General Description of the Adviser Upwelling Capital Group LLC (“Upwelling”) is a California limited liability company that was formed in April 2011. Upwelling was registered as an investment adviser with the state of California in 2014 and with the SEC in 2023. Upwelling is wholly controlled by its managing member, Joncarlo R. Mark, and owned by Mr. Mark’s family trust. Description of Advisory Services Upwelling is an investment adviser with comprehensive institutional knowledge in the areas of private equity and alternative asset management. Upwelling offers customized strategies and solutions to enhance the overall returns for premier alternative investors. Upwelling’s services are offered in four main business lines: (1) strategy consulting services, (2) non-discretionary investment advisory services, (3) discretionary asset management services, and (4) Principal Investments. These services are described below: Strategy Consulting Services:
• Investment strategy review
• Alternative investment portfolio health assessment and performance attribution analysis
• Client organizational and operational assessment
• Market intelligence and market positioning
• Guidance on structuring strategic relationships and separate accounts
• Independent asset evaluations Non-Discretionary Investment Advisory Services:
• Direct and fund investments due diligence services
• Qualitative and quantitative assessment of operating executive teams and investment fund managers
• Advice on optimal, value-maximizing partnership restructurings and guidance on portfolio rebalancings
• Comprehensive, active portfolio monitoring and investment manager oversight
• Legacy portfolio solutions
• End-of-life fund dissolution and asset monetization
• Fund recapitalizations 4 | P a g e
• Follow-on investment evaluation and recommendations
• Limited Partner (LP) Advisory Board representation
• Sourcing, analyzing and executing primary, secondary and direct investments Discretionary Asset Management Services:
• Direct management of underperforming assets
• Separate account management for funds and direct investments
• Private equity, private credit, secondaries and infrastructure specialization

Principal Investments:
• Principal investment management of private capital funds
• General partner replacement manager
• Active sourcing, screening and investing in private companies on behalf of institutional investors and Qualified Purchasers
• Comprehensive investment analysis, including business strategy reviews, assessment of management teams and financial performance analysis
• Bottom-up and industry comparables valuations and financial modeling
• Active governance as directors of private companies
• ILPA compliant investor reporting Upwelling also offers pension consulting services on a nondiscretionary and discretionary basis. Our goal is to help plan administrators and participants select a diverse set of appropriate investment options to offer in their retirement plan and to help plan participants invest their retirement accounts optimally. Upwelling seeks to recommend lower cost investment options that will give plan participants exposure to a broad mix of asset classes. It seeks to develop long- term relationships with major institutional investors and pension plans, among others, which may include a variety of services ranging from discretionary asset management to nondiscretionary investment advisory and consulting services. Upwelling’s pension consulting services are intended to provide flexible resources for institutional investors and pension plans that may supplement their internal capabilities related to key corporate governance issues, research and due diligence activities, and active investments based on long-term company engagements. Availability of Tailored Services for Individual Needs of Clients Upwelling seeks to establish a consultative relationship with its clients. Many of its services 5 | P a g e will be tailored to the specific needs and objectives of our clients. For clients who enter into an investment management agreement with Upwelling, the arrangement will be managed based on the specific investment objectives and strategies established by Upwelling and its clients. Wrap Fee Programs Upwelling does not participate in or advise any wrap fee programs. Regulatory Assets Under Management Upwelling has $115 million of regulatory assets under management as of March 30, 2024. 6 | P a g e