59 North Capital Management, LP

The Adviser is a Delaware limited partnership formed in August 2018 with its principal office in Houston, Texas. Michael Bilger is the principal owner of the Adviser. The Adviser offers investment advisory services to pooled investment vehicles (each, a “Fund” and collectively, the “Funds”) intended for sophisticated investors. The Funds are organized in a master-feeder structure and include: • • •

59 North Master Fund, LP, a Cayman Islands exempted limited partnership (the “Master Fund”); 59 North Partners, LP, a Delaware limited partnership (the “Domestic Feeder Fund”); and 59 North Offshore Partners, Ltd., a Cayman Islands exempted company (the “Offshore Feeder Fund”).

The Domestic and Offshore Feeder Funds invest their assets in the Master Fund. Additionally, 59 North Capital manages one separately managed account on a discretionary basis (the “SMA” and together with the Funds the “Clients” or “Client Accounts”). The Clients are managed in accordance with their own investment objectives as set forth in the relevant governing and offering documents (each, a “Governing Document” and, collectively, the “Governing Documents”). Investment objectives are not tailored to any particular private investor (each, an "Investor"). 59 North Capital does not participate in wrap fee programs. As of December 31, 2025, 59 North Capital had approximately $7,503,173,537 in regulatory assets under management on a discretionary basis on behalf of its Clients.

Management Fees Each Investor should review the appropriate Governing Documents for the Funds in conjunction with this brochure for more complete information on the applicable management fees. The Adviser receives an annual management fee of 1.5% of assets under management. Management fees are generally collected quarterly in advance. Founders class investors pay reduced fees, as described in the Governing Documents of the Funds. The Adviser debits management fees directly from the Funds’ accounts; the Funds’ investors are not invoiced for the Adviser’s services. The management fees above are generally subject to waiver or reduction by 59 North Capital in its sole discretion with certain investors. For example, investors in the Funds who are associated with 59 North Capital, such as its officers or employees, generally do not pay management fees though they do pay their pro-rata share of private fund operating costs. The management fee may vary by Client Account. The Governing Documents specify the fees applicable to each Client Account. The SMA is also charged a management fee each quarter as described in the relevant Governing Documents.

Other Expenses The Master Fund will bear all expenses relating to its ongoing structure and operation, including: (i) the management fee; (ii) all investment-related costs and expenses, i.e., expenses that, in the Adviser’s sole discretion, are related to the investment of the Funds’ assets; (iii) fees and expenses related to portfolio exposure and performance, management systems, risk management services and software related to trade reconciliation, treasury, margin, financial and counterparty management; (iv) the Funds’ legal, accounting, tax preparation and other tax-related expenses, auditing, consulting and other professional expenses; (v) third-party administration costs, fees and expenses; (vi) all fees and charges of custodians, clearing agencies and banks; (vii) compliance and reporting expenses and expenses attributable to regulatory filings; (viii) the Adviser’s pro rata share of related insurance costs; (ix) any taxes; (x) all costs and expenses incurred in attempting to protect and enhance the value of the Funds; (xi) fees and expenses related to any activist-related activities; (xii) any fees and expenses related to the Adviser’s liquidation, if applicable; (xiii) fees paid to proxy and securities class action advisory firms; (xiv) expenses relating to the offer and sale of Interests and withdrawals and transfers thereof; and (xv) other reasonable expenses related to the purchase, sale, preservation or transmittal of the Fund’s assets. Generally: To the extent that any of the foregoing expenses relate to the operations of one or more other funds or accounts managed by the Adviser or any of their respective affiliates, 59 North Capital will attempt to allocate such expenses based on a good faith determination of the relative benefits of such expenses to all such funds and accounts benefiting from such expenses. Any expense common to any other private fund clients or accounts managed by the Adviser or its affiliates generally will be paid pro rata by such entities based on the approximate size of the relevant investment relating to such expense or otherwise on assets under management, as appropriate (or in any other manner deemed fair and equitable by 59 North Capital, in its sole discretion). The Adviser remains responsible for its overhead expenses of an ordinary and recurring nature, such as rent, supplies, secretarial expenses, its direct compliance expenses, stationery, charges for furniture and fixtures, salaries and bonuses of its employees, employee insurance, employee benefits and payroll taxes. The Adviser has adopted policies and procedures intended to address trade errors to ensure that the Clients are treated fairly. Subject to any contractual limitations set forth in the relevant Clients’ governing documents, the Adviser has discretion to resolve a particular error in a manner that it deems appropriate and consistent with the Adviser’s policies and procedures. For information on the Adviser’s brokerage and transaction costs, please see “Item 12 – Brokerage Practices.”

