SAM is a member of the Stenham Asset Management Group. The Stenham Asset Management Group includes the following five subsidiaries, which are wholly owned by Stenham Asset Management Holdings Limited, unless otherwise indicated: 1. Stenham Asset Management Limited (“SAM”), which was incorporated on January 10, 1992 in the British Virgin Islands, and redomiciled to Guernsey in November 2020, operates out of Guernsey, Channel Islands, and is regulated by the Guernsey Financial Services Commission. SAM, acting through its independent Investment Committee (“IC”), is the investment adviser to the Stenham Funds and the bespoke (customised) segregated accounts. SAM’s Investment Committee Members are: Michael Fienberg, Chairman of the Investment Committee 49 Years Investment Experience, 28 Years with Stenham Michael, born 1947, is the Chairman of the Stenham Asset Management Investment Committee. Michael joined Stenham in 1994 as Managing Director of Stenham Asset Management and was the Group Managing Director from 2000 until 2010. Prior to joining Stenham, he initially worked in the life assurance industry as an actuary and later in the field of business finance and trading, both in South Africa and in the UK after moving to the UK in 1988. He obtained his BA (Hons) in Mathematics, Statistics, Economics and Econometrics from the University of Natal in South Africa. He qualified as a Fellow of the Institute of Actuaries, London, holds the Investment Management Certificate, which is awarded by the CFA Society of the United Kingdom upon successful completion of the examination program. Catherine Griggs, Managing Director, Stenham Asset Management, Guernsey and member of the Investment Committee 34 years investment experience, 22 years with Stenham/Montier Catherine, born 1965, is Managing Director of Stenham Asset Management Limited and Stenham Management Services (C.I.) Limited and is a Director of the Stenham Funds. She held the position of Partner and Chief Financial Officer at Montier Partners LLP from 2000 until the Montier business was acquired by Stenham in 2010. Upon joining Stenham, she was Finance and Client Services Manager, and in 2013 was promoted to her current role of Managing Director. Prior to joining Montier, she worked in the hedge fund industry as Group Financial Controller and later in compliance and general management at the Gaiacorp Group. Catherine is a Chartered Certified Accountant (FCCA) and obtained a degree in Accounting and Finance (BA Hons) from the University of the West of England. Simon Bourge, Non-Executive Director of the Stenham Funds and member of the Investment Committee 25 years investment experience, 18 years with Stenham/Montier Simon, born 1961, is a member of the Investment Committee and a non-executive director of the Stenham Funds. He is also Managing Director of Bourse Trust Company specialising in company tax structuring. After being called to the Bar in 1984 he established a series of successful professional services businesses as well as developing a significant company law practice before moving to Guernsey in 1998 to establish Bourse Trust Company. Simon has over twenty years’ experience in company law and administration and is a non-executive director of several significant international trading and financial concerns. Further information on the Investment Committee: Disciplinary Information No member of the Investment Committee has any disciplinary history to report. Other Business Activities Other than Mr. Bourge who has interests in a Fiduciary business outside the Stenham Asset Management Group none of the Investment Committee members have any business interests outside the Stenham Asset Management Group for which they receive compensation and which constitute 10% or more of their time and compensation. Additional Compensation No additional compensation is provided to any member of the Investment Committee. Supervision No investment decision is approved without full support and approval of all members of the Investment Committee, in accordance with the Investment Committee’s Charter. 2. Stenham Management Services (C.I.) Limited (“SMSCI”), which was registered as an investment manager in Guernsey on November 21, 2005, is regulated by the Guernsey Financial Services Commission. SMSCI, as Manager of the Stenham Funds, outsources the investment advisory function to SAM, which is the entity that makes the investment decisions for the Funds, which are then executed by SMSCI. 3. Stenham Advisors Plc (“SAP”), which was incorporated in the United Kingdom on May 27, 1993, is authorised and regulated by the U.K. Financial Conduct Authority. SAP provides investment research to SAM and is a distributor and a non-exclusive sales agent of the Stenham Funds in the U.K. and other non-U.S. jurisdictions. SAP has its own Investment Advisory Committee (“IAC”), supported by an extensive research and operational due diligence team, but it does not provide investment advice

