Stansberry Asset Management, LLC (“SAM”, “the Firm”, “we”, “us” or “our”) is a limited liability company formed under the laws of the State of Delaware in 2015 with its principal place of business in New York, NY. The members of SAM include the managing member, Stansberry Asset Management Partners, LP and Stansberry Asset Management Partners (GP), LLC. The General Partner of Stansberry Asset Management Partners, LP is Stansberry Asset Management Partners (GP), LLC. The Investment Committee at SAM, led by Austin Root, Chief Investment Officer, is responsible for making investment decisions at SAM. Summary of Advisory Business SAM provides investment advisory services on a discretionary basis to its clients, which include high net worth individuals with separately managed accounts. SAM invests client funds across asset classes globally, principally in publicly traded equities and credit (including investment grade, high yield, and government bonds). The Firm’s approach to asset allocation as well as individual security selection is guided by an opportunistic search for value. Clients are able to choose between a number of different investment strategies and risk profiles. As a result, clients express their desire for their funds to be managed in a particular manner. Clients may impose restrictions on investing in certain securities or certain types of securities. As of December 31, 2024, SAM managed $875,527,805 in regulatory assets under management on a discretionary basis and $0 on a non-discretionary basis. Financial Planning SAM provides a variety of financial planning services to individuals and families, pursuant to a written financial planning agreement. Services are offered in several areas of a Client’s financial situation, depending on their goals, objectives and financial situation. Financial planning is a separate service from SAM’s investment management services. Clients have full discretion as to how they choose to implement the recommendations discussed in the financial plan. Financial planning services may include general recommendations for a course of activity or specific actions to be taken by the Client. For example, recommendations may be made that the Client start or revise their investment programs, commence or alter retirement savings, establish education savings and/or charitable giving programs. SAM may also refer Clients to an accountant, attorney or other specialist as appropriate for their unique situation. For certain financial planning engagements, the Advisor will provide a written summary of Client’s financial situation, observations, and recommendations. For consulting or ad-hoc engagements, the Advisor may not provide a written summary. Plans or consultations are typically completed within six months of contract date, assuming all information and documents requested are provided promptly. Private Credit Fund In Q4, 2023, SAM launched the SAM Alternative Investment Opportunities Fund I (“the Fund”). The General Partner of the Fund is CAIS SAM Alternative Investment Opportunities Fund 1 (“CAIS”). SAM will act as the Investment Manager to the Fund. The Fund seeks to (i) provide investors with a diversified, easy-to-access, multi-year private investment program focused on private credit investments and to (ii) generate attractive risk-adjusted returns. The Fund anticipates making capital commitments to at least four private credit funds (each, a “Portfolio Fund”). The Portfolio Funds may invest in a variety of securities, including corporate loans, mezzanine debt, venture debt, distressed debt, and other types of debt (and in some cases, equity) securities. The Fund will accept commitments only from persons who are Accredited Investors, Qualified Clients or Qualified Purchasers. The term of the Fund is expected to be 5 years with the option of two 1 year extensions (subject to the final redemptions of the Portfolio Funds). The Funds initial allocation in any single Portfolio Fund will not exceed 40% of the Fund's aggregate commitments. There is no performance fee for the Fund. The Fee Base will be equal to committed capital during the Investment Period, and for the period thereafter will be equal to aggregate capital contributions made that remain invested in the Fund. The management fee for the Fund will be 1% annually based on the Fee Base, charged quarterly in arrears

by the Investment Manager and the General Partner will charge an additional 0.25% of the Fee Base, charged quarterly in arrears by the General Partner The Fund will reimburse the General Partner and Investment Manager for certain expenses incurred in connection with the organization, administration, operation, and maintenance of the Fund. Such fees and expenses may include, without limitation, expenses associated with securing and maintaining a credit line on behalf of the Fund, custodial recognition of the Fund and an additional one-time expense for initial launch costs. SAM, as the Investment Manager, will pay all ordinary administrative and overhead expenses incurred in connection with maintaining and operating its offices, including employees' salaries, rent, utilities, etc. The General Partner will furnish to the Limited Partners (i) audited financial statements annually commencing with the first year in which the Fund makes an investment, (ii) quarterly capital statements commencing with the first full calendar quarter following the Fund's final closing and (iii) annual tax information necessary for each Partner's U.S. tax return filings. SAM believes the Fund provides numerous, material benefits to (qualified) investors which include (but are not limited to): o Attractive risk-adjusted returns. The Fund seeks to invest in funds with targeted net returns to investors of 12-14%. o “Institutional level” access to a broader universe of investment securities. Many of the private investment securities are not easy to invest in for individual investors on their own. o Access to talented, highly rated investment managers. The Fund provides investors with the ability to invest in Portfolio Funds that might otherwise be off limits or difficult to access for individual investors. o Diversified and well-researched group of Portfolio Funds and investments. The dispersion of returns among private investment managers is much greater than with public investment managers, so manager selection is paramount. Sub-Adviser Based Third Party Asset Management Programs SAM may enter into sub-advisory relationships in which it contracts with a third party asset management program (“TPAM”) to provide investment management services to a Client account. SAM and the Sub-Adviser are jointly responsible for the ongoing management of the account. SAM is responsible for assisting you with completing the investor profile questionnaire or any account opening documentation. While each TPAM may have a different name for their questionnaire, your responses will assist SAM with understanding your investment objectives, financial situation, risk tolerance, investment time horizon and other personal information. Based on the answers that you provide to SAM, SAM will assist you in determining which TPAM model or portfolio strategy is appropriate for you. As part of establishing a new account, you will receive both our Disclosure Brochure as well as the TPAM’s Disclosure Brochure. Since each TPAM is uniquely structured with different investment products, please ensure that you carefully review all documents provided to you on behalf of the TPAM. These documents include, but are not limited to:
• The TPAM’s Form ADV Part 2A or Disclosure Brochure for specific program descriptions.
• The TPAM’s Client Agreement as well as any other agreement entered into regarding a TPAM Program, for specific contractual terms (including fees, billing methods, administrative and other fees, etc.).
• Any additional disclosure or offering documents provided by the TPAM in connection with investment products Stansberry Research LLC Stansberry Research LLC (“Stansberry Research”) is a subscription-based publisher of financial information and software. Porter Stansberry, the Founder of Stansberry Research, is an indirect, non-controlling owner of SAM. Other senior Stansberry Research personnel also hold indirect, non-controlling interests in SAM. SAM aims to use a similar investment philosophy as Stansberry Research. In addition to sharing an investment philosophy, it is anticipated that a portion of the investments in the client accounts managed by SAM will be securities that have been identified in Stansberry Research’s publications. It is also anticipated that SAM will make investments in client accounts that are different from the advice included in Stansberry Research’s publications.