The Adviser is a fundamental investment manager that seeks to identify inefficiently priced securities and deliver attractive returns with low market correlation. The portfolio is typically comprised of cash‐generative and asset‐based businesses within the Consumer, Industrials, Media, Telecom, Financial Services, and Real Estate sectors. The Adviser typically evaluates the merits of its investments according to two primary criteria: (i) the deviation between the market price of the security and the Adviser’s estimate of intrinsic value and (ii) the Adviser’s ability to identify a rationale for price inefficiency in the underlying security. The approach embraces position‐level concentration in high‐conviction ideas, which are derived from a deep, independent, and disciplined research process. Risk of Loss The following explanation of certain risks is not exhaustive, but rather highlights some of the more significant risks associated with the investment strategies that the Adviser seeks to implement. Nature of Investments The Adviser has broad discretion in making investments for the Clients. Investments generally consist of long or short positions in equities and options and other assets that may be affected by business, financial market, or legal uncertainties. There can be no assurance that the Adviser correctly evaluates the nature and magnitude of the various factors that could affect the value of and return on investments. Prices of investments may be volatile, and a variety of factors that are

inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Clients’ activities and the value of its investments. In addition, the value of the Clients’ portfolios may fluctuate as the general level of interest rates fluctuates. No guarantee or representation is made that the Clients’ investment objectives will be achieved. Equity-Related Instruments in General The Clients invest in equity securities and equity-related instruments. Equity securities represent ownership interests in their respective issuers and generally carry the most risk associated with a specific issuer’s capital structure. The price of equity securities and their related financial instruments vary for a variety of reasons, including but not limited to supply and demand of the equity securities, the actual or perceived business opportunities associated with the issuer, the current and potential future cash flow of the issuer, the issuer’s management, their ability to execute on a specific business plan, the general economic environment, and the outlook for the overall economy. To the extent the Clients own an equity security or otherwise have exposure to an equity security or an equity-related financial instrument, this investment carries the risks associated with owning equities and may also carry risks associated with the form of financial instrument (e.g., options, derivative or securities-based futures contract). Any investment in equities or equity-related instruments entails a significant risk of loss. Short Sales Short sales create certain potential risks that are not otherwise associated with a long only portfolio. For example, a short sale involves the risk of a theoretically unlimited increase in the market price of the particular investment sold short, which could result in an inability to cover the short position and a theoretically unlimited loss. There can be no assurance that securities necessary to cover a short position will be available for purchase, which might prevent or limit the Clients’ ability to exit the short position. There is also the risk that the securities borrowed by the Clients in connection with a short sale must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when other short sellers of the security are receiving similar requests, a “short squeeze” can occur, and the Clients may be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous time, possibly at prices significantly in excess of the proceeds received in originally selling the securities short. The Clients’ inability to continue to borrow securities previously sold short may also force the Clients to unwind other elements of an investment position, possibly at a loss. From time to time, various regulatory authorities have imposed “short-selling bans” in selected securities (often, however, a wide population of securities), making it difficult if not impossible to continue to implement certain long/short (as well as other) equity strategies. For example, the SEC adopted an “uptick rule” in 2010 and securities exchanges have also reinstated “uptick rules” — generally prohibiting short sales unless the last recorded sale price of a stock was higher than the previous transaction. Over time, rules similar to the “uptick rule” could materially increase the Clients’ transaction costs by requiring the Adviser to delay executing certain short sales (as well as to execute them at higher prices than would otherwise be the case), and in certain circumstances could prevent the Clients from acquiring a short position which the Adviser would otherwise have acquired for it. Purchase of Options

Trading options is highly speculative and may entail risks that are greater than investing in other financial instruments. Prices of options are generally more volatile than prices of other financial instruments. In trading options, the Adviser speculates on market fluctuations of the underlying financial instrument (e.g., a security, an index, a commodity, exchange rate or other instrument), while only investing a small percentage of value relative to the Clients’ potential exposure. The price of any option is a function of direction (e.g., whether the option is a “put”—the right to sell—or a “call”—the right to buy), the time to expiry and the implied volatility of the underlying instrument. The Clients may “buy” an option, which means it pays a premium to receive exposure to a larger notional amount. A “buyer” of options risks losing all of its investment if the option expires “out of the money” (i.e., the trade goes against that option buyer). Purchasing put and call options, as well as writing these options, are highly specialized activities and entail greater than ordinary investment risks. Because option premiums paid or received by an investor will be small in relation to the market value of the investments underlying the options, buying and selling put and call options can result in large amounts of leverage. As a result, the leverage offered by trading in options could cause an investor's asset value to be subject to more frequent and wider fluctuations than would be the case if the investor did not invest in options. Use of Leverage The Client Accounts may utilize moderate leverage. This utilization results in the Clients controlling more assets than the Clients have equity. Leverage increases the Clients’ returns if the Clients earn a greater return on investments purchased with borrowed Clients than the Clients’ cost of borrowing such funds. However, the use of leverage exposes the Clients to additional levels of risk, including (i) greater losses from investments than would otherwise have been the case had the Client Accounts not borrowed to make the investments, (ii) margin calls or interim margin requirements which may force premature liquidations of investment positions and (iii) losses on investments where the investment fails to earn a return that equals or exceeds the Clients’ cost of borrowing such funds. In the event of a sudden, precipitous drop in value of the Clients’ assets, the Clients might not be able to liquidate assets quickly enough to repay its borrowings, further magnifying its losses. Hedging Transactions The Clients’ portfolios may utilize a variety of financial instruments such as derivatives, options, swaps, caps and floors, forward contracts for both risk management and general investment and speculation purposes. With respect to the risk management and hedging transactions, there can be no assurances that a particular hedge is appropriate, or that a certain risk is measured properly. Further, while the Client Accounts may enter into hedging transactions to seek to reduce risk, such transactions may result in poorer overall performance and increased (rather than reduced) risk for the Client Accounts than if it did not engage in any such hedging transactions. In addition, the Adviser may choose not to enter into hedging transactions with respect to some or all of its positions. Non-Diversification While the Clients’ portfolios generally contain a number of both long and short positions, the Clients will be invested primarily in a relatively concentrated portfolio of equity securities. While the Adviser intends to avoid excessive concentration of net exposure in individual industries or geographies on behalf of the Clients, the Clients’ portfolios can become relatively concentrated in any one issuer, market capitalization, industry, type of security and geographic area, and such concentration may increase the losses suffered by the Clients as the investment portfolios of the Clients may be subject to more rapid change in value than would be the case if the Clients were required to maintain a wider diversification among issuers, market capitalizations, industries, types

