Juniper Investment Company, LLC

General Description of the Adviser

B. The Adviser, Juniper Investment Company, LLC, a Delaware limited liability company, was founded in September 2008 by Alexis P. Michas and John A. Bartholdson. Messrs. Michas and Bartholdson are the principal owners of Juniper and control Juniper. They also are the principal owners and controlling persons of certain affiliates of Juniper that participate in Juniper’s investment advisory business as discussed herein (such affiliates and Juniper collectively, the “Firm”). The Firm’s office is located in New York, New York. Types of Advisory Services Offered The Firm currently manages and provides discretionary investment advisory services to a private investment master fund and its feeder fund (collectively, the “Funds”), a special purpose investment vehicle (a “SPIV”), three co-investment vehicles (each, a “Co-Investment Vehicle”), and a proprietary account researching a potential future fund offering. The Firm’s advisory services are described in more detail below and relate primarily to investments in smaller capitalization publicly traded equities of U.S. companies believed by Juniper to be undervalued. Each client’s investment objective and strategy are also set forth in any confidential private offering memorandum that may be provided to investors in the relevant client (each, an “Investor” and, together, the “Investors”). Additional information relating to the Firm’s advisory services and/or terms on which they may be offered to clients can be found in the client’s investment advisory agreement and/or in the client’s governing documents provided to Investors (collectively with any applicable private offering memorandum of a client, “Client Account Documents”). The Funds The Funds consist of (1) Juniper Targeted Opportunity Fund, L.P., a Delaware limited partnership (the “Master Fund”), and (2) Juniper Targeted Opportunity Fund, Ltd., a Cayman Islands exempted company (the “Feeder Fund”). The Master Fund commenced its investment operations in 2010. Juniper HF Investors II, LLC, an affiliate of Juniper, serves as the general partner of the Master Fund (the “Master Fund GP”), with overall responsibility for managing the business and affairs of the Master Fund. The Feeder Fund commenced its investment operations in 2015 and invests all or substantially all of its investable assets in and through the Master Fund. Messrs. Michas and Bartholdson and Kevin A. Phillip serve as the Directors of the Feeder Fund, with overall responsibility for managing the business and affairs of the Feeder Fund. The Funds invest primarily in publicly traded companies through concentrated ownership positions. Juniper seeks to use its position of control or significant influence to select and/or advise management of the Funds’ portfolio companies, and to assist in the development and execution of corporate strategy, corporate development activity, and, under appropriate circumstances, the recapitalization or sale of a business. Through these management activities, Juniper seeks to realize long-term capital appreciation on behalf of the Funds.

Special Purpose Investment Vehicles and Co-Investment Vehicles From time to time, Juniper may offer certain Investors in the Funds or other persons (including affiliates of Juniper) the opportunity to co-invest in portfolio companies alongside the Master Fund, or to make investments in specific target companies in which the Master Fund does not seek

to invest. Juniper generally will form and manage a new Co-Investment Vehicle (or a new series thereof) or SPIV to facilitate such investment activities, with an affiliate of Juniper serving as the general partner or managing member of the vehicle. Juniper may offer Investors the opportunity to invest alongside the Master Fund either by investing in a SPIV in which the Master Fund also invests, or by investing in a Co-Investment Vehicle that invests in parallel with the Master Fund. Juniper believes that raising additional capital from co-investors can materially assist Juniper in implementing its investment strategy and achieving the investment objectives of the Firm’s clients generally. Juniper TGX Investors, LLC, an affiliate of Juniper (“Juniper TGX”), serves as the managing member of Juniper TGX Investment Partners, LLC, a Delaware limited liability company (“TGX Partners”). Juniper formed TGX Partners in 2013 to serve as a SPIV in conjunction with Juniper’s take-private acquisition of Theragenics Corporation, which was a publicly traded portfolio company of the Master Fund prior to that acquisition. Juniper TGX is included as a “relying adviser” of Juniper pursuant to Schedule R of Part 1A of this Form ADV. Juniper and its affiliate, Juniper Targeted Opportunity Investors, LLC, also manage Juniper Targeted Opportunities, L.P., a Delaware series limited partnership (“Opportunities LP”). Juniper formed Opportunities LP in 2016 to serve as a Co-Investment Vehicle to invest in opportunities alongside the Master Fund. Opportunities LP has established and offered multiple separate series of limited partnership interests, each of which has been dedicated to facilitating a particular co-investment opportunity. As of December 31, 2025, there are three active series partnerships. Juniper Targeted Opportunity Investors, LLC (“Opportunities GP”) serves as the general partner of each series of Opportunities LP. The Firm may form and manage additional Co-Investment Vehicles and SPIVs in the future. The Funds, TGX Partners and Opportunities LP are collectively referred to herein as our “Advisory Clients.” While much of this Brochure applies to each of our Advisory Clients, certain information included herein applies only to certain Advisory Clients. From time to time we may advise clients other than the Advisory Clients.

Proprietary Research Vehicles Juniper may from time to time develop proprietary trading vehicles using internal capital as research for potential future fund offerings. These vehicles may use current investment strategies utilized by the Funds and/or additional unrelated investment strategies. These vehicles are intended to refine the strategy for and establish a track record for potential future fund offerings. Any proprietary research vehicles will be managed in accordance with the Firm’s policies and procedures. C.

Custom Advisory Services

Our advisory services are tailored to the specific investment objectives and strategies of our Advisory Clients, as set out in their respective Client Account Documents. The economic and other terms on which we render our advisory services to each Advisory Client are also set out in their respective Client Account Documents, and such terms generally vary from Advisory Client to Advisory Client.

