Firm Description CAZ, a Texas limited partnership, is an investment advisory firm registered with the U.S. Securities and Exchange Commission pursuant to the requirements under the Investment Advisors Act of 1940, as amended. CAZ was founded in 2001 by its General Partner, CAZ Investments Management LLC, a Texas limited liability company. Christopher A. Zook is the majority owner and Chairman of CAZ and is the Manager of CAZ Investments Management LLC. As of December 31, 2023, CAZ managed approximately $6,402,686,432 across 8,044 accounts on a discretionary basis. Advisory Services CAZ offers advisory services broken into two primary categories: 1) the management of accounts held by a singular investor, whether an individual or an investment entity, which we refer to as a separately managed account (“SMA”) and 2) the management of co-mingled, private, investment funds (“private funds”). The SMAs and private funds are collectively referred in this document as clients. Private Funds The private funds managed by CAZ are intended to complement longer-term investors’ core holdings, are typically formed as private limited partnerships with specific investment objectives and are made available to qualified investors for whom the private fund(s) appears appropriate. In developing these special purpose investment partnerships, CAZ generally:
• Forms a worldview to identify major economic and investment themes that should be rewarding and prevalent over the intermediate term;
• Performs due diligence and research to identify specific investments in an attempt to exploit the identified investment opportunities for optimum return potential; and
• Structures a private investment limited partnership to provide qualified clients access to these special purpose investment vehicles if/when/as deemed appropriate to benefit from the identified investment theme. CAZ sponsors and manages the following private funds. CAZ AI Fund, L.P. The investment objective of CAZ AI Fund, L.P. is to acquire, hold, manage and dispose of a direct interest in convertible promissory notes issued by Lucid Holdings, Inc. (“Lucid”), warrants to purchase Lucid and CyCorp Inc. capital stock, and capital stock of Lucid, including any interest or other proceeds therefrom or any equity upon exercise of the Warrants. CAZ Barbell Fund, L.P. The investment objective of CAZ Barbell Fund, L.P. (“Barbell”) is to achieve capital appreciation through the use of a “barbell” approach to asset allocation, a thematic approach to determine exposures to various asset classes and a “multi-manager” investment approach within those asset classes. Barbell will attempt to leverage the scientific advantage of “modern portfolio theory” into vehicles that can produce exceptional absolute rates of return with lower standard deviation than those returns available from traditional asset classes. Barbell’s capital will primarily be invested with “hedge fund” managers and/or traditional investment managers, either by investing directly in pooled vehicles or through the use of managed accounts. CAZ Barbell Offshore Fund, Ltd. The investment objective of CAZ Barbell Offshore Fund, Ltd. (“Barbell Offshore”) is to achieve capital appreciation through the use of a “barbell” approach to asset allocation, a thematic approach to determine exposures to various asset classes and a “multi-manager” investment approach within those asset classes. Barbell Offshore will attempt to leverage the scientific advantage of “modern portfolio theory” into vehicles that can produce exceptional absolute rates of return with lower standard deviation than those returns available from traditional asset classes. Barbell Offshore’s capital will primarily be invested with “hedge fund” managers and/or traditional investment managers, either by investing directly in pooled vehicles or through the use of managed accounts. CAZ Barbell (QP) Fund, L.P. The investment objective of CAZ Barbell (QP) Fund, L.P. is to achieve capital appreciation through the use of a “barbell” approach to asset allocation, a thematic approach to determine exposures to various asset classes and a “multi-manager” investment approach within those asset classes. Barbell (QP) will attempt to leverage the scientific advantage of “modern portfolio theory” into vehicles that can produce exceptional absolute rates of return with lower standard deviation than those returns available from traditional asset classes. Barbell (QP) capital will primarily be invested with “hedge fund” managers and/or traditional investment managers, either by investing directly in pooled vehicles or through the use of managed accounts. CAZ Co-Investment Opportunities Fund, L.P. – 100T Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – 100T Portfolio is to make an investment as a limited partner in Artist Edge Partners III LP (“AEP III”). The investment objective of AEP III is to invest directly or indirectly in 100 Thieves, LLC, a premier lifestyle brand and gaming organization. CAZ Co-Investment Opportunities Fund, L.P. – ACP Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – ACP Portfolio is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of Aurora Capital Partners, thereby participating in certain management fees and carried interest earned directly or indirectly by Aurora Capital Partners and its affiliates. CAZ Co-Investment Opportunities Fund, L.P. – CLS Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – CLS Portfolio is to make an investment as a limited partner in Neuberger Berman Principal Strategies Prima Co-Invest Fund I-B LP (“NBPSPCF I-B”). The investment objective of NBPSPCF I-B is to invest directly or indirectly in Caris Life Sciences, Inc., a company focused on precision oncology through advanced laboratory testing, including tumor profiling and blood-based cancer diagnostics. CAZ Co-Investment Opportunities Fund, L.P. – Didi Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – Didi Portfolio is to make an investment as a limited partner in Paulson Investment Company I LP (“PIC I”). The investment objective of PIC I is to invest directly or indirectly in shares of Xiaoju Kuaizhi, doing business as Didi Chuxing, a transportation network company operating in China with significant Chinese market share in mobile taxi hailing and private car service. The Didi Portfolio ceased operations in 2023. CAZ Co-Investment Opportunities Fund, L.P. – Didi B Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – Didi B Portfolio is to make an investment as a limited partner in Paulson Investment Company I LP (“PIC I”). The investment objective of PIC I is to invest directly or indirectly in shares of Xiaoju Kuaizhi, doing business as Didi Chuxing, a transportation network company operating in China with significant Chinese market share in mobile taxi hailing and private car service. The Didi Portfolio ceased operations in 2023. CAZ Co-Investment Opportunities Fund, L.P. – Fundbox Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – Fundbox Portfolio is to invest substantially all of its assets in the securities of Fundbox, Ltd, a working capital platform that offers credit and payment solutions to small businesses. CAZ Co-Investment Opportunities Fund, L.P. – HPE Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – HPE Portfolio (“HPE Portfolio”) is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of H.I.G. Capital and its affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by H.I.G. Capital and its affiliates. The HPE Portfolio is a parallel portfolio of the HPE (UB) Portfolio, with the HPE Portfolio being differentiated by investor type and tax status. CAZ Co-Investment Opportunities Fund, L.P. – HPE (UB) Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – HPE (UB) Portfolio (“HPE (UB) Portfolio”) is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of H.I.G. Capital and its affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by H.I.G. Capital and its affiliates. The HPE (UB) Portfolio is a parallel portfolio of the HPE Portfolio, with the HPE (UB) Portfolio being differentiated by investor type and tax status. CAZ Co-Investment Opportunities Fund, L.P. – IF Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – IF Portfolio is to invest substantially all of its assets in Khosla Ventures IFSPV II, LLC (“IFSPV"). The investment objective of IFSPV is to invest in Impossible Foods Inc., a company that develops and markets plant-based substitutes for meat products. CAZ Co-Investment Opportunities Fund, L.P. – ISQ Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – ISQ Portfolio is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of I Square Capital and its affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by I Squared Capital and its affiliates. CAZ Co-Investment Opportunities Fund, L.P. – MCP Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – MCP Portfolio is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of Monroe Capital LLC, thereby participating in certain management fees and carried interest earned directly or indirectly by Monroe Capital LLC and its affiliates. CAZ Co-Investment Opportunities Fund, L.P. – MSouth Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – MSouth Portfolio is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of MSouth Equity Partners, thereby participating in certain management fees and carried interest earned directly or indirectly by MSouth Equity Partners and its affiliates. CAZ Co-Investment Opportunities Fund, L.P. – ORTF2 Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – ORTF2 Portfolio (“ORTF2 Portfolio”) is to invest substantially all of its assets in Owl Rock Technology Finance Corp. II (“ORTF2”), Owl Rock Capital Technology Holdings II, LLC (“ORCTH2”), and any other investment vehicles organized by their sponsors with a similar investment purpose as ORTF2 and ORCTH2. The investment purpose of ORTF2 and ORCTH2 is to invest directly or indirectly in certain debt or equity interests of technology-related companies based primarily in the United States. CAZ Co-Investment Opportunities Fund, L.P. – PLT Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – PLT Portfolio (“PLT Portfolio”) is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of Platinum Equity and its affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by Platinum Equity and its affiliates. The PLT Portfolio is a parallel portfolio of the PLT (UB) Portfolio, with the PLT Portfolio being differentiated by investor type and tax status. CAZ Co-Investment Opportunities Fund, L.P. – PLT (UB) Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – PLT (UB) Portfolio is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of Platinum Equity and its affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by Platinum Equity and its affiliates. The PLT (UB) Portfolio is a parallel portfolio of the PLT Portfolio, with the PLT (UB) Portfolio being differentiated by investor type and tax status. CAZ Co-Investment Opportunities Fund, L.P. – RS Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – RS Portfolio is to invest substantially all of its assets in the securities of Roofstock, Inc., a company who provides an online real estate marketplace for buyers and sellers of rental properties. CAZ Co-Investment Opportunities Fund, L.P. – VEP Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – VEP Portfolio (“VEP Portfolio”) is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of Vista Equity Partners and its affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by Vista Equity Partners and its affiliates. The VEP Portfolio is a parallel portfolio of the VEP (UB) Portfolio, with the VEP Portfolio