of securities and geographic areas. In addition, the Clients may from time to time hold a few, relatively large (in relation to its capital) securities positions, with the result that a loss in any such position could have a material adverse impact on the Clients’ capital. Derivatives Derivatives allow an investor to hedge or speculate upon the price movements of a particular security, financial benchmark, or index at no cost or at a fraction of the cost of investing in the underlying asset. The value of this type of instrument depends largely upon price movements in the underlying asset. Therefore, many of the risks applicable to trading the underlying asset are also applicable to trading derivatives related to this asset. Use of derivative instruments presents various risks which include the following: • Tracking - When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the derivative instrument and the underlying investment sought to be hedged may prevent the Clients from achieving the intended hedging effect or expose the Clients to the risk of loss. • Liquidity - Derivative instruments, especially when traded in large amounts, may not be liquid in all circumstances, so that in volatile markets the Clients may not be able to close out a position without incurring a loss. In addition, daily limits on price fluctuations and speculative position limits on exchanges on which the Clients may conduct transactions in derivative instruments may prevent prompt liquidation of positions, subjecting the Clients to the potential of greater losses. • Leverage - Trading in derivative instruments can result in large amounts of leverage. Thus, the leverage offered by trading in derivative instruments magnifies the gains and losses experienced by the Clients and could cause the Clients’ net asset value to be subject to wider fluctuations than would be the case if the Clients did not use the leverage inherent in derivative instruments. • Over-the-Counter Trading - Derivative instruments that may be purchased or sold by the Clients may include instruments that are not traded on an exchange. The risk of non-performance by the obligor on these instruments may be greater and the ease with which the Clients can dispose of or enter into closing transactions with respect to these instruments may be less than in the case of an exchange-traded instrument. In addition, significant disparities may exist between “bid” and “ask” prices for derivative instruments that are not traded on an exchange. Derivative instruments not traded on exchanges are also not subject to the same type of government regulation as exchange traded instruments, and many of the protections afforded to participants in a regulated environment may not be available in connection with these transactions. • Regulation of Over-the-Counter Transactions - The Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivative market. Although the effects of Dodd Frank on the OTC market have yet to be determined, dealers and other market participants are subject to additional clearing and margin requirements, as well as registration obligations and other regulatory requirements, such as business conduct standards, disclosure requirements, reporting and recordkeeping requirements and disclosures of conflicts of interest and other regulatory burdens. It is likely that these new and ongoing requirements increase the overall cost for OTC derivative dealers and other market participants, which may be passed along, at least partially, to market participants, such as the Clients, in the form of higher fees, decreased liquidity, less advantageous dealer marks and increased margin costs.

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The Adviser’s Clients include the pooled investment vehicles which are organized in a masterfeeder structure, and a SMA, and are described in Item 4 above. The Governing Documents provide the eligibility criteria and minimum investment requirements for each Client.

The Funds’ general partner, 59 North Partners GP, LP (the “General Partner”) receives an annual performance incentive allocation (the “Incentive Allocation”) that ranges from 15% to 20% of net profits. Incentive Allocations are generally assessed annually and are subject to each investor’s respective high water mark. The incentive Allocations are assessed directly against investors’ capital account balances. Incentive Allocation and other fees described above are generally subject to waiver or reduction by 59 North Capital in its sole discretion with certain investors. For example, investors in the Funds who are associated with 59 North Capital, such as

its officers or employees, generally do not incur any performance fees. The performance fees may vary by Client Account. The Governing Documents will specify the fees applicable to each Client Account. Generally: The Adviser has adopted policies and procedures intended to address conflicts of interest that may arise relating to the management of multiple Client accounts, including accounts with different fee arrangements and the allocation of investment opportunities. The Adviser reviews investment decisions for the purpose of ensuring that all accounts with substantially similar investment objectives are treated equitably. It is the Adviser’s general policy to trade the portfolios of all Clients on a pari passu basis based on relative capital. However, allocations may be made on a basis other than pro rata for a number of reasons, including, but not limited to: a Client’s investment guidelines and restrictions; available cash; liquidity requirements; tax or legal reasons; to avoid odd lots; or in cases in which such an allocation would result in a de minimis allocation to a Client. Each Investor should review the appropriate Governing Documents for more information on the applicable Incentive Allocation.

Neither the Adviser nor any of its affiliates are registered, or have an application pending to register, as a broker-dealer or a registered representative of a broker-dealer. Neither the Adviser nor any of its affiliates are registered or have an application pending to register as a futures commission merchant, commodity pool operator, a commodity trading advisor, or an associated person of the foregoing entities.