D.

No Wrap Fee Program

We do not participate in wrap fee programs. E.

Assets Under Management

As of February 28, 2026, the Firm managed $451,117,114 of regulatory assets under management on a discretionary basis and did not manage any assets on a non-discretionary basis.

The information included in this Item 5 is summary in nature and is qualified in its entirety by the more comprehensive treatment of Advisory Client fees and expenses included in the relevant Client Account Documents. Investors should refer to their respective Client Account Documents for additional details regarding the information summarized below. A.

Management Fees and Performance Allocations

Each Advisory Client generally compensates the Firm through (i) an asset-based management fee (a “Management Fee”) and/or (ii) a performance-based allocation or distribution of profits generated for the Advisory Client or its Investors (a “Performance Allocation”). Juniper receives a Management Fee from the Funds. The Management Fee paid by the Funds is generally calculated and payable in arrears as of the end of each calendar month, in an amount equal to one-twelfth of 1.5% of the net asset value of the Master Fund (prior to deduction of any accrued but unearned Performance Allocation to the Master Fund GP). Juniper deducts the Management Fee from the Master Fund’s account on a monthly basis. An affiliate of Juniper is also entitled to receive a Performance Allocation from each Advisory Client. The Performance Allocation to which the Firm is entitled in respect of the Funds is calculated and allocable to the Master Fund GP on an Investor-by-Investor basis, and is calculated separately with respect to each investment in the Feeder Fund or the Master Fund made by a given Investor. The Performance Allocation allocable in respect of a given Investor’s investment in the Feeder Fund or the Master Fund is generally calculated and, if applicable, allocated to the Master Fund GP as of the end of each calendar year, upon an Investor’s withdrawal of capital (solely to the extent of profits attributable to such withdrawn capital) and, under certain conditions, upon the realization or deemed realization of a portfolio investment. The Performance Allocation allocable in respect of an Investor’s investment is generally allocable to the Master Fund GP at the rate of 20% of the applicable net profits experienced by the Investor during the applicable performance period, and generally takes into account both realized and unrealized gains and losses in the Master Fund’s portfolio. The Master Fund GP is authorized to withdrawal the Performance Allocation from the Master Fund’s account but generally has not done so, allowing such amounts to remain invested in the Master Fund. The Performance Allocations to which the Firm is entitled in respect of TGX Partners and each series partnership of Opportunities LP take the form of carried interest distributions in respect of net profits earned by Investors. These Performance Allocations are distributed to Juniper TGX, in the case of TGX Partners, and to Opportunities GP, in the case of each series partnership of Opportunities LP, pursuant to multi-step distribution “waterfall” provisions contained in the applicable Client Account Documents. In general, these waterfall provisions provide that, following the receipt of proceeds from a portfolio investment, and following distributions of such proceeds to Investors in an amount reflecting a return of their invested capital and a preferred rate of return thereon, (i) distributions of proceeds will then be made to Juniper TGX or Opportunities GP, as applicable, reflecting a Performance Allocation payment in respect of the preferred return amounts distributed to Investors and, thereafter, (ii) additional Performance Allocation payments may be distributed to Juniper TGX or Opportunities GP, as applicable, subject to the availability of sufficient investment proceeds and subject to the further provisions of the applicable waterfall. Juniper TGX’s and Opportunities GP’s

Performance Allocation percentage may vary between 10% to 20%, subject to the provisions of the applicable distribution waterfall. It is important to note, however, that the foregoing descriptions of Opportunities GP’s Performance Allocation contain generalizations, and that such compensation arrangements may be tailored on a co-investment-by-co-investment basis, as outlined in the applicable Client Account Documents for the specific co-investment opportunity. The extent to which an Investor will be subject to any Management Fee and/or Performance Allocation is subject to negotiation. Accordingly, the Firm in its discretion may waive, reduce or rebate all or any portion of any Management Fee or Performance Allocation that would otherwise be borne by a particular Investor. B.

Other Compensation to the Firm

Neither the Firm nor any of its supervised persons accepts compensation (e.g., brokerage commissions) for the sale of securities or other investment products. In consideration for the rendition of certain management services, the Firm receives an annual management fee from Theragenics Corporation, which is wholly owned by, and the sole portfolio company of, TGX Partners. Such fee is accrued and paid to the Firm based on a 1.0% of the value of the members’ capital of TGX Partners for the applicable year. The Firm has also received (and in the future may receive) from one or more Advisory Clients or their portfolio companies one-time or recurring fees for the rendition of advisory or other services in connection with strategic transactions of a portfolio company. The Firm or its personnel from time to time also may receive break-up or other investment-related fees from third parties (i.e., parties other than an Advisory Client or its portfolio company) in connection with an investment or divestment, or a proposed investment or divestment, by an Advisory Client. The amount of any such fees, net of any expenses that the Firm or its personnel may have incurred in the course of their services that occasioned such fees, will generally be credited to the account of the applicable Advisory Client. If such fees and any such expenses relate to more than one Advisory Client, the Firm will allocate the resulting credit among the applicable Advisory Clients proportionately based on the value of their respective holdings in the applicable investment, or in such other manner that the Firm determines to be fair and equitable under the circumstances. As noted below in Item 10, certain personnel of the Firm serve on boards of directors of portfolio companies of Advisory Clients. Such personnel typically will receive from the applicable portfolio company both directorship fees and reimbursement of the expenses that they incur in their performance of such service. The amount of any such fees and reimbursement will be retained by such personnel or the Firm and will not be shared with the applicable Advisory Client. C.

