Background BTG Pactual Asset Management US, LLC is a Delaware Limited Liability Company formed in 2011, which succeeded BTG Pactual US Asset Management Corp. founded in 2008. BTG Pactual Timberland Investment Group, LLC (collectively with BTG Pactual Asset Management US, LLC, the "Firm" or "BTG") was formed in 2013 to provide investment advisory services to funds, vehicles and managed accounts focusing on timberland and other assets derived from forest and land- use activities. BTG is a wholly owned subsidiary of Banco BTG Pactual S.A., a Brazilian investment bank. BTG's principal investment advisory business consists of the following activities: (i) acting as an adviser and sub-adviser to private funds; (ii) acting as an adviser to managed accounts (servicing individuals, high net worth individuals, trusts, businesses, institutions and estates) on both a discretionary and non-discretionary basis; (iii) providing customized investment advisory solutions to clients who grant BTG US AM with power of attorney to access their account data and advise on asset allocation, security selection and risk management and (iv) sponsoring wrap fee programs. The private funds, managed accounts, and clients of our customized investment advisory solutions are the Firm’s "Advisory Clients". BTG also provides generic and bespoke research products and services (“Research”) to Advisory Clients and other clients. Advisory Services BTG is a sub-adviser to certain private funds managed by BTG Pactual Global Asset Management Ltd. BTG also provides both discretionary and non-discretionary investment advisory services to institutional and high-net worth clients on an individually segregated account basis and within its wealth management group. Additionally, BTG Pactual Timberland Investment Group, LLC ("BTG TIG"), a "relying adviser" of the Firm, provides investment advice to private funds and managed accounts focusing on investments in timberlands and other private markets. All investment advisory services (other than generic research) are based on each Advisory Client's individual needs, stated objectives and guidelines. Principal Investment Strategies BTG provides a wide range of both traditional and alternative investment products to both US and non-US investors. The private funds BTG advise seek to achieve their investment objectives through the use of a diverse range of strategies. These strategies may include, but are not limited to, those focused on (i) themes related to global macroeconomic conditions and strategies targeting specific countries or issuers, and (ii) obtaining equity-like returns in liquid and illiquid securities. The strategies that are currently part of the investment approach include, but are not limited to, fundamental equity long/short, currencies, merger arbitrage, event driven and special situations, corporate and sovereign debt, credit long/short, asset backed securities, global rates and foreign exchange, structured products and relative value equities. Investment decisions are based on both fundamental micro as well as macro analysis that include a review of the regional and global economic situation, asset flows and other macro indicators. In addition to its focus on emerging markets, the strategies also consider global macroeconomic themes. BTG also provides discretionary and non-discretionary investment advisory and wealth management services to high-net worth and institutional investors located in the US and abroad. These advisory services (other than generic research) are tailored to each investor's needs and suitability. The BTG Pactual International Private Markets group consists of BTG TIG, BTG Pactual Strategic Capital and U.S. Private Credit Investments. BTG TIG is a manager of sustainable forestry assets in the U.S. and Latin America. As an investment adviser and asset manager, BTG TIG and its affiliates are responsible for sourcing potential investments, providing research and due diligence on potential investments, analyzing investment opportunities, structuring investments, and monitoring and managing investments on behalf of its Advisory Clients. BTG TIG and/or its affiliates also provide certain property management and administrative services to Advisory Clients or arrange for services to be provided by a third party. In general, the objective of BTG TIG's investment advisory services is to optimize the value of managed assets through market analysis and active management. BTG Pactual Strategic Capital focuses on asset-oriented businesses. The strategy deploys a “credit focused” underwriting when evaluating new investment opportunities, which fall into two main categories; defensive equity investments and structured capital solutions. The strategy targets investments with asset-orientation and cash flow generation to mitigate downside risks. The investment strategy aims to generate risk-mitigated returns throughout various economic cycles by focusing on defensive elements, such as structural