Hill City Capital LP (hereinafter “Hill City Capital”, “Hill City”, “we”, “us”, “our”, “Investment Manager” or the “Firm”) is organized as a Delaware limited partnership with a principal place of business in Boston, Massachusetts. Hill City Capital is controlled by its general partner, Hill City GP LLC, a Delaware limited liability company. Herbert Frazier (the “Chief Investment Officer” or “CIO”) is the managing member of Hill City GP LLC. This Brochure also covers Hill City Capital GP LLC (the “Fund General Partner”) and Hill City Fund I GP LLC (the “Hill City Fund Manager”), each of which is a limited liability company organized under the laws of the state of Delaware. The Fund General Partner and Hill City Fund Manager are affiliates of Hill City Capital, with the Fund General Partner serving as the general partner of certain of the Funds, and Hill City Fund Manager serving as manager of certain of the Funds (as defined below). Hill City serves as the investment adviser, with discretionary trading authority, to private, pooled investment vehicles, the securities of which are offered through a private placement memorandum to accredited investors, as defined under the Securities Act of 1933, as amended, and qualified purchasers, as defined under the Investment Company Act of 1940, as amended. We do not tailor our advisory services to the individual needs of any particular investor. Hill City Capital currently manages the following private, pooled investment vehicles on a discretionary basis:
• Hill City Capital Offshore Fund Ltd., a Cayman Islands exempted company (the “Offshore Fund”);
• Hill City Capital Onshore Fund LP, a Delaware limited partnership (the “Onshore Fund” and, together with the Offshore Fund, the “Feeder Funds”); and
• Hill City Capital Master Fund LP, a Cayman Islands exempted limited partnership (the “Master Fund”). The general partner of the Onshore Fund and the Master Fund is the Fund General Partner. The Master Fund, the Onshore Fund and the Offshore Fund are herein collectively referred to as the “Master Fund” unless otherwise described. The Feeder Funds invest substantially all of their assets in the Hill City Capital Master Fund LP. Hill City Capital also manages

the following private, pooled investment vehicles on a discretionary basis:
• Hill City Fund I LLC (the “Hill City Fund I”), a Delaware limited liability company;
• Hill City Fund II LLC (the “Hill City Fund II”), a Delaware limited liability company; and
• Hill City Fund III LLC (the “Hill City Fund III”), a Delaware limited liability company. The manager of Hill City Fund I, Hill City Fund II and Hill City Fund III is the Hill City Fund Manager. Hill City Fund I, Hill City Fund II and Hill City Fund III are herein collectively referred to as the “Hill City Funds” unless otherwise described. The Master Fund and Hill City Funds are collectively referred to herein as the “Funds” and each is referred to individually as a “Fund.” The Onshore Fund’s “Limited Partners,” the Offshore Fund’s “Shareholders” and the Hill City Funds’ “Stockholders” are hereafter collectively referred to as the “Investors” where appropriate and each is referred to individually as an “Investor”. Our investment decisions and advice with respect to the Funds are subject to each Fund’s investment objectives and guidelines, as set forth in its respective “Offering Documents.” We do not participate in any Wrap Fee Programs at this time. As of December 31st, 2023, Hill City has $1,816,105,041 in regulatory assets under management, all managed on a discretionary basis. The descriptions set forth in this Brochure of specific advisory services that we offer to our clients, investment strategies pursued, and investments made by us 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 Fund’s investment objectives and guidelines. The investment strategies we pursue are speculative and entail substantial risks. Investors should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Fund will be achieved. Capitalized terms used herein but not defined herein shall have the meanings given to such terms in its respective Offering Documents.