CARRONADE CAPITAL MANAGEMENT, LP

Carronade Capital Management, LP (“we”, the “Firm”, “Investment Manager” or “Carronade”) is organized as a Delaware limited partnership with a principal place of business in Darien, Connecticut. We are an affiliate of Carronade Capital Management GP, LLC (the “General Partner”), the general partner of the Firm; Carronade Capital GP, LLC (the “Flagship General Partner”), the general partner of the Offshore Fund (as defined below), the Onshore Fund (as defined below) and the Flagship Master Fund (as defined below) (as defined below). The General Partner is also affiliated to Carronade Capital Concentrated GP, LLC, the general partner (the “Concentrated General Partner”) of the Fund of One (defined below). The General Partner, the Flagship General Partner, and the Concentrated General Partner are each a ”General Partner”, and collectively referred to as the “Carronade General Partners”. Dan Gropper, the Founder, Managing Partner and Chief Investment Officer of the Firm (the “CIO”), is the majority beneficial owner of Firm and directs the investment activities and operations of the Funds (as defined below). Carronade provides discretionary investment management services to qualified investors through the private, pooled investment vehicles identified below and two special purpose trading vehicles: Carronade Capital Opportunities, LLC (“Opportunities SPV”) and Carronade Capital Events, LLC, its member (“Events SPV”, together with “Opportunities SPV”, the “SPVs”). We serve as the non-member manager for Opportunities SPV and Events SPV. The Master Fund (defined below) is a member of both Opportunities SPV and Events SPV. We serve as the investment adviser, with discretionary trading authority, to private, pooled investment vehicles, the securities of which are offered through a private placement memorandum to accredited investors, as defined under the Securities Act of 1933, as amended, and qualified purchasers, as defined under the Investment Company Act of 1940, as amended. We generally do not tailor our advisory services to the individual needs of any particular Investor (defined below). Carronade manages the following private, pooled investment vehicles:

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Carronade Capital Offshore, LP, a Cayman Islands exempted limited partnership (the “Flagship Offshore Fund”); Carronade Capital Partners, LP, a Delaware limited partnership (the “Flagship Onshore Fund”); Carronade Capital Master, LP, a Cayman Islands exempted limited partnership (the “Flagship Master Fund”); Carronade Capital Master Concentrated Fund I LP (the “Concentrated Master Fund”, together with the Flagship Master Fund, the “Master Funds”); Carronade Capital Offshore Concentrated Fund I, LP (the “Concentrated Offshore Fund”, together with the Flagship Offshore Fund, the “Offshore Funds”); and Carronade Capital Partners Concentrated Fund I, LP (the “Concentrated Onshore Fund”, together with the Flagship Onshore Fund, the “Onshore Funds”).

The Master Funds, the Onshore Funds, the Offshore Funds, are collectively herein each referred to as a “Fund”, as applicable. The Onshore Funds’ “Limited Partners” and the Offshore Funds’ “Limited Partners” are hereafter collectively referred to as the “Investors” where appropriate. The Concentrated Master Fund, Concentrated Offshore Fund and Concentrated Onshore Fund are collectively, the “Fund of One”. _ -4-

Our investment decisions and advice with respect to the Funds are subject to each Fund’s investment objectives and guidelines, as set forth in its respective “Offering Documents”. Since Carronade does not provide individualized advice to Investors, such Investors should consider whether the respective Feeder Fund meets their investment objectives and risk tolerance prior to investing. Carronade is not undertaking to provide any investment advice (impartial or otherwise), or to give advice in a fiduciary capacity in connection with making an investment in the Funds. Carronade also provides advisory services to a separately managed account client (the “SMA”) and may enter into other managed account and consulting relationships in the future to advise on co-investment opportunities. The Funds, the SPVs, the SMA and any other account(s) to which Carronade may determine to provide investment advisory or consulting services in the future are collectively and/or singularly referenced herein as “Clients” or “Client,” respectively. We do not currently participate in any Wrap Fee Programs. As of May 31, 2026, Carronade managed approximately $ 4,821,307,655 in regulatory assets under management on a discretionary basis.