Other Fees and Expenses

Fees and expenses of each Advisory Client are generally borne by all of the Investors in such Advisory Client pro rata in accordance with the value of their respective capital account balances.

Subject to the terms of the applicable Client Account Documents, if we determine that certain fees and expenses are attributable to a particular Investor, the Firm in its discretion may charge all such fees and expenses solely to the capital account of such Investor. The operating expenses of the Advisory Clients generally include, without limitation: (i) accounting, legal and auditing expenses (including, without limitation (A) costs and expenses (including, without limitation, taxes, fees or other governmental charges) associated with the formation, organization and operation of Advisory Clients; (B) wind-up, liquidation, termination and dissolution expenses; (C) costs related to any transfers of interests, unless otherwise charged to or borne by the applicable transferor and/or transferee; and (D) expenses incurred in connection with the preparation of, and any amendment to the Client Account Documents of the Advisory Clients); (ii) insurance expenses (including without limitation, general partner liability insurance and other policies, if any, including directors’ and officers’ liability insurance and errors and omissions insurance); (iii) the costs of any litigation, arbitration, mediation or similar proceeding, or of any investigation, involving the activities of the Advisory Clients (including, without limitation, any indemnification costs and any expenses incurred in connection with responding to requests or inquiries from any U.S. federal, state, local or non-U.S. governmental authority, regulatory body or self-regulatory organization with respect to the Advisory Clients); (iv) expenses incurred with respect to the preparation, duplication and distribution to Investors and prospective Investors of the Advisory Clients’ Account Documents, annual reports and other financial information; (v) expenses incurred in the sourcing, buying, selling and holding of portfolio investments and potential portfolio investments (regardless of whether a particular investment is consummated) that are reasonably determined to be directly related to the investment of the Advisory Clients’ assets (including, without limitation, (A) brokerage and commission expenses; (B) expenses associated with financing, monitoring and hedging investments; (C) margin, premium and interest expenses; (D) travel expenses; (E) due diligence expenses; (F) expenses related to service providers, such as appraisal expenses, accounting and legal expenses, advisory fees and expenses, fees and charges and disbursements of custodians and sub-custodians, and fees and charges and disbursements of escrow agents; (G) taxes; (H) administrative expenses; (I) brokendeal, failed transaction, break-up and similar fees, costs and expenses; and (J) research, monitoring, data, software and related equipment expenses, including Bloomberg terminals and subscriptions and other market information systems, as well as the costs of research management systems and corporate access tracking systems); (vi) fees and expenses of the administrator and other service providers of the Advisory Clients; (vii) any extraordinary expenses; (viii) the Management Fee; and (ix) all other fees, costs, charges and expenses associated with the business, affairs and/or operations of the Advisory Clients, including, without limitation, any other cost that may otherwise be paid with soft dollars pursuant to Section 28(e) of the Securities Exchange Act of 1934. The foregoing list of fees and expenses is not exhaustive and is provided for illustrative purposes only. Investors should expect to bear additional types of fees and expenses through their investment in an Advisory Client. See Item 12 for additional information regarding brokerage transactions and related costs. It is very important that investors refer to their respective Advisory Client’s Account Documents for a complete understanding of how Juniper is compensated for its advisory services, eligible Advisory Client expenses, and investor withdrawal and redemption rights.

The information contained herein is a summary only and is qualified in its entirety by the relevant Client Account Documents.

The following discussion of the Firm’s investment strategy, methods of analyses and related risk considerations are summary in nature and should not be understood to limit in any way the Firm’s investment activities. The Firm may offer any advisory services, utilize any investment strategy and cause Advisory Clients to invest in any instrument, whether or not described in this Brochure, subject to each Advisory Client’s investment objectives and any applicable investment guidelines or restrictions. For additional information regarding the investment strategy and objectives of an Advisory Client, please refer to the applicable Client Account Documents. The investment activities of the Advisory Clients entail substantial risks and Investors must be prepared to incur substantial losses. There can be no assurance that any Advisory Client will achieve its investment objectives. A.

Investment Strategy

Generally Juniper’s core investment strategy principally involves investing in publicly traded equities of smaller capitalization U.S. companies that we believe to be undervalued. We often seek to be a significant minority shareholder in portfolio companies and may seek to acquire 100% of the company through a going-private transaction. We estimate that there are approximately 2,100 U.S. listed companies whose stock market capitalization falls within the $25 million to $1 billion range that we have identified as the broad universe of potential targets for an initial investment. Juniper takes a highly engaged, private equity approach to public market investing. Juniper seeks to deliver superior investment returns through a value-oriented strategy focusing on identifying opportunities for significant corporate events and, through significant ownership positions, influencing such events to achieve attractive long-term returns. We expect that a significant portion of our Advisory Clients’ assets will be invested in a limited number of targeted opportunities that we believe to offer the opportunity to achieve substantial long-term appreciation. Juniper focuses on identifying companies that it believes are fundamentally undervalued by the public securities market. Juniper believes that many smaller capitalization companies operate suboptimally and cannot justify the resources they expend in being publicly traded in their current circumstance. The lack of research support or meaningful institutional following results in quality businesses trading well below the value of their franchise and future cash flows. Juniper seeks to earn long-term returns in these situations through price appreciation in the market, identifying and supporting initiatives that allow the business to achieve greater scale creating additional value, the execution of a long-term plan that repositions the company, the sale of the company or a goingprivate transaction. From time to time, Juniper may offer to Investors in the Funds and other persons the opportunity to co-invest in certain portfolio companies alongside the Funds. Co-investment opportunities are generally offered when Juniper determines that (i) the Master Fund has obtained or will obtain sufficient exposure to the relevant portfolio company to satisfy the Master Fund’s investment objectives, or (ii) the investment opportunity is one in which the Master Fund will not participate because it exceeds the Master Fund’s capital resources or would be inconsistent with the Master

