EnTrust Global Partners LLC (“Partners”), a Delaware limited liability company, commenced business operations in February 1999. EnTrust Global Partners Offshore LP (“Offshore”), a Delaware limited partnership, commenced business operations in December 1999. Blue Ocean GP LLC (“BO GP”), a Delaware limited liability company, commenced business operations in June 2018. Offshore and BO GP are investment advisers relying on the SEC registration of Partners. Unless otherwise noted, references herein to “Advisor” generally refers collectively to Partners, Offshore and BO GP. On May 2, 2016, the EnTrust business combined with that of the Permal Group, a Legg Mason subsidiary and global alternative asset manager that was established in 1973 and acquired by Legg Mason in 2005. Gregg S. Hymowitz, the Managing Partner of EnTrust, or entities controlled by him, received a 35% ownership stake in the combined group of companies. Legg Mason retained a 65% ownership stake. On July 31, 2020, EnTrust Global (“EG” or the “Firm”) completed its return to an independent, private company after closing on a previously reported transaction with Franklin Resources pursuant to which Mr. Hymowitz reacquired the 65% interest that Legg Mason, Inc. held in EG. Mr. Hymowitz, founder of the Firm, is the Chairman and Chief Executive Officer of EG, oversees the investment management function of the Advisors and is responsible for managing the EG business on a day-to-day basis. The Management Committee of the Firm is chaired by Mr. Hymowitz. In September 2022, a sovereign wealth fund purchased a minority stake (less than 10%) in EnTrust Global and in January 2024, acquired an additional equity interest in the Firm, bringing its ownership interest to approximately 20%. The investment is passive with no exercise of control or involvement in the daily activities, investments or operations of the Firm, which continue to be managed by Mr. Hymowitz and the Firm’s Management Committee, comprised of EnTrust Global senior executives. In connection with these transactions, a Firm-level Board of Directors was established to periodically discuss business updates and related matters. Description of Advisory Services EnTrust Global’s business platform offers a variety of investment opportunities across a range of asset classes, strategies, and liquidity profiles, in both the public and private markets. The Firm provides commingled solutions as well as customized, bespoke portfolios. The Firm’s business lines include: Opportunistic Investments, Private Credit, Blue Ocean Maritime Finance, Blue Ocean 4Impact, Hedge Fund Solutions, Strategic Partnerships and Liquid Alternatives. Investment committees lead each of the Firm’s business lines, with the goal of fostering collaboration, communication, and information flow as necessary. Opportunistic Investments: Opportunistic investments generally stem from dislocations – whether company- specific or market-based – and focus on catalyst-driven theses that involve a high level of engagement and influence with respect to the target situation. The Firm’s approach to opportunistic investing allows for flexibility across asset classes, sectors, strategies, and geographies, and while agnostic between private and public markets, is designed to earn a premium with longer duration capital. Within the private sphere, the Firm’s Opportunistic-investment strategy has included a number of pre-IPO equity deals, identifying companies that we believe are well-situated for the public markets. Private Credit: The Advisor’s private credit strategy aims to fill a gap in direct lending markets, where middle market financing needs are not being met by traditional lenders given elements of complexity, elevated perceived risk, or time sensitivity. The Private Credit strategy specifically targets off-the-run situations, where exposures are difficult to replicate and are generally capacity constrained. These investors are primarily in private debt/direct lending opportunities in North American and Western European/UK legal jurisdictions, focusing on situations that require a tailored approach and are actively negotiated. The Firm’s loan portfolio is diverse, due to an agnostic approach across capital structure, instrument, and underlying collateral. Returns are achieved with no/minimal leverage, with a focus on downside protection via collateral and creditor protections. Blue Ocean Maritime Finance: EnTrust Global’s maritime finance strategy (“Blue Ocean”) – which is part of the Firm’s broader maritime-focused Blue Ocean Group – was launched in 2016 to capitalize on the demand for alternative sources of liquidity in the sector given the retrenchment of “traditional” bank lenders. The Blue Ocean strategy focuses on private debt/direct lending opportunities in connection with small- and medium- sized companies in the maritime sector, including the origination of asset-backed financings and opportunistic purchases of such loans. The strategy also opportunistically invests in second lien, mezzanine, lease and equity structures. The Blue Ocean strategy is managed by the Firm’s Blue Ocean Team, which has a dedicated investment committee. The Blue