AlphaCat Managers is an investment management firm organized as a Bermuda exempted company in July 2008. AlphaCat Managers specializes in providing investment advisory services in risk- linked instruments that enable access to property catastrophe insurance and reinsurance-linked assets and securities. Shares are offered exclusively on a private basis to a limited number of sophisticated qualified institutional and high net worth clients. AlphaCat Managers is wholly owned by Validus Ventures, Ltd., a Bermuda based company that is wholly owned and controlled by Validus Holdings, Ltd. (“Validus”) a wholly owned subsidiary of American International Group, Inc. (“AIG”). As of October 2021 the Chief Executive Officer of AlphaCat Managers is Christopher Schaper. AlphaCat Managers engages AlphaCat Capital as a non-discretionary sub-adviser to its Clients and Funds. AlphaCat Capital is separately registered with the SEC and is based in Jersey City, New Jersey, operating from offices shared with a financial affiliate, AIG. AlphaCat Managers provides investment advisory services to AlphaCat Diversified Fund Ltd., AlphaCat Diversified Fund II, Ltd., AlphaCat Advantage Fund Ltd., AlphaCat Prima Fund, Ltd., AlphaCat Opportunities Ltd., AlphaCat Opportunities II Ltd., AlphaCat 2015 Ltd., AlphaCat Soteria Fund Ltd., and AlphaCat Master Fund Ltd. (collectively the “Funds” ) and separately managed accounts for institutional investors (“Clients”) who have engaged AlphaCat Managers as an investment adviser or investment manager. AlphaCat Managers also performs its advisory services under the name AlphaCat. AlphaCat Managers sponsors the Funds as well as acting as the investment manager. AlphaCat Managers also constructs portfolios involving traditional reinstateable reinsurance contracts and collateralized reinsurance arrangements sourced through our licensed reinsurer. In addition, AlphaCat Managers structures insurance related investments in other vehicles or accounts which are not investment companies or “private funds,” as those terms are defined by the U.S. Securities and Exchange Commission (“SEC”). Each Fund is open for investment only by qualified institutional or high net worth investors that meet the investor restrictions as set forth in the applicable Fund's subscription documents. The shares of the Funds are offered only to: (i) Non-U.S. Persons who are “qualified participants,” as defined in the Bermuda Investment Funds Act 2006 and (ii) U.S. Persons who are “qualified purchasers,” as defined in the U.S. Investment Company Act of 1940 Act, as amended (the “U.S. Company Act”), “accredited investors,” as defined in Regulation D under the U.S. Securities Act of 1933, as amended, and “qualified participants,” as defined in the Bermuda Investment Funds Act 2006. At the time of this filing, none of the Funds have been sold to U.S. persons, therefore Form D has not been filed with the SEC. The Funds will conduct trading activity pursuant to the investment strategies described generally below. Funds may be organized and offered for private investors generally or may be customized for single investors or groups of investors as agreed with AlphaCat Managers. AlphaCat Managers specializes in providing investment advisory services in property catastrophe event-linked insurance and reinsurance risk exposures including, but not be limited to, the following types of investments (together, “Risk-Linked Instruments”): private collateralized reinsurance arrangements sourced in traditional property catastrophe reinsurance markets, including reinstatement premium protection reinsurance contracts;
• Catastrophe bonds (principal-at-risk variable rate notes and other event-linked securities) being referred to collectively as “Cat Bonds”);
• Industry loss warranties (both indemnity-based and non-indemnity-based) binary reinsurance or derivative contracts triggered by industry-wide insurance losses (referred to collectively as “ILWs”);
• Exchange or over-the counter traded event-linked futures or derivative contracts; and
• Shares of special purpose reinsurers and other securities or instruments

the return on which is linked to the occurrence of a predetermined event. The Funds and Clients themselves do not carry out insurance or reinsurance business in or from within Bermuda. All private collateralized reinsurance arrangements sourced in traditional property catastrophe reinsurance markets, including reinstatement premium protection reinsurance contracts business are entered into by AlphaCat Reinsurance Ltd., (“AlphaCat Re”) and OmegaCat Reinsurance Ltd., (“OmegaCat Re”). AlphaCat Re was incorporated in January 2009, OmegaCat Re was incorporated in November 2018. AlphaCat Re and OmegaCat Re are registered in Bermuda as a Class 3 and Class 3A insurers respectively under the Bermuda Insurance Act 1978. AlphaCat Re and OmegaCat Re enable the Funds and Clients to participate in risks linked to traditional, fully- collateralized reinsurance contracts and indemnity-based ILW transactions through the issuance of variable funding notes, where necessary. AlphaCat Re and OmegaCat Re do not issue interests in themselves and are not private funds as defined by the SEC. The Funds and Clients typically invest in Cat Bonds, non-indemnity based ILWs, event-linked futures and derivatives through the Master Fund. The Master Fund was incorporated on July 23, 2008 as a Bermuda exempted, mutual fund company. The Master Fund operates as a special purpose vehicle issuing variable funding notes in relation to specific investments. The Funds and Clients may also, from time to time, invest directly in non-indemnity based Risk-Linked Instruments, including Cat Bonds and direct investments in shares of special purpose reinsurers. The respective Funds’ interests in Risk-Linked Instruments of AlphaCat Re and Master Fund are documented through variable funding notes purchased from the respective vehicle which originated the investment, subject to the investment guidelines for the applicable Fund. Some Funds and investment vehicles may have the ability to purchase catastrophe bonds and non-indemnity based contracts directly rather than through the Master Fund. The investments originated for all of the Funds are selected and managed by AlphaCat Managers. AlphaCat Managers generally invests collateral, unearned premiums and uninvested assets of a portfolio in: Money market funds rated AAAm or Aaa-mf and holding primarily national government obligations; Direct US Treasury obligations or direct obligations of an OECD member country rated at least AA-/Aa3; Cash held by a bank rated at least AA-/A3; and
• Collateral pool guaranteed by a financial institution rated at least A-/A3. AlphaCat Managers does not tailor its advisory services to the individual needs of Investors (although AlphaCat Managers’ advisory services are tailored to meet the investment mandates of the Funds, as described in the Funds’ Offering Documents). The Investors may not restrict investments by the Funds in any capacity. The Funds have entered into side letter agreements with certain Investors. Such agreements may provide such Investors with additional notification and disclosure rights and special fee arrangements (but not preferential liquidity terms), among others. The Funds generally enter into side letters only with Investors who make substantial commitments of capital. AlphaCat Managers does not participate in wrap fee programs. AlphaCat Managers managed approximately $ 3,438,020,483 in Regulatory Assets Under Management (“RAUM”), calculated as of January 1, 2023. RAUM is a defined term of the SEC that reflects cash and securities managed for clients as well as all assets of a “private fund” as the SEC defines that term, on a leveraged or gross basis as reflected on the gross asset value line of the balance sheet of the Funds, including committed uncalled capital. After including the proceeds from structured notes in issue and assets managed in reinsurance sidecars, AlphaCat Managers net assets under management calculated as at January 1, 2023 is approximately $ 3,277,568,266. AlphaCat Managers also provides advice on structuring various insurance portfolios, which fall outside of the RAUM definition.