Fund’s liquidity requirements. Each co-investment’s investment objectives, associated compensation arrangements and relation to the Funds are described in the Client Account Documents of each Co-Investment Vehicle. Juniper may also make investments in privately held securities as a result of transactions in which Juniper leads the going-private acquisition of a portfolio company or other proprietary private equity investment opportunities. The Master Fund will generally participate in such transactions by investing directly in the target company or through a SPIV organized by Juniper for the investment opportunity. These investments and others are subject to legal and/or contractual restrictions on transferability, and generally are not readily marketable without impairment of value. Such investments when made by the Master Fund are deemed to be “designated investments” under the Master Fund’s Client Account Documents, are held on behalf of the Master Fund in a specially designated sub-account or “side-pocket,” and are subject to additional terms as described in the Client Account Documents. Asset Classes Subject to the terms of the applicable Client Account Documents, Juniper may possess broad authority to invest the assets of an Advisory Client in securities and derivative instruments of any type. Accordingly, in addition to participating in the equity securities markets, Juniper may also be authorized to cause an Advisory Client to invest and trade in other asset classes including, without limitation, option contracts, futures, index ETFs, and instruments and transactions that are primarily, if not solely, for short-term cash management purposes, such as cash equivalents, commercial paper, money market instruments, and repurchase transactions. Leverage Subject to the terms of the applicable Client Account Documents, Juniper may possess authority to cause an Advisory Client to utilize leverage. In the case of the Funds, leverage may be utilized, on occasion, in advance of the receipt of new investment subscriptions or to meet withdrawal requests in instances in which Juniper determines that it would be detrimental to the Master Fund to sell, distribute, or otherwise dispose of current investments. As noted above, Juniper may also possess authority to cause an Advisory Client to establish derivatives positions (such as futures) that are, by their nature, highly leveraged, and may trade or purchase assets on margin, utilize lines of credit, and employ other forms of borrowing and leverage. Investment Discretion The descriptions of Juniper’s investment strategy contained in this Item 8, and the instruments in which it may invest or trade on behalf of certain Advisory Clients, should not be understood as limiting its investment discretion. Subject to the terms of the applicable Client Account Documents, Juniper may be authorized to modify any portion of the above-described strategies at any time if it determines that such an approach might better achieve the Advisory Client’s investment objective.

Methods of Analysis All investment ideas for the Firm’s Advisory Clients are generated by Juniper’s investment team through bottom-up research, with significant emphasis on fundamental analysis. From the universe

of smaller-capitalization publicly traded companies, Juniper is continually developing a group of opportunities for additional diligence. Initial and ongoing diligence of investment ideas includes meetings with management of proposed portfolio companies and utilization of a number of sources of data, including news and data services, such as Bloomberg, industry news publications, and other industry sources. Juniper approaches opportunities from the perspective of a business owner irrespective of its ownership position, which can range from a limited number of shares to 100% of the company. Our diligence and evaluation typically include extensive financial analysis, industry assessment, competitive review, management assessment, consideration of expected merger or acquisition activity or other corporate events and financial repositioning, and an analysis of the opportunities available through gaining influence through a significant ownership position or taking the company private. Juniper’s research focuses on valuation, the company’s strategy and the opportunity for Juniper to play an active role. Juniper’s proprietary research and financial modeling seeks to identify companies where the sustainable future free cash flow of the business provides an attractive yield on the market valuation. Juniper also incorporates an analysis of the strategic merger & acquisition value as well as the going private valuation that a financial investor can pay for a business to identify undervalued companies. Juniper seeks to establish an active dialogue with the management of portfolio companies regarding strategy definition and implementation. Successful execution of well-defined strategy can produce significant increases in value for smaller capitalization public companies as they gain scale, profitability, and relevance for institutional public market investors. Juniper seeks opportunities to enhance returns by recommending strategies to portfolio company managements and boards and supporting the implementation as a lead public shareholder. Initiatives to enhance value include building or improving management resources, driving business development and acquisition programs, helping define a long-term strategy, optimizing a company’s capital structure or capital allocation, corporate governance, or operations. Taking an active role with portfolio companies is often accomplished without Juniper placing its own employees or other representatives on the board of portfolio companies but Juniper may choose to do so in certain circumstances. Active long-term involvement with a portfolio company can provide proprietary opportunities for Juniper to lead going-private transactions or other investments within the portfolio.

B.

Investment Strategy Risks

The following discussion of risks is not intended as a full and detailed discussion of all of the risks associated with the Firm’s investment strategy. Because the Advisory Clients pursue investment programs that are distinct from one another (with an Investor in the Funds generally participating in a portfolio comprised of multiple investments, and with an Investor in TGX Partners or a series of Opportunities LP generally participating in a portfolio comprised of either a single investment or a small number of related investments), the summary below has been prepared in broadest terms by reference to the Funds and certain material risks attributable to their investment program. Accordingly, while a number of the risks noted below are also relevant to an investment in Opportunities LP or TGX Partners, some of the risks noted below may not be relevant to such an investment (and certain risks that are not noted below will be relevant to an investment in Opportunities LP or TGX Partners), and thus it is critical that Investors and prospective Investors in such Advisory Clients review all disclosure materials and Client

Account Documents furnished to them by the Firm in connection with their investment or potential investment, in addition to reviewing this Brochure and consulting with their professional advisors. All prospective Investors should read this Brochure and all applicable Client Account Documents in their entirety and should consult with their own professional advisors before deciding whether to invest in an Advisory Client. The Firm’s investment strategy and related risks can be expected to develop and change over time.

