CAZ INVESTMENTS LP

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, 2025, CAZ managed approximately $10,830,341,793 across 13,562 accounts on a discretionary basis.

Advisory Services CAZ primarily provides advisory services for the management of co-mingled, private, investment funds (“private funds”), which are referred to as clients in this document. CAZ also provides investment advisory services as a sub-adviser to the SALI Multi-Series Fund, L.P., a Delaware series limited partnership. CAZ has discretionary authority over the “CAZ GP Stakes Fund”, which is a single series of the SALI Multi-Series Fund, L.P. The Investment Manager of the SALI MultiSeries Fund, L.P. is SALI Fund Management, LLC.

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 investors 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. - ARMADA Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. - ARMADA Portfolio is to invest substantially all of its investible assets in, and carry out its investment program through Overmatch Armada SPV B LLC. The investment objective of Overmatch Armada SPV B LLC is to invest in certain securities issued by Armada Systems, Inc.

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. – CLS Portfolio ceased operations in 2025.

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. – RVS Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – RVS Portfolio is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of Revelstoke Capital Partners and its affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by Revelstoke Capital Partners and its affiliates.

CAZ Co-Investment Opportunities Fund, L.P. – STP Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – STP Portfolio is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of Stonepeak Partners and its affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by Stonepeak Partners and its affiliates.

CAZ Co-Investment Opportunities Fund, L.P. – STP-RVS Portfolio The investment objective of CAZ Co-Investment Opportunities Fund, L.P. – STP-RVS Portfolio is to invest substantially all of its assets in certain investment vehicles organized to invest indirectly in certain equity interests of Stonepeak Partners, Revelstoke Capital Partners and their affiliates, thereby participating in certain management fees and carried interest earned directly or indirectly by Stonepeak Partners, Revelstoke Capital Partners and their affiliates.

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Compensation CAZ receives advisory fees from the private funds to whom it provides investment management services. These advisory fees are typically paid monthly, in advance, and typically range between 0% and 2% of the net asset value or committed capital of the private fund. CAZ may choose to reduce or waive certain portions of these fees at its discretion. CAZ may also receive consulting fees from third parties related to projects, investment due diligence, and special investment analysis services.

Fees In addition to CAZ’s advisory fees noted above, private funds managed by CAZ may incur fees or expenses in connection with their investment activities such as brokerage commissions and custodian charges, interest expense on borrowing or margin accounts, fees charged by third party private funds held as investments, and other expenses such as those associated with administration, accounting and tax, audit, broker, legal, regulatory compliance and trading activities. Private funds’ investors are requested to refer to the applicable funds’ offering documents for complete information on other fees and expenses. Additionally, investors in private funds, especially tax-exempt or tax-deferred accounts, might incur additional trustee fees, custodian fees, or other such additional administrative costs as a result of their investment in private funds.

Methods of Analysis & Investment Strategies The investment strategies of the CAZ private funds are varied. Please refer to and review the respective private fund’s offering memorandum and partnership agreement. The methods of analysis used in providing investment management services to these private funds will vary based on the nature of the investment strategy of the private fund. The risks of an investment in a private fund, including those inherent to its investment strategy, are outlined within the offering memorandum and partnership agreement of the private fund.

Risk of Loss All investing involves a risk of loss that clients and investors in our clients (the private funds managed by CAZ) should be prepared to bear. CAZ cannot give any guarantee that it will achieve a private fund’s investment objectives or that investors in private funds will receive a return of their investment.

Private Investment Partnerships All investments in securities, including private investment partnerships, include a risk of loss of your principal (invested amount) and any profits that have not been realized (the securities were not sold to “lock in” the profit). For more detailed information regarding the risks of investing in each private fund managed by CAZ, please refer to and review the respective private fund’s offering memorandum and partnership agreement. Investment markets do fluctuate and do so substantially from time to time. Importantly, historical global and domestic economic events have confirmed that the investment performance of any investment is not guaranteed. As a result, there is a risk of loss of the assets CAZ manages that may be out of our control. CAZ cannot guarantee any level of performance or that you will not experience a loss of your assets. Investing in securities involves risk of loss that investors in private funds managed by CAZ should be prepared to bear.

CAZ’s client base is comprised of private funds. The minimum investment amount accepted by each private fund managed by CAZ varies and can be obtained from each private fund’s respective offering memorandum. CAZ may, in its sole discretion, opt to waive such minimums.

