ADVISORY BUSINESS A. General Description of Advisory Firm South Harbor Management LLC (the "Investment Manager," the "Firm," "we," "us," and similar terms) is a Delaware limited liability company that was formed in 2020. Our principal office and place of business is located in Portsmouth, New Hampshire. Thomas Reilley (the "Principal") is our principal owner and Chief Executive Officer and he is responsible for the day-to-day investment activities of the Investment Manager and the Fund (as defined below). The Principal is also the managing member and principal owner of South Harbor GP I LLC (the "Fund General Partner"), and our registration on Form ADV also covers the Fund General Partner. The Fund General Partner is an affiliate of the Investment Manager and it serves or may serve as the general partner of investment vehicles that are U.S. or offshore partnerships. The Fund General Partner's facilities and personnel are provided by the Investment Manager. B. Description of Advisory Services 1. Advisory Services We serve as the investment adviser, with discretionary investment authority, to a private investment vehicle, Highland LP (the "Fund"). In the future, we may serve as investment adviser to private investment vehicles, the securities of which will be offered to investors on a private placement basis (collectively, the "Funds") and, potentially, separately managed accounts (each, a "Managed Account"). As used herein, the term "client" generally refers to each Fund and Managed Account. 2. Investment Strategies and Types of Investments We generally pursue a private equity investment strategy that seeks to make investments in private companies. The Fund is currently invested in a renewable energy company based in Arkansas engaged in the manufacture of industrial wood pellets. The Investment Manager expects to make additional investments in other businesses in the wood pellets, forest products and biomass sector, either through the Fund

or subsequent Funds. Although we primarily intend to make investments in the equity of private companies, we may cause our clients to take positions in other securities or financial instruments, such as debt instruments or public securities. The descriptions set forth in this Brochure of specific advisory services that we offer to our clients, and investment strategies we pursue and investments we make on behalf of our clients, should not be understood to limit in any way our investment activities. We may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that we consider appropriate, subject to each client's investment objectives and guidelines. The investment strategies we pursue are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any client will be achieved. C. Availability of Customized Services for Individual Clients Our investment decisions and advice with respect to each client are subject to each client's investment objectives and guidelines, as set forth in its respective governing documents. The Investment Manager, in its role as investment adviser to the Funds, and/or the Fund General Partner, in its role as the general partner of certain Funds that are partnerships, expect to agree from time to time to supplements, clarifications, or variations of the terms of a Fund's offering, subscription, or organizational documents in "side letters" or similar agreements. D. Wrap Fee Programs We do not currently participate in any wrap fee programs. E. Assets Under Management As of June 30, 2022, the Investment Manager manages approximately $141,532,278 of regulatory assets under management on a fully discretionary basis. The Investment Manager does not have any regulatory assets under management managed on a non- discretionary basis.