Wolf River Capital Management LLC

Item 5. Fees and Compensation

WRCM charges a fee based upon a percentage of committed capital, invested capital, or the market
value of the assets being managed by WRCM (“base fee”), in addition to a fee based on the performance
of the account (“performance fee”). WRCM does not charge fees on the Opportunity Funds or Opportunity
Series accounts.

Performance Fee

As discussed above in Item 4, all relevant information, terms and conditions related to the compensation
received by WRCM or an affiliate are set forth in the partnership agreement, as appropriate.           With
performance-based fee arrangements, there is the potential for conflicts of interest in that the
performance compensation may be an incentive for the manager to make investments that are riskier or
more speculative than would be the case absent a performance compensation agreement.

In addition to the fees described above, the Funds will pay certain expenses of the Funds which may
include, but are not limited to, operational expenses (including fees and expenses payable to the
administrator), expenses of custodians, paying agents, consultants, counsel and accountants, brokerage
commissions and other investment fees and costs, any insurance, indemnity or litigation expense,
financing costs, auditing expenses, financial statement and tax return preparation costs, filing and
registration fees, expenses of winding up and liquidation, and any taxes, fees or other governmental
charges levied against the Funds. All relevant information related to the expenses paid by the Funds is
set forth in each Fund’s partnership agreement.

Fees Charged by Financial Institutions

As further discussed in response to Item 12 (below), WRCM generally utilizes the administration services
of U.S. Bancorp Fund Services, LLC (“U.S. Bancorp”) for investment management accounts.                U.S.
National Bank Association will serve as custodian (“U.S. Bank”) for the Partner Fund and the Opportunity
Funds.

WRCM is given discretion to determine what financial institutions the Funds utilize and will arrange for the
set-up of accounts with the appropriate financial institutions. Financial institutions include, but are not
limited to, U.S. Bancorp, U.S. Bank, broker-dealers, trust companies, banks, etc. (collectively referred to
as the “Financial Institutions”). The Funds will incur certain charges imposed by the Financial Institutions
and other third parties, which are disclosed in each fund’s partnership agreement (e.g., fund management
fees and other fund expenses).

With respect to separate account management, in addition to the fees charged by WRCM for managing
separate accounts, clients also incur certain charges imposed by Financial Institutions. These additional
charges include securities brokerage commissions, mark-ups and mark-downs on fixed-income

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Wolf River Capital Management, LLC Disclosure Brochure

transactions, other transaction costs, custodial fees, reporting charges, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage
accounts and securities transactions. The Firm’s brokerage practices are described at length in Item 12,
below.

With respect to all accounts, except Partner Fund and the Opportunity Group, clients do not provide
WRCM with the authority to directly debit their accounts for payment of the investment management fees.
Rather, the Firm sends a separate invoice for direct payment.

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Wolf River Capital Management, LLC Disclosure Brochure

Item 7. Types of Clients

WRCM provides its services to the Funds as well as to charitable organizations, pooled investment
vehicles, corporations, and other business entities.

Minimum Investment

WRCM does not impose a minimum investment amount or minimum fee to retain its services. No real
minimum is imposed on the Funds.

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Item 8. Method of Analysis, Investment Strategies and Risk of Loss

Methods of Analysis and Investment Strategies

Investment Objective

WRCM’s investment objective is to seek positive risk-adjusted returns on capital primarily through the
purchase of trust preferred securities, subordinated debt securities or other securities, including equity
securities, issued by banks, thrifts, insurance companies or other similar financial institutions or holding
companies of real estate investment trusts and Securitized Pools (including the junior-most tranches) of
such securities (collectively, “Portfolio Securities”).

Investment Strategy

WRCM seeks to identify selected Portfolio Securities that are undervalued and, accordingly, present
opportunities for attractive, risk-adjusted returns. WRCM believes that stress in the financial sector during
the global great recession, caused many securities to be deeply discounted and that the difficulty of
analyzing the underlying collateral and structures of Securitized Pools in this environment led to
discounted pricing of these securities. As the economic recovery continued, substantial price recovery
occurred in many of these securities. Periodically, these securities trade at levels representing substantial
relative value to market alternatives. Subsequent economic uncertainties such as the COVID-19
pandemic and recent heightened geopolitical events have also led to price volatility in these securities
and therefor trading opportunities.

Combined, WRCM’s eight (8) professionals have extensive experience on the equity and debt sides of
the financial markets, as well as operational and investment experience within the banking, insurance,
and investment banking industries. Additionally, prior to employment by WRCM, seven of WRCM’s eight
professionals underwrote, structured and placed many of the Securitized Pools in which the Funds and
other clients invest. The targeted asset classes and investment strategies of the Funds include, but are
not limited to, the following:

    • Securitized Pools – The primary focus of the Funds will be investment in securities from
       Securitized Pools of trust preferred securities and subordinated debt issued by bank holding
       companies, banks, insurance companies and real estate investment trusts. These Securitized
       Pools were largely originally issued between 2000 and 2007. Generally, the underlying collateral
       of the pools originally consisted of 50 to 100 obligors. The transactions have different interest and
       principal waterfalls. The Funds may purchase bonds from various tranches of the Securitized
       Pools.
    • Trust Preferred Securities – WRCM expects that the Funds’ investments will also include trust
       preferred securities issued by bank holding companies and insurance companies. Generally, trust

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      preferred securities have a 30-year maturity period from the date of issuance, with an initial non-
      call period of five (5) years. The securities have a five (5) year deferral option, where the issuer
      can defer its interest for a period of five (5) years without having such deferral result in an event of
      default.   If the issuer exercises its deferral option, it is prohibited from paying interest and
      dividends on or redeeming forms of debt or equity that are pari passu, or subordinate to the trust
      preferred securities, including senior preferred stock issued via the Treasury Department’s Capital
      Purchase Program, non-cumulative preferred stock, and common stock.
   • The Funds may also invest in other debt and equity of both public and private companies.
   • From time to time the Funds may invest in other assets classes to provide diversification including,
      but not limited to; other non-correlated hedge funds, real estate partnerships, and other hard
      assets.
   • Short Sales – WRCM may also sell short selected Portfolio Securities with a goal of enhancing
      performance and reducing risk. These selected Portfolio Securities may be sold short because
      WRCM believes that their trading price represents overvaluation relative to normalized business
      and industry fundamentals and their spreads do not reflect the underlying risk of the respective
      security. WRCM may also sell short certain Portfolio Securities to hedge existing positions of the
      Funds.
   • Leverage – The Partner Fund may borrow money for purposes of purchasing Portfolio Securities.
      Entering into short sales may also increase the Funds’ use of leverage. The Partner Fund does
      not expect to incur indebtedness in connection with its operations.

Description of Investment Process

   • Investment Analysis – WRCM has developed and maintains proprietary databases and models
      that facilitate tracking the performance of Securitized Pools as well as the individual obligors
      underlying the Securitized Pools. WRCM will utilize its databases and general market knowledge
      to determine investment opportunities within the context of the current market and its expectation
      of the future market for individual securities and Securitized Pools.
   • Portfolio Evaluation – Once an investment opportunity is determined to be attractive as a stand-
...