Preservation Equity Fund Advisors LLC, a California limited liability company was formed January 30, 2019 under the name WNC Advisory Partners, LLC. PEFA will specialize in managing private funds with a primary focus on affordable housing communities. Ownership PEFA’s sole owner, as disclosed on Schedule A of Part 1A of PEFA’s ADV filing, is PEF Preservation Managing Partners, LLC (“PEFPLLC”), which is the direct owner, and sole member, of PEFA. PEFPLLC is in turn owned by entities affiliated with and owned by its principal, Wilfred N. Cooper Jr.. Wilfred N. Cooper, Jr. serves as the manager of PEFPLLC. Neither PEFA nor PEFPLLC is, directly or indirectly, part of a publicly held company. Advisory Services and Investment Program Fund Management Services PEFA provides fund management services to select private funds, currently WNC California Preservation Equity Fund, L.P. (“PEF1”), WNC Preservation Equity Fund 2, L.P. (“PEF2”) and Preservation Equity Fund 3, L.P. (“PEF3”). In addition to PEF1,PEF2 and PEF3, PEFA may in the future establish additional funds, which may include (i) pooled investment vehicles pursuing different or complementary investment strategies and (ii) one or more pooled investment vehicles structured as parallel funds, co-investment funds or related investment fund vehicles of existing pooled investment vehicle advisory clients (these vehicles, along with PEF1, PEF2 and PEF3, are referred to as “Funds” or “Clients”). Investment Programs Funds managed by PEFA include geographically-focused and nationwide funds that are designed to make investments in affordable housing assets. The Funds generally focus on making investments that involve multi-family rental housing, which primarily benefits low and moderate income households.

The Funds generally invest with the view that some or all of their investments will constitute qualifying investments under the Community Reinvestment Act of 1977, as amended (“CRA”), and associated regulations promulgated thereunder (“CRA Regulations”). The Funds may focus on investing in and raising equity for affordable housing developments at or near the end of their low-income housing tax credit (“LIHTC”) compliance periods and owned by limited and/or general partners seeking to exit their investments. The Funds invest in specific investment strategies set out in the applicable Fund’s offering documents, and PEFA, which is generally appointed by the general partner of the applicable Fund through an investment management or other agreement, will generally have sole discretion to determine the composition of the Funds’ portfolios. PEFA tailors its fund management services to the specific needs and objectives of each Fund. PEFA does not tailor its advisory services to the individual needs of underlying investors in the Funds. Prospective investors should generally consult the applicable Fund’s offering memorandum, operating or partnership agreement and other disclosure materials for further details. While PEFA provides investment advisory services to the Funds in line with the Funds’ investment strategies, as set forth in the applicable offering documents, PEFA will not necessarily limit the types of investments on which it plans to advise the Fund, except as expressly set forth in the applicable Funds’ offering documents. Wrap Fee Programs PEFA does not participate in any “wrap fee” programs. Assets under Management As of December 31, 2023, PEFA had $329,866,039 in discretionary regulatory assets under management and managed no assets on a nondiscretionary basis.