General Investment Risk Certain markets and instruments in which the Funds will trade may involve substantial risk of volatility (potentially resulting in rapid declines in market prices and significant losses) arising from any number of factors that are beyond Juniper’s control, such as: changing market sentiment; changes in industrial conditions, competition and technology; changes in inflation, exchange or interest rates; changing domestic or international economic or political conditions or events; changes in tax laws and governmental regulation; and changes in trade, fiscal, monetary or exchange control programs or policies of governments or their agencies (including their central banks). Changes such as these, as well as innumerable other factors, are often unpredictable and unforeseeable, rendering it difficult or impossible to predict or foresee future market movements. Strategy Risk Investing in the Funds involves certain risk considerations that may not apply to investing in a broad range of other collective investment vehicles (or that may apply to the Funds to a substantially greater degree than they would apply to such other collective investment vehicles). These risks include, among others: Investment Concentration The Master Fund currently has, and for extended periods in the future may continue to have, high concentrations of its assets in a single investment or in the securities of a limited number of issuers. Additionally, the Master Fund may have a high concentration of its assets in a single market or industry. Limited diversity could expose the Master Fund to losses disproportionate to general market movements if there are disproportionately greater adverse price movements in those positions taken by the Master Fund. Accordingly, the investment portfolio of the Master Fund may be subject to more rapid change in value than would be the case if the Master Fund were subject to more stringent requirements with respect to diversification among companies, securities and types of securities, as well other types of investments. Because TGX Partners’ and Opportunities LP’s respective investment portfolios are significantly more concentrated than the investment portfolio of the Master Fund, Investors in TGX Partners or a series of Opportunities LP are subject to correspondingly greater investment concentration risk than Investors in the Funds. Investment in Small Companies

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The Firm provides investment advisory services to the Advisory Clients, which are private investment funds. The Firm may provide investment advisory services to other types of clients in the future. Investors in the Advisory Clients from time to time may include high net worth individuals and their trusts and related entities, financial institutions, endowments and foundations, family offices, proprietary capital from certain personnel of the Firm and related entities, and other types of investors. Investors in the Advisory Clients must satisfy certain eligibility criteria and investment minimums, as set forth in the applicable Client Account Documents, some of which requirements are subject to waiver by the Firm. Investors in Advisory Clients must independently make a determination with respect to the suitability of their making or continuing any investment in an Advisory Client. The Firm does not make any such suitability determination or otherwise provide investment advisory services to Advisory Client investors solely as a result of their investing in an Advisory Client.

As discussed in Item 5, the Firm is entitled to receive performance-based compensation (i.e., Performance Allocations) from each of its Advisory Clients. As a result, the Firm does not experience conflicts of interest in terms of allocating investment opportunities among Advisory Clients that pay performance-based compensation, on the one hand, and those that do not pay such compensation, on the other hand. The Firm from time to time nonetheless can face potential conflicts of interest in terms of allocating investment opportunities among multiple Advisory Clients or future clients that pay different Performance Allocation rates, or the Performance Allocation terms of which are otherwise structured differently, the effect of which could be an incentive for the Firm to allocate such opportunities among clients on a basis that may not be fair and equitable to all such clients. The Firm has designed and implemented procedures to mitigate the potential for any such conflicts to improperly influence the Firm’s allocation of investment opportunities among its clients, so that all such clients are allocated investment opportunities on a fair and equitable basis over time.

Neither we nor any of our management persons is registered, or has an application pending to register, as a broker-dealer or a registered representative of a broker-dealer. In addition, neither we nor any of our management persons is registered, or has an application pending to register, as a futures commission merchant, a commodity pool operator, a commodity trading advisor or an associated person of any futures commission merchant, commodity pool operator or commodity trading advisor.

B.

Other Financial Industry Activities

As described in Item 4, each of the six Advisory Clients is a pooled investment vehicle sponsored by the Firm. Five of the Advisory Clients are organized as a limited partnership or limited liability company to which an affiliate of Juniper, Juniper HF Investors II, LLC, Juniper TGX Investors, LLC or Juniper Targeted Opportunity Investors, LLC, serves as the general partner or managing member, and the sixth is organized as a Cayman Islands company of which a majority of the directors are Juniper management persons. Accordingly, all or a majority of the persons ultimately responsible for the management of each Advisory Client should be regarded as having a strong interest in the Firm, and, where the interests of an Advisory Client and the Firm do not fully align, can be expected to experience conflicts or potential conflicts of interest between their duties to the Advisory Client, on the one hand, and their personal interest in the Firm, on the other hand. The Firm, its affiliates, employees and/or their related persons may invest directly in the Advisory Clients. It should be noted that investments in the Advisory Clients made by such persons may not be subject to the management fees and/or performance-based fees. Under the terms of Client Account Documents, the Firm and its personnel are generally permitted to engage in a broad range of activities beyond those in which they engage on behalf of the applicable Advisory Client, including, without limitation, managing other funds or accounts. These other activities could place substantial demands on the time and resources of the Firm and its personnel, thus giving rise to potential conflicts of interest in the allocation of such time and resources. There can be no assurance that any such conflicts will be resolved in favor of the applicable Advisory Client(s). The Firm and its principals are committed, however, to devoting such time and attention to the activities of each Advisory Client as they deem necessary and appropriate and consistent with the Firm’s fiduciary duties. Other activities in which personnel of the Firm engage include, among other things, service on the boards of directors of companies, including portfolio companies of Advisory Clients. While the Firm believes that the service of Firm personnel on boards of directors of portfolio companies of Advisory Clients generally should inure to the benefit of Advisory Clients that hold an interest in such portfolio companies, such service can also pose potential conflicts of interest in terms of the divided loyalties that such personnel may experience between their duties to a portfolio company as a director, on the one hand, and their duties to the Firm and its Advisory Clients, on the other hand. There can be no assurance that any such conflict will be resolved in favor of the applicable Advisory Client(s).