Ocean strategy is comprised of both commingled funds and Strategic Partnerships (collectively, the “Blue Ocean Funds”). BO GP serves as the general partner/discretionary manager for Blue Ocean. Blue Ocean 4Impact: The Blue Ocean team combined its maritime financing and investment experience with a sustainability mandate, by launching the Blue Ocean 4Impact fund (“BO 4Impact”). The sole investment of BO4Impact is Purus Marine Holdings LP, a maritime shipping company launched by the Firm, whose objective is to own environmentally-advanced ships and lease them to large corporate operators and end-users, in order to help the maritime industry reduce carbon emissions and other pollution, and transition to a more sustainable future. Hedge Fund Solutions: The Advisor provides discretionary investment advisory services to commingled private funds of hedge funds as part of a multi-strategy platform, which includes the Firm’s Opportunistic investment strategy (“Hedge Fund Solutions”). These funds are offered primarily to institutional and private client investors. The funds are managed according to the objectives and policies described in their respective offering documents (discussed more fully in Item 8). EnTrust Global leverages an extensive network of investment partners as well as an inhouse structuring capabilities to provide a diverse range of exposures that emphasize its expertise across credit, equity, and macro strategies. Strategic Partnerships/Separately Managed Accounts: The Advisor offers institutional clients and high net worth individuals the flexibility of investing through individually customized managed accounts or single investor fund structures (collectively, “Strategic Partnerships”), which invest directly in underlying investment vehicles, special purpose funds, Hedge Fund Solutions and/or opportunistic investment or direct investment opportunities. The Strategic Partnerships, which may invest pari-passu with the Commingled Funds (defined below), may follow a strategy sub-set or may follow a differentiated investment strategy specifically tailored to suit the relevant investor’s investment objectives and guidelines. The Advisor may provide advisory services to Strategic Partnerships on a discretionary or non-discretionary basis. Unless otherwise noted, references herein to: (i) “Commingled Funds” shall refer to all commingled private investment funds managed by the Advisor across a range of asset classes; and (i) “Funds” shall collectively refer to the Commingled Funds and the Strategic Partnerships. The Advisor may manage other funds in the future with investment strategies that may or may not be similar to those of the Funds, including funds that make direct investments in securities, loan portfolios or other financial products. Certain of the Funds may invest all or substantially all of their assets in a master fund, and references herein to investments made, held or disposed of by such Funds shall include investments made, held or disposed of by their respective master funds. Investor transparency and communication have been a cornerstone of the Advisor’s culture since inception. The Advisor strives to be at the forefront of investor transparency and communication by providing to investors information received from underlying managers, aggregated and summarized in a clear and concise fashion, and distributed on a timely basis. These investor communications typically include not only monthly and quarterly reports regarding investment performance, but also updates regarding significant events in the financial markets and the opportunity to attend an annual “Investor Summit” where underlying managers and the Firm’s internal maritime specialists discuss market views and investment strategies. In addition, the Advisor takes a proactive approach to risk management and, through the use of third-party software and a dedicated internal operational due diligence team, has instituted extensive risk management procedures that pervade all aspects of the initial and ongoing due diligence process as it relates to the selection and monitoring of underlying managers (See Item 8). The Advisor has separate strategy-specific investment committees (the “Sub-Committees”) (see Item 8 below). Availability of Customized Vehicles The Advisor may establish Strategic Partnerships, individually customized managed accounts or single investor fund structures for certain investors. Customization can assume various forms based on specific investor preferences relating to, among other things: (a) returns; (b) liquidity; (c) volatility; (d) exposure to specific investment strategies, asset classes, managers, and/or geographies; (e) tail risk protection solutions for a strategic partner’s broader portfolio; and/or (f) middle and back office solutions. Aside from portfolio construction and composition issues, such arrangements may afford transparency through periodic calls and meetings with the Advisor’s key investment professionals and its underlying managers to provide real-time information regarding the strategic partner’s particular investments, account balances, specific trades, liquidity analyses, risk aggregation analyses