A.General Description of Advisory Firm. Millennium Global Investments Limited ("MGIL") is a private limited company incorporated in England and Wales with its principal office and place of business in Cleveland House, 33 King Street, London, SW1Y 6RJ, United Kingdom. MGIL commenced operations in 1994. MGIL is a wholly-owned subsidiary of Millennium Group Holdings Limited, a private limited company incorporated under the laws of Jersey. Chairman Michael D. Huttman's family trust owns a majority stake in Millennium Group Holdings Limited and a limited number of outside investors own a minority stake. B.Description of Advisory Services. MGIL serves as an investment adviser with discretionary authority to privately offered pooled investment vehicles and, where such vehicles are multi-fund entities, the sub-funds established thereunder, the securities of which are offered to investors on a private placement basis (each a "Fund" and collectively, the "Funds") We provide the investment advisory services to the Funds in accordance with the relevant limited partnership agreement, investment management agreement, offering memorandum, and/or other applicable Fund documention (collectively "Offering Documents"). The securities of the Funds are not offered nor sold to U.S. investors. In addition, MGIL serves as an investment adviser, either on a discretionary or non-discretionary basis, to separately managed accounts (the "SMAs") (the "Funds" and "SMAs" collectively referred to as a "client" or "clients"). MGIL provides provides investment advisory services to the SMAs in accordance with the applicable client's investment objectives and guidelines, as set forth in the client's investment management agreement, as well as any written instructions provided by the client to MGIL. MGIL generally focuses on currency-related investment and trading strategies. These strategies can vary in scope or focus. Investment strategies pursued by MGIL for clients currently include (i) currency hedging including passive, and dynamic strategies on specific currency pairs effected by statically hedging or dynamically increasing or decreasing a hedge ratio versus the base currency over time), (ii) and currency absolute return "Alpha" strategies, (iii) active currency overlay, which seeks to address the currency risk in existing portfolio exposures and add returns through amending the underlying currency weights applying a fundamental discretionary investment approach. MGIL currently advises the following Funds: Millennium Global Systematic Currency Fund - A sub-fund of Protea UCITS II Protea, is domiciled in Luxembourg and offered only to non-U.S. investors. The appointed Fund Manager is FundPartner Solutions (Europe) S.A, also domiciled in Luxemburg, and it has delegated Portfolio Management to MGIL. The fund follows a systematic strategy based on the MGIL’s proprietary quantitative model. Investment decisions are made based on signals initiated by the above-mentioned model. In order to achieve its objective, the fund mainly invests in financial derivative instruments having as underlying, or offering an exposure to, a set of currencies against the USD. The derivative instruments are collateralised and subject to strictly-enforced leverage and risk limits In addition, MGIL provides portfolio management services to a French-domiciled fund established exclusively for a French pension fund. The appointed Fund Manager is Millennium Global (Europe) SAS, also domiciled in France, that has delegated Portfolio Management to MGIL. The fund is not listed or advertised, nor does it solicit investors. The fund follows a currency hedging strategy and consists of two compartments - a passive hedging compartment, which uses a systematic hedge of foreign currencies against the Euro, and a dynamic hedging compartment in which MGIL can vary the amount of hedging. Assets of the fund are limited to currency forward transactions to hedge the currency risk present in fund, specifically for the sole purpose of hedging a non-Euro currency position against the Euro, as well as cash and/or securities that constitute a reserve to meet any obligations from the hedging transactions. As set out in the prospectus of the fund, there are strict rules governing the size of the cash reserve and the single investor acquires new shares in the fund whenever needed to ensure that the cash reserve is sufficient. In addition, MGIL provides portfolio management services to a Swiss-domiciled fund established exclusively for a Swiss Pension fund. The appointed Fund Manager is FundPartner Solutions (Suisse) S.A, also domiciled in Switzerland, and it has delegated Portfolio Management to MGIL for currency management only. The fund is not listed or advertised, nor does it solicit investors. The fund follows a dynamic hedging strategy in which MGIL can vary the amount of hedging only. In addition to the Funds, Millennium provides portfolio management services to SMAs in accordance with the investment strategy tailored for and set forth the governing agreements with such clients. Such strategies may include: Active Currency Overlay strategy which aims to transform existing currency exposures into a portfolio of currencies with an improved risk-adjusted return profile. MGIL applies a fundamental discretionary investment process with input from our independent economics team to transform existing exposures to a preferred currency basket. Programmes are executed