downside protections, and preserving opportunities to capture upside potential and value. BTG Pactual U.S. Private Credit Investments focuses on opportunistic U.S. middle market private credit. Specifically, its purpose is to identify, acquire, hold, manage and dispose of investments primarily in privately negotiated secured debt investments in middle market companies and from time to time traded debt. BTG believes that the strategy pursues idiosyncratic or complex opportunities that may be overlooked by other lenders due to mandate, skill, or capital constraints. The strategy targets investments in companies in transition, growth, stress, or distress using customized finance solutions. Tailored Advice and Client-Imposed Restrictions Each Advisory Client managed by BTG has its own investment objectives, strategies and restrictions. Certain Advisory Clients may focus on a narrow investment strategy while others may pursue a broader investment strategy. BTG prepares governing documents with respect to each Advisory Client that contain more detailed information, including a description of the investment objectives and strategy or strategies employed and related restrictions. The governing documents include, but are not limited to, offering memorandums, investment management agreements or sub-advisory agreements depending on the type of Advisory Client ("governing documents"). When deemed appropriate, BTG has established, and may in the future establish, managed accounts, which (i) tailor their investment objectives, guidelines, and restrictions to specific private funds and/or (ii) are subject to objectives, guidelines, and restrictions, terms and/or fees different from those of the private funds. Such investment objectives, fee arrangements and terms have been and will be individually negotiated. While managed accounts (and bespoke research) may be reasonably tailored based on the individual needs of an Advisory Client, as agreed to with BTG, the private funds may not be tailored to meet the individualized investment needs of any particular investor. An investment in a private fund does not create a client-adviser relationship between BTG and an investor. Further discussion of the strategies, investments and risks associated with all Advisory Clients is included in the governing documents. Current and prospective investors must consider whether a particular private fund or advisory relationship is appropriate to their own circumstances based on all relevant factors including, but not

limited to, the investor's own investment objectives, liquidity requirements, tax situation and risk tolerance. Prospective investors are strongly encouraged to undertake appropriate due diligence, including but not limited to a review of relevant offering materials and governing documents and the additional details about BTG's investment strategies, methods of analysis and related risks in Item 8 of this Brochure, before making an investment decision. Customized Investment Advisory Solutions BTG offers investment advisory services to high net worth individuals, trusts, businesses, institutions and estates. BTG serves as a fiduciary to Advisory Clients, as defined under the applicable laws and regulations. BTG provides customized investment advisory solutions for its Advisory Clients. This is achieved through continuous personal Advisory Client contact and interaction while providing discretionary or non-discretionary investment advisory and management services. BTG works closely with each Advisory Client to identify their investment goals and objectives as well as risk tolerance and financial situation in order to determine a portfolio strategy. Internal Investment Management BTG will place Advisory Client assets in primarily diversified exchange-traded funds (“ETFs”) and mutual funds to achieve the Advisory Client’s investment goals. BTG may also utilize alternative investments, structured products, real estate investment trusts and derivatives instruments to meet the needs of its Advisory Clients or retain certain legacy investments based on portfolio fit and/or tax considerations. From time to time, BTG may place Advisory Client assets in individual stocks and bonds based upon a specific request from the Advisory Client. BTG’s investment approach is primarily long-term focused, but BTG may buy, sell or re-allocate positions that have been held for less than one year to meet the objectives of the Advisory Client or due to market conditions. BTG will construct, implement and monitor the portfolio to ensure it meets the goals, objectives, circumstances, and risk tolerance agreed to by the Advisory Client. Each Advisory Client can place reasonable restrictions on the types of investments to be held in their respective portfolio, subject to acceptance by BTG. BTG evaluates and selects investments for inclusion in Advisory Client portfolios after determining its appropriateness to the client’s objectives and risk tolerance. BTG may