Consequent Capital Management, LLC (“Consequent” or the “Firm”) is an Atlanta, Georgia- based limited liability company formed in 2016. Consequent is a wholly-owned subsidiary of Consequent Capital Holdings, LLC. Consequent is an SEC-registered investment adviser. Consequent provides consulting services on a discretionary and non-discretionary basis to defined contribution, defined benefit plans, and university endowment funds with assets under management of approximately $776,858,859. Consequent’s investment management services include presenting recommendations to the Firm’s clients regarding investment manager and private fund sourcing and selection to support the client investments per Consequent’s recommendations. Consulting Services (Non-Discretionary Management) Consulting Services are provided to assist defined benefit and contribution retirement plans, trustees and investment committees with managing pension funds, endowments, private foundations, corporations, Taft-Hartley Plans, and trusts. Investment recommendations are presented to a client’s board, trustees and directors for their review. Implementation of those recommendations are at the client’s sole discretion. Consulting Services provided by Consequent on a non-discretionary basis include, but are not limited to: o Evaluating current investment policy guidelines; o Providing trustee education seminars and attending client and board meetings; o Assisting in the preparation, monitoring, and annual review of investment policies to confirm integration with the client’s investment objectives; o Assisting in all phases of request for proposal (“RFP”) selection; o Performing due diligence on investment professionals and financial institutions to ensure that vendor business practices meet the client’s policy guidelines on both an initial and ongoing basis; o Managing trustee responsibilities among the Firm, the client and its investment managers, trustees, and custodian; o Monitoring and reporting investment performance against the client’s investment objectives and other performance criteria on a quarterly basis; and o Reviewing the client’s custodian statements, portfolio attributes and performance, and making necessary reconciliations (when needed) with the Firm’s reports on a monthly basis. On a non-discretionary basis, Consequent may recommend that qualified clients consider allocating a portion of their investment assets to the Affiliated Funds (as defined below). Please note that a consulting client is under no obligation to consider or make any investment in the Affiliated Funds. Whenever a consulting client invests in the Affiliated Funds, or other discretionary investment strategies, it will pay a management fee to Consequent Capital Investments, LLC (as discussed below) based on the fair market value of assets invested within the funds or other strategies. Manager of Managers Services Manager of Managers Services are offered to provide institutional clients on a discretionary basis with services that include, but are not limited to, setting investment objectives, money management, asset allocation, and performance evaluation. Under this program, the Firm manages each client’s portfolio pursuant to specific investment objectives and limitations as set forth in its advisory agreement. Using an extensive due diligence process, Consequent selects third party managers based on quantitative and qualitative factors that consider a fundamental evaluation of each manager’s investment philosophy, processes, team, ownership and track record. Selected third-party managers are then contracted by the Firm and compensated based on the fair market value of the respective pool of client assets under management. The Firm has discretion to manage client assets directly pursuant to an investment management agreement. Consequent may also direct client investments to other investment strategies that it manages and receive additional management fee compensation based on the fair market value of each client’s respective assets invested in other Firm strategies and the Manager of Managers Services on a discretionary basis. The Firm will prepare reports for each client regarding performance of its investment portfolio. Outsourced CIO Program Services Outsourced Chief Investment Officer (“CIO”) Program Services are offered to institutional clients. An institutional client’s portfolio is managed on a discretionary basis with the client’s specific investment objectives serving as the guiding principle for making investments. The Firm has discretion to allocate assets within the portfolio among individual securities, mutual funds, exchange traded funds (“ETFs”), or other investment managers. A client may choose to exercise discretion over any portion of its assets, which for practical and reporting purposes may be segregated from the portfolio. Outsourced CIO Services provided by the Firm support investment research and investment management activities of the client’s staff and management team. Consequent’s experienced investment professionals and resources

provide services for clients seeking professional guidance in the areas of investment analysis, manager selection, and due diligence, but also in: o Investment management; o Investment policy guidelines and statement development and drafting; o Investment transparency; o Manager search, selection and review; o Tactical asset allocation; o Performance reporting; Account statements; Open-ended agreement; o Extension of investment staff; o Extension of benefits administration staff for benefit planning and benefit payments; o Annual portfolio review; and o Program-wide cost reduction. As part of its due diligence process, the Firm considers a client’s specific financial positions, obligations, risk tolerance, investment horizon, liquidity needs, tax considerations, and other pertinent investment objectives. A client should promptly notify the Firm if there are changes to its financial position or investment status. On a discretionary basis, Consequent may direct client investments to other investment strategies that it or its related entities manage, including the Affiliated Funds. In doing so, the Firm may receive additional management fee compensation from Outsourced CIO Program clients based on the fair market value of each client’s respective assets invested in other Firm strategies or funds. Direct Investment Managed Account Services Direct Investment Managed Account Services are provided to trusts, businesses, and pension and profit-sharing plans pursuant to the terms and conditions of the client’s advisory agreement on a discretionary basis. Affiliated Fund Advisory Services Consequent is affiliated with other private investment funds (together, the “Affiliated Funds” and each individually, the “Affiliated Fund”). Two of the Affiliated Funds are a “fund of funds,” while the other is a private equity fund. Consequent Capital Investments, LLC (“Consequent Capital Investments”), a related entity of Consequent, provides discretionary services to the Affiliated Funds such as setting overall investment objectives, directing, structuring and managing the underlying investments of each Affiliated Fund’s assets, and, correspondingly, providing reports to investors. The owners of Consequent’s parent company are also the owners of Consequent Capital Investments. Investment advice is provided directly to the Affiliated Funds by Consequent Capital Investments and not individually to a limited partner or member of the Affiliated Funds. Investors in the Affiliated Funds neither select nor evaluate any Affiliated Fund investments or strategies. The investment strategies used on behalf of the Affiliated Funds are not tailored to the investment criteria of individual Affiliated Fund investors. Any client-specific investment guidelines and restrictions are set forth in the confidential offering documents and governing documents of the Affiliated Funds. Shares or limited partnership interests in the Affiliated Funds are not registered under the Securities Act of 1933, as amended (the “Securities Act”), and correspondingly, are not registered under the Investment Company Act of 1940, as amended (the “Company Act”). Interests in the Affiliated Funds are offered and sold exclusively to investors satisfying the applicable eligibility and suitability requirements, either in private transactions within the United States or in offshore transactions, and are not offered to the public. Consequent may recommend on a non-discretionary basis that qualified clients consider investing in the Affiliated Funds if the Affiliated Funds are deemed suitable for the client. No client shall be under any obligation to either consider or make an investment in any of the Affiliated Funds. A detailed description of the investment objective for each Affiliated Fund and discussion regarding terms and conditions for investment that include, but are not limited to, risk factors and fees (including management fees and incentive compensation) is set forth in the respective offering documents for each Affiliated Fund. Investment Education Services Consequent offers investment education services to its non-discretionary advisory clients. The services are designed to educate participants about investment principles. During these presentations, Consequent does not provide any advice or recommendations with respect to participants’ selection of investments. As part of these educational services, Consequent may provide asset allocation models specifying different allocation amounts and different asset classes, such as stocks, bonds, real estate or other assets. There is no fee charged to participants for these general educational services. Other Services At a client’s request, Consequent may provide additional financial advisory services in connection with special circumstances. Such circumstances include, but are not limited to, litigation, mergers, corporate divestitures and other areas that impact financial assets and investments. For more information, please see Item 5 – Fees and Compensation, for more information; and Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss.