise clients other than the Advisory Clients. Proprietary Research Vehicles Juniper may from time to time develop proprietary trading vehicles using internal capital as research for potential future fund offerings. These vehicles may use current investment strategies utilized by the Funds and/or additional unrelated investment strategies. These vehicles are intended to refine the strategy for and establish a track record for potential future fund offerings. Any proprietary research vehicles will be managed in accordance with the Firm’s policies and procedures. C. Custom Advisory Services Our advisory services are tailored to the specific investment objectives and strategies of our Advisory Clients, as set out in their respective Client Account Documents. The economic and other terms on which we render our advisory services to each Advisory Client are also set out in their respective Client Account Documents, and such terms generally vary from Advisory Client to Advisory Client. D. No Wrap Fee Program We do not participate in wrap fee programs. E. Assets Under Management As of February 28, 2023, the Firm managed $236,259,066 of regulatory assets under management on a discretionary basis and did not manage any assets on a non-discretionary basis.