The fees applicable to each Client are set forth in detail in the corresponding Offering Documents, trading advisory agreement and the consulting agreement where applicable. A brief summary of such fees is provided below. Management Fee For its investment management services, the Flagship Master Fund pays to the Investment Manager an annual asset- based investment management fee (“Management Fee”) of the balance of each Investor’s capital account. The Flagship Master Fund pays the Management Fee within 10 days of the first day of each fiscal quarter. The Flagship Master Fund calculates and pays the Management Fee in advance but amortizes the Management Fee monthly over the fiscal quarter for which such Management Fee is paid. The Management Fee rate ranges from 1.00% to 1.50%. The Firm, in its sole discretion, may waive or modify the Management Fee for any Investor. The Management Fee charged (if any) to other Clients (i.e., the SMA and Concentrated Funds) have negotiated fee rates or different fee structures based on factors such as cumulative asset size and anticipated future assets, among others. Other Types of Fees or Expenses Carronade is authorized to incur and pay in the name and on behalf of the Clients all expenses which it deems necessary or advisable. The Firm is responsible for and shall pay, or cause to be paid, all of its own ordinary administrative and overhead expenses, including, without limitation, all costs and expenses related to rent, furniture, fixtures, equipment, office supplies, clerical expenses and all salaries, bonuses and benefits paid to, or on behalf of, personnel of the Firm. Each Client bears its own expenses and, in the case of the Funds its pro rata share of the relevant Master Fund’s expenses, and any trading vehicle’s expenses, including the following: (i) the Management Fee (as applicable); (ii) expenses related to the research, due diligence, provision of public relations and monitoring -5-

of actual and prospective investments (whether or not consummated) and the consummation of such investments, including the following: third-party investment sourcing fees; fees and expenses related to obtaining research and market data (including any information technology hardware, software or other technology incorporated into the cost of obtaining such research and market data) and expenses related to obtaining, processing and analysing “big data” or “alternative data”; due diligence expenses including consulting and appraisal fees; travel expenses; brokerage and prime brokerage fees, commissions and expenses; expenses relating to reorganizations, restructurings and workouts; expenses related to short sales; clearing and settlement charges; custodial fees and expenses; bank service fees; interest expenses and fees related to financings or refinancings; and fees and expenses of third-party professionals, including consultants, investment bankers, public relations personnel, attorneys and accountants; (iii) organizational and reorganizational expenses; and (iv) operational expenses, including the following: fees and expenses relating to information technology hardware, software or other technology (including expenses related to artificial intelligence (“AI”) and any fees or other charges based on usage or consumption for AI models, AI application programming interfaces (“APIs”), code generation tolls and related platforms) and software licensing, implementation, data management and recovery services and custom development) used to research investments, evaluate and manage risk, facilitate valuations, facilitate accounting functions, facilitate compliance with the rules of any self-regulatory organization or applicable law (including reporting obligations), facilitate and manage the order execution of financial instruments by the Client or any trading vehicle or otherwise manage the Client or any trading vehicle, such as Bloomberg terminals, portfolio management systems, risk management systems and order management systems; fees and expenses of third-party risk management products, models and services; third-party administrative fees and expenses; fees and expenses of third-party professionals, including consultants, valuation service providers, attorneys and accountants (including shadow accountants); the costs of any litigation or investigation involving activities of the Client or any trading vehicle; third-party audit and tax preparation expenses; insurance expenses, including premiums for fidelity bond coverage, cybersecurity insurance and liability insurance and fidelity bond coverage covering the General Partners, the Investment Manager and the members, partners, officers, employees and agents of any of them and (for the Funds) each member of the Client’s advisory board (as applicable); fees and expenses (including director registration fees) of any of the Client’s directors and officers (as applicable) (including any anti-money laundering officers); fees and expenses of the Client’s advisory board (as applicable); costs of preparing and distributing reports and notices; taxes; expenses incurred in connection with negotiating and complying with provisions of any side letter agreement; fees and expenses related to compliance with the rules of any self-regulatory organization or applicable law in connection with the activities of the Client or any trading vehicle, including any governmental, regulatory, licensing, filing or registration fees or taxes (including fees and expenses incurred in connection with the preparation and filing of Form PF, Section 13 filings, Section 16 filings and other similar regulatory filings); expenses incurred in connection with the offering and sale of the Funds’ interests and other similar expenses related to the Funds (excluding fees payable to any placement agent) (as applicable); extraordinary expenses, including the following: indemnification expenses; fees and expenses incurred in connection with any tax audit by any taxing authority, including any related administrative settlement and judicial review; and fees and expenses incurred in connection with the reorganization, dissolution, winding- up or termination of the Client or any trading vehicle. Generally, if any of the above expenses are incurred jointly among different Client accounts, other than the Management Fee (as applicable), such expenses will be allocated pro rata among Clients who actually benefit from or incur the expense (based on net asset value or position exposure, as applicable, or in such other manner as Carronade considers fair and equitable. Any expenses that the General Partners or Carronade determines should be allocated to a particular Client or Investor (e.g., legal costs associated with a certain investment position), are debited to such Client that holds such position and Investors’ capital accounts generally on a pro rata basis in accordance with their relevant percentages based the size of the investment made, assets under management or such other manner as the General Partner considers fair and equitable. To the extent that expenses to be borne by a Client are paid by the General Partner or the Firm, the Client -6-

