General Description of the Advisory Firm Stable Asset Management LP (the “Investment Adviser”) is an investment management firm that was formed under the laws of the State of Delaware in March 2015 and became registered with the SEC on October 21, 2020. Its primary offices are located in New York and London. The Investment Adviser is a wholly-owned subsidiary of Stable Holdings, Ltd., a Cayman Islands exempted company. The majority owner of Stable Holdings, Ltd. is Mr. Erik Serrano Berntsen. The Investment Adviser provides non-discretionary investment sub-advisory services to Stable Asset Management, Ltd. (“SAM Ltd.”), a United Kingdom based affiliate and a relying adviser of the Investment Adviser, in respect of the three pooled investment funds set forth in the table below (collectively, the “Stable Seed Funds II”). Stable Seed Funds II Stable Seed Fund Master II L.P. A Cayman Islands exempted limited partnership (the “Stable Seed Master Fund II”). Stable Seed Fund Offshore II L.P. A Cayman Islands exempted limited partnership that invests substantially all of its assets in Stable Seed Master Fund II (the “Stable Seed Offshore Feeder II”) Stable Seed Fund US II L.P. A Delaware limited partnership that invests substantially all of its assets in Stable Seed Master Fund II (the “Stable Seed U.S. Feeder II”) The investment manager of each of the Stable Seed Funds II is Stable Asset Management Investments, Ltd. (“SAMI Ltd.”), a Cayman Islands exempted company affiliated with the Investment Adviser and SAM Ltd. The general partner of each of the Stable Seed Funds II is Stable Seed Fund II GP, Ltd. (“SSF II GP”), a Cayman Islands exempted company that is a wholly-owned subsidiary of SAMI Ltd. SAMI Ltd. entered into an agreement with SAM Ltd. pursuant to which SAM Ltd. provides non- discretionary investment sub-advisory services to SAMI Ltd. in respect of the Stable Seed Funds II. SAM Ltd., in turn, entered into a separate agreement with the Investment Adviser pursuant to which the Investment Adviser provides non-discretionary investment sub-advisory services to SAM Ltd. The Investment Adviser, SAM Ltd. and SAMI Ltd are collectively referred to in this Brochure as “Stable”. Stable pursues a “fund-of-funds” investment strategy on behalf of the Stable Seed Funds II pursuant to which the Stable Seed Funds II hold a portfolio of other investment funds. In particular, utilizing its extensive due diligence process, Stable seeks to achieve the investment objective of the Stable Seed Funds II by investing their capital in: (i) private investment funds (the “Underlying Funds”) managed, sponsored and/or advised by third-party investment managers (the “Portfolio Managers”); and/or (ii) separate accounts managed by the Portfolio Managers (the “Managed Accounts”, and collectively with the Stable Seed Funds II’s investments in Underlying Funds, the “Seed Investments”). The Stable Seed Funds II primarily invest with “start-up” Portfolio Managers pursuing a variety of investment strategies that have either not commenced operations or that otherwise have not yet raised large pools of capital. Stable seeks to enhance returns to investors in Stable Seed Funds II by various methods, including, without limitation, by attempting to negotiate fee reductions, capacity rights and other favorable terms from Portfolio Managers in connection with the Seed Investments. Stable may also: (i) seek to cause the Stable Seed Funds II to acquire revenue participations, or other economic interests, in Portfolio Managers in connection with the Seed Investments (any such amounts with respect to a Portfolio Manager, a “Profit Interest”); and (ii) negotiate rights related to a buyout, sale or other realization of a Profit Interest, whether by the related Underlying Fund, the related Portfolio Manager or another person (any such rights with respect to a Portfolio Manager, an “Exit Interest”). Other Advisory Activities of the Investment Adviser’s Affiliated Group Entities SAM Ltd. and SAMI Ltd. also provide investment advisory services to the three pooled investment funds set forth in the table below (collectively, the “Stable Seed Funds I”). The Stable Seed Funds I pursue an investment objective and strategy that are substantially the same as those pursued by the Stable Seed Funds II. The Stable Seed Funds I and the Stable Seed Funds II are collectively referred to in this Brochure as the “Stable Seed Funds”. Stable Seed Funds I Stable Seed Fund Master L.P. A Cayman Islands exempted limited partnership (the “Stable Seed Master Fund I”). Stable Seed Fund Offshore, Ltd. A Cayman Islands exempted

