A. Description of Nephila Advisors LLC. Nephila Advisors LLC (the “Advisor”), a Delaware limited liability company, was formed on June 30, 2010. The Advisor provides non-discretionary sub- advisory services to its affiliate, Nephila Capital Ltd. (“Nephila Capital”), with respect to many funds managed by Nephila Capital (each such fund, a “Fund” and, together, the “Funds”) and assists Nephila Capital generally in investment advisory services, investor relations, risk management and business development. Nephila Capital is an investment manager specializing in catastrophe risk and weather risk investments for sophisticated institutional and high net worth clients. Nephila Capital also is registered with the SEC as an investment adviser. The Advisor’s owner is Markel Corporation (“Markel”). Previously, KKR Nevada Ventures LLC and Man Group Holdings Ltd. ("Man Holdings”) held minority passive interests in Nephila Holdings, the Advisor’s previous sole shareholder. On November 14, 2018, Markel purchased 100% of Nephila Holdings Ltd. from KKR Nevada Ventures LLC, Man Holdings and Nephila Partners, L.P. Markel now owns 100% of the Advisor directly. Markel is a holding company for insurance, reinsurance, and investment operations around the world and is a publicly traded company listed on the New York Stock Exchange (NYSE – MKL). In August 2012 and July 2014 respectively, Paul Gregory Hagood and Frank William Majors, Co- Founders of Nephila Capital, joined the Advisor as principals. In connection with this, the Advisor has an additional location in Nashville, TN. B. Advisory Services Offered. The Advisor provides non-discretionary sub-advisory services to Nephila Capital with respect to the Funds managed by Nephila Capital in addition to providing investor relations and business development services to Nephila Capital. The Advisor does not have discretionary authority to act as an investment manager for any Fund, and all investment recommendations of the Advisor are subject to review and approval by Nephila Capital, which has full discretionary investment authority to determine and implement all investments of the Funds. The Advisor does not have a direct contractual arrangement with any Fund, and the Funds do not pay fees to the Advisor. Nephila Capital acts as the investment manager of the Funds, which may be organized as Delaware limited partnerships or Bermuda exempted companies or may be domiciled in other jurisdictions. The Funds may be structured as stand-alone funds or master-feeder funds, and may be open to sophisticated private investors generally, or may be customized for single investors or a related group of investors. The Advisor provides non-discretionary investment advisory services primarily with respect to “Catastrophe” and “Weather” strategies. The Catastrophe and Weather strategies involve the purchase or sale of catastrophe insurance or weather-linked investment instruments, including catastrophe swaps, weather derivatives and other financial instruments, the returns of which are tied primarily to catastrophe risk or weather risk. The Advisor expects that its sub-advisory services will be limited to advice regarding the foregoing investment strategies and instruments, as generally described. The foregoing transactions are typically structured as securities in the form of notes, as International Swap and Derivatives Association, Inc. (ISDA)-based over-the-counter swaps or other derivatives contracts, or weather futures and options traded over-the-counter or on U.S. or non-U.S. futures exchanges. The primary differences between the Funds are the degree of leverage used, the extent of portfolio diversification, the nature and terms of specific portfolio investments, Nephila Capital’s fees, and the investors' redemption or withdrawal rights. A Fund may be organized into one or more classes of shares or interests, each with its own terms and conditions. For a complete description of the investment objectives and strategies of the Funds advised by Nephila Capital, as well as a description of the material terms of an investment in a Fund (including the risks of an investment and associated conflicts of interest), please refer to the relevant Fund's Confidential Offering Memorandum (the “Memorandum”). To facilitate the Funds’ access to the traditional reinsurance market,

Nephila Capital has caused to organize Poseidon Re Ltd. (“Poseidon”), Nephila Syndicate Holdings Ltd. (“NSH”) and Ananke Re Ltd. (“Ananke”). To facilitate the Funds’ access to the weather market, Nephila Capital has caused to organize Demeter Re Ltd. (“Demeter”). Together, Poseidon, Ananke, NSH and Demeter are the “Transformers”. Poseidon, Ananke and Demeter are licensed as Bermuda Class 3 reinsurance companies, and NSH is a Bermuda exempted company. Nephila Capital is the manager of Poseidon, Ananke, Demeter and NSH. Nephila Capital currently expects that all such reinsurance-related derivative and the weather derivative transactions for the Funds generally will be entered into with the Transformers as opposed to with a third-party transformer. The Advisor may make non-specific recommendations to Nephila Capital regarding such reinsurance and weather-related derivative transactions for the Fund accounts. The primary purpose of using the Transformers is to eliminate the “mark-up” that would otherwise be charged to the Funds by a third-party transformer on the derivative transaction. It is currently expected that Poseidon, Ananke, NSH and Demeter will enter into derivative transactions only with the Funds, and not with third parties. The Transformers do not make a profit. Nephila Capital also acts as the insurance manager to a Bermuda incorporated reinsurance company (the “Bermuda Reinsurance Company”). As of the date of this Brochure, the Advisor provides non-discretionary investment advice and services to Nephila Capital. For regulatory and compliance purposes, the Advisor takes the position that Nephila Capital and its Funds and the Bermuda Reinsurance Company are the Advisor’s sole clients. In addition, although not currently contemplated, the Advisor may provide advisory services to other entities or accounts that are not managed by or affiliated with Nephila Capital. For more information regarding Nephila Capital’s advisory services and the Funds, please refer to the Form ADV Part 2A of Nephila Capital, which is available from Nephila Capital or on the SEC’s website. C. Tailored Services. The Advisor provides non-discretionary investment advisory services primarily with respect to “Catastrophe” and “Weather” strategies. The Catastrophe and Weather strategies involve the purchase or sale of catastrophe insurance or weather-linked investment instruments, including catastrophe swaps, weather derivatives and other financial instruments, the returns of which are tied primarily to catastrophe risk or weather risk. The Advisor expects that its sub-advisory services will be limited to advice regarding the foregoing investment strategies and instruments, as generally described. As the investment manager of the Funds, Nephila Capital, not the Advisor, has the ultimate authority to make decisions regarding whether or not to engage in a transaction for the Funds. Moreover, as the investment manager of all of the Funds, Nephila Capital, not the Advisor, has the ultimate authority to make decisions regarding how each Fund should allocate its assets to certain investments. Further, Nephila Capital selects the Funds’ brokers, dealers, banks and other counterparties or intermediaries by or through whom portfolio transactions are executed or carried out, monitors each Fund's investments, and takes all other necessary or appropriate acts to carry out its portfolio management duties. The Advisor’s investment recommendations and related advice may be accepted, rejected or modified by Nephila Capital, as it determines in its sole discretion. D. Wrap Fee Programs. The Advisor does not participate in any wrap fee programs. Please refer to Item 5 – Fees and Compensation, below, for more information regarding the Advisor’s fees. E. Client Assets the Advisor Manages. The Advisor’s client net assets under management as of December 31, 2023 were approximately U.S. $6,020,000,000, representing the portfolio values of the Funds. All such assets are managed on a non-discretionary basis (none being discretionary). The amount disclosed under this item is calculated based on net assets after deducting investments of one Fund in another Fund so as to avoid the double counting of net assets, which differs from the Advisor’s “regulatory assets under management” disclosed under Part 1 of Form ADV.