Bivium Capital Partners, LLC (“Bivium” or “the Firm”) is an investment adviser registered with the Securities and Exchange Commission (the “SEC”), under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Bivium is a boutique investment management firm founded in 2002, with $4.13 billion in discretionary assets under management as of December 31, 2024. The word “Bivium” is Latin for “a place where two roads meet”; it reflects the Firm's investment philosophy that seeks to create and maintain an optimal intersection between quantitative and qualitative investment analysis. The owner of Bivium is Bivium Capital Partners, Inc. which is 100% by Lawrence P. Bancroft, President and CEO of Bivium. Bivium believes that Sub-Managers in their developing years are more likely to outperform the market, particularly in certain asset classes where there are greater inefficiencies. In selecting Sub-Managers, the Firm seeks to identify the unique investment thesis that each Sub-Manager is exploring and to determine whether their style and process are distinct from or similar to other Sub-Managers identified. Bivium does not employ a rigid minimum or maximum asset size at the Sub-Manager’s firm or product levels. In seeking to identify early emerging managers, Bivium’s scope of inquiry includes analysis of managers who may form a new Sub-Manager via a lift out or are likely to emerge into their own firms, at which time Bivium’s knowledge of the Sub-Managers may provide Bivium with a competitive advantage in early funding. Bivium also conducts due diligence on, and funds, an emerging product that is under the umbrella of a larger organization. Investment Advisory Services Bivium is a Manager of Managers and therefore does not typically directly advise on securities. Bivium provides investment advisory services to institutional clients through its Manager of Managers program which utilizes the talent of Sub-Managers. The Firm selects Sub-Managers who advise on or trade securities in clearly defined mandates, including domestic equities, international equities, fixed income, and alternative investments. All Sub-Managers are required to register as an Investment Adviser with the SEC once assets are over statutory thresholds. Any manager not qualifying to register with the SEC will be required to register with the applicable state regulatory authority or comply with regulations as they pertain to that firm. Bivium Outsourced Chief Investment Officer (“OCIO”) Bivium has partnered with clients and managers to help them achieve their strategic objectives by serving as their Outsourced

Chief Investment Officer. We provide a bespoke investment policy that focuses on our client’s immediate and long-term needs. In its capacity as an OCIO, Bivium will help clients build out an Investment Policy Statement (“IPS”) to guide their investment philosophy and target portfolios. The IPS includes such items as DEI, ESG, liquidity goals, performance expectations, and portfolio diversification. The IPS is customized for each client based on the mentioned, and other goals as outlined by the client. Additionally, Bivium will perform due diligence on sub-managers and funds before funding. Bivium Manager of Managers Program Bivium uses a multi-manager format and targets asset classes that it believes have significant potential for above-benchmark returns. The Firm’s products are offered in a separate account structure where several emerging Sub-Managers are selected to manage a client portfolio or product. To determine the optimal mix of Sub-Managers, Bivium gains a thorough understanding of what each client is trying to accomplish with their investment. This involves understanding the client’s definition of emerging managers, their investment goals, and objectives, and how those goals and objectives fit into their overall investment policy. In constructing client portfolios, Bivium seeks to mitigate both the investment risk and business risk associated with investing in smaller managers. To create efficient portfolios, understanding how the Sub- Managers interact is crucial. Once the Sub-Managers are identified, the Firm constructs portfolios with the goal of most of the value-added being driven by Sub-Manager stock selection. Clients may impose restrictions on investing in certain types of securities, including, but not limited to, market capitalization, securities of companies domiciled in certain countries and other Social / ESG considerations. Placing such restrictions can result in lower or higher returns than other clients of Bivium who do not place such restrictions on its accounts. Current Investment Strategies include: ▪ US Equity ▪ Non-US Equity ▪ Fixed Income ▪ Portfolio Advisory ▪ Hedge Fund Management ▪ Outsourced Chief Investment Officer (OCIO) The Firm’s research process is continuous and geared toward identifying new Sub-Managers for potential inclusion in client portfolios, while regularly reviewing Sub-Managers already included in client portfolios. Bivium continues to research new alpha opportunities and will create new product offerings over time to capitalize on these opportunities. The Firm will also customize portfolios on an as-needed basis for its institutional clients.