Corbin Capital Partners, L.P.

Corbin, a Delaware limited partnership, is an alternative investment manager that provides investment advisory services to private investment funds, separate accounts and single investor vehicles (collectively the “Corbin Funds” or “Clients”). Corbin Funds generally implement their investment programs by employing the services of third-party investment managers (“Investment Managers”) in various ways, including by investing in hedge funds, closed-end funds and other investment vehicles managed by such Investment Managers, establishing discretionary and non-discretionary managed accounts with such Investment Managers and partnering on co-investments with such Investment Managers. Corbin and its predecessor firms have been in business since the mid-1980s. Corbin Capital Partners GP, LLC, a Delaware limited liability company owned and controlled by Tracy Stuart, Corbin’s chief executive officer, and Craig Bergstrom, Corbin’s chief investment officer, is the general partner of Corbin. Ms. Stuart and Mr. Bergstrom collectively own a majority interest in Corbin. Corbin’s net assets under management (“AUM”) as of January 1, 2026, were $9,983,790,433, of which $9,886,148,017 were managed on a discretionary basis and $97,642,416 were managed on a nondiscretionary basis. To avoid double counting assets, these figures exclude all investments made by Clients into Commingled Funds (as defined below). Please note that this is an unaudited estimate and the methodology used to calculate the net asset value of Client accounts that Corbin manages differs from the methodology used to calculate “regulatory assets under management” for purposes of responding to Item 5.f(2) of Part 1 of Corbin’s SEC Form ADV. Additional detail concerning the methodology is available upon request. Overview of Corbin’s Advisory Services In implementing the multi-manager investment programs of its Clients, Corbin utilizes various modes of implementation, including, but not limited to: allocating Clients’ capital among various Investment Managers through investments in hedge funds, closed-end funds and other investment vehicles managed by such Investment Managers (“Portfolio Funds”); establishing managed accounts with Investment Managers; making investments upon the advice or recommendation of, or alongside as a co-investor with, or otherwise in partnership with or with the involvement of, Investment Managers; and making investments independently without the involvement of any Investment Managers. The mix of implementation modes differs across Clients’ portfolios and changes over time within Clients’ portfolios. The number, type and concentration of investment strategies also differs across Clients’ portfolios and changes over time within Clients’ portfolios. Over time, the portion of the Clients’ portfolios over which investment discretion is exercised by Investment Managers on the one hand and by Corbin on the other hand will change. Investment Managers generally may implement their investment programs through the use of various securities and financial instruments, including, but not limited to, equity and debt securities of United States (“U.S.”) and non-U.S. corporations and other entities, loans, U.S. government securities, non-U.S. government securities, partnership interests, money market instruments, derivatives on securities and other derivatives, commodity interests including futures contracts, options, options on futures, swaps, forward contracts, currencies, cryptocurrencies and physical commodities, and other financial instruments. In general, there are no material limitations on the securities, financial instruments, strategies, markets or countries in which Investment Managers and Portfolio Funds may invest, and there are no material