Transactions, Personal Trading Code of Ethics Pursuant to Rule 204A-1 of Advisers Act Pursuant to Rule 204A-1 of the Investment Advisers Act of 1940 (the “Advisers Act”), the Adviser has adopted a Code of Ethics (the “Code of Ethics”), which is designed to ensure that it conducts its business in accordance with all applicable laws and regulations and in an ethical and professional manner. The Code of Ethics applies to all 59 North Capital employees. In addition, the Adviser recognizes that it has a fiduciary duty to its clients, and that all of its employees need to conduct their business on 59 North Capital’s behalf in a manner that enables the Adviser to fulfill this fiduciary duty. In this regard, the Adviser has developed policies and procedures in the Code of Ethics that are premised on the fundamental principles of openness, integrity, honesty and trust. Employees are provided with a copy of the Code of Ethics and are annually required to sign and acknowledge that they will comply with its provisions. The Adviser will provide a copy of the Code of Ethics to any Investor or prospective Investor upon request. Personal Trading In general, employees (and members of their immediate households) must obtain pre-clearance before making certain securities transactions, including transactions in a private placement or initial public offering. The spirit of the Code of Ethics is to discourage frequent trading in employee personal accounts. Employees must also obtain pre-approval from the CCO before engaging in any outside business activities. All employees must provide duplicate copies of brokerage statements to the CCO. These records are used to monitor compliance with the foregoing policies. Participation and Interest in Client Transactions Subject to applicable law, the Adviser may affect transactions between Client accounts whereby one Client account will purchase securities from or sell securities to another account. If it plans on effecting such transactions in the future, the Adviser will follow documented procedures for doing so, including requiring pre-approval from the CCO. Aside from investments in the Funds, related persons generally may not invest in the same securities (or related securities) that are recommended to Clients. Such practices could present a conflict, where a related person is in a position to trade in a manner that could adversely affect a Client’s account (e.g., by placing its own trades before or after Client’s trades are executed in order to benefit from any price movements). The Adviser has adopted the personal trading policy summarized above in an effort to minimize such conflicts.

The Adviser is authorized to determine the broker or dealer to be used for each securities transaction for the Clients. In selecting brokers or dealers to execute transactions, the Adviser need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. It is not the Adviser’s practice to negotiate "execution only" commission rates, thus the Clients may be deemed to be paying for research, brokerage or other services provided by the broker which are included in the commission rate. However, all transactions will be made on a “best execution” basis.

Although the Adviser will make a good faith determination that the amount of commissions paid is reasonable in light of the products or services provided by a broker, commission rates are generally negotiable and thus, selecting brokers on the basis of considerations that are not limited to the applicable commission rates may result in higher transaction costs than would otherwise be obtainable. The receipt of such products or services and the determination of the appropriate allocation in the case of "mixed use" products or services create a potential conflict of interest between the Adviser and its Clients. In selecting brokers and negotiating commission rates, the Adviser may take into account the financial stability and reputation of brokerage firms, creditworthiness, efficiency of execution and error resolution, the actual executed price and the commission, custodial and other services provided for the enhancement of the Adviser’s portfolio management capabilities, the size and type of the transaction, the difficulty of execution and the ability to handle difficult trades, and the operational facilities of the brokers and/or dealers involved (including back office efficiency) and the research, brokerage or other services provided by such brokers. Soft Dollars The Adviser has entered into soft dollar arrangements with brokers. Section 28(e) of the Securities Exchange Act of 1934, as amended (“Section 28(e)”), is a "safe harbor" that permits an investment manager to use commissions or "soft dollars" to obtain research and brokerage services that provide lawful and appropriate assistance in the investment decision-making process. Except for services that would be Client expenses or as otherwise described below, the Adviser will limit the use of "soft dollars" to obtain research and brokerage services to services which constitute research and brokerage within the meaning of Section 28(e). Research services within Section 28(e) may include: research reports (including market research), certain financial newsletters and trade journals, software providing analysis of securities portfolios, corporate governance research and rating services, attendance at certain seminars and conferences, discussions with research analysts, meetings with corporate executives, consultants' advice on portfolio strategy, data services (including services providing market data, company financial data and economic data), advice from brokers on order execution and certain proxy services. Brokerage services within Section 28(e) may include: services related to the execution, clearing and settlement of securities transactions and functions incidental thereto (i.e., connectivity services between an investment manager and a broker-dealer and other relevant parties such as custodians), trading software operated by a brokerdealer to route orders, software that provides trade analytics and trading strategies, software used to transmit orders, clearance and settlement in connection with a trade, electronic communication of allocation instructions, routing settlement instructions, post trade matching of trade information and services required by the SEC or a self-regulatory organization such as comparison services, electronic confirms or trade affirmations. The use of commissions arising from the Clients’ investment transactions for services other than research and brokerage will be limited to services that would otherwise be a Client expense. The use of commissions to obtain such other services would be outside the parameters of Section 28(e). In some instances, the Adviser receives a product or service that is used, in part, by the Adviser for Section 28(e) eligible purposes and, in part, for other purposes (e.g., an order management system, trade analytical software or proxy services). In such instances, the Adviser makes a good faith effort to determine the relative proportion of the product or service used to assist the Adviser in carrying out its investment decision-making responsibilities and the relative proportion used for administrative or other purposes outside Section 28(e). The proportion of the product or service attributable to assisting the Adviser in carrying out its investment decision-making responsibilities is paid through brokerage commissions generated by Client transactions and the proportion attributable to