using OTC FX Spot and forward currency contracts (deliverable and non-deliverable) and OTC FX Currency option contracts (deliverable and non- deliverable). Permitted currencies included developed market FX and selected emerging market FX. Passive Hedging strategy which seeks to reduce embedded currency exposure in international asset portfolios by selling foreign currency exposures in the forward foreign exchange market versus the base currency. A passive currency hedging program is applied to developed market foreign exchange exposures. Programmes are implemented using OTC FX Forward contracts. Dynamic Currency Hedging strategy which seeks to adjust the hedges on client’s existing currency exposures. The aim of dynamic hedging is to improve upon the results of a static hedge by increasing foreign currency hedges in periods of base currency strength and reducing hedges in periods of base currency weakness. Hedges are adjusted based on signals from a systematic investment model that the assess the expected impact on portfolio currencies of i) momentum, ii) macroeconomic views, and iii) currency risk premia. Programmes are executed using FX Spot and forward currency contracts. Currency Alpha strategy which seeks to generate positive returns from the management of portfolios of global currency exposures. Both discretionary and systematic investment techniques can be applied to these programmes. Programmes can be executed using FX Spot and forward currency contracts (deliverable and non-deliverable) and OTC FX Currency option contracts (deliverable and non- deliverable) Enhanced FX Carry strategy which seeks to generate positive returns from developed market interest rate differentials. We seek to achieve this by taking long exposure to currencies with high interest rates versus currencies with low interest rates. The strategy incorporates risk mitigation techniques that seek to improve upon the results of passive approaches to FX Carry. MGIL has been appointed as investment manager to the Funds and the SMAs with responsibility for the investment management and back-office activities in relation to the Funds and SMAs. The Funds appointed a third party to carry out the functions of administrator, external valuer, custodian, and/or prime broker (where applicable). Please refer to Item 8: Methods of Analysis, Investment Strategies and Risk of Loss below for additional disclosures related to these investment strategies. This Brochure generally includes information about the Investment Adviser and its relationships with its clients. While much of this Brochure applies to all such clients, certain information included herein applies to specific clients only. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. 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 investment strategies or Funds described herein. Any such offer or solicitation will be made only by means of an investment management agreement or a confidential private placement memorandum The descriptions set forth in this Brochure of specific advisory services that the Investment Adviser offers to clients, should not be understood to limit in any way the Investment Adviser's investment activities. The Investment Adviser may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that the Investment Adviser considers appropriate, subject to each client's investment objectives and guidelines as set forth in the relevant Offering Documents. The investment strategies the Investment 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. C.Availability of Customized Services for Individual Clients. With respect to an investment in the Funds, any restrictions on investments are set forth in the Funds' Offering Documents. MGIL does not tailor its investment advice to individual investors in each of the Funds to which it provides portfolio management. As such, investors in a Fund cannot impose restrictions on the types of investments made through the Funds. Subject to applicable law and the relevant Funds’ Offering Documents, the Directors of the Funds may enter into side letter arrangements with certain investors that have the effect of altering or supplementing the terms of such investors’ investments in the Fund, including, without limitation, waivers or reductions of fees, access to portfolio information, rights to be excluded from certain investments, co-investment opportunities, transfers of interest in the Funds, taxation matters and other similar matters relating to their investment in the Funds. With respect to SMAs, any restrictions on investments are set forth in the applicable client's investment objectives and guidelines, as well as any written instructions provided by the client to MGIL. D. Wrap Fee Programs. MGIL does not participate in any wrap fee programs. E. Assets Under Management. As at December 31, 2022, MGIL managed approximately $114,525,724 in regulatory assets under management, and $17,842,394,376 in non-regulatory assets under management.