being differentiated by investor type and tax status. CAZ Co-Investment Opportunities Fund, L.P. – VEP (UB) Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – VEP (UB) Portfolio is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of Vista Equity Partners and its affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by Vista Equity Partners and its affiliates. The VEP (UB) Portfolio is a parallel portfolio of the VEP Portfolio, with the VEP (UB) Portfolio being differentiated by investor type and tax status. CAZ Co-Investment Opportunities Liquid Fund, L.P. – Didi II Portfolio The investment objective of CAZ Co-Investment Opportunities Liquid Fund, L.P. – Didi II Portfolio is to acquire, hold, transact and dispose of shares of DiDi Global, Inc. (“Didi”) and derivatives on those shares and other securities. Didi is a transportation network company operating in China with significant Chinese market share in mobile taxi hailing and private car service. CAZ Co-Investment Opportunities Liquid Fund, L.P. – Opendoor II Portfolio The investment objective of CAZ Co-Investment Opportunities Liquid Fund, L.P. – Opendoor II Portfolio is to acquire, hold, transact and dispose of shares of Opendoor Technologies Inc. (“Opendoor”) and derivatives on those shares and other securities. Opendoor is an online real estate company operating by buying homes directly from homeowners and selling them on its own marketplace. CAZ Credit Opportunity, L.P. & CAZ Credit Opportunity (TE), L.P. The investment objective of CAZ Credit Opportunity, L.P. (“Credit Opportunity”) is to achieve a strong total return that is a combination of current cash flow and capital gains. Credit Opportunity will primarily invest in one or more investment vehicles that primarily invest, trade in, or otherwise utilize debt securities. Investments may also be made directly into debt securities, though it is not expected that such investments would constitute a significant portion of holdings. CAZ Credit Opportunity (TE), L.P. is a Cayman exempted limited partnership acting as a feeder fund to Credit Opportunity and facilitating the participation of US tax-exempt and foreign investors in the investment objective of Credit Opportunity. CAZ DFG Diversified Fund, L.P. – Vintage I Portfolio The investment objective of CAZ DFG Diversified Fund, L.P. – Vintage I Portfolio (“VI Portfolio”) is to invest in other private equity or hedge fund investment vehicles managed by CAZ and other third-party managers, and directly investments into operating companies. VI Portfolio primarily exists to facilitate the investment of certain parties associated with a third-party investment manager into a variety of private funds managed by CAZ and other private fund sponsors. CAZ Dislocation Opportunities Fund, L.P. & CAZ Dislocation Opportunities Fund – TE, L.P. The investment objective of CAZ Dislocation Opportunities Fund, L.P. is to acquire, hold and dispose of direct or indirect investments across multiple strategies, geographies and asset classes that the Investment Manager believes are related to market dislocations. CAZ Dislocation Opportunities Fund – TE, L.P. is a Cayman exempted limited partnership acting as a feeder fund to Dislocation Opportunities Fund and facilitating the participation of US tax-exempt and foreign investors in the investment objective of Dislocation Opportunities Fund. CAZ Disruptive Technologies Fund, L.P. - KV Portfolio The investment objective of CAZ Disruptive Technologies Fund, L.P. - KV Portfolio (“KV Portfolio”) is to invest in Khosla Ventures Opportunity I, L.P (“KVO I") and co-investment or related opportunities associated with KVO I, a predecessor or successor of KVO I, or otherwise offered by the sponsor of KVO I or its affiliates. KVO I is an investment fund whose objective is to make investments in venture capital backed technology companies. CAZ Diversified Private Investments Founders Class Fund, L.P. The investment objective of CAZ Diversified Private Investments Founders Class Fund, L.P. (“DPI FC”) is to acquire, hold and dispose of direct or indirect private investments across multiple strategies, geographies and asset classes. Investments will primarily consist of illiquid private funds or direct investments into operating companies or real assets. CAZ Diversified Private Investments Class A Fund, L.P. The investment objective of CAZ Diversified Private Investments Class A Fund, L.P. is to acquire, hold and dispose of direct or indirect private investments across multiple strategies, geographies and asset classes. Investments will primarily consist of illiquid private funds or direct investments into operating companies or real assets. CAZ Energy Evolution Fund, L.P. The investment objective of CAZ Energy Evolution Fund, L.P. is to acquire, hold and dispose of direct or indirect investments across multiple strategies, geographies and asset classes that are focused on the creation and delivery of reliable and responsibly sourced energy. CAZ Energy Evolution Fund - TE, L.P. The investment objective of CAZ Energy Evolution Fund – TE, L.P. is to acquire, hold and dispose of direct or indirect investments across multiple strategies, geographies and asset classes that are focused on the creation and delivery of reliable and responsibly sourced energy. CAZ Energy Infrastructure Fund II, L.P. The investment objective of CAZ Energy Infrastructure Fund II, L.P. is to invest as a limited partner in the EnCap Flatrock Midstream Fund II, L.P. (“EnCap Flatrock”). The investment objective of EnCap Flatrock is to invest in assets or companies involved in: (i) natural gas gathering, treating, compression and processing operations; and (ii) oil and natural gas liquids gathering, fractionation and logistics. EnCap Flatrock will target North American investment opportunities