Performance-Based Fees CAZ collects performance-based fees from certain private funds that it sponsors. All arrangements are entered into in accordance with Rule 205-3 under the Advisers Act. Performance-based fee arrangements may create an incentive for CAZ to recommend investments which may be riskier or more speculative than those which would be recommended under a different fee arrangement. Such fee arrangements also create an incentive to favor higher fee-paying accounts over other accounts in the allocation of investment opportunities. Procedures have been designed and implemented to ensure all clients are treated fairly and equitably, and to prevent this conflict from influencing the allocation of investment opportunities among clients. For specific information regarding the calculation and collection of performance-based fees for CAZ’s private funds, please see each private fund’s respective offering memorandum and partnership agreement.

Other than the affiliation with CAZ Equity Investments Holdings LP and its fully-consolidated affiliates, which serve as general partner to CAZ’s private funds, and the affiliation with CAZ Investments Registered Adviser LLC and CAZ GP Stakes Adviser LLC (each a separate investment adviser registered with the SEC), which serve as the investment managers to CAZ Strategic Opportunities Fund and CAZ GP Stakes Fund, respectively (each a closed-end fund registered under the 1940 Act), CAZ and its employees do not have any other relationships or arrangements with financial services companies that pose material conflicts of interest.

CAZ has adopted a Code of Ethics for all supervised persons of the firm describing its high standard of business conduct and fiduciary duty to its clients. All supervised persons at CAZ must acknowledge the terms of the Code of Ethics at least annually or when amended. CAZ’s compliance policies and procedures include various measures designed to monitor employees’ trading activities and investment holdings. The policy requires that non-exempt trades made by employees or by persons related to CAZ be pre-approved by the designated person responsible for such oversight and review. Transactions exempt from such pre-approval process include trades in investment company securities (e.g., mutual funds) and/or other exempt transactions. The Chief Compliance Officer (“CCO”) or his designee is responsible for receiving notice of and reviewing the trades of each employee against their

monthly custodial statements and comparing this trading activity to trades approved in the pre-approval process. CAZ also maintains certain policies and procedures concerning the misuse of material non-public information (i.e., “inside information”) that are designed to prevent insider trading by any officer, partner, or associated person of CAZ. The policy regarding the prohibited use of material non-public information applies to both CAZ’s affiliated parties’ accounts and CAZ’s clients’ accounts. The Code of Ethics also includes policies and procedures regarding general compliance with federal securities laws, the reporting of violations, and conflicts of interest. CAZ has adopted internal policies and procedures to implement and to monitor it and its employees’ practices regarding CAZ’s Code of Ethics. Clients (and investors in those clients, which are the private funds we manage) have the right to receive a complete copy of CAZ’s Code of Ethics and may contact its CCO at 713.403.8250 or ilmassey@cazinvestments.com to receive a copy. From time-to-time, CAZ may advise a private fund it manages to make investments in certain other private funds that are sponsored and managed by CAZ. Any such recommendation by CAZ may constitute a conflict of interest between CAZ’s financial interest in the success of certain of its private funds versus the interest of other of its private funds. To address this conflict, CAZ does not assess investment advisory fees related to any of its private fund’s investment into other private funds managed by CAZ. Investors in our private funds bear fees indirectly via their holdings in the private fund as outlined in the respective governing agreements.

Counterparty Selection As investment adviser to private funds, CAZ is granted the discretionary authority in the relevant organizational documents and/or investment management agreements to determine which securities and the amounts of securities that are bought or sold, as well as the broker dealer to be used and the commission rates to be paid. CAZ is not affiliated with any broker-dealer but it selects brokerage firms with which CAZ has a positive, efficient, and professional working relationship. In evaluating brokerage firms for its private funds’ use, CAZ reviews a wide variety of characteristics and capabilities including:

Functionality/capabilities,

Costs,

Governance, and

Financial condition of the brokerage firm.

While many brokerage firms cannot satisfactorily meet each criteria of evaluation, CAZ collectively considers these factors in their totality in evaluating a brokerage firm, its services, and capabilities.