recommend, on occasion, redistributing investment allocations to diversify the portfolio. BTG may recommend specific positions to increase sector or asset class weightings. BTG may also recommend employing cash positions as a possible hedge against market movement. BTG may recommend selling positions for reasons that include, but are not limited to, harvesting capital gains or losses, business or sector risk exposure to a specific security or class of securities, overvaluation or overweighting of the position[s] in the portfolio, change in risk tolerance of the Advisory Client, generating cash to meet Advisory Client needs, or any risk deemed unacceptable for the Advisory Client’s risk tolerance. BTG may recommend derivatives strategies for the purposes of hedging or generating yield in the Advisory Client’s portfolio. All Advisory Client assets will be managed within the designated account[s] at custodians designated by the Advisory Client and pursuant to the terms of the advisory agreement. Use of Sub-Advisors BTG may periodically recommend and refer Advisory Clients to money managers or investment advisors at BTG’s discretion or the Advisory Client’s request if it is expected that doing so would benefit the Advisory Client. BTG will remain your primary adviser and oversee the Advisory Client’s investment allocation[s] and overall investment performance. The Advisory Client will be provided with the sub-advisor’s Form ADV 2A (or a brochure that makes the appropriate disclosures) and overall investment performance. While the sub-advisor will assume day-to-day investment management of the assets, BTG will be responsible establishing the Advisory Client’s investment objectives and recommending a sub-advisor’s investment strategy to meet those objectives. Research Services BTG offers generic and bespoke research to a wide variety of clients. BTG’s research reports include, but are not limited to, analysis of the macro and micro economic regional environments, analysis of the different sectors of the economy and reports of companies’ business strategies and financial evolution. Research includes, but is not limited to, research reports produced by BTG analysts, financial models and access to research analysts in connection with research conferences and research reports. With respect to the generic research we provide, our research does not include any evaluation or recommendation by BTG of the investment guidelines or security selection for a client’s investment portfolio of the management of assets. Our generic research constitutes impersonal investment advice, and we have no liability whatsoever for any investment decision, or results thereof, that clients or any permitted user makes under in connection with the use of our research or any information or data provided therein or otherwise obtained or derived therefrom. However, the limitation contained in this paragraph will not in any way constitute a waiver or limitation of any rights accorded to BTG’s clients under state or federal securities laws. Participation in Wrap Fee Programs Effective March 28, 2024, BTG now offers discretionary and non-discretionary Wrap Fee Programs focused on investments that are intended to fit within an Advisory Client’s particular objectives, strategies and risk profile as described by each Advisory Client. BTG’s Wrap Fee Programs include the: Portfolio Advisor Program (PAP) and Unified Managed Account Program (UMA). The Wrap Fee Programs are intended to provide Advisory Clients with ongoing investment management services from both BTG-affiliated and non-affiliated managers. Wrap Fee Program accounts are managed based on particular investment strategies chosen by the Advisory Client. Such accounts may invest in equities, fixed income, funds, options, structured products (e.g. illiquid alternatives), cash and/or cash alternatives. In contrast to commission or transaction-based accounts, the Wrap Fee Program is an investment management program that provides the Advisory Client with advisory and brokerage execution services for an inclusive fee which incorporates charges for advisory services, custody, clearing, transaction execution and account reporting. This fee is based on the net market value of the assets in the account. For more information regarding the Wrap Fee Programs, including the fee schedule and other important considerations, clients should refer to Appendix 1 to the BTG Pactual Asset Management US, LLC Form ADV Part 2A (Wrap Fee Program Brochure). Certain Wrap Fee Programs require the Advisory Client to maintain a minimum amount of assets for opening an account in that Wrap Fee Program. BTG may, in its discretion, waive or reduce the minimum account opening size for certain clients. Assets Under Management As of December 31, 2023, BTG managed or sub-advised approximately $27,556,762,000 in regulatory assets under management on a discretionary basis. BTG also managed approximately $233,646,000 on a non-discretionary basis.