where significant upstream production often requires substantial midstream infrastructure build-out. CAZ Energy Infrastructure Fund III, L.P. The investment objective of CAZ Energy Infrastructure Fund III, L.P. is to invest as a limited partner in EnCap Flatrock Midstream Fund III, L.P. (“EnCap Flatrock III”). The investment objective of EnCap Flatrock III is to invest in assets or companies involved in (i) natural gas gathering, treating, compression and processing operations; (ii) crude oil gathering, storage and transport by pipeline and/or rail; and (iii) natural gas liquids production, fractionation and logistics. EnCap Flatrock III will target North American investment opportunities where significant upstream production often requires substantial midstream infrastructure build-out. CAZ Energy Infrastructure Fund III-C, L.P. The investment objective of CAZ Energy Infrastructure Fund III-C, L.P. is to invest as a limited partner in EnCap Flatrock Midstream Fund III-C, L.P. (“EnCap Flatrock III-C”), a Cayman Islands exempted limited partnership that is a private equity fund investing directly and/or through subsidiaries in EnCap Flatrock III. The investment objective of EnCap Flatrock III is to invest in assets or companies involved in (i) natural gas gathering, treating, compression and processing operations; (ii) crude oil gathering, terminalling, storage and transport by pipeline and/or rail; (iii) refined product storage, terminalling, and logistics and (iv) natural gas liquids production, fractionation and logistics. EnCap Flatrock III will target North American investment opportunities where significant upstream production often requires substantial midstream infrastructure build-out. CAZ Energy Infrastructure Fund IV, L.P. The investment objective of CAZ Energy Infrastructure Fund IV, L.P. is to invest as a limited partner in EnCap Flatrock Midstream Fund IV, L.P. and EnCap Flatrock Midstream IV-C, L.P. (collectively, “EnCap Flatrock IV”). The investment objective of EnCap Flatrock IV is to invest in assets or companies involved in (i) natural gas gathering, treating, compression and processing operations; (ii) crude oil gathering, terminalling, storage and transport by pipeline and/or rail; and (iii) refined product storage, terminalling, and logistics; and (iv) natural gas liquids production, fractionation, and logistics. EnCap Flatrock IV’s portfolio companies will typically target North American investment opportunities where significant upstream production and other logistics services often requires substantial midstream infrastructure build- out. CAZ Enterprise Software Opportunities Fund, L.P. The investment objective of CAZ Enterprise Software Opportunities Fund, L.P. is to invest as a limited partner in Vista Foundation IV, L.P. (“Vista IV”) and other Vista investments including co-investments, secondary purchases or other related opportunities related to the Vista IV fund. The investment objective of Vista IV is to acquire controlling interests in middle-market and enterprise software, data, and technology-enabled solutions companies with enterprise values generally between $200 million and $750 million. CAZ eSports Fund, L.P. – Artist eSports Edge Portfolio The investment objective of CAZ eSports Fund, L.P. – Artist eSports Edge Portfolio is to invest substantially all of its assets in Artist e-Sports Edge I LP (“Artist Edge”). The investment objective of Artist Edge is to make investments in privately-held companies in the e-sports ecosystem and related fields. CAZ eSports Fund, L.P. – Artist SPV D Portfolio The investment objective of CAZ eSports Fund, L.P. – Artist SPV D Portfolio is to invest substantially all of its assets in Artist Edge Partners Fund (“Artist Partners”). The investment objective of Artist Partners is to make investments in a privately-held company focused on developing a VoIP application and digital distribution platform designed for video gaming communities that specializes in text, image, video and audio communication between users in a chat channel in the e-sports ecosystem and related fields. CAZ GP Ownership Fund, L.P. The investment objective of CAZ GP Ownership Fund , L.P. (“GPO”) is to acquire, hold and dispose of direct or indirect investments primarily in institutionalized alternative asset management firms across multiple strategies, geographies and asset classes. The following feeder funds are being used to execute this strategy: CAZ GP Ownership Class A Fund, L.P. CAZ GP Ownership Class A Fund, L.P. executes the GPO investment strategy while (a) being designed to accept US taxable investors and (b) not intending to invest using leverage. CAZ GP Ownership Class B Fund - TE, L.P. CAZ GP Ownership Class B Fund – TE, L.P. executes the GPO investment strategy while (a) being designed to accept US tax-exempt and foreign investors and (b) not intending to invest using leverage. CAZ GP Ownership Class C Fund, L.P. CAZ GP Ownership Class C Fund,