company that invests substantially all oft is assets in the Stable Seed Master Fund I (the “Stable Seed Offshore Feeder I”) Stable Seed Fund US LP A Delaware limited partnership that invests substantially all of its assets in the Stable Seed Master Fund I (the “Stable Seed U.S. Feeder I”) In addition, SAM Ltd. and SAMI Ltd. provide investment advisory services to Stable Sunrise Ltd. (the “Sunrise Fund”), a Cayman Islands exempted company. The Sunrise Fund employs a “fund- of-funds” investment strategy pursuant to which the Sunrise Fund invests its capital in Underlying Funds managed, sponsored and/or advised by Portfolio Managers that pursue a variety of investment strategies, and primarily focuses on making investments with emerging Portfolio Managers who have either not commenced operations or who otherwise have not yet raised large pools of capital. The Sunrise Fund seeks to enhance returns to its sole shareholder by employing various methods, including, without limitation, by attempting to negotiate fee reductions, capacity rights and other favorable terms from Portfolio Managers in respect of their Underlying Funds. SAMI Ltd. also provides investment advisory services to the two pooled investment funds set forth in the table below (collectively, the “Stable Cavalry Funds”). The Stable Cavalry Funds are managed to enable investors therein to have exposure to one or more: (i) opportunistic direct investments in securities and/or other financial instruments operated or managed by a third-party (“Direct Investments”) that are outside of hedge fund seeding but arise within Stable’s research and investment ecosystem; and/or (ii) Seed Investments (A) that SAMI Ltd. determines are inappropriate for investment by the Stable Seed Funds and/or the Sunrise Fund as a result of their respective investment strategies and/or other factors deemed relevant by SAMI Ltd., including, without limitation, applicable liquidity profiles, investment restrictions, the amount of capital available for investment, preservation of capital for other investment opportunities, current portfolio compositions and risk management considerations, tax considerations, the need for cash to satisfy expenses and/or other considerations or parameters, and (B) to enable investors in the Seed Funds and/or the Sunrise Fund the opportunity to make additional investments in any then-existing investments therein and/or to offer co-investment opportunities in one or more existing or future investments to certain investors therein or third parties. Stable Cavalry Funds Stable Cavalry L.P. A Cayman Islands exempted limited partnership (the “Stable Cavalry Master Fund”). Stable Cavalry Offshore L.P. A Cayman Islands exempted limited partnership that invests substantially all of its assets in Stable Cavalry L.P. Master Fund (the “Stable Cavalry Feeder Fund”). The Sunrise Fund, the Stable Cavalry Funds and the Stable Seed Funds are collectively referred to in this Brochure as the “Funds”, and the investors in the Funds are collectively referred to herein as the “Investors”. Investment decisions and advice with respect to the Funds are subject to each Fund’s investment objectives and guidelines, as set forth in each Fund’s offering documents (collectively, the “Offering Documents”). Stable provides discretionary and/or non-discretionary investment recommendations to certain other clients that pursue “fund-of-funds” investment strategies, investing in Seed Investments (such clients, the “Advisory Clients”). The Advisory Clients and the Funds are collectively referred to in this Brochure as the “Clients”. Regulatory Assets Under Management As of December 31, 2023, Stable had approximately $3,250,364,191 regulatory assets under management. As of that date, Stable managed $2,736,265,103 on a discretionary basis and $514,099,088 on a non-discretionary basis. Availability of Tailored Services for Individual Clients Stable provides advice to Client accounts based on their respective specific investment objectives and strategies. Under certain circumstances, Stable will agree to tailor advisory services to the individual needs of its Advisory Clients in accordance with the terms of its investment advisory agreements with those Advisory Clients. Stable generally does not tailor its advisory services to the individual needs of Investors in the Funds; however, the Offering Documents may contain certain investment restrictions (e.g., the amount of capital that may be invested in any single Seed Investment). Wrap Fee Programs Stable does not participate in wrap fee programs.