directly to any Stenham Fund or other Client account. 4. S.A.M. (Mauritius) Ltd, which was incorporated in Mauritius on 6 February 2018 and is authorised by the Mauritius Financial Services Commission. S.A.M. (Mauritius) Ltd was formed to market Stenham Products in the region. 5. Stenham Ltd, which was incorporated in Israel on 6 March 2019 and is authorised by the Israel Securities Authority. Stenham Ltd was formed to service a number of clients in Israel and to market Stenham Products in the region. 6. Stenham Asset Management America Inc, which was incorporated in the USA on 14 April 2023 as a local employment entity. 7. Stenham SA (Pty) Ltd, which was incorporated in South Africa on 25 January 2023 as a local employment entity. SAM is a wholly owned subsidiary of Stenham Asset Management Holdings Limited, a Guernsey corporation (“SAM Holdings”). Following a management buy out on 17 May 2021, the holding company of SAM, Stenham Asset Management Holdings Limited, is now owned 50% by SAM Global Limited and 50% by Boomerang Holdings Limited, both Guernsey companies. SAM provides investment management services to qualified/accredited investors, family offices, private banks, trust companies, institutions and pension funds, as well as to the Stenham Funds. The investment management services are provided to Clients located in the UK, Europe, Channel Islands, the Caribbean, South Africa, Latin America, the Middle East, Mauritius and Japan, and SAM is expanding its services into the United States. As at April 30, 2023 SAM managed approximately US $2,784 million on a discretionary basis. Overview of Investment Management Services SAM manages Client assets by investing such assets in hedge funds (“Underlying Funds”) managed by third party managers (“Portfolio Managers”) that employ various strategies and which can invest or trade in a wide variety of securities and other instruments, including, but not limited to, equities and fixed income securities, currencies, commodities, futures contracts, options and other derivative instruments. SAM provides its investment management services through a number of Stenham Funds which invest in such Underlying Funds or through the management of bespoke (i.e., customised) segregated accounts for individual Clients. The Underlying Funds utilised include privately-offered, publicly- traded and registered mutual funds managed by these Portfolio Managers Stenham Funds: The Stenham Funds are offshore domiciled funds established in either the British Virgin Islands as mutual funds, or in Guernsey as protected cell investment companies. Each Stenham Fund is established for investment by multiple investors and invests on a strategic basis in a variety of Underlying Funds. The SAM Investment Committee establishes the guidelines for the Stenham Funds, and utilising research input from SAP, SAM makes the investment decisions. Investment guidelines for each Stenham Fund are described in the Offering Materials of each Fund. Stenham Managed Portfolios Services: SAM offers Clients the flexibility of investing directly in Underlying Funds or Stenham Funds through bespoke managed accounts (each, a “Stenham Managed Portfolio” or, sometimes, a “Portfolio”). In addition, institutional Clients may invest in their own single investor Fund structure. SAM’s portfolio management team works with each Client to establish a portfolio mandate which may be on a discretionary, non-discretionary or advisory only basis. In this manner, Stenham Managed Portfolios can be tailored to the individual needs of Clients. Investment Approach SAM’s investment philosophy is to seek to deliver consistent capital growth by implementing a strategy of diversification to manage the level of risk in a Client’s portfolio, through investing in “absolute return” investment strategies. Key features of SAM’s investment process are as follow:
• Strategy Allocation Strategy allocation is a significant part of SAM’s investment process. SAM selects individual hedge strategies according to its assessment of the risks driving returns in the context of its forward- looking view of the global macro environment and its outlook for different hedge fund strategies. The most important input to formulating its macro view is its detailed evaluation of, and constant communication with, hedge fund managers.
• Manager Selection A rigorous due diligence process conducted by SAM’s affiliate, SAP, including qualitative, quantitative and operational research, is undertaken. This research seeks out global hedge fund managers who, SAM believes, can consistently deliver alpha without taking excessive risks.
• Portfolio Construction. Using quantitative models with a qualitative overlay, SAM builds robust portfolios designed to provide geographical diversification across uncorrelated hedge strategies and Portfolio Managers.
• Risk Management On an on-going basis, SAM seeks to manage Client risk through careful monitoring of Client portfolios.