A. Business Commencement Date Valor was organized in April of 2014 to offer investment management services. B. Ownership Valor Capital Management LLC is the sole member of Valor Advisors. Messrs. Francisco Narvaez and Francisco Secada are the principal owners of Valor Capital Management. Mr. Gonzalo Mendoza is also an owner of Valor Capital Management. C. Services NON-DISCRETIONARY ACCOUNTS. Our primary business consists of providing non- discretionary advisory services to ultra-high net worth families residing in Latin America. The services are tailored to the client’s needs. Clients are asked to provide the Firm with information regarding their financial profile and any restrictions the client wishes to impose on the management of the accounts. For these non-discretionary accounts, we will recommend an investment strategy, allocation mix, or changes to the client's existing portfolio that we believe is suitable for that client. The Firm has an ongoing responsibility to make recommendations to the client based upon the client's financial and investment profile. We do not buy or sell securities in the account unless the client approves of the recommendation. Upon approval of a recommendation, we will arrange for effecting the securities transaction(s) recommended. DISCRETIONARY ACCOUNTS. We offer discretionary investment management services to our advisory clients. Clients will be asked to provide us with certain information with respect to their current financial holdings, investment objectives, risk tolerance, liquidity needs, and time horizon. We will also inquire as to the restrictions the client wishes to impose on the management of the accounts. From the information that is supplied by the client, we will recommend an allocation mix and investment strategy that we believe is suitable for that client. We will actively manage the discretionary account on an ongoing basis in accordance with the account’s investment objective(s). For a discretionary account, we would have the authority to buy and sell securities in the account without having to obtain the client’s consent prior to each transaction. INVESTMENT CONSULTING SERVICES. We provide investment advice and portfolio analyses and/or recommendations to clients on an ongoing basis. Recommendations

may cover not only the accounts owned directly by the client but also accounts of entities owned, beneficially or otherwise, by the client. We will arrange for effecting the securities transaction(s) recommended only upon the client’s request. INVESTMENT PRODUCT TYPES. The primary investment vehicles in which client accounts are invested are mutual funds and exchange-traded funds. Occasionally, and based on the needs and objectives of the client, we may also advise on: ▪ Exchange listed securities; ▪ Securities traded over-the-counter; ▪ Securities issued by foreign issuers, including foreign sovereign debt instruments; ▪ Corporate debt securities; ▪ U.S. government securities; ▪ Structured Products (including reverse convertibles); ▪ Options contracts on securities; ▪ Private placements; ▪ Private equity funds; and ▪ Hedge funds. CONSULTING SERVICES. Valor offers to clients recommendations and advice regarding mergers, acquisitions, restructuring, and other financial or business transactions or matters on a one-time, non-discretionary basis. Valor also provides financial services and analysis and/or recommendations in connection with client funds, liabilities, collateralized loans, and investments on an ongoing basis where we prepare or assist in the preparation of various documents and consult with third-party professionals, such as tax and accounting professionals, in the arranging of loans and disbursements. STATEMENT CONSOLIDATION SERVICES. We provide consolidation services where we prepare and deliver to the client a report itemizing the value of the client’s holdings in each of the accounts included in the agreement and their collective value on a particular date. The reports contain information and data about accounts for which we do not provide investment management services or advise the client. If the client chooses to also subscribe to our management services, such services are provided through a separate agreement. The consolidation services may be provided in conjunction with a consulting arrangement. D. Assets Under Management As of December 31, 2023, we were managing approximately $3,143,178,000 of assets: about $229,653,000 on a discretionary basis and about $2,913,525,000 on a non-discretionary basis.