Advisory Business A. General Description of Advisory Firm 11 Capital, a Delaware limited partnership formed in March 2019 and registered with the SEC since January 2020, is an investment adviser to private fund clients and separately managed accounts. 11 Capital has its principal place of business in New York, New York. Jason McDougall (the “Chief Investment Officer”) is the principal owner of 11 Capital and has ultimate responsibility for its management and investment decisions. 11 Capital Partners GP LLC, a Delaware limited liability company, serves as the general partner of 11 Capital and is owned by Mr. McDougall and Brian Fieber, the Chief Operating Officer and Chief Compliance Officer (the “Chief Compliance Officer”) and/or entities owned or controlled by them or for the benefit of them and their families. 11 Capital Fund GP LLC (the “Fund General Partner”), a Delaware limited liability company, is an affiliate of 11 Capital and serves as the general partner of clients that are organized as U.S. partnerships. 11 Capital and the Fund General Partner share facilities and personnel. The Fund General Partner is owned by Mr. McDougall and Mr. Fieber and/or entities owned or controlled by them or for the benefit of them and their families. B. Description of Advisory Services This Brochure generally includes information about 11 Capital and its relationships with their clients. While much of this Brochure applies to all such clients, certain information included herein applies to specific clients only. 11 Capital provides investment advisory services on a discretionary basis to the following private fund clients (each a “Fund” and collectively, the “Funds”):
• 11 Capital Onshore Fund LP, a Delaware limited partnership (the “Domestic Fund”);
• 11 Capital Offshore Fund Ltd, an exempted company incorporated under the laws of the Cayman Islands (the “Offshore Fund”); and
• 11 Capital Master Fund LP, a Cayman Islands exempted limited partnership (the “Master Fund”), which serves as the master fund into which the Domestic Fund and the Offshore Fund invest substantially all of their assets through a “master feeder” structure. The Fund General Partner serves as the general partner of the Domestic Fund and the Master Fund. The Offshore Fund is governed by its Board of Directors. 11 Capital also provides advisory services to separately managed accounts (the “Managed Accounts”). The Managed Accounts pursue a substantially similar strategy to the Funds. References throughout this document to “Clients” refer to the Funds and the Managed Accounts listed above and to any other private investment funds and separately managed

accounts 11 Capital may advise in the future. In providing advisory services, 11 Capital pursues a global long/short equity strategy focused on identifying investments that fit into proprietary frameworks and conducting detailed company- specific research through the use of its internal investment process. Please see “Item 8: Methods of Analysis, Investment Strategies, and Risk of Loss” for a description of 11 Capital’s investment strategies and certain related risks. Notwithstanding the foregoing, subject to any limitations in the governing documents of the Clients, 11 Capital is not limited with respect to the types of investment strategies it may employ or the markets or instruments in which it may invest. The securities of the Funds are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended, and other exemptions of similar import under U.S. state laws and the laws of other jurisdictions where any offering may be made. Investors in the Funds must meet the qualifications set forth in the applicable offering documents. Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an offer to buy the securities of any of the Funds described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. C. Tailored Advisory Services for Client Accounts 11 Capital manages assets in accordance with the stated investment objectives of each Client, as described in any relevant investment management agreement or similar agreement (an “IMA”) or in an offering memorandum or a Client’s organizational documents (together with the IMA and the offering memorandum, the “Offering Documents”). Investment advice is provided directly to Clients and not individually to the limited partners, shareholders, and investors in Clients (the “Investors”). In the case of the Managed Accounts, 11 Capital manages those assets in accordance with the stated investment objectives of such Managed Accounts’ IMA. 11 Capital intends for the Funds and Managed Accounts to hold similar investments, to the extent practical, subject to investment guidelines, tax, regulatory, and other considerations which may cause investments to differ. D. Wrap Fee Programs 11 Capital does not currently participate in wrap fee programs. E. Assets Under Management 11 Capital manages, on a discretionary basis, approximately $353,996,000 of Client regulatory assets under management. This figure for regulatory assets under management was determined as of December 31, 2022. 11 Capital does not manage any assets on a non-discretionary basis.