L.P. executes the GPO investment strategy while (a) being designed to accept US taxable investors and (b) intending to invest using a leverage target of 1.5 times its capital base. CAZ GP Ownership Class D Fund - TE, L.P. CAZ GP Ownership Class D Fund – TE, L.P. executes the GPO investment strategy while (a) being designed to accept US tax-exempt and foreign investors and (b) intending to invest using a leverage target of 1.5 times its capital base. CAZ GP Ownership Class E Fund, L.P. CAZ GP Ownership Class E Fund, L.P. executes the GPO investment strategy while (a) being designed to accept US taxable investors and (b) intending to invest using a leverage target of 2,0 times its capital base. CAZ GP Ownership Class F Fund - TE, L.P. CAZ GP Ownership Class D Fund – TE, L.P. executes the GPO investment strategy while (a) being designed to accept US tax-exempt and foreign investors and (b) intending to invest using a leverage target of 2.0 times its capital base. CAZ Halcyon Strategic Opportunities Fund, L.P. The investment objective of CAZ Halcyon Strategic Opportunities Fund, L.P. ("Halcyon") is to invest predominantly in privately negotiated claims, claims in liquidating entities, and special opportunities relating to these strategies with a longer-term investment horizon. Halcyon has been partially harvested and is actively pursuing a wind-down of its operations. CAZ Halcyon Offshore Strategic Opportunities Fund, L.P. The investment objective of CAZ Halcyon Offshore Strategic Opportunities Fund, L.P. (“Halcyon Offshore”) is to invest predominantly in privately negotiated claims, claims in liquidating entities, and special opportunities relating to these strategies with a longer-term investment horizon. It was formed exclusively for certain U.S. tax-exempt investors, and conducts operations in parallel with CAZ Halcyon Strategic Opportunities Fund, L.P. Halcyon Offshore has been partially harvested and is actively pursuing a wind-down of its operations. CAZ Healthcare Fund - Israel, L.P. The investment objective of CAZ Healthcare Fund - Israel, L.P. is to invest as a limited partner in the OrbiMed Israel Partners Limited Partnership (“OrbiMed Israel”). The investment objective of OrbiMed Israel is to seek income and gain by acquiring, owning, holding and disposing of investments that further the development of businesses in the Israeli life science sector in general and in the Israeli biopharmaceutical sub-sector in particular. CAZ Healthcare Fund – Israel II, L.P. The investment objective of CAZ Healthcare Fund – Israel II, L.P. is to invest as a limited partner in the OrbiMed Israel Partners II, L.P. (“OrbiMed Israel II”). The investment objective of OrbiMed Israel II is to realize superior returns to investors primarily by investing in, selling and otherwise dealing in equity and other securities and assets of healthcare companies that are located in the State of Israel, have significant operations in Israel or which benefit from senior level employees, assets or other resources located in or related to Israel. OrbiMed Israel II will seek to invest broadly across the healthcare sector, including companies involved in drug discovery and development, medical devices, medical diagnostics, and healthcare IT companies. CAZ ICON Fund, L.P. The investment objective of CAZ ICON Fund, L.P. is to invest substantially all its investible assets in the Series A preferred stock of ICON Technology, Inc. (“ICON”). ICON develops advanced construction technologies that advance humanity by using 3D printing robotics, software and advanced materials. CAZ ICON B Fund, L.P. The investment objective of CAZ ICON B Fund, L.P. is to invest substantially all its investible assets in the Series B preferred stock of ICON Technology, Inc. (“ICON”). ICON develops advanced construction technologies that advance humanity by using 3D printing robotics, software and advanced materials. CAZ Medical Royalty Fund II, L.P. The investment objective of CAZ Medical Royalty Fund II, L.P. is to invest as a limited partner in OrbiMed Royalty Opportunities II, LP (“OrbiMed Royalty”). The investment objective of OrbiMed Royalty is to invest principally in royalty and credit opportunities backed by approved healthcare products and services in North America, but it may also seek investment opportunities in Europe and Asia. CAZ Medical Royalty Fund III, L.P. The investment objective of CAZ Medical Royalty Fund III, L.P. is to invest as a limited partner in OrbiMed Royalty and Credit Opportunities III, LP (“OrbiMed III”). The investment objective of OrbiMed III is to invest principally in royalty and credit opportunities backed by approved healthcare products and services in North America, but it may also seek investment opportunities in Europe and Asia. CAZ Merchant WP I Fund, L.P. The investment objective of CAZ Merchant WP I Fund, L.P. is to invest in Merchant Wealth Partners, LLC (“Merchant”). Merchant is an investment company whose objective is to make equity and equity-like investments in firms engaged primarily in wealth management and wealth advisory services or in providing services unrelated to asset management to such wealth management or wealth advisory services firms. CAZ Oil & Gas Production Fund, L.P. The investment objective of CAZ Oil & Gas Production Fund, L.P. is to invest as a limited partner in the EnerVest Energy Institutional Fund XII-A, L.P. (“EnerVest Energy”). The investment objective of EnerVest Energy is to generate superior returns for its institutional investors by making prudent investments in the upstream sector of the oil and gas industry in North America. CAZ Partners Fund, L.P. – Private Equity Access Portfolio The investment objective of CAZ Partners Fund, L.P. – Private Equity Access Portfolio, formerly known as CAZ Partners Fund, L.P. – Illiquid Growth Portfolio, (“Private Equity Access Portfolio”) is to achieve significant capital appreciation primarily through investments in private equity investment vehicles. The Private Equity Access Portfolio’s capital will generally be invested, either directly or through pooled private investment partnerships managed by CAZ or its affiliates, in approximately ten to twenty private equity investment vehicles that primarily pursue medical royalties, energy, event driven or other opportunistic themes. CAZ Partners Fund, L.P. – Liquid Income Portfolio The investment objective of CAZ Partners Fund, L.P. – Liquid Income Portfolio (“Liquid Income Portfolio”) is to achieve annual cash flow distribution yield that exceeds the rate of return of 90 Day U.S. Treasury Bills by 2-4% per annum. The Liquid Income Portfolio’s capital will generally be invested in publicly-traded