and performance on portfolio- and manager-specific levels. Additionally, one of the Advisor’s investment analysts is assigned to each such arrangement to handle questions and issues that may arise on a day-to-day basis. The terms of such arrangements are subject to negotiations between the Advisor and the investor and, as such, will vary across such arrangements and may be different than the terms for the Funds, including, without limitation, the right to receive reports on a more frequent basis or to receive reports that include information not provided to other investors, the right to pay a reduced incentive allocation/fee and/or management fee, the right to consent to investments and to increase investment allocations or participate in opportunistic investments, and such other rights as may be negotiated between the Advisor and such investor. The establishment of such customized vehicles may involve the withdrawal and/or the transfer of investments in underlying investment vehicles or direct investments within a timeframe or in a manner outside of the terms set forth in the Fund’s offering documentation or on terms not offered to other investors. In considering whether to effect such a withdrawal/transfer, the Advisor (in conjunction with the Board of Directors of the relevant Commingled Funds, as applicable) will consider the impact, if any, on remaining investors in the Fund regarding additional expenses to be borne, portfolio concentration or otherwise. The Advisor will not enter into a Strategic Partnership if it determines that such proposed arrangement disadvantages or otherwise negatively impacts the ability of the Advisor to provide the desired level of advisory services to the relevant investor or other investors. Strategic Partnerships may create potential conflicts of interest in the allocation of investment opportunities among the various Strategic Partnerships and between the Strategic Partnerships and the Advisor’s Commingled Funds. The Advisor has adopted an allocation policy intended to mitigate such potential conflicts of interest. (See item 6). Strategic Partnerships may invest directly in Commingled Funds (e.g., the Blue Ocean Funds) or invest alongside such Commingled Funds either directly or through a special purpose vehicle. For such investments, the Advisors will receive a Management Fee and/or Performance Allocation (as defined in Item 5 below) either at the Strategic Partnership level or at the Commingled Fund level, but not at both levels. Opportunistic Investments The Advisor carefully considers investment opportunities to source and gain exposure to more concentrated opportunistic investments.

The Advisor constantly evaluates ideas and asset classes for potential opportunistic investment opportunities, which may be investments that have capacity in excess of the amount that an underlying portfolio may be able or willing to invest or may be an independent investment opportunity. Typically, opportunistic investments are sourced in response to market dislocations or involve manager led catalysts. With respect to investing in opportunistic investments, the Advisor will generally seek to make allocation decisions on a fair and equitable basis over time, based on the respective investment guidelines of the relevant Commingled Funds and Strategic Partnerships and after taking into account such factors as the Advisor deems appropriate, including without limitation, the relative amounts of capital available for investment, capital contributions or outflows, the investment programs, strategies, guidelines and restrictions of each Fund, the existing portfolio composition of the Fund, the sizing of the positions, relative weightings of the positions in the respective portfolios, price targets or stop-loss targets of the position as it relates to the particular Fund, legal, tax and regulatory considerations of each Fund, the potential impact an investment could have on liquidity, exposure guidelines, concentration limits, diversification needs and other portfolio characteristics and other relevant considerations. For example, the Advisor may choose to trim a position in one Fund because it is hitting a concentration limit but hold the same position in the other Funds or for other co- investors. There are certain conflicts of interest that investors should be aware of as a result of these opportunistic investment arrangements from a preferential treatment standpoint, as well as conflicts resulting from side-by- side management of opportunistic investment vehicles and the Funds and timing of the monetization of such opportunistic investments. The Advisor could be incentivized to over-allocate well performing investments to opportunistic investment vehicles in order to increase receipt of performance compensation. The Advisor has addressed these conflicts by adopting its Allocation Policy, which outlines the general allocation procedures regarding investments, including opportunistic investments (See Item 6 below). Generally, the Advisor will seek to fully exit or realize an investment at the same time and price for all Funds participating in the opportunistic investment on a pro rata basis, but