Alternative Investment Opportunities Through a Slowing Economy

Disclosures Notice pursuant to Rule 206(4)-1 under the Investment Advisers Act of 1940, as amended (the “Marketing Rule”) This disclosure is provided as required under the Marketing Rule in connection with communications byCitibank, N.A. and certain of its branches and affiliates (collectively “Citi”) relating to investment opportunities on the Citi private equity and real estate private funds platform (the “Platform”). • Where permitted under applicable law and regulation, Citi receives cash compensation for soliciting clients of Citi (“Citi Clients”) as investors to invest (directly or indirectly) in investment products (each, a “Fund”) offered on the Platform. 1 • Due to such compensation, Citi has an incentive to recommend investments in such products andmake positive statements about such products and their investment advisers. Citi is not, and is not expected to be, a client or investor of such products (or other investment vehicles managed by the applicable investment advisers), but certain personnel of Citi, in their personal capacities, may be investors in such products or other investment vehicles. The compensation Citi receives for soliciting investors falls in the following categories and ranges: • A one-time upfront fee in an amount typically ranging from0.00% to 2.00% of the aggregate capital commitments of Citi Clients (directly or indirectly) to the relevant Fund (“ Citi Commitments ”); and • An annual fee for investor relations services provided to the relevant Fund’sadviser equal to (A) during the relevant Fund’s investment period (the “ Investment Period ”), an amount typically ranging from 0.20% to 0.25% of the Citi Clients’ aggregate capital commitments to such Fund and (B) thereafter until the final dissolution andwinding up of the affairs of such Fund, an amount typically ranging from0.20% to 0.25% of the Citi Clients’ aggregate contributed capital to theFund as determined by the relevant Fund adviser or general partner, as applicable. In addition, Citi Clients will pay Citi or its affiliates cash compensation in connection with their investments in the Fund as follows: • Citi Clients will pay Citi or its affiliates a one-time fee of between zero percent (0.00%) and two and three-quarters percent (2.75%) of such Citi Client’s direct or indirect commitments to the Fund; and • Citi Clients investing in a Feeder Fund advised byCiti Global Alternatives, LLC (“CGA”) will bear a fee paid to CGA typically ranging between 0.00% and 0.75% per annum that will typically be based on such Citi Clients’ capital commitments during the investment period of the relevant master fund and thereafter will be calculated by reference to such Citi Clients’ contributed capital to the relevant Feeder Fund. Where permitted under applicable law and regulation, Citi receives compensation with respect to certain investment products. As such, Citi has an incentive to endorse and make positive statements about the applicable investment advisers, their investment products, and their employees and affiliates. In addition, Citi has an incentive to make positive statements about the applicable investment advisers and investment products in order tomaintain goodwill in connectionwith current and future relationships with such investment advisers, their investment products, and their employees and affiliates. This disclosure is provided as required under the Marketing Rule in connection with communications byCitibank, N.A. and certain of its branches and affiliates (collectively “Citi”) relating to investment opportunities on the Citi hedge funds platform (the “Platform”). • Where permitted under applicable law and regulation, Citi receives cash compensation for soliciting clients of Citi (“Citi Clients”) as investors to invest (directly or indirectly) in investment products (each, a “Fund”) offered on the Platform. 1 • Due to such compensation, Citi has an incentive to recommend investments in such products andmake positive statements about such products and their investment advisers. Citi is not, and is not expected to be, a client or investor of such products (or other investment vehicles managed by the applicable investment advisers), but certain personnel of Citi, in their personal capacities, may be investors in such products or other investment vehicles. The compensation Citi receives for soliciting investors falls in the following categories and ranges: • A one-time upfront fee in an amount typically ranging from0.0% to 1.0% of the aggregate subscriptionsof Citi Clients (directly or indirectly) to the relevant Fund; and • An annual fee for investor relations services provided to the relevant Fund’smanager equal to an amount typically ranging from0.25% to 1%of the net asset value of the Fund interests held by Citi Clients. In addition, Citi Clients will pay Citi or its affiliates cash compensation in connection with their investments in the Fund as follows: • Citi Clients will pay Citi or its affiliates a one-time fee of between zero percent (0.00%) and two percent (2.00%) of such Citi Client’s direct or indirect subscriptions to the Fund; and • Citi Clients subscribing to a Fund advised by Citi Global Alternatives, LLC (“CGA”) (a “Feeder Fund”) will bear a fee paid to CGA typically ranging between 0.00% and 1.0% per annum that will typically be based on the net asset value of the Citi Clients’ investment in the Feeder Fund. Where permitted under applicable law and regulation, Citi receives compensation with respect to certain investment products. As such, Citi has an incentive to endorse and make positive statements about the applicable investment advisers, their investment products, and their employees and affiliates. In addition, Citi has an incentive to make positive statements about the applicable investment advisers and investment products in order tomaintain goodwill in connectionwith current and future relationships with such investment advisers, their investment products, and their employees and affiliates. 1 Citi Distributors providing services to Citi Clients that are subject to the United Kingdom’s Retail DistributionReview (“RDR”) will not receive compensation for services to such clients where such compensation would be prohibited under RDR rules and guidance and references to compensation shall not include any compensation prohibited under RDR. WEALTH OUTLOOK 2023 | MID-YEAR EDITION │ ALTERNATIVE INVESTMENTS | 34