U.S. and foreign debt and equity securities (on both a long and short basis), private investment vehicles, including hedge funds, segregated accounts and other private investment funds, as well as a broad array of other securities in both private and public markets. Additionally, the Liquid Income Portfolio may engage in secure lending to other private funds managed by CAZ or its affiliates, including other portfolios of CAZ Partners Fund, L.P. The Liquid Income Portfolio is a parallel portfolio of the Liquid Income (QP) Portfolio and Liquid Income (TE). CAZ Partners Fund, L.P. – Liquid Income (QP) Portfolio The investment objective of CAZ Partners Fund, L.P. – Liquid Income (QP) Portfolio (“Liquid Income (QP) Portfolio”) is to achieve annual cash flow distribution yield that exceeds the rate of return of 90 Day U.S. Treasury Bills by 2-4% per annum. The Liquid Income (QP) Portfolio’s capital will generally be invested in publicly-traded U.S. and foreign debt and equity securities (on both a long and short basis), private investment vehicles, including hedge funds, segregated accounts and other private investment funds, as well as a broad array of other securities in both private and public markets. Additionally, the Liquid Income (QP) Portfolio may engage in secure lending to other private funds managed by CAZ or its affiliates, including other portfolios of CAZ Partners Fund, L.P. The Liquid Income (QP) Portfolio is a parallel portfolio of the Liquid Income Portfolio and Liquid Income (TE), with the Liquid Income (QP) Portfolio being differentiated by its ability to accept investors that qualify as “qualified purchasers”. CAZ Partners Fund Liquid Income (TE), L.P. The investment objective of CAZ Partners Fund Liquid Income (TE), L.P. (“Liquid Income (TE)”) is to achieve annual cash flow distribution yield that exceeds the rate of return of 90 Day U.S. Treasury Bills by 2-4% per annum. Liquid Income (TE)’s capital will generally be invested in publicly-traded U.S. and foreign debt and equity securities (on both a long and short basis), private investment vehicles, including hedge funds, segregated accounts and other private investment funds, as well as a broad array of other securities in both private and public markets. Additionally, Liquid Income (TE) may engage in secure lending to other private funds managed by CAZ or its affiliates. Liquid Income (TE) is a parallel fund of the Liquid Income Portfolio and Liquid Income (QP) Portfolio, with the Liquid Income (TE) Portfolio being differentiated by its structure as a Cayman Islands limited partnership designed for US tax exempt and foreign investors. CAZ Private Energy Fund, L.P. The investment objective of CAZ Private Energy Fund, L.P. (“Private Energy”) is to invest as a limited partner in EnCap Energy Capital Fund XI, L.P. and EnCap Energy Capital Fund XI-C, L.P., whose objectives are to directly and indirectly make privately negotiated equity and equity-related investments in independent oil and gas companies whose underlying assets may include oil and gas reserves, gas processing plants and pipelines and to generate superior returns through capital appreciation over a three- to five-year. CAZ Private Equity Access Fund II, L.P. The investment objective of CAZ Private Equity Access Fund II, L.P. (“Private Equity Access II”) is to achieve significant capital appreciation primarily through investments in private equity investment vehicles. Private Equity Access II will generally be invested, either directly or through pooled private investment partnerships managed by CAZ or its affiliates. The following parallel portfolios are being used to execute this strategy: CAZ Private Equity Access Fund II, L.P. – Onshore Portfolio The CAZ Private Equity Access Fund II, L.P. – Onshore Portfolio executes the Private Equity Access II investment strategy while accepting investors who are Accredited Investors and Qualified Clients. CAZ Private Equity Access Fund II, L.P. – Onshore (QP) Portfolio The CAZ Private Equity Access Fund II, L.P. – Onshore (QP) Portfolio executes the Private Equity Access II investment strategy while accepting investors who are Accredited Investors and Qualified Purchasers. CAZ Private Equity Access Fund II, L.P. – Non-Conduit Portfolio The CAZ Private Equity Access Fund II, L.P. – Non-Conduit Portfolio executes the Private Equity Access II investment strategy while investing only in private equity investment vehicles that are not managed by CAZ or its affiliates. CAZ Private Equity Access Fund II, L.P. – Offshore Portfolio The CAZ Private Equity Access Fund II, L.P. – Onshore (QP) Portfolio executes the Private Equity Access II investment strategy while accepting only tax-exempt investors. CAZ Private Equity Ownership (TE) Fund, L.P. The investment objective of CAZ Private Equity Ownership (TE) Fund, L.P. (“Private Equity Ownership (TE)”) is to invest as a limited partner in DYAL III Offshore Investors, L.P, a feeder fund for tax exempt and UBTI sensitive investors that invests solely in DYAL Capital Partners III (A) LP and DYAL Capital Partners III (B) LP (collectively, the “DYAL Master Fund”). The investment objective of the DYAL Master Fund is to invest primarily in minority equity interests in institutionalized “private equity firms” across multiple strategies, geographies and asset classes. Private equity firms include those investment funds that generate the majority of their revenues from closed-end fund structures, which would include buy-out, venture capital, distressed debt, real estate and other funds. CAZ Private Equity Ownership Fund, L.P. The investment objective of CAZ Private Equity Ownership Fund, L.P. (“Private Equity Ownership”) is to invest as a limited partner in DYAL III US Investors, L.P, a feeder fund for taxable investors that invests solely