reimburses such party for such expenses as applicable. The Funds do not have a pre-determined limit on their ordinary or extraordinary operating expenses. The Funds’ actual annual operating expenses are disclosed in the Funds’ year-end audited financial statements, which are provided to each Investor. Neither the Firm nor its employees accept compensation, including sales charges or service fees, from any person for the sale of securities or other investment products.

The descriptions set forth in this Brochure of specific advisory services that we offer to Clients, and investment strategies pursued and investments made by us on behalf of our Clients, should not be understood to limit in any way our investment activities. We may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that we consider appropriate, subject to each Client’s investment objectives and guidelines as set forth in the corresponding Offering Documents, trading advisory agreement and the consulting agreement where applicable. The investment strategies we pursue are speculative and entail substantial risks. Clients, and Investors, should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved, and the investment results may vary substantially, -7-

including on a monthly, quarterly and annual basis. Investment Objective The investment strategy deployed by Carronade on behalf of its Clients focuses on investing in nontraditional, undervalued credit and equity financial instruments, combining robust fundamental business valuation with proprietary legal and capital structure analysis. The Investment Manager seeks to create a portfolio of restructurings, stressed credit, capital structure arbitrage and event driven investments by constructing trades predicated on the following factors:

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where a financial instrument resides in the capital structure; a legal dispute; the restructuring process; or idiosyncratic events streams; and a combination of the foregoing factors.

Our Clients generally invest in large, liquid capital structures. As part of our investment strategy, we may seek to influence the outcome of our Client’s restructuring investments through activism. Our investment strategy also includes the pursuit of special situations credit and equity investments and incorporates both position-specific and portfolio hedges to seek to mitigate market risk and seek to create a balanced portfolio designed to deliver non-correlated, superior risk-adjusted returns. Investment Philosophy The Investment Manager’s investment philosophy involves deep analysis across various factors that influence the outcome of a legal or restructuring process. The Investment Manager’s investment analysis generally includes: Corporate Structure Analysis: The Investment Manager creates corporate organizational 1. structure charts by piecing together multiple inputs, which requires a significant amount of effort; Capital Structure Analysis: The Investment Manager seeks to review all documentation for each 2. instrument in a capital structure in order to properly understand the legal rights for each financial instrument; 3. Original Legal Analysis: The Investment Manager performs legal analysis in-house, as well as consulting a wide network of outside counsel; and Fundamental Research: The Firm will utilize a bottom-up assessment of credit fundamentals 4. combined with decades of experience across multiple industries. The analytical steps above are augmented by understanding “deal ethos”, as the Investment Manager believes that accurately predicting the correct legal answer is different from accurately predicting and managing the outcome of a complex legal case. Deal outcomes are influenced by subjective human factors, including the identities and motivations of the judges, principals, legal advisors and financial advisors. Investment Process The Investment Manager employs a disciplined investment methodology that identifies idiosyncrasies specific to specific issuers in stress, distress or where there are specific event streams to structure event driven or capital structure arbitrage trades in order to seek to build a diversified portfolio designed to generate alpha across a range of market cycles. The Investment Manager’s investment process generally -8-

includes:

