SAGE Advisors, LLC (“Sage”), a Delaware limited liability company, is an SEC registered investment adviser with its principal place of business located in New York, New York. Sage began conducting business in 2009 as a wholly owned subsidiary of EMM Group, LLC, continuing the business of its predecessor firm, Sage Partners, LLC, which was formed in 1988. As of January 1, 2020, Sage is wholly owned by Cerity Partners LLC (“Cerity Partners”), an SEC registered investment adviser offering customized financial advice. Cerity Partners formed as a limited liability company in August of 2009 under the laws of the state of Delaware. Cerity Partners is owned by Cerity Partners Equity Holding LLC. Cerity Partners Equity Holding LLC is owned Cerity Partners EOE LLC which is owned by certain employees of Cerity Partners, funds affiliated with Genstar Capital Partners LLC (“Genstar”) and Lightyear Capital LLC (“Lightyear”). Genstar, Lightyear and their affiliates do not have any role in the Firm’s investment process related to the management of client assets. Private Fund Management Sage’s principal investment advisory activity is the management of private investment partnerships (each a “Fund” and, collectively, “the Funds”). Sage is the investment adviser and general partner to three of these Funds, and the remaining Funds, Sage is the investment manager or sub-adviser. Sage also provides administrative management services to unaffiliated funds. The breakdown of Sage’s Funds presently include: Sage is the investment adviser and general partner;
• Hampshire Associates Fund, L.P., Hampshire Associates Fund QP, L.P. Hampshire Institutional Fund, L.P. (collectively known as the “Hampshire Funds”) Sage is the investment manager to Funds of an unaffiliated general partner;
• Global Equity Access Fund, L.P., Algonquin Special Opportunities Fund I, L.P., Algonquin Middle Market Opportunities Fund, L.P., AMMOF Ltd. , AMMOF AIV, L.P. (Collectively known as “Algonquin Funds”)
• Liberty Permit Energy Infrastructure Fund LP, Liberty Permit Energy Infrastructure Fund (Cayman) LP., One Tower Curtain, LLC, One Tower Kudzu, LLC, One Tower Mass, LLC, One Tower Quahog, LLC, One Tower Atlantic, LLC, One Tower Biscotti, LLC, , One Tower Magellan, LLC, One Tower Guava, LLC, Permit QOZ Fund, Philadelphia Community Impact Fund, LLC, GW Equity Fund, LLC, (collectively known as “Permit Funds”)
• Countervailing Private Equity Fund, LP (also known as “CVPE”) Sage is the investment sub-adviser;
• MAI Wealth Private Equity Fund, L.P., Permit Capital International Fund, L.P., Permit Capital Fund, L.P. (“collectively known as “sub-advised Funds”) Sage provides administrative management services to unaffiliated funds:
• Avonwood Capital, LP (Adam Landau, Partner of Cerity Partners, is a member of the board of directors of Avonwood Capital, LP and certain clients of Cerity Partners are members of the general partner of Avonwood Capital, LP To mitigate this conflict, Sage no longer recommends Avonwood Capital, LP to its clients.)