Juniper is exploring the possibility of developing an additional private fund offering, (the “Juniper Multi-Strategy Fund”) which would combine the investment strategy utilized by the Funds with additional unrelated investment strategies. This opportunity is currently in a research phase and the Juniper Multi-Strategy Fund has not yet been offered to any Investors. Juniper HF Investors LLC (“Juniper HFI”), a Delaware limited liability company owned and managed by Messrs. Alexis P. Michas and John A. Bartholdson, serves as general partner of the Juniper Multi-Strategy Fund and has invested capital to explore and refine this opportunity in this research phase. Juniper HFI previously held an ownership interest in Aetolian Advisors LLC (“Aetolian”), a Delaware limited liability company. Aetolian is registered with the Commodity Futures Trading Commission as a commodity pool operator (a “CPO”) and provides CPO services and investment advisory services to Newton Capital Partners LP, a private investment fund that pursues an investment program focused primarily on trading in exchange-listed financial futures. In addition to the prior ownership interest in Aetolian through Juniper HFI, Messrs. Michas and Bartholdson serve as advisors to the management of Aetolian. The Firm does not believe that its affiliation with Aetolian creates a material conflict of interest with its Advisory Clients. C.

Recommendation of Other Investment Advisers

We do not recommend or select other investment advisers for our Advisory Clients.

Transactions and Personal Trading A.

Code of Ethics Generally

We have adopted a Code of Ethics (the “Code”) for all supervised persons of the Firm that sets forth certain required standards of ethical conduct and provides guidance for fulfilling various aspects of our fiduciary duties to our Advisory Clients. It is designed to address, and to mitigate the potential for, conflicts of interest, to help preserve the confidentiality of client information, to prohibit insider trading and rumor mongering, to restrict the acceptance of significant gifts (and to require the reporting of certain gifts and business entertainment items), and to set forth procedures for personal securities trading, among other topics. All supervised persons of the Firm must acknowledge the terms of the Code annually and when it is amended. Clients and prospective clients may request a copy of the Code by contacting Juniper at the address or telephone number listed on the first page of this Brochure.

B.

Personal Trading Under the Code

The Code is designed to ensure that the personal securities transactions, activities and interests of the Firm and its personnel will not interfere with (i) making decisions in the best interests of our Advisory Clients and (ii) implementing such decisions, while, at the same time, allowing employees to invest for their own accounts. The Firm and its personnel are required to follow policies and procedures set forth in the Code that seek to address related potential conflicts of interest and that are intended to facilitate compliance with the rules promulgated under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that relate to such transactions. Subject to their compliance with these policies and procedures, such persons may trade for their own accounts in securities that are recommended to, and/or purchased for, the Firm’s Advisory Clients. Under the Code, transactions in certain categories of securities have been designated as exempt transactions (and thus are generally not subject to certain personal trading restrictions under the Code) by virtue of the fact that such transactions would not be expected to materially interfere with the best interests of our Advisory Clients. In addition, the Code requires pre-clearance of certain categories of securities transactions, and places restrictions on trading in certain categories of securities within close proximity to an Advisory Client trading in the same security. Nonetheless, because the Code permits Firm personnel and their related persons to invest in the same securities as an Advisory Client (and to maintain their holdings in securities in which an Advisory Client may subsequently invest), such persons’ holdings can benefit from market activity by an Advisory Client, thus giving rise to potential conflicts of interest between Firm personnel, on the one hand, and Advisory Clients, on the other hand. The Firm monitors the personal trading of its personnel in an effort to anticipate and manage such potential conflicts of interest.

C.

Participation or Interest in Client Transactions

Allocation of Investment Opportunities – Generally

From time to time, the Firm may be presented with investment opportunities that fall within the investment objectives of multiple Advisory Clients or proprietary research vehicles. In such circumstances, except as otherwise provided in the applicable Client Account Documents, we will allocate such opportunities among the Advisory Clients or proprietary research vehicles in good faith in a manner we believe to be fair and equitable over time, taking into account all facts and circumstances that we deem to be relevant. Our assessment generally will consider the requirements of the governing documents of the applicable Advisory Clients, the sourcing of the transaction, the nature of the investment focus of each Advisory Client or proprietary research vehicle, the relative amounts of the Advisory Clients’ capital available for investment and other considerations we may deem relevant at the time.