may take into account liquidity of the position, withdrawal/redemption requests, the pressure that large sales may place on the stock price, regulatory filing obligations, advice of underlying managers, restriction windows, and other relevant factors. Strategic Partnerships, based on, among other things, the structure of the vehicle through which they are investing and the applicable investment mandate, may receive earlier and/or more detailed reporting than Commingled Fund investors. As a result of having potentially greater transparency on opportunistic investment(s), such Strategic Partnerships may have the ability to make decisions with respect to their investment distinct from, and potentially advantageous to, that of those investing through other structures or with other investment mandates. Expenses associated with a proposed opportunistic investment opportunity that does not come to fruition, such as where the purchase price moves drastically so the investment thesis is no longer compelling, will only be borne by the eligible Funds and investors that would have participated in such investment. Managed Account Platform Permal Managed Account Platform (the “Platform”): Originally part of the legacy Permal business prior to the business combination with EnTrust Global in 2016, these are Funds managed by unaffiliated third-party investment managers (each, a “PMAP Fund”) for which Offshore serves as portfolio monitor. The Platform may be offered to investors with enhanced transparency and reporting requirements from underlying managers, among other features. A separate investment vehicle is organized for each third-party investment manager and is used to aggregate investments made with that manager among multiple clients of the Advisor. In its capacity as portfolio monitor to the PMAP Funds, Offshore performs various tasks, including, but not limited to, conducting due diligence of the third-party investment managers, internal legal, compliance, accounting and other services and making recommendations to the independent Board of Directors for the PMAP Funds (the “Board”) regarding the hiring and retention of managers for such PMAP Funds. The Board for each PMAP Fund retains the ultimate authority regarding such PMAP Fund’s investment restrictions and its hiring and retention of the third-party investment manager. As compensation for providing portfolio monitoring services, Offshore receives an expense reimbursement or “chargeback” from the PMAP Funds, a fixed fee currently set at 10 bps of average assets under management for each PMAP Fund investor in any year (the “Chargeback”). The Chargeback is intended to be sufficient to cover the costs attributable to the time spent by Offshore’s personnel in providing the portfolio monitoring services. The amount of the Chargeback is subject to the sole discretion and approval of the independent Board for the PMAP Funds, on an annual basis, based on their review and assessment of the reasonableness of the Chargeback, taking into consideration, among other things, the amount and nature of the portfolio monitoring services provided by Offshore. PMAP Fund investors will be notified of any change in the Chargeback prior to its implementation. The Chargeback is in addition to any management and incentive fees and expenses borne by PMAP Fund investors, both at the PMAP Fund level and at the third-party investment manager level. Portfolio monitoring services provided to any particular PMAP Fund in any given year may not be the same as provided to other PMAP Funds, may vary from year to year and services may not be provided to a particular PMAP Fund in a given year. Offshore has sole discretion in deciding whether to allocate investment assets to a PMAP Fund or to another Fund managed by the Advisor, that may follow a substantially similar investment strategy to that of a PMAP Fund and may have an overall lower cost structure to investors. EnTrust Global investors will not be notified by the Advisor of its decision to invest a portion of such investor’s assets in a PMAP Fund or of the factors that led to this decision. In exercising its discretion in this regard, the Advisor will consider the relative value of the benefits offered by the Platform as it relates to a particular investor and in view of any additional costs to be incurred by the investor. Notwithstanding any decision by the Advisor to invest an investor’s assets in a PMAP Fund, there is no guarantee that enhanced transparency and/or reporting will be provided by any PMAP Fund, at what level or frequency that transparency and/or reporting may occur, or that such transparency/reporting will actually exceed the level/frequency provided by the third-party investment manager in a commingled investment vehicle it manages that follows a substantially similar investment strategy to that of the relevant PMAP Fund. Additionally, there is no guarantee that should enhanced transparency be received, that such transparency will result in additional portfolio gains or mitigation of losses in the relevant PMAP Fund. Offshore has a conflict of interest because it is incentivized to allocate assets to the Platform because of