Elanus Capital Management, LLC (“ECM” or “we”) is an investment advisory firm established as a Delaware limited liability company in March 2011. Elanus Holdings, LLC, a Delaware limited liability company (“Elanus Holdings”) owns 91% of the economic interests and 100% of the management interests in ECM. Elanus Holdings is owned by Matthew Moniot and Jonathan Imundo, both of which share economic and management interests, and are deemed managing members and sole control persons. ECM provides discretionary advisory services to private investment vehicles (referred to hereinafter as a “Fund” or collectively as “Funds”) and non-discretionary advisory services to separately managed accounts (each referred to as a “Managed Account” collectively the “Managed Accounts” and together with Funds, collectively referred to as “Client(s)”). As of December 31, 2023, ECM had approximately $126,564,427 of regulatory assets under management, $ 69,088, 932 of which is managed on a discretionary basis, and $ 60,188,683 of which is managed on a non-discretionary basis. Advisory services are generally not tailored to the individual needs of Fund investors. As such, Fund investors are generally not permitted to impose restrictions on investing in certain securities or types of securities. However, with respect to the Managed Accounts, Clients may obtain tailored advisory services and impose restrictions on investing in certain securities or types of securities, all of which would be detailed through a written investment advisory agreement. More specifically, ECM currently provides investment advisory services

to the following Funds: ● Elanus Capital Investments Master SP Series 3, a Cayman Islands segregated portfolio (the “Master Fund 3”) ● GBO Offshore Fund III LP, a Cayman Islands exempted limited partnership (“GBO Offshore III”) ● GBO Fund III LP, a Delaware limited partnership (“GBO Domestic III”) ECM also currently provides non-discretionary investment advisory services to separately Managed Accounts. GBO series of Funds include the Master Fund 3, and two feeder funds, GBO Offshore III and GBO Domestic III. The GBO series of Funds are private investment funds formed for the purpose of investing primarily in credit-linked notes or similar securities or investment products (“Investments”) representing undivided interests in one or more defined portfolios of financial assets (collectively, “Reference Portfolios”) that are exposed to defined risks of realized credit losses within the relevant Reference Portfolio. GBO Offshore III and GBO Domestic III invest substantially all of their respective assets in the Master Fund 3 through a “master-feeder” fund structure. GBO Offshore III and GBO Domestic III are shareholders of the Master Fund 3. ECM also operates the Managed Accounts that invests in assets broadly similar to the assets of the GBO series of Funds and may act as a co-investor in other investments with the Funds. ECM does not offer or participate in any wrap fee programs.