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Sourcing: Leveraging longstanding, deep and extensive relationships across the restructuring, legal and financial advisor community, the Investment Manager utilizes various avenues to source investment opportunities, including, without limitation: (i) an experienced trader interacting with the sell side, (ii) monitoring large cases through news flow, and (iii) invitations from legal and financial professionals to join an effort; Research: The Investment Manager’s bottom-up research process involves robust fundamental business analysis, a comprehensive review of corporate structure, capital structure and associated documentation and detailed legal analysis; and Selection and Sizing: The Investment Manager’s selection and sizing of the Master Fund’s investments involves determining a level of conviction, assessing downside risk, maintaining a rigorous process for entering, monitoring and exiting investments and actively managing, reunderwriting and reassessing the portfolio on a daily basis.

Portfolio Investments The assets of our Clients may be invested, directly or indirectly, on margin or otherwise, in interests commonly referred to as securities, other financial instruments issued by, entered into by or referenced to U.S. or non-U.S. entities and other assets, including capital stock; shares of beneficial interest; partnership interests and similar financial instruments; bonds, notes and debentures (whether subordinated, convertible or otherwise); currencies; commodities; physical and intangible assets; interest rate, currency, commodity, equity and other derivative products, including (i) futures contracts (and options thereon) relating to stock indices, currencies, U.S. government securities and securities of non-U.S. governments, other financial instruments and all other commodities, (ii) swaps, options, swaptions, warrants, caps, collars, floors and forward rate agreements, (iii) spot and forward currency transactions and (iv) agreements relating to or securing such transactions; repurchase and reverse repurchase agreements; loans; accounts and notes receivable and payable held by trade or other creditors; trade acceptances; contract and other claims; executory contracts; participations; mutual funds, exchange-traded funds and similar financial instruments; money market funds; obligations of the United States or any non-U.S. government, or any country, state, governmental agency or political subdivision thereof; commercial paper; certificates of deposit; bankers’ acceptances; choses in action; trust receipts; and any other obligations and instruments or evidences of indebtedness of whatever kind or nature that exist now or are hereafter created (all such items being called herein “Financial Instruments”); in each case, of any person, whether or not publicly traded or readily marketable. Portfolio Construction The Flagship Master Fund’s and SMA’s portfolio will contain approximately 35 to 60 positions. An average position is expected to be 2% to 4% of capital. The top ten positions will generally represent 35% to 50% of capital, and large positions are expected to generally represent 10% of capital. Gross longs are expected to be between 65% and 85% of the Flagship Master Fund’s and SMA’s portfolio, and gross shorts are expected to be 25% to 45% of the Flagship Master Fund’s or SMA’s portfolio. The net exposure is expected to be 20% to 60%. While the Investment Manager currently expects the Flagship Master Fund’s and SMA’s position sizes and net exposure to be at approximately the percentage levels set forth above, the Investment Manager may make adjustments to such position sizes and net exposure without prior notice to the Investors. The Investment Manager will generally invest in corporate and municipal bonds, sovereign bonds, bank debt, trade claims, hybrids, equity and structured products, including, without limitation, RMBS, CMBS and other asset-backed securities. The average holding period of an investment in the Flagship Funds is expected to be between six months to two years. Seventy-five-percent (75%) of the Flagship Master Fund’s and SMA’s -9-