Best Execution It is CAZ’s fiduciary responsibility to seek the most favorable transaction terms available under the circumstances at the time of each trade. In seeking the most favorable transactions, CAZ considers factors in addition to commissions and custodial settlement fees in the pursuit of the best execution of trades. “Best Execution” is the execution of transactions in such a manner that the total cost or proceeds are the most favorable under the circumstances at the time of the trade. Best Execution does not necessarily mean paying the lowest possible commission or other trade settlement fees. The additional factors and capabilities provided by executing brokerage firms that are considered by CAZ may include the following:

Transaction price and execution, especially with larger trades for multiple clients in batched or blocked orders;

Supplemental investment research;

Investment strategy/allocation research;

Ability to leverage executing brokerage firm’s technology;

Confidential executions and client privacy;

Customized trade reporting services/capabilities;

Trading support services;

Efficiency of back office capabilities/electronic interfaces with CAZ’s systems;

Financial strength/surety provided in trading activity;

Other investment, reporting, or business operational services;

Providing directly to CAZ, or paying a third party for the provision of, certain research materials, data systems, analytical products or services, and other similar products and services used for the benefit of managing a client’s investment portfolios; or

Other services provided for the direct or indirect benefit of CAZ, its clients, and/or the client’s account.

Therefore, CAZ may pay broker commissions that are higher than another broker might have charged for the same transaction, in recognition of CAZ’s assessment of the value of the various value-added services listed above. However, when higher commission costs are incurred, CAZ believes that the higher commission costs borne by client accounts are reasonable in relation to the overall services provided. The client account that bears the cost of such a commission for a particular trade will not necessarily be the sole beneficiary of such value-added services.

Soft Dollars CAZ does engage certain brokerage firms that offer Section 28(e) or “soft dollar” arrangements. “Soft dollar” credits or benefits are provided to CAZ based upon the volume of trades and commissions paid to the brokerage firm. CAZ also may enter into arrangements with brokers to benefit specific client accounts by:

having soft dollar credits rebated to the client’s account or to have commissions recaptured by the client’s account from which the credits or commissions were generated, or

using soft dollar credits to pay expenses otherwise payable by client’s account.

Either of such uses of soft dollar credits would have the effect of enhancing the returns associated with such client’s account from the returns that would exist absent such uses. The use of these soft dollar credits by CAZ is restricted to obtaining investment research and other investment decision making products and services selected by CAZ through arrangements provided by the brokerage firm. The costs of those research and other investment decision making services and products are paid as a result of trading activity by client transactions executed at the brokerage firm. Any benefits received from such soft dollar arrangements may benefit clients of CAZ in addition to those clients whose trading activity actually generated the soft dollar credits. As a result of trading with brokerage firms providing soft dollar arrangements, clients may pay higher fees for comparable services as compared to other brokerage firms’ fees. Using soft dollars to obtain investment research and/or related services creates a conflict of interest between CAZ and its clients. Soft dollars may be used to acquire products and services that are not exclusively for the benefit of the clients which paid the commissions and that may primarily or exclusively benefit CAZ. If CAZ is able to acquire these products and services without expending its own resources (including advisory fees paid by clients), CAZ’s use of soft dollars would tend to increase its profitability. Furthermore, CAZ may have an incentive to select or recommend brokers based on its interest in receiving research or other products or services, rather than on its clients’ interest in obtaining the lowest execution prices. CAZ’s soft dollar practices are controlled and monitored by its Chairman and CCO following the firm’s internal policies and procedures regarding:

Selecting brokerage firms to engage in soft dollar trading arrangements;

Selecting research and other related investment decision making products and services to obtain through soft dollar credit programs; and

Allocating the cost and expenses of mixed-use products and services among either: o

Research and investment decision making products and services vs. nonqualifying products and services, and

o

CAZ’s use vs. any affiliated companies’ use of such products and services.

Clients may obtain a summary of CAZ’s Section 28(e) or soft dollar program, including a summary of their trade participation and commissions incurred in the program, by requesting a copy from CAZ’s CCO at 713.403.8250 or ilmassey@cazinvestments.com. In March of 2025, CAZ terminated the use of soft dollars arrangements and does not expect to continue the use of soft dollars.

Aggregation of Orders On occasion, CAZ may group or batch orders for the same security to be executed at a respective brokerage firm into one order prior to placing the trades. Where CAZ receives only partial fills on orders, the trades

that were executed are aggregated and average prices are provided to clients on a pro rata basis based on the size of each order in relation to the size of the total order. Unfilled shares are carried forward to the next trading day for aggregation, averaging, and allocating to the accounts as indicated. Generally, once executed, the batched transactions are allocated proportionally to all subject accounts and at the average price received for the batched shares from the executing brokerage firm for the trading day. CAZ may make exceptions to this procedure based upon special portfolio constraints, cash position, client or regulatory restrictions, odd-lot size of an available transaction, brokerage firm or custodian firm restrictions or operating procedures, or other equitable fiduciary reason. When it is not possible to receive the same price or time of execution for all of the securities purchased or sold in a batched order, such batched orders may be executed in one or more transactions at varying prices.