in DYAL Capital Partners III (A) LP and DYAL Capital Partners III (B) LP (collectively, the “DYAL Master Fund”). The investment objective of the DYAL Master Fund is to invest primarily in minority equity interests in institutionalized “private equity firms” across multiple strategies, geographies and asset classes. Private equity firms include those investment funds that generate the majority of their revenues from closed- end fund structures, which would include buy-out, venture capital, distressed debt, real estate and other funds. CAZ Private Equity Ownership BCP2 Fund, L.P. The investment objective of CAZ Private Equity Ownership BCP2 Fund, L.P. (“PEO BCP2”) is to invest as a limited partner in the Bonaccord Capital Partners II, L.P. (BCP2) fund complex and co-investment, secondary purchase or related opportunities associated with BCP2 or otherwise offered by the sponsor of BCP2 or its affiliates. The investment objective of BCP2 is to acquire minority equity interests in alternative asset management companies focused on private markets strategies, which may include private equity, private credit, real estate and real asset strategies. CAZ Private Equity Ownership D5 Fund, L.P. & CAZ Private Equity Ownership D5 Fund - TE, L.P. The investment objective of CAZ Private Equity Ownership D5 Fund, L.P. (“PEO D5”) is to invest as a limited partner in the Dyal Capital Partners V (“Dyal V”) fund complex and co-investment, secondary purchase or related opportunities associated with Dyal V or otherwise offered by the sponsor of Dyal V or its affiliates. The investment objective of Dyal V is to invest primarily in minority equity interests in institutionalized private equity investment management companies (or alternative asset management companies having, in significant part, private equity operations) across multiple strategies, geographies and asset classes. CAZ Private Equity Ownership D5 Fund - TE, L.P. is a Cayman exempted limited partnership acting as a feeder fund to PEO D5 and facilitating the participation of US tax-exempt and foreign investors in the investment objective of PEO D5. CAZ Private Equity Ownership Fund II, L.P. The investment objective of CAZ Private Equity Ownership Fund II, L.P. (“Private Equity Ownership II”) is to (a) invest as a limited partner in Dyal IV US Investors L.P., a feeder fund for taxable investors that invests solely in DYAL Capital Partners IV (A) LP and DYAL Capital Partners IV (B) LP (collectively, the “DYAL Master Fund”) and (b) to otherwise invest in co-investments, secondary purchases or related opportunities related to the DYAL Master Fund, predecessors to the DYAL Master Fund or otherwise being offered by the sponsor of the DYAL Master Fund. The investment objective of the DYAL Master Fund is to invest primarily in minority equity interests in institutionalized “private equity firms” across multiple strategies, geographies and asset classes. Private equity firms include those investment funds that generate the majority of their revenues from closed-end fund structures, which would include buy-out, venture capital, distressed debt, real estate and other funds. CAZ Private Equity Ownership Fund II (NC), L.P. The investment objective of CAZ Private Equity Ownership Fund II (NC), L.P. (“Private Equity Ownership II NC”) is to invest as a limited partner in Dyal IV US Investors L.P., a feeder fund for taxable investors that invests solely in DYAL Capital Partners IV (A) LP and DYAL Capital Partners IV (B) LP (collectively, the “DYAL Master Fund”). The investment objective of the DYAL Master Fund is to invest primarily in minority equity interests in institutionalized “private equity firms” across multiple strategies, geographies and asset classes. Private equity firms include those investment funds that generate the majority of their revenues from closed-end fund structures, which would include buy-out, venture capital, distressed debt, real estate and other funds. CAZ Private Equity Ownership Fund III, L.P. The investment objective of CAZ Private Equity Ownership Fund III, L.P. is to (a) invest as a limited partner in Bonaccord Capital Partners I, L.P. (“Bonaccord Fund”), and (b) to otherwise invest in co- investments, secondary purchases or related opportunities related to the Bonaccord Fund. The investment objective of the Bonaccord Fund is to invest primarily in minority equity interests in established alternative asset management companies focused on private market strategies, which may include private equity, private capital, real estate, and real asset strategies. CAZ Private Equity Ownership Fund III-F, L.P. The investment objective of CAZ Private Equity Ownership Fund III-F, L.P. is to invest as a limited partner in Bonaccord Capital Partners I-A, L.P. (“Bonaccord Offshore Fund”). The investment objective of the Bonaccord Fund is to invest primarily in minority equity interests in established alternative asset management companies focused on private market strategies, which may include private equity, private capital, real estate, and real asset strategies. CAZ Private Income Fund, L.P. The investment objective of CAZ Private Income Fund, L.P. (“Private Income”) is to achieve a strong total return that is a combination of current cash flow and capital gain primarily through investment in (a) debt or equity securities, or (b) in one or more private investment vehicles that primarily invest in private debt. Investment vehicles may be investment partnerships, separate accounts, or other investment structures that primarily invest, trade in, or otherwise utilize debt securities. CAZ Professional Sports Ownership Fund I, L.P. & CAZ Professional Sports Ownership Fund I – TE, L.P. The investment objective of CAZ Professional Sports Ownership Fund I, L.P. (“PSO”) is to invest in Arctos Sports Partners