its ability to receive the Chargeback from investors that invest in the PMAP Fund. The Commingled Funds, including, but not limited to, the opportunistic Commingled Funds and the Blue Ocean Funds, do not currently invest in the Platform and, therefore, are not subject to the Chargeback. Certain PMAP Funds may not be subject to the Chargeback due to regulatory or other restrictions. Any questions regarding the Chargeback, including the investors to which the Chargeback applies, should be directed to the CCO. Special Purpose Acquisition Vehicle EG Acquisition Corp. was a special purpose acquisition company sponsored by EnTrust Global and GMF Capital, LLC (“GMF”), formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. EG Acquisition Corp. raised $225 million in its initial public offering and commenced trading on May 26, 2021. None of the Funds invested in the initial public offering. In addition, to better align the founders’ interests with those of investors, a three-year lockup applied to the founders’ shares in EG Acquisition Corp. Until the closing of the business combination with flyExclusive described below, Mr. Hymowitz served as Chief Executive Officer and a director of EG Acquisition Corp.; and Gary Fegel, founder and Chairman of GMF Capital, was the chairman of EG Acquisition Corp. On October 17, 2022, EG Acquisition Corp. entered into a business combination agreement with flyExclusive, a leading provider of premium private jet charter experiences, pursuant to which the two companies agreed to combine into one company upon the consummation of the transaction. The business combination was completed on December 27, 2023 and the combined company is now managed by James Segrave, flyExclusive’s founder and Chief Executive Officer, and the other members of flyExclusive management, as further set forth in its public filings. Mr. Hymowitz and Mr. Fegel serve as directors (See Item 8 for investment risk factors relating to the SPAC). Internal Controls The Advisor has established a Compliance and Conflicts Committee (the “Committee”) to enhance the independence of oversight and controls relating to the Advisor’s compliance policies and procedures and to identify, address and resolve existing and potential conflicts of interest that may arise across the Advisor’s business practices. The Committee includes members of the Compliance Team and John H. Walsh (former Associate Director- Chief Counsel for the SEC’s Office of Compliance Inspections and Examinations and a current Partner at the law firm of Eversheds Sutherland) as Independent Legal/Compliance Advisor to the Committee. Issues may be identified for consideration by the Committee through senior management’s daily interaction with employees. Formal meetings are generally conducted on a quarterly basis, even when no particular issue is identified for consideration, although the Committee may meet more frequently as issues arise. Documentation of meetings is prepared and maintained. In addition, the Independent Legal/Compliance Advisor and/or the CCO or his designee conducts periodic training sessions for the Advisor’s personnel regarding compliance issues and considerations. Finally, the Committee discusses on an ongoing basis the Firm’s business practices and relationships as well as how to best mitigate and monitor the inventory of identified and anticipated risks. Although not required, at the request of the Advisor, PwC, the Funds’ independent auditors, prepares a SOC- 1 Type 2 Report on Controls Placed in Operations. This report is used by the Advisor to further review and assess its own operational controls on an ongoing basis. The most recent SOC 1 Type 2 Report is as of March 31, 2023. Copies of SOC-1 Type 2 Reports are sent to investors. Cybersecurity In response to the increasing number of cyber-attacks across different industries and increased regulatory focus on financial firms’ preparedness to protect information and systems and to respond to such attacks, the Advisor conducts an ongoing assessment of its technology systems and controls. The Advisor’s assessment particularly focuses on supervisory controls over, and protection of, systems and confidential information, operational capabilities of systems and where these systems could be improved to provide better protection, preparedness to respond to cyber-attacks, the drafting of written policies and procedures and vendor management. No cybersecurity program can anticipate and prevent all types of cyber-attacks (please refer to “Cybersecurity Risk” under Item 8). The Advisor has invested significant time and resources in strengthening and upgrading its internal controls and systems. This includes an entire infrastructure upgrade of its server environment, having an external vulnerability assessment conducted and strengthening the monitoring of potential threat activity and other controls. The Advisor will continue to monitor its cybersecurity program and spend the necessary time and resources to implement upgrades as necessary. As of December 31, 2023, the Advisor managed approximately $11,430,439,686 in assets on a discretionary basis and $186,903,897 in assets on a non-discretionary basis.