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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>As many of us gather this week, we want to pause and express our deep gratitude to our investors, friends, and family—who continue to support, encourage, and believe in our mission. This year has been filled with meaningful milestones, new opportunities, and important lessons. None of it would be possible without the people who stand with us. Thank you for your partnership, your trust, and the time and energy you’ve invested in our growth. Please enjoy the latest news snapshot!</strong></p></div>
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      <h3 style="color:inherit;margin:1.414em 0 .5em;font-weight:400;line-height:1.25em;font-size:1.46484375em;mso-line-height-alt:1.46484375em;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;letter-spacing:0em;text-align:center;"><strong><span data-letter-spacing="3" style="font-size:inherit;font-weight:inherit;line-height:inherit;margin:0;letter-spacing:0.2em;">ASSOCIATE JACK MARCK AND PORTCO CEO SHAIL KHIYARA PUBLISH ARTICLE ON AI</span></strong></h3>
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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>“AI doesn’t create differentiation, it amplifies it. The advantage comes from clean data, disciplined systems, and the ability to turn learning into lasting strategy.”</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>Jack Marck and Shail Khiyara, CEO of portfolio company SWARM, have come together on a newly published piece on the topic that everyone is talking about - AI. Read further for an excerpt from the article.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><em><strong>When people talk about artificial intelligence, they almost always start with the models. </strong></em></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><em><strong>GPT versus Claude, Gemini versus Mistral, parameter counts, token limits and benchmark scores. It sounds technical and impressive, but beneath that vocabulary, something more fundamental is changing.</strong></em></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><em><strong>The model world is becoming a commodity. </strong></em></p><p style="font-size:.9375em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;line-height:16.866667px;margin-top:12pt;margin-bottom:12pt;" class=""><em><strong>The real game is no longer about which foundation model you choose. It’s about how deeply you integrate intelligence into your domain, your data, and your decision rhythm - how you translate abstract capability into differentiated context.</strong></em></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><em><strong>&nbsp;The “boring” work of ensuring a steady flow of proprietary data, instrumenting the key functions of the business, and prioritizing cross-collaboration is necessary and foundational but just the beginning. Once the data is clean, the models connected, and the processes instrumented, the real question begins to surface: where does differentiation come from?</strong></em></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><em><strong>That question doesn’t get talked about enough.</strong></em></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>To read the article in its entirety, follow </strong><a href="https://www.dropbox.com/scl/fi/wpookk6twp3ph5uanqoli/Serra-Swarm-_-AI-Article-Final.docx?dl=0&amp;rlkey=3kdw9tf4r88h3f48nolqj6ax7&amp;st=io1f7xkc" rel="nofollow" style="color:#fefdfc !important;"><strong>here</strong></a><strong>.</strong><em><strong> </strong></em></p></div>
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  <a href="https://www.vamodelivery.com" style="color:#fefdfc !important;"><img class="section-scaleable-image" src="https://images.squarespace-cdn.com/content/60ad4fe4626450470591cc7c/72e07fbb-a241-4f91-a25d-08264cf4e61e/Vamo.jpg?content-type=image%2Fjpeg&amp;format=750w" width="594" alt="" style="font-size:.75em;display:block;border:0;text-decoration:none;line-height:0;background-color:transparent;font-weight:normal;height:auto;width:100%;max-width:100%;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;"></a>


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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><a href="https://www.dropbox.com/scl/fi/h1pbkbagmpggydv0tprrj/Serra-Ag-Food-Tech-Fund-II-December-2025.pdf?dl=0&amp;rlkey=6vf06q4gpydiezs9m7jy6fsro&amp;st=5xn6torj" rel="nofollow" style="color:#fefdfc !important;"><strong>The Serra Ag &amp; Food Tech Fund II</strong></a><strong> is very pleased to make its latest investment in Utah-based </strong><a href="https://www.vamodelivery.com" rel="nofollow" style="color:#fefdfc !important;"><strong>Vamo</strong></a><strong>. This is Serra’s first ever Utah investment.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>Vamo is a transformative last mile delivery service for perishable goods, reducing costs by half and eliminating the need for ice packs in transit. Serra's investment in Vamo is representative of our commitment to supporting sustainable food tech solutions, one of the core themes of our current Fund.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>“Vamo is one of the most exciting additions to our AgTech II portfolio because they’re solving a cold-chain problem that nobody else in the market is truly built for” said Drew Beard, Associate with Serra. “Their purpose-built platform, paired with an execution-focused team, is delivering reliable, high-margin growth in one of the fastest-moving segments of perishable e-commerce. We see a clear path to scale, strong strategic alignment with our thesis, and a team that consistently outperforms expectations.”</strong>  </p></div>
