A. General Description of Advisory Firm. Serengeti Asset Management LP ("Serengeti" or the "Adviser") is a Delaware limited partnership that was formed in July 2007 with an office in New York, New York. The Adviser is principally owned and managed by Mr. Joseph A. LaNasa III. Mr. LaNasa has extensive experience managing a variety of debt and equity portfolios. B. Description of Advisory Services. The Adviser serves as the management company with discretionary trading authority to private pooled investment vehicles, the securities of which are offered to investors on a private placement basis (each a "Client Fund" and collectively, the "Client Funds"). The Adviser also serves as the investment adviser with non-discretionary trading authority to a number of managed accounts, as well as a sub-adviser for the assets of other asset managers (each a "Non- Discretionary Client" and collectively, the "Non-Discretionary Clients"). The Adviser provides investment advice across the debt and equity markets in both private and public transactions in the following investments: Equities Bank loans Bonds and other debt instruments Distressed companies Structured finance Private investment opportunities Derivatives Commodities Currency instruments Interest rate instruments Catastrophe bonds and reinsurance opportunities Royalty streams Liquidations Litigation Finance Financing Platform Forward securities contracts relating to private companies Non-performing assets Other types of securities or assets as market conditions evolve and new investment opportunities arise. As used herein, the term "client" generally refers to each Client Fund and each Non-Discretionary Client. The "Domestic Funds" include, Serengeti Lycaon Partners LP, a Delaware limited partnership (the "Lycaon Domestic Fund", Serengeti Caracal Fund LP, and Serengeti Caracal Fund II LP, both Delaware limited partnerships (the “Caracal Domestic Partnerships”), Serengeti Opportunities Partners LP, a Delaware limited partnership (the "Opportunities Domestic Fund"), Serengeti Multi-Series LLC, a Delaware limited liability company (the "Multi-Series Domestic Fund"), Serengeti Caracal Multi-Series LLC, a Delaware limited liability company (the “Caracal Multi-Series Domestic Fund”). The "Offshore Funds" include Serengeti Lycaon Overseas Ltd, a Cayman Islands exempted company (the "Lycaon Offshore Fund"), Serengeti Caracal Fund Ltd and Serengeti Cacacal Fund II Ltd., both Cayman Islands exempted companies (the “Caracal Offshore Funds”), Serengeti Opportunities Ltd., a Cayman Islands exempted company (the "Opportunities Offshore Fund"), Serengeti Segregated Portfolio Company Ltd., an open-ended exempted company registered as a segregated portfolio company under the laws of the Cayman Islands (the "Multi-Series Offshore Fund"), Serengeti Caracal Segregated Portfolio Company Ltd., an open-ended exempted company registered as a segregated portfolio company under the laws of the Cayman Islands (the “Caracal Multi-Series Offshore Fund”), and Serengeti Okapi Fund LP, a Cayman Islands exempted limited partnership (“Okapi Offshore Fund”). The Lycaon Offshore Fund invests all or substantially all of its assets in the limited partnership interests of Serengeti Lycaon Intermediate LP, a Cayman Islands exempted limited partnership (the "Lycaon Intermediate Fund") which in turn invests substantially all of its assets in the limited partnership interests of Serengeti Lycaon MM LP, a Cayman Islands exempted limited partnership (the "Lycaon Master Fund"). The Lycaon Domestic Fund may either invest directly or through limited partnership interests in the Lycaon Master Fund. The Caracal Offshore Fund invests all of its investable assets in the limited partnership interests of Serengeti Caracal Fund Intermediate LP, a Cayman Islands exempted limited partnership (the “Caracal Intermediate Fund”), which in turn invests all of its investable assets in the limited partnership interests in Serengeti Caracal Master Fund LP, a Cayman Islands exempted limited partnership (the “Caracal Master Fund”), provided that the Caracal Offshore Fund may invest a portion of its investable assets in one or more alternative investment vehicles that shall invest in lieu of the Intermediate Fund and/or the Master Fund. The Caracal Domestic Fund may either invest directly or through one or more alternative investment vehicles in which the Caracal Offshore Fund (through the Caracal Intermediate Fund) invests at the same time. The Opportunities Offshore Fund generally invests all or a substantial portion of its assets in the limited partnership interests of Serengeti Opportunities Intermediate LP, a Cayman Islands exempted limited partnership (the "Opportunities Intermediate Fund") which in turn invests all of its assets in the limited partnership interests of Serengeti Opportunities MM L.P., a Cayman Islands exempted limited partnership (the "Opportunities Master Fund"). The Opportunities Domestic Fund may either invest directly or through limited partnership interests in the Opportunities Master Fund. The Multi-Series Offshore Fund invests all or a substantial portion of its assets in the limited liability company interests of the respective series of the Serengeti Multi-Series Intermediate LLC, a Delaware limited liability company (the "Multi-Series Intermediate Fund") which in turn invests all of its assets in the respective series of the Serengeti Multi-Series Master LLC, a Delaware limited liability company (the "Multi-Series Master Fund" and together with the Multi-Series Domestic Fund, the Multi-Series Offshore Fund and the Multi-Series