limitations on the securities, financial instruments, strategies, markets or countries in which Corbin may invest when implementing its Clients’ investment programs independently or with the involvement of an Investment Manager. The investment program of certain Clients may be limited by contractual terms or by applicable laws, regulations (e.g., the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), in the case of certain Clients), sanctions or executive orders. Corbin generally enters into investment management agreements that, among other things, grant Corbin the authority to manage Clients’ assets on a discretionary basis and generally grant Corbin unlimited discretionary trading authorization. Currently, Corbin is a party to one investment management agreement under which Corbin is granted discretionary management authority only after the underlying client determines to proceed with a presented investment opportunity. As a general matter, other than through a Customized Fund (as defined below) -- the objectives and guidelines of which would be set forth in the relevant Customized Funds’ Constituent Documents (as defined below) -- Corbin does not permit investors in Corbin Funds (“Investors”) to impose material restrictions on investing in certain securities or types of securities. In general, Corbin manages and/or offers two types of products: Commingled Funds -- “Commingled Funds” are Corbin Funds that are offered to multiple Investors. Corbin establishes the investment objective and portfolio characteristics of these funds and makes investment decisions in its sole discretion. Customized Funds -- A “Customized Fund” is an investment vehicle or separate account that Corbin manages for one Investor (or a group of related Investors). The Investor is involved in establishing the investment objective, portfolio characteristics and terms of the Customized Fund, although generally Corbin maintains discretion to make investment decisions. Investors in Customized Funds are generally subject to a significantly higher minimum investment threshold than Investors in Commingled Funds. In providing investment advisory services to Commingled Funds and to Customized Funds, Corbin causes certain Commingled Funds and Customized Funds to make investments in other Corbin Funds. In this situation, Corbin typically waives the advisory fees it would otherwise receive from the Corbin Fund in which such investment was made so that Clients are not charged twice for management of their assets. Corbin Capital Partners Management, LLC (“CCPM”), an affiliate of Corbin, is the general partner of each Corbin Fund that is a limited partnership and is the manager of a Corbin Fund that is a limited liability company. Other than Investors for whom Corbin manages a Customized Fund in the form of a separate account, Investors in Corbin Funds are not deemed to be Clients but are entitled to the rights and benefits, and are generally subject to the terms and conditions, described in the applicable Corbin Fund’s Confidential Memorandum, Limited Partnership Agreement, Investment Management Agreement and other applicable constituent fund documents (collectively, the “Constituent Documents”). Corbin typically selects third-party service providers, such as auditors, custodians, and/or administrators, on behalf of Clients that are Commingled Funds. For Clients that are Customized Funds, such service providers may be selected by Corbin or by the Investor in the Customized Fund. Corbin will from time to time provide a Client, prospective client, Investor or prospective investor generally at the Client’s, prospective client’s, Investor’s or prospective investor’s request, information, advice, opinions, evaluations, recommendations, forecasts or suggestions (“Informational Responses”) that, with regard to Clients and Investors, relates to matters outside the scope of Corbin’s management of their assets. Such Informational Responses are general in nature and ordinarily do not take into account the Client’s, prospective client’s, Investor’s or prospective investor’s particular circumstances or needs.

Therefore, Informational Responses are not, and should not be considered, advice with respect to the purchase, sale, holding or management of securities or other assets. Unless Corbin expressly agrees otherwise with the Client, prospective client, Investor or prospective investor, Corbin provides Informational Responses solely as a courtesy, and does not assume any duties to the Client, prospective client, Investor or prospective investor other than the duty to act in good faith in connection with providing Informational Responses.

In general, Corbin charges a management fee of up to 1.5% of the net assets or capital of each Corbin Fund that it manages. The management fee may differ both within certain Corbin Funds and across the various Corbin Funds. Fees are generally deducted from Corbin Funds’ assets although investors in Customized Funds that take the form of separate accounts are typically billed for fees incurred. In certain circumstances management fees charged by Corbin Funds are waived, reduced, modified or rebated. For example, Investors that are principals or employees of Corbin or its related persons are generally not charged management fees. In addition, from time to time, the proceeds of any revenue share owned by a Corbin Fund may be paid to Corbin instead of such Corbin Fund for tax, regulatory or other reasons. Any such proceeds paid to Corbin will reduce the management fee payable and/or performance-based compensation payable by such Corbin Fund to Corbin or its affiliates. In general, Corbin Funds pay their operating expenses and expenses incurred in connection with the sale of their interests. Corbin Funds’ operating expenses currently include, or in the future may include, but are not limited to, investment expenses (e.g., expenses which Corbin determines to be related to the investment of Corbin Funds’ assets, such as custodial fees; brokerage fees and commissions; clearing and settlement charges; bank service fees; other transaction costs; costs related to the negotiation, acquisition, holding, monitoring, restructuring or disposition of any Corbin Fund investment (including expenses related to actual or threatened disputes); other transaction costs; costs related to the investigation of actual and/or potential Corbin Fund investments, including travel costs; expenses relating to potential Corbin Fund investments that are not consummated; expenses relating to investing in other entities, including payment of a pro rata share of such entities’ operating and other expenses as well as, except as otherwise described, payment of associated management and performance fees; expenses payable to Investment Managers in connection with investments that are not made in other entities, including management fees, performance fees and other fees and expenses); research expenses (including third-party research expenses; costs and expenses of products and services relating to research concerning the Corbin