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  <img class="section-scaleable-image" src="https://images.squarespace-cdn.com/content/60ad4fe4626450470591cc7c/8850d3a0-317c-4b0e-999b-3cb46350bb89/Vytelle+Bigger+Logo.jpg?content-type=image%2Fjpeg&amp;format=750w" width="594" alt="" style="font-size:.75em;display:block;border:0;text-decoration:none;line-height:0;background-color:transparent;font-weight:normal;height:auto;width:100%;max-width:100%;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;">


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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>Throughout 2024 and 2025 the Serra team invested in several new companies through our new fund, Serra Capital Ag &amp; Food Tech Fund II.  We've also been carefully evaluating follow-on investment rounds for several of our Ag Tech Fund I portfolio companies. In November, the team made a follow-on investment in Serra Ag Tech Fund company Vytelle.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>Vytelle is developing genetic data and IVF technologies for cattle breeding. The company reset the year with new partnerships that enabled Vytelle with lots of growth opportunities. Vytelle launched new Product Vytelle Assure (biomarker test that predicts the possibility of pregnancy), with the launch of two new products occurring in 2026.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>"We continue to be impressed with the Vytelle leadership team, led by Kerryann Kocher” said Dennis Beard, Partner with Serra. “Despite disruptions in the US beef cattle marketplace, the company is adapting and showing promise. We are eager to assist Vytelle with funding alongside other investors."</strong></p></div>
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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>Happening very soon! Join us on December 3rd! For the second year in a row, Serra is opting to go completely virtual for its annual LP meeting, offering Limited Partners a chance to listen in on the funds that best apply to them. Instead of one longer meeting, we are offering five individual fund meetings, each 1.25 hours in length. Each meeting will cover information from that respective fund, a discussion of the macroeconomy and state of venture capital and will also feature a CEO presentation from that fund. </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>CEO presentations this year will be Luke Liu of Albert (Serra II and II FoF), Stephen Towe of Centaur (Serra III), Grant Siders of HeliaCare (Serra III SBIC), Cole Powers of Intelliculture (Serra Ag Tech), and Anna Turvoll of Volur (Serra Ag Tech II). </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>See the schedule and registration links below:</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>Wednesday, Dec 3:</strong></p><ul data-rte-list="default" style="padding-left:25px;"><li style="font-weight:normal;margin-top:0px;margin-bottom:0px;margin-left:15px;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><a href="https://us06web.zoom.us/webinar/register/WN_lZ8KIy4IQlSDAyaoljVGiw#/registration" rel="nofollow" style="color:#fefdfc !important;"><strong>8:30- 9:45am CST — Serra Capital II and Serra Capital II FoF</strong></a></p></li><li style="font-weight:normal;margin-top:0px;margin-bottom:0px;margin-left:15px;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><a href="https://us06web.zoom.us/webinar/register/WN_QACtnaVCQji0etW93sqJGg#/registration" rel="nofollow" style="color:#fefdfc !important;"><strong>10:00 - 11:15am CST — Serra Capital III</strong></a></p></li><li style="font-weight:normal;margin-top:0px;margin-bottom:0px;margin-left:15px;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><a href="https://us06web.zoom.us/webinar/register/WN_39u8i__aTvyGFYpzqnhfqg" rel="nofollow" style="color:#fefdfc !important;"><strong>11:30 - 12:45pm CST — Serra Capital III SBIC</strong></a></p></li><li style="font-weight:normal;margin-top:0px;margin-bottom:0px;margin-left:15px;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><a href="https://us06web.zoom.us/webinar/register/WN_H6O0l7bHQJieOK1eYEpJMQ#/registration" rel="nofollow" style="color:#fefdfc !important;"><strong>2:00-3:15pm CST — Serra Ag Tech Fund</strong></a></p></li><li style="font-weight:normal;margin-top:0px;margin-bottom:0px;margin-left:15px;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><a href="https://us06web.zoom.us/webinar/register/WN_oGYtVRaQTyaU1m8ueagDew" rel="nofollow" style="color:#fefdfc !important;"><strong>3:30-4:45pm CST — Serra Ag &amp; Food Tech Fund II</strong></a></p></li></ul><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>We look forward to seeing many of you at the meetings! If you have any questions, please don’t hesitate to reach out.</strong></p></div>
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