• Saxbys Growth Equity Fund, LLC The Funds invest primarily with unaffiliated investment managers (“Managers”): (i) pursuant to separately managed account arrangements (the “Advisory Accounts”) (ii) via investments in pooled investment vehicles sponsored by such Managers, including, but not limited to, hedge funds, private equity funds, mutual funds, and ETFs (the “Investment Vehicles”), as well as private equity and/or in limited circumstances Funds make a direct investment in an operating business. Investment managers of Advisory Accounts and the Managers of Investment Vehicles are collectively referred to as “Portfolio Managers.” The Funds are managed on a discretionary basis in accordance with the investment objectives and policies set forth in each Fund's Private Placement Memorandum and Limited Partnership Agreement (collectively, “Governing Documents”). Sage has discretion to select the Portfolio Managers and other investments and to determine the allocation and cash balances of each of the Funds. Hampshire Institutional Fund, L.P. and Hampshire Associates Fund, L.P. were formed in 1988 and Hampshire Associates Fund QP, L.P. was formed in 2004. Each is a Delaware limited partnership, operating as a private investment partnership. Sage selects multiple advisers for the Hampshire Funds and allocates assets for discretionary management to non-affiliated Portfolio Managers. Sage seeks capital preservation and above average risk adjusted returns for the Hampshire Funds through the use of a “multi-manager

diversification” strategy. These Funds have a broad range of the type of investments they may invest in. Sage allocates Fund assets to Portfolio Managers with expertise in a variety of strategies. Sage began providing investment advisory services to the Algonquin Funds as of December 1, 2020, to the Permit Funds as of April 24, 2022, and to the CVPE Funds as of December 1, 2022. The Algonquin Funds and Permit Funds are unaffiliated, and Sage is not the general partner, however, certain persons of Sage’s affiliate, Cerity Partners, are managing members and/or hold ownership in the general partner of the Algonquin Funds and Permit Funds. Investment advisory clients of Cerity Partners are also limited partners of the Algonquin Funds, Permit Funds, and CVPE. The MAI Wealth Private Equity Fund, L.P., Algonquin Special Opportunities Fund I, L.P., Algonquin Middle Market Opportunities Fund, L.P., AMMOF Ltd. and AMMOF AIV, L.P, One Tower Curtain, LLC, One Tower Kudzu, LLC, One Tower Mass, LLC, One Tower Quahog, LLC, One Tower Atlantic, LLC, One Tower Biscotti, LLC, One Tower Magellan, LLC, One Tower Guava, LLC, Permit QOZ Fund, GW Equity Fund, LLC, Liberty Permit Energy Infrastructure Fund LP, Liberty Permit Energy Infrastructure Fund (Parallel) LP and CVPE are closed to new investors prior to Sage becoming the investment adviser. Sage utilizes the services of the Cerity Partners research team (“Research Team”) to conduct due diligence on each prospective Portfolio Manager and/or direct investment prior to investment. Sage selects Portfolio Managers and/or direct investment and allocates Fund Assets to such Portfolio Managers and/or direct investment based on various factors including, but not limited to, performance history, management style and allocation, quality of advisory services rendered, background of personnel and other factors determined during the qualitative and quantitative due diligence. Sage, through the Research Team, regularly monitors the activities and investment performance of each selected Portfolio Manager and/or direct investment. Sage has the authority to increase or reduce allocations of fund assets among such Portfolio Managers, and remove or replace Portfolio Managers, reinvest in or dispose of direct investments, as appropriate. Where Sage employ’s a “fund-of-funds”/“manager-of-managers” approach to investing, outside of Fund investments in pooled investment vehicles sponsored by Portfolio Managers, Sage does not invest the Funds’ assets in securities or derivative instruments, except for the selection of temporary money market instruments, mutual funds, exchange-traded funds (“ETFs”) or options on market indices. Where Sage makes direct investments, it may invest in a variety of securities offered by an issuer. Sage’s investment committee makes Fund asset allocation determinations based on a broad range of factors, including, but not limited to, the Fund’s investment strategy, guidelines, restrictions, diversification requirements, risk parameters and tolerances and Sage’s macro view of the markets. In connection with the foregoing determinations, prior to finalizing allocations, Sage reviews each direct investment and each Portfolio Manager’s investment style/strategy to determine how such style/strategy fits into the asset allocation criteria enumerated above. The Funds are the only clients to which Sage provides investment advisory services. Sage provides investment advice solely to each Fund based on the Fund’s investment strategy, guidelines, restrictions, and other relevant criteria. As such, Sage does not, directly or indirectly, provide individualized advice to investors in the Fund based on the individual needs, strategies, guidelines, restrictions and/or goals of such investors. Sage typically does not accept specific investment restrictions imposed by investors in the Funds. However, in connection with the investment advisory services Cerity Partners provides to its own clients, Cerity Partners has, where appropriate and consistent with such clients’ investment strategies, guidelines, restrictions, liquidity needs and other relevant criteria, recommend to such client’s investments in one or more Funds managed by Sage. To date, a significant proportion of the investors in the Funds have been Cerity Partners advisory clients. Sage does not participate in “wrap fee arrangements”. Amount of Managed Assets As of December 31, 2023, Sage has assets under management totaling $538,074,442. Of that total, $296,359,842 is managed on a discretionary basis and $241,714,600 is managed on a non- discretionary basis.