Allocation of Investment Opportunities – Co-Investments As discussed in Item 4, the Firm in the past has established, and in the future may again establish, one or more SPIVs or Co-Investment Vehicles to offer investors the ability to co-invest in portfolio companies in which the Master Fund invests. Co-investment opportunities are generally offered when Juniper determines that (i) the Master Fund has obtained or will obtain sufficient exposure to the relevant portfolio company to satisfy the Master Fund’s investment objectives, or (ii) the investment opportunity is one in which the Master Fund will not participate because it exceeds the Master Fund’s capital resources or would be inconsistent with the Master Fund’s liquidity requirements. In determining whether to offer a particular co-investment opportunity to a particular investor, and the amount of participation included in any such offer, Juniper may give consideration to such factors that it deems relevant in its sole discretion, which may include, without limitation, any or all of the following: (i) any special rights previously offered to the investor (including “mostfavored-nations” rights); (ii) the size of the investment opportunity; (iii) the capacity of the investor to make the investment; (iv) the extent to which Juniper previously offered the investor the opportunity to invest in such a vehicle (and whether such investor participated in such previous opportunities); (v) how quickly the investor will be able to consummate its investment in the vehicle; (vi) the ability of the investor to generate future investment opportunities or to provide other benefits to Juniper’s advisory clients; and (vii) various tax, legal, regulatory and/or confidentiality considerations. Any Co-Investment Vehicle or SPIV may be offered to investors on terms that differ from, and that may be more or less favorable than, the terms of the Funds.

Agency Cross Transactions Neither Juniper nor any of its affiliates is registered as a broker-dealer, and, accordingly, we do not engage in agency cross transactions. An agency cross transaction is defined as a securities transaction in which a person acts as an investment adviser in relation to the transaction on behalf of one party and also acts (or its affiliate acts) as a broker in relation to the transaction on behalf of the other party.

Principal Transactions It is the Firm’s policy that it generally will not effect principal transactions with Advisory Clients. Principal transactions are generally defined as transactions in which an adviser or its affiliate, acting as principal for its own account, buys any security from, or sells any security to, any investment

advisory client. A principal transaction may also be deemed to have occurred if a security is crossed between an adviser or its affiliate, on the one hand, and a client account in which the adviser and/or its affiliates hold in excess of 25% of the beneficial interest. The Firm may revise its policy regarding principal transactions in the future.

Cross Trades From time to time the Firm may effect “cross trades” between Advisory Client accounts by causing an Advisory Client to buy securities from, or to sell securities to, another Advisory Client, without the intermediation of a broker. With respect to any such transaction, (i) the transaction must be effected at a price that is fair to both of the Advisory Clients, (ii) the transaction must be in the best interests of both of the Advisory Clients, and (iii) neither the Firm nor any of its affiliates may receive compensation for effecting the transaction. Cross trades can be advantageous to Advisory Clients insofar as they can reduce Advisory Clients’ brokerage commission costs. At the same time, because cross trades are not executed through an organized market or negotiated at arms-length, they may fail to achieve optimal pricing or other terms for a participating Advisory Client.

Remuneration As noted above in Item 5, the Firm and its personnel may earn various forms of compensation in connection with the investment activities of its Advisory Clients. Such compensation arrangements can present conflicts of interest between the Firm and its personnel, on the one hand, and Advisory Clients, on the other hand. Although some such conflicts may be mitigated in situations where the net amount of such compensation (after deduction for expenses incurred by the Firm or its personnel in occasioning such compensation) is credited to the applicable Advisory Client(s), some such compensation arrangements do not entail such credits to Advisory Clients, and there can be no assurance that any resulting conflict will be resolved in favor of the applicable Advisory Client.

A.Brokerage Selection Generally The Firm generally has sole authority to determine the broker or dealer to be used, and the commission rates to be paid, for the securities transactions of its Advisory Clients. It is the Firm’s policy to exercise such authority on the basis of seeking “best execution” for its Advisory Client transactions, which generally means executing transactions in a manner such that an Advisory Client’s total costs or proceeds in each transaction are most favorable under the circumstances. Accordingly, the Firm’s pursuit of best execution is not driven by singular consideration of achieving the lowest possible commission cost for a given transaction. Rather, the Firm seeks to achieve the best qualitative execution for Advisory Clients, selecting brokers primarily on the basis of their execution capability while considering, among other factors, (i) price, (ii) the brokerdealer’s facilities, reliability and financial responsibility, (iii) the ability of the broker-dealer to effect securities transactions, particularly with regard to such aspects as timing, order size and execution of orders, (iv) the research, brokerage and other services provided to the Firm by such broker-dealer and (v) ancillary services such as the referral of potential investment opportunities or the introduction of potential investors to our Advisory Clients. Accordingly, we may cause our Advisory Clients to pay a broker-dealer that provides brokerage, research or such other services (either directly or through third-party relationships) an amount of commission or transaction cost in excess of that which another broker-dealer would have charged, if we determine in good faith that such commission or transaction cost is reasonable in relation to the value of such brokerage, research and/or other services provided. We have entered into brokerage agreements with one or more prime brokers to perform certain prime brokerage functions on behalf of certain of our Advisory Clients (including, without limitation, execution, clearing and/or settlement of securities transactions and custodial services). In providing custodial services, a prime broker may appoint sub-custodians, including affiliated sub-custodians, to hold the assets of an Advisory Client.

