Our Firm & Ownership Reef Investment Management LLC (“RIM”) (formerly known as Select Fund Advisors LLC) is a limited liability company organized under the laws of the State of Delaware on May 20, 2019. RIM, a private fund advisor that acts as the investment manager for multiple privately offered funds is a wholly owned subsidiary of Reef Capital Management LLC, which is wholly owned by Reef Capital Partners LLC (“RCP”). RCP and its subsidiaries specialize in private credit and private equity transactions primarily in real estate and real estate-related assets. RCP is 48% owned by Common Investment Fund LLC (“CIF”). There are no other individuals or entities that own more than 25% of RCP and CIF. Advisory Services Offered RIM provides investment advice and related investment management services to private pooled investment vehicles which are offered to investors on a private placement basis by each respective sponsor or general partner (each, a “Fund” and collectively, the “Funds”). RIM’s advice with respect to the Funds is, and will be, made in accordance with the investment objectives and guidelines as set forth in the respective Fund’s Offering Documents. Investment Funds RIM specializes in investment advice related to investing in, purchasing, selling, financing and managing asset-backed loans secured by real property or other assets, as well as private equity real estate “PERE” investments. Affiliates of RIM service the loans, manage development activities, assist in managing any loan defaults or property foreclosures, and liquidating collateral, as necessary. As further described in Item 8, RIM conducts due diligence on each advised-Fund transaction by analyzing real estate, geographic, demographic and economic data from targeted business-friendly or lender-friendly areas across the U.S. with the aim of identifying transactions with the best risk-adjusted returns. RIM reviews models that are used to set loan selection criteria for loans collateralized by different asset types, with the objective of maximizing return while preserving capital and mitigating risk. Most PERE investments will be LLC or partnership interests owned by a broad investment group that includes one or more Funds. Debt transactions will be syndicated loan interests evidenced by a promissory note secured by a fractionalized deed of trust. RIM provides investment advice and related investment management services to the following pooled investment vehicles

(“Funds”), each organized as Delaware limited 4 | P a g e partnerships and limited liability company: (i) Reef Capital Partners LLC, the master- feeder fund; (ii) Reef Preferred QP Fund LP, the feeder fund; and (iii) REM Fund I, L.P. RIM’s advice with respect to the Funds is, and will be, made in accordance with the investment objectives and guidelines as set forth in the respective Fund’s Offering Documents. Fund investors may not impose restrictions (except for agreements or “side letters” illustrated in the Private Placement Memorandum) on investing in certain securities or certain types of securities. However, RIM has the right to enter into agreements, such as side letters, with certain underlying investors of the Funds that may, in each case, provide for terms of investment that are more favorable than the terms provided to other underlying investors of the Funds. This Disclosure Brochure provides only broad summaries of the information provided in the offering documents for the Funds. Investors should refer to the Fund’s Offering Documents for definitive and more comprehensive information regarding a specific investment concept and the matters described in this Disclosure Brochure. Each Fund’s private placement memorandum (combined with applicable security agreement, and/or other agreements associated with an investment in a Fund) will describe the terms and conditions related to the specific purchase and sale of each investor’s interest in the Fund in addition to disclosures related to the risks of investing in a Fund, among other things. The Funds are offered to qualified investors in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, set forth in Section 4(2) of such act, and are not registered as an investment companies under, or otherwise subject to the provisions of the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), either because the vehicles do not meet the definition of “investment company” or in reliance upon an exclusion from the definition of “investment company” provided in the Investment Company Act. Investment guidelines and objectives for the Fund are set forth in the Fund’s Offering Documents. Wrap Accounts We currently do not participate in wrap fee programs. Assets Under Management As of September 30, 2023, RIM advises on $303,131,769 of investment assets. 5 | P a g e