CAZ uses third-parties to solicit investors into private funds. Typically, the third-party solicitors will receive a portion of the management fee and/or performance fee payable to CAZ or its affiliates (although other payment arrangements could exist). A prospective investor solicited by a third party will be informed of (and may be asked to acknowledge in writing its understanding of) any such arrangement. All fees for such solicitation services will be borne by CAZ and solicited investors will not be subject to any increased

or additional fees or charges from CAZ or its private funds. All such third-party solicitors will be registered as broker-dealers with the SEC, if applicable given their domicile and nature of operations.

CAZ and its employees have not been involved in any legal or disciplinary events in the past 10 years that would be material to the evaluation of the firm or its personnel.

Concerning private funds, CAZ develops the investment strategy on a customized basis with regard to investment allocations to various asset classes, but many asset classes are then managed on a more systematic or standard basis with consistencies of holdings within each asset class. CAZ’s monitoring of private funds’ holdings is greatly facilitated by the similarity of securities owned within various asset classes across CAZ’s private funds’ account base. Members of CAZ’s Investment Management team monitor trade execution results for private funds’ accounts to ensure no accounts are being advantaged or disadvantaged by CAZ’s trading practices and procedures, by an executing brokerage firm’s execution capabilities, or by a brokerage firm’s commissions or other transactions fees and charges. CAZ provides a more comprehensive report to private fund investors on a calendar quarter basis. Quarterly reports are normally prepared and provided electronically. Alternatively, investors in our private funds may request that CAZ provide these reports in hard copy and deliver the reports to them by postal service. Also, investors in our private funds may request reports from CAZ covering interim reporting periods at any time.

Client Privacy CAZ has adopted policies and procedures reasonably designed to protect various records and information of its clients and their investors. Except as authorized by each investor, private information about investors in CAZ’s private funds is disclosed only as permitted by applicable law to its affiliates and service providers, including its accountants, attorneys, brokers, custodians, transfer agents and any other parties whose services are necessary or convenient to the operation of the private funds. CAZ’s privacy policy is available to the investors in our private funds through our website.

For our private funds, CAZ has custody of clients’ assets as the investment manager of the private funds. Investors in these private funds annually receive audited financial statements from the private funds within 120, 180, or 260 days of the fiscal year-end, as applicable to the fund structure. These annual audits are performed by the respective fund’s third-party auditing firm. Investors in CAZ private funds receive a quarterly statement prepared by the private fund third-party administrator, and may receive an additional statement from a custodian, if applicable. Investors are strongly encouraged to closely review any statements received from custodians, and compare statements received from CAZ to such statements. Any material differences between the two statements should be discussed with both parties independently until the investor has received adequate reconciliation and explanation of any material differences in the account statements.

For private fund investors, CAZ has discretionary investment authority as provided by the respective limited partnership agreement for each private fund. Please refer to the respective private fund’s limited partnership agreement for further details regarding investment authority assigned to CAZ.

For our private funds, written proxy voting guidelines have been established. A copy of the proxy voting policies and procedures, and CAZ’s actual proxy votes for securities owned in a client’s account and voted on their behalf by CAZ, are available upon request by contacting our CCO at 713.403.8250 or ilmassey@cazinvestments.com.

Delegated Proxy Authority CAZ generally will vote proxies according to an approach known as the “Wall Street Rule”. This means CAZ behaves as a passive investor in its portfolio holdings and seeks to maximize shareholder value, but not necessarily exercise control over the issuers of portfolio securities or advance a particular social agenda. CAZ will therefore vote with management recommendations on most corporate matters. If CAZ is dissatisfied with corporate management, CAZ will generally sell the securities of that corporation. However, CAZ may exercise more independent and critical evaluation of proposals relating to directors’, executives’ and employees’ compensation and benefit programs and vote these items on a case-by-case basis.

Proxies and Conflicts of Interest Members of the CAZ Investment Management team responsible for trading review each proxy received to assess the extent to which there may be a material conflict of interest between the firm or employees and clients regarding any proxy voting issues/items. In the event that a material conflict of interest is perceived, the proxy issue will be brought to the attention of the CCO and CAZ generally will:

Vote matters that are specifically covered by CAZ’s voting guidelines (e.g., matters where CAZ’s role is strictly in accordance with those guidelines); and

For other matters, CAZ will seek advice from independent third-party advisers to review the issues and vote the proxies based upon their determination of what is in the best interest of its clients.

CAZ has never filed for bankruptcy and is not aware of any financial condition expected to affect its ability to manage our private funds.