administrative or other purposes outside Section 28(e) are paid for by the Adviser from its own resources unless otherwise a Client expense. Aggregation When appropriate, the Adviser aggregates Client orders to achieve more efficient execution or to provide for equitable treatment among accounts. Clients participating in aggregated trades are allocated securities based on the average price achieved for such trades.

59 North Capital does not currently engage a third-party placement agent to introduce prospective investors to the Clients and to any future Clients. However, if the Firm does engage a third-party placement agent 59 North Capital will agree on terms with any prospective investor on how the placement agent fees will be paid.

The Adviser has not been subject to any legal or disciplinary action, whether criminal, civil or administrative (including regulatory) in any jurisdiction. Likewise, no persons involved in the management of the Adviser have been subject to such action.

Review of Accounts The Portfolio Companies of the Clients are regularly reviewed by the Adviser to determine the Portfolio Companies’ conformity with investment objectives and guidelines. In addition, the Adviser will review Client transactions, positions, and cash balances on a daily basis. Reporting Investors in the Clients will receive periodic unaudited reports in accordance with the Governing Documents and also receive audited financial statements on an annual basis (see “Item 15 – Custody”).

To the extent that it is required to do so, the Adviser complies with the applicable requirements of Rule 206(4)-2 of the Advisers Act (the “Custody Rule”) with regard to the Adviser’s custody of the assets of the Funds. The Adviser or its affiliate is deemed to have custody of the Funds’ assets and will provide all Investors with audited financial statements for the Funds in which they are invested within 120 days of such Fund’s fiscal year end. In addition, the audited financial statements are prepared by an independent accounting firm that is registered with and subject to review by the Public Company Accounting Oversight Board, in accordance with U.S. Generally Accepted Accounting Principles. Investors should carefully review the audited financial statements of the Funds. The SMA is not subject to the Custody Rule because the Adviser does not have custody of the funds in the SMA.

The Adviser has full investment discretion in managing the investments and divestments of the Clients. The terms of these investments, as well as the investment strategy and guidelines around

the use of this discretion, are described in detail in the Governing Documents. The Adviser assumes investment discretion and day-to-day operations over the Clients by virtue of the power granted to it and/or an affiliate in the Governing Documents of the Clients.

The Adviser has established proxy voting policies and procedures designed to ensure that proxies, to the extent the Adviser has been delegated authority to vote such proxies on behalf of Clients and elects to vote, are voted in the best interest of Clients. When voting proxies, the Adviser must identify and address material conflicts that may arise between the Adviser’s interests and those of the Clients. Specifically, the Adviser monitors the potential for conflicts of interest that might arise from personal relationships that the Adviser or its employees may have with parties involved in the vote, significant Investor relationships with those parties, and other special circumstances. If the Adviser determines that a conflict of interest exists as to a particular issuer, the CCO will determine whether the conflict is material to the vote. If it is determined not to be material, the Adviser will vote without further procedures. If it is determined to be material, the Adviser will resolve the conflict in one of several possible ways, such as by engaging a third party to recommend a vote. Current and prospective Clients and Investors may request a copy of the Adviser’s proxy voting policies, as well as relevant proxy voting records, by contacting the CCO.

Registered investment advisers are required in this Item to provide certain financial information or disclosures about the registered investment adviser’s financial condition. The Adviser is not aware of any financial commitment that impairs its ability to meet contractual and fiduciary commitments to the Clients and has not been the subject of a bankruptcy proceeding. The Adviser does not require or solicit prepayment of more than $1,200 in fees for any Client, six months or more in advance, and therefore has not included a balance sheet.