Intermediate Fund, the "Serengeti Multi-Series Funds"). The Multi-Series Domestic Fund invests all or a substantial portion of its assets in the respective series of the Multi-Series Master Fund. The Multi- Series Domestic Fund may either invest directly or through the limited liability interests in the respective series of the Multi-Series Master Fund. The Caracal Multi-Series Offshore Fund invests all or a substantial portion of its assets in the limited liability company interests of the respective series of Serengeti Caracal Multi- Series Intermediate LLC, a Delaware limited liability company (the “Caracal Multi-Series Intermediate Fund”) which in turn invests all of its assets in the respective series of Serengeti Caracal Multi-Series Master LLC, a Delaware limited liability company (the “Caracal Multi-Series Master Funds” and together with the Caracal Multi-Series Onshore Fund the Caracal Multi-Series Offshore Fund and the Caracal Multi-Series Intermediate Fund the “Caracal Multi-Series Funds.”). The Caracal Multi-Series Domestic Fund invests all or a substantial portion of its assets in the respective series of the Caracal Multi-Series Master Fund. The Caracal Multi-Series Domestic Fund may either invest directly or through the limited liability interests in the respective series of the Caracal Multi-Series Master Fund. The Okapi Offshore Fund is organized as a fund of one for the purposes of investing (directly or indirectly through Subsidiaries) in Investments and engaging in all activities and transactions as the General Partner may deem necessary or advisable. Serengeti MM Associates LLC, a Delaware limited liability company, serves as the general partner to the Opportunities and Lycaon Intermediate and Master Funds and Serengeti Associates LP serves as the general partner to the Opportunities Domestic Fund and Lycaon Domestic Fund and managing member of the Multi-Series Master, Intermediate and Domestic Funds. Serengeti Caracal GP, LLC, a Delaware limited liability company, serves as the general partner of the Caracal Domestic, Intermediate and the Master Funds, the Okapi Fund, and managing member of the Caracal Multi-Series Master, Intermediate and Domestic Funds. Serengeti Caracal II GP, LLC, a Delaware limited liability company, serves as the general partner of the Caracal II Domestic, Intermediate and the Master Funds and general partner of the Series ES and Series CC3 of Caracal Multi-Series Master, Intermediate and Domestic Funds. This Brochure generally includes information about the Adviser and its relationships with its clients and affiliates. While much of this Brochure applies to all such clients and affiliates, certain information included herein applies to specific clients or affiliates only. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Client Funds are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended, and other exemptions of similar import under U.S. state laws and the laws of other jurisdictions where any offering may be made. Investors in the Client Funds generally must be both "accredited investors", as defined in Regulation D, and "qualified purchasers", as defined in the Investment Company Act of 1940, as amended. Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an offer to buy the securities of any of the Client Funds described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. (1) Investment Strategies and Types of Investments. See also Item 8 below. The descriptions set forth in this Brochure of specific advisory services that the Adviser offers to clients, and investment strategies pursued and investments made by the Adviser on behalf of its clients, should not be understood to limit in any way the Adviser's investment activities. The Adviser may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that the Adviser considers appropriate, subject to each client's investment objectives and guidelines. The investment strategies the Adviser pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any client will be achieved. (A) Availability of Customized Services for Individual Clients. The Adviser's investment decisions and advice with respect to each Client Fund are subject to each Client Fund's investment objectives and guidelines, as set forth in its offering documents and/or governing documents. Similarly, the Adviser's investment decisions and advice with respect to each Non-Discretionary Client are subject to the applicable client's investment objectives and guidelines, as set forth in that client's investment management agreement or sub- advisory agreement. (B) Wrap Fee Programs. The Adviser does not participate in any "Wrap Fee" programs. (C) Assets Under Management. As of December 31, 2023, the Adviser manages approximately $975,050,324 of regulatory assets under on a discretionary basis. As of December 31, 2023, the Adviser manages approximately $101,655,977 of regulatory assets under management on a non-discretionary basis.