investments are expected to be in the United States and one-quarter of the Flagship Master Fund’s and SMA’s investments are expected to be outside of the United States. Generally, no more than 25% of the Flagship Master Fund’s portfolio will have net exposure to a single industry (for the avoidance of doubt, gross exposure will exceed net exposure). While the Investment Manager currently expects the Flagship Master Fund’s and SMA’s average holding period and geographical and industry exposure to be at approximately the percentage levels set forth above, the Investment Manager may make adjustments to such holding period and geographical and industry exposure without prior notice to the Investors. The Investment Manager seeks to identify portfolio hedges and position-specific hedges to mitigate marketcorrelated, systematic and beta risk. Portfolio hedges generally consist of credit or equity index hedges, option structures on the foregoing portfolio trades, out of the money market protection and single-name credit shorts. Position specific hedges generally consist of hedges within the capital structure, a basket of industry securities for significant industry exposures, hedges for certain commodity exposures and foreignexchange hedges for non-U.S. dollar-denominated positions. Leverage and Borrowing for Cash Management Purposes While the Firm generally does not intend to utilize leverage on behalf of its Clients other than in connection with investments in performing bank debt, Carronade has the authority to borrow, trade on margin, utilize derivatives and otherwise obtain leverage from brokers, banks and others on a secured or unsecured basis. The overall leverage of the Client depends on the investment strategies employed by the Investment Manager and specific market opportunities, particularly in respect of investments in performing bank debt. The Master Fund may borrow for cash management purposes, such as to satisfy withdrawal requests. To facilitate such borrowings, the Master Fund may, among other things, enter into a credit facility with a service provider to the Master Fund or a third party. No restrictions have been imposed on the collateral and asset reuse or rehypothecation arrangements that the Investment Manager on behalf of its Clients may employ as a means of reducing the cost of a counterparty providing leverage to the Client. Trading Vehicle The Client may effect one or more of the foregoing strategies either directly by purchasing Financial Instruments or indirectly, for tax, regulatory or other reasons, by investing through one or more trading vehicles organized by the Investment Manager. The Investment Manager may form one or more corporate subsidiaries or other entities through which a Client may invest, which in turn may invest all of its assets into the Master Fund, or other trading vehicle with respect to certain investments or activities in respect of which the Investment Manager determines that the establishment of such corporate subsidiaries or other entities is beneficial for the Investors. In the event of such an investment, all of the income, gain and loss attributable to each such investment or activity would be allocated by the Master Fund, or trading vehicle to the relevant corporate subsidiary. For the avoidance of doubt, with respect to the Funds, the Incentive Allocation will be allocated to the General Partner, in its capacity as general partner of the Master Fund, before taking into account any taxes paid by (or withheld in respect of) any such corporate subsidiary formed in accordance with the preceding sentence. The Consulting Agreement Carronade may provide (non-discretionary) consulting services to an unaffiliated investment adviser (the “Counterparty”). In exchange for providing such services, Carronade will receive a percentage of gains from -10-

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Our clients are the Funds, the SMA and Fund of One, as described in Item 4 above, and the Flagship Funds are generally open to, among others, institutions, pension plans, endowments, high net-worth individuals, financially sophisticated individuals and other sophisticated investors. The Concentrated Funds operate as a fund-of-one and is not open to others. Carronade may, at its discretion, be willing to structure and manage other funds-of-one, separately managed accounts, or other types of bespoke investment vehicles. Any such offering will be subject to a minimum asset size requirement, among other factors, including capacity and operational considerations. Carronade may also provide non-discretionary consulting services to other investment advisers pursuant to a formal consulting agreement.

With respect to the Flagship Funds, we and our affiliates are entitled to a performance-based compensation between 17.5% and 20% of the net capital appreciation allocated to each Investor’s capital account, subject to a high- water mark, as described in the respective Offering Documents. With respect to our other Clients, we and our affiliates are entitled to performance-based compensation at rates individually negotiated with such Client based on factors such as cumulative asset size and anticipated future assets, among others. Under future co-investment consulting agreements or fund-of-one vehicles, we may be entitled to a fee based on the net capital appreciation of the co-investment. As a result, certain conflicts of interest that may arise due to the incentive to favor higher performance-fee paying Client accounts over ones that have a lower performance fee. This conflict is addressed through written policies and procedures which require the fair and equitable allocation of investment opportunities across Clients who can participate in a trade. Performance-based allocation arrangements may also create an incentive for us to recommend investments that may be riskier or more speculative than those that we would recommend under a different arrangement.

