Description of the Advisory Firm Mudita Advisors LLP dba Mudita Management (the “Firm”, “Investment Manager” or “Mudita Advisors”) is a limited liability partnership organized on July 23, 2019, under the laws of England & Wales with Company number OC428184. In addition to its registration with the SEC, the Firm is also authorized and regulated by the Financial Conduct Authority of the United Kingdom. Thomas Hardy is the Portfolio Manager and beneficial owner of the Investment Manager and Peter Scott is a beneficial owner of the Investment Manager. Description of Advisory Services Mudita Advisors provides investment advisory services to privately placed investment funds (each a “Fund” together the “Funds”) and a separately managed account (“SMA” and together with the Funds, the “Clients”). Affiliates of Mudita Advisors serve as the sponsor and general partner of the Clients and each such affiliate operates as a single advisory business together with Mudita Advisors and are subject to the Advisers Act pursuant to Mudita Advisors registration in accordance with SEC guidance. As such, Mudita Advisors has aggregated the information contained within this Brochure to refer to, and include all information concerning, each of the affiliated entities identified above. All references to Mudita Advisors in this Brochure should be considered references to the commonly controlled entities referenced above. The investment objective of Mudita Advisors is to generate attractive risk-adjusted absolute returns over a long-term horizon. The Mudita Advisors’ investment process attempts to identify patterns of mispricing across asset classes, with a focus on equities and equity derivatives. Mudita Advisors possesses a broad investment mandate

and may trade across all asset classes, market sectors, geographies and security types. The Fund conducts a private offering of its interests (“Interests”) to certain qualified investors as described in the response to Item 7, below (such investors and prospective investors are referred herein as “Investors”). Client Tailored Services and Client Imposed Restrictions Mudita Advisors manages the Clients’ investments in accordance with the investment objectives and strategies set forth in the Clients’ limited partnership agreement, operating agreement and/or offering documents (collectively, ‘Governing Documents’). Generally, there are no material limitations on the instruments, strategies and markets in which the Investment Manager may trade, nor is it subject to any formal diversification requirements or concentration limits and does not require consultation with the Clients or Investors. Mudita Advisors does not tailor its advisory services to the individual needs of Investors and does not accept Investor-imposed investment restrictions. In certain cases, Mudita Advisors or its affiliates may revise and enter into side letter agreements with certain Investors in a Fund establishing rights under, or supplementing or altering the terms of, the applicable Governing Documents, including without limitation, transparency rights, reporting rights, capacity rights, approval rights and certain other protections, and the right to receive certain special allocations. Wrap Fees Mudita Advisors does not participate in wrap fee programs. Assets Under Management As of March 31, 2024, Mudita Advisors had $1,124,378,427 of regulatory assets under management on a discretionary basis. Mudita Advisors does not manage any assets on a non-discretionary basis.