Research and Other “Soft Dollar” Benefits In exchange for the direction of Advisory Client brokerage transactions to certain brokers, the Firm may generate credits or “soft dollars.” The Firm may have the option to use these soft dollars to pay for research-related products and other products and services. Section 28(e) of the Securities Exchange Act of 1934, as amended, provides a “safe harbor” to investment advisers who use soft dollars generated by their advised accounts’ securities transactions to obtain investment research and brokerage services that provide lawful and appropriate assistance to such persons in the performance of their investment decision-making responsibilities. The Firm does not currently obtain research and brokerage services with soft dollars, but to the extent it does so in the future, such research and brokerage services may be used by the Firm to service some or all of its clients. Accordingly, at times a client may not be the direct beneficiary of research and brokerage services or products generated from the client’s trading, or conversely may be the beneficiary of research or brokerage services or products provided to the Firm in connection with soft dollars generated from the trading of other clients of the Firm. If the Firm receives a research service or product that also may have non-research

uses, a potential conflict of interest may arise because such research product or service may directly benefit the Firm even though it arises from the soft dollars of the Firm’s clients.

Brokerage for Client Referrals Subject to the Firm’s duty to seek best execution as summarized above, when selecting brokerdealers for Advisory Clients the Firm may consider, among other things, any capital introduction services and marketing assistance that a broker-dealer may provide with respect to Advisory Clients.

Directed Brokerage We do not recommend, request, require or permit Advisory Clients to direct that we execute transactions through a specified broker-dealer.

B.

Allocation and Aggregation of Client Orders

We may seek to aggregate securities orders for multiple Advisory Client accounts when consistent with our duty of best execution. In such circumstances, accounts will share commission costs pro rata based on the size of their respective participation in the applicable order, and will participate at the average price for the Firm’s transactions in the relevant security on the relevant day (or shorter period). The Firm will retain records of the trade order (specifying each participating account) and its allocation, which will be completed prior to the entry of the aggregated order. Completed orders will be allocated as specified in the initial trade order. Partially filled orders generally will be allocated on a pro rata basis, based upon the amount initially requested for each participating account. Any exceptions to such policy will be documented on the order. The Firm is not obligated to aggregate securities orders for Advisory Client accounts, and Advisory Clients may bear higher transaction costs if in any given instance the Firm elects not to do so.

C.

Trade Errors

It is the Firm’s policy to exercise due care when making, implementing and reporting investment decisions, and related administrative actions, on behalf of its Advisory Clients. This includes seeking to avoid mistakes and errors in executing, settling and reporting transactions. Nevertheless, there is a risk that such mistakes or errors will occur. It is Juniper’s policy that a trade error that results in a gain to an Advisory Client will remain in the Advisory Client’s account. Trade errors that are due to a good faith mistake by an employee of Juniper and result in a loss to an Advisory Client will be assessed to the Advisory Client’s account. We will reimburse our Advisory Clients for any loss or expense suffered by them as a result of mistakes or errors that we reasonably determine to have occurred as a result of our gross negligence or willful misconduct.

We do not participate in any arrangement with any person that is not an Advisory Client pursuant to which such person provides us with an economic benefit for furnishing investment advice or other services to an Advisory Client.

Neither the Firm nor any of its management persons have experienced any legal or disciplinary event that would be material to a client’s or prospective client’s evaluation of the Firm or the integrity of its management.

The Firm reviews all Advisory Client portfolios on a regular basis as part of its regular investment management processes. These reviews are generally conducted by a Managing Member or other senior member of Juniper’s investment team on a routine basis. Non-periodic reviews may be undertaken under special circumstances, including because of, among other things, material changes in market conditions or changes in applicable law or regulation. Investors in the Funds and Opportunities LP receive unaudited monthly account statements reflecting the performance of their investments. Investors in TGX Partners receive unaudited quarterly account statements reflecting the performance of their investment. Such Investors also receive annual audited financial statements of the applicable Advisory Client.

Juniper and certain of its affiliates are generally deemed to have custody of Advisory Client assets and, where applicable, intend to comply with certain requirements of Rule 206(4)-2 under the Advisers Act (the “Custody Rule”), and to qualify for exemption from certain other requirements of the Custody Rule by satisfying the conditions of the Custody Rule’s pooled vehicle annual audit provision. Advisory Clients’ funds and securities (other than certain privately placed, noncertificated securities) are held by “qualified custodians” within the meaning of the Custody Rule. The qualified custodians do not send account statements to Investors. Juniper complies with the “audit exemption” of Rule 206(4)-2 by ensuring the fund assets are subject to an annual audit performed by an independent public accountant that is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board, and audited financial statements prepared in accordance with U.S. generally accepted accounting principles are distributed annually to Investors within 120 days of year end.

We have discretionary authority to manage the portfolio of each Advisory Client pursuant to an investment advisory agreement and/or other Client Account Document with the Advisory Client. Such documentation generally places no limitation on our authority to manage an Advisory Client’s portfolio.

In accordance with SEC requirements, the Firm has adopted proxy voting policies and procedures to address how we will vote proxies that we receive for clients’ portfolio investments. Our proxy voting policies and procedures seek to ensure that we vote proxies in the best interest of our clients, including when there may be conflicts of interest in voting proxies. When we determine that material conflicts of interest may exist, we will take reasonable steps to prevent such conflicts from influencing our decision to vote proxies in a manner that is not in the best interest of our clients, including, potentially, in consultation with legal counsel. Clients may not direct the Firm’s proxy voting, but may obtain a copy of our proxy voting policies and procedures and/or information regarding how the Firm voted proxies for particular portfolio companies by contacting Juniper.

We are not required to include in this Item a balance sheet for our most recent fiscal year, we have not been the subject of a bankruptcy petition at any time during the past ten years, and we are not aware of any financial condition reasonably likely to impair our ability to meet contractual commitments to our clients.