Neither we nor our management persons are registered as broker-dealers, and neither of us has any application pending to register with the SEC as a broker-dealer or registered representative of a broker-dealer, respectively. Pursuant to a strategic investor agreement (the “Strategic Investor Agreement”), a strategic investor or its affiliates (collectively, the “Strategic Investor”) previously made a significant strategic investment in the Flagship Master Fund at launch (such investment, the “Strategic Investment”). In connection with Strategic Investment, the Strategic Investor held certain rights customary for seed or strategic investors, including, without limitation, a revenue share interest in Carronade. The Strategic Investor was at no time a related person of, and did not control, the Investment Manager or the Carronade General Partners and had no governance rights regarding (or any responsibility for) the day-to-day management, compliance or investment operations of the Investment Manager or the Carronade General Partners (or their respective successors) and was not involved in any investment decisions of the Master Funds. As of June 1, 2026, Carronade’s partners completed the repurchase of the Strategic Investor’s entire remaining revenue share with Carronade and the Strategic Investor Agreement has terminated. As referenced prior, Carronade provides trading advisory services to an SMA and may provide (nondiscretionary) consulting services to unaffiliated investment advisers in the future. Carronade does not have any conflicts of interest stemming from said agreements.

Code of Ethics Carronade has adopted a “Code of Ethics” that establishes the high standard of conduct that we expect of our employees and procedures regarding our employees’ personal trading of securities. Our employees are required to certify their adherence to the terms set forth in the Code of Ethics upon commencement of employment and annually thereafter. Employees also are required to provide quarterly certifications of compliance with certain Code of Ethics provisions. The foundation of our Code of Ethics is based upon the following underlying fiduciary principles:

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Employees must at all times place the interests of its Clients and Investors first; Employees must ensure that all personal securities transactions are conducted consistent with the Code of Ethics’ Employee Personal Investment Policy (described below); and Employees should not take inappropriate advantage of their position at the Firm.

Employees are not permitted to trade “Reportable Securities” (as defined in the Code of Ethics, and which includes a wide variety of investments such as stocks, bonds, fixed income, options, warrants, futures, and derivatives). Employees are permitted to liquidate positions held at the time of employment in Reportable Securities (a “Liquidating Trade”) subject to pre-clearance by the CCO. Employees are prohibited from participating in Initial Public Offerings (“IPOs”). Employees are also prohibited from personally, or on behalf of a Client, purchasing or selling securities that appear on the Firm’s Restricted List. -49-

Employees must obtain pre-approval from the CCO before: (i) engaging in any outside business activities; or (ii) making any private investments. We provide a copy of our Code of Ethics to our Investors, or any prospective investor, upon request, to be viewed on the premises.

Carronade is authorized to determine the broker-dealer to be used for executing securities transaction for the Master Fund and generally for the SMA. In selecting broker-dealers to execute transactions, we do not need to solicit competitive bids and do not have an obligation to seek the lowest available commission cost. It is not our practice to negotiate “execution only” commission rates; therefore, the Client may be deemed to be paying for research, brokerage or other services provided by the broker that are included in the commission rate. We shall also have the authority to select and appoint custodians of the assets of the Funds. The Firm’s authority is limited by its own internal policies and procedures and the Client’s investment guidelines. Best Execution In selecting an appropriate broker-dealer to affect a client trade, we seek to obtain “Best Execution”, meaning generally the execution of a securities transaction for a client in such a manner that a client’s total costs or proceeds in the transaction are most favorable under the circumstances. Accordingly, in seeking Best Execution, our Best Execution committee takes into consideration the price of a security offered by the broker-dealer, as well as a broker-dealers’ full range and quality of their services including, among other things, their facilities, reliability and financial responsibility, execution capability, commission rates, responsiveness to us, brokerage and research services provided to us (for example, research ideas, analysis, and investment strategies), special execution and block positioning capabilities, clearance, and settlement and custodial services. Soft Dollars The Firm currently does not use any “Soft Dollars”. In such cases, Soft Dollar credits, generated by the Master Fund’s trading activities, would be used to purchase brokerage and research services or products that would otherwise have been Fund expense. In the event our policy changes in the future, we intend to keep any such arrangements within the parameters of the safe harbor of Section 28(e) of the Exchange Act. Neither Carronade nor any related person receives client referrals from any broker-dealer or third party. However, subject to Best Execution, we may consider, among other things, capital introduction and marketing assistance with respect to Investors in selecting or recommending broker-dealers for the Master Fund. The provision by a broker of research and other services and property to us creates an incentive for us to select such broker since we would not have to pay for such research and other services and property as opposed to solely seeking the most favorable execution for a client. Any research, services or property provided by a broker may benefit any client and such benefits may not be proportionate to commission dollars related to the provision of such research, services or property.

