A. The Firm and Principal Owners RJA Asset Management LLC (“RJA”) is a limited liability company organized under the laws of the state of Delaware in February of 2009. RJA has been a registered investment adviser with the SEC since May 2010. The principal owners are Andrew Jeffrey and Nicholas Leeper, who serve as Managing Members. Andrew Jeffrey serves as the Head of Research & Development and Nicholas Leeper serves as the Head of Trading. Kristi Jeffrey serves as the Chief Compliance Officer. B. Advisory Services RJA provides investment solutions using quantitative principles and methodologies to construct portfolios consisting primarily of index options, equity options along with their underlying (including ETFs and ETNs), and U.S. Treasuries for institutional and multi-family office clients. RJA’s services include both customized strategies and strategies based on a systematic framework. Customized Investment Strategies RJA’s customized investment strategies are developed to meet each client’s specific preferences and needs. Customized strategies require construction based on the analysis of option prices along with their underlying at each time of implementation. RJA takes into consideration, where appropriate, existing positions, risk preferences/tolerances, portfolio construction cost or premium collected, capital constraints, policy considerations, and other identified relevant client-specific factors. Customized investment strategies include: Overlays which meet a range of client needs stemming from the existing economic exposures held by the client. For Overlays, RJA recommends portfolios of derivatives that are to be held in addition to the client’s existing investments for the purpose of altering the risk/return profile and exposures of those existing investments. Alpha which is designed to supplement a client’s existing investment portfolio by providing a source of expected returns with low correlation to the U.S. equity market. Return Replication / Enhanced Equitization which is designed to provide an investable liquid portfolio with synthetic exposure to economic and/or market factors or investments in alternative asset classes (such as private equity). For identifiable and measurable economic exposures or an asset class of interest, RJA works with the client to determine appropriate economic exposure weightings or an appropriate return profile aimed at achieving the risk/return preferences of the client. Premium Glidepath Strategy is a covered-call option over-writing program designed to provide a means for divestment of concentrated stock positions and/or yield enhancement. This strategy sells single stock call options of varying moneyness and maturity to generate premium income (yield enhancement) while using the underlying stock as collateral. RJA constructs a portfolio of call options to sell based on an analysis of option prices that takes into consideration, when appropriate, tradeoffs across divestment speed, premiums collected, and continued potential upside participation in the stock. Strategies Based on a Systematic Framework RJA’s strategies based on a systematic framework are developed to provide alternative investment opportunities by targeting a particular risk profile and/or the extraction of embedded risk premia. Such strategies are developed from time series analyses of option prices along with their underlying. RJA

takes into consideration, where appropriate, strategy construction cost, capital constraints, market liquidity, 6 | P a g e correlation amongst securities and/or economic factors, risk characteristics, and other factors that are of interest to clients and/or relevant to strategy construction. Strategies based on a systematic framework include: RJA PutWrite Select Fund employs an active cash-secured put-writing strategy that sells S&P 500 Index put options and collateralizes them with U.S. Treasury securities. The Fund aims to increase the volatility premium collected to provide protection in downward trending markets and increased return in upward trending markets relative to the PUT index. RJA Global Hedged Equity invests in options and ETFs on U.S. and Global Indices in order to target a defined beta exposure. This strategy employs active cash-secured put-writing to obtain additional exposure to the volatility risk premium embedded in option prices. RJA Volexity Hedge Strategy aims to provide tail-risk protection during severe equity market downturns. This strategy uses both S&P 500 Index options and VIX Index options and seeks to take advantage of (i) the empirically observed negative correlation between the S&P 500 Index and the VIX Index, and (ii) additional convexity provided by VIX Index call options during large equity market downturns. C. Level of Services Provided to Clients RJA tailors strategies to meet each client’s specific goals and objectives. In such a customized implementation, the objectives and parameters of the engagement will be set forth in the advisory agreement. This includes any investment restrictions. Participation in strategy implementation is tailored to each client’s preferences and legal, regulatory, and other restrictions. RJA will implement the strategy either via exchange or over-the-counter unless the client elects to execute transactions themselves. If stipulated in the client agreement, RJA will take responsibility for directing and monitoring collateral/margin. If RJA has responsibility for implementation, RJA will identify appropriate counterparties and/or broker- dealers, execute the transactions, and monitor and rebalance as necessary. If the client takes responsibility for implementation, RJA will provide information and advice on implementation and rebalancing, and monitor positions if requested by the client. For a strategy implemented in the construct of a Fund, RJA provides services to investors according to the requirements of the Fund. Typically, the Fund would be structured as a Limited Partnership and RJA would serve as the Fund’s Investment Manager. D. Portfolio Management Services to Wrap Fee Programs RJA does not participate in wrap fee programs. E. Assets under Management As of December 31, 2023, RJA’s regulatory assets under management (RAUM) were approximately $720.1 million, managed on a discretionary basis. For option positions, this amount only includes purchased positions and does not include sold positions, such as sold call and put options which are frequently employed in strategies for clients. RJA also provides advice for certain investment strategies for which it does not have discretionary authority nor does RJA arrange or effectuate the investment transaction. The assets associated with these advisory services are not included in the above stated RAUM. 7 | P a g e