Fund I, LP, (“Arctos I”) any successor fund, and co-investment, secondary purchase or related opportunities associated with Arctos I, a predecessor or successor of Arctos I or otherwise offered by the sponsor of Arctos I or its affiliates. The investment objective of Arctos I is to make equity investments in professional sports franchises or in sports-related businesses. CAZ Professional Sports Ownership Fund I - TE, L.P. is a Cayman exempted limited partnership acting as a feeder fund to PSO and facilitating the participation of US tax-exempt and foreign investors in the investment objective of PSO. CAZ Real Estate Recovery Fund, L.P. The investment objective of CAZ Real Estate Recovery Fund, L.P. is to invest as a limited partner in the Paulson Real Estate Recovery Fund, L.P. (“Paulson Real Estate Recovery”). The investment objective of Paulson Real Estate Recovery is to capitalize on distress within the U.S. real estate market. CAZ Real Estate Recovery Fund II, L.P. The investment objective of CAZ Real Estate Recovery Fund II, L.P. is to invest as a limited partner in Paulson Real Estate Fund II, L.P. (“Paulson Real Estate II”). The investment objective of Paulson Real Estate II is to capitalize on distress in the U.S. real estate market, particularly in the residential land sector. CAZ Risk Mitigation Fund, L.P. The investment objective of CAZ Risk Mitigation Fund, L.P. (“Risk Mitigation”) is to provide portfolio risk mitigation through strong returns during severe market drawdowns while minimizing the cost associated with providing that protection. The following parallel portfolios are being used to execute this strategy: CAZ Risk Mitigation Fund, L.P. – Risk Mitigation Portfolio The CAZ Risk Mitigation Fund, L.P. – Risk Mitigation Portfolio executes the Risk Mitigation investment strategy by making investments focused solely on convexity. The resulting portfolio is expected to provide positively asymmetric protection for an investor’s portfolio during severe market drawdowns while minimizing the cost associated with that protection. CAZ Risk Mitigation Fund, L.P. – Risk Mitigation Plus Income Portfolio The CAZ Risk Mitigation Fund, L.P. – Risk Mitigation Plus Income Portfolio executes the Risk Mitigation investment strategy by making investments focused on convexity and credit strategies. The resulting portfolio is expected to improve upon the theoretical effects of bonds in portfolios and provide significant risk mitigation to equity portfolios in the event of a market downturn. CAZ Risk Mitigation Fund, L.P. – Pure Hedge Portfolio The CAZ Risk Mitigation Fund, L.P. – Pure Hedge Portfolio executes the Risk Mitigation investment strategy by making investments focused on maximum convexity. The resulting portfolio construction is expected to provide positively asymmetric protection for an investor’s portfolio during severe market drawdowns and expects to expend the entire capital invested in order to provide the desired protection, assuming a benign or favorable market environment. CAZ Risk Mitigation Plus Income Fund (TE), L.P. The CAZ Risk Mitigation Plus Income Fund (TE), L.P. (“Risk Mitigation Plus Income (TE)”) executes the Risk Mitigation investment strategy by making investments focused on convexity and credit strategies. The resulting portfolio is expected to improve upon the theoretical effects of bonds in portfolios and provide significant risk mitigation to equity portfolios in the event of a market downturn. Risk Mitigation Plus Income (TE) is a parallel fund of CAZ Risk Mitigation Fund, L.P. – Risk Mitigation Plus Income Portfolio, with the Risk Mitigation Plus Income (TE) Portfolio being differentiated by its structure as a Cayman Islands limited partnership designed for US tax exempt and foreign investors. CAZ Valley Forge Fund, L.P. The purpose of the Partnership is to invest substantially all of its investible assets in, and carry out its investment program through the Underlying Company and Other Underlying Investments. The Underlying Company is a company whose objective is to acquire, hold, market and license a portfolio of Arnold Friberg artwork, including The Prayer at Valley Forge. The Underlying Company and the Underlying Company Managers are controlled by affiliates of the Partnership and the General Partner. Separately‐Managed Accounts To meet the investment needs and objectives of its clients, CAZ may manage individually-held accounts in a number of ways. For some clients, CAZ may manage only one type of asset class within a larger portfolio. For example, a client may have a diversified account over which CAZ may only exercise discretionary authority over large-cap equities. For most individual clients, however, CAZ may provide more extensive services by managing the entirety of an investment portfolio across multiple asset allocations; such as government bonds, corporate bonds, high yield bonds, municipal bonds, preferred stocks, master limited partnerships and real estate investment trusts, meant to achieve a “balanced” portfolio. In certain circumstances, SMA clients may also be recommended to invest in one or more of CAZ’s private funds. Client goals and objectives are assessed individually and are defined by rate of return expectations, volatility tolerance, and diversification goals. CAZ will also manage accounts according to clients’ individual limitations or restrictions. The imposition of restrictions or limitations on a SMA portfolio may result in investment performance results and account volatility that could be materially different than that experienced by client accounts without such restrictions or limitations. Such material difference for restricted SMA portfolios may be to the advantage or to the disadvantage of such restricted accounts relative to fully-discretionary or unrestricted accounts.