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We do not receive economic benefits from non-clients for providing investment advice and other advisory services. Neither we nor any of our related persons, directly or indirectly, compensate any person who is not a supervised person for client referrals.

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To the best of our knowledge, there are no legal or disciplinary events that are material to an Investor's or prospective investor's evaluation of our advisory business or the integrity of our management.

Our Investment Committee continuously monitors and analyzes the transactions, positions and investment levels of the Client to ensure that they conform with the investment objectives and guidelines that are stated in the corresponding Offering Documents, trading advisory agreement and the consulting agreement where applicable. In these reviews, the Firm pays particular attention to any changes in the investment’s fundamentals, overall risk management and changes in the markets that may affect price levels. Account Reporting We perform various periodic reviews of each Client’s portfolio. Such reviews are conducted by our officers. We will distribute an audited financial report with respect to the previous fiscal year to all Investors within 120 days of fiscal year end. We may also distribute periodic unaudited performance information, no less frequently than quarterly.

We are deemed to have custody of the Funds’ funds and securities because we have the authority to obtain such Client funds or securities, for example, by deducting advisory fees from a Fund's account or otherwise withdrawing funds from a Fund's account. Account statements related to such Clients are sent by qualified custodians to Carronade. We comply with Rule 206(4)-2 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”) (i.e., the ”custody rule”) by meeting the conditions of the pooled vehicle annual audit approach. Upon completion of the relevant Fund’s annual audit by an independent auditor that is registered with, and subject to inspection by, the Public Company Accounting Oversight Board (PCAOB), we will distribute the Funds’ audited financials to Investors within 120 days of such Fund’s fiscal year end.

We have full discretionary investment authority with respect to the Funds, including authority to make decisions with respect to which securities to be bought and sold, as well as the amount and price of those securities.

In compliance with Rule 206(4)-6 of the Advisers Act (i.e., the “proxy voting rule”), we have adopted proxy voting policies and procedures. The general policy is to vote proxy proposals, amendments, consents or resolutions (collectively, “Proxies”) in a prudent and diligent manner that will serve the applicable Client’s best interests and is in line with the Client’s investment objectives. We may take into account all relevant factors, as determined by us in our discretion, including, -51-

without limitation:

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the impact on the value of the securities or instruments owned by the relevant Client and the returns on those securities; the anticipated associated costs and benefits; the continued or increased availability of portfolio information; and industry and business practices.

Notwithstanding, Carronade may abstain from voting or decline to vote proxies where the Firm believes that voting would be inappropriate, taking into consideration the cost of voting the proxies, securities lending considerations and the anticipated benefit to its Clients, or where this a conflict of interest among other things. In addition, Carronade may vote proxies for certain Client accounts or securities while abstaining from voting in others, based on a case-by-case assessment of the relevant facts and circumstances and the best interests of each Client. Generally, Clients may not direct the Firm’s vote in a particular solicitation. The Firm has engaged a proxy advisory firm to provide voting recommendations and voting execution services. Clients may obtain a copy of our Proxy voting policies and our Proxy voting record upon request.

We are not required to include a balance sheet for our most recent fiscal year, are not aware of any financial condition reasonably likely to impair our ability to meet contractual commitments to Clients and have not been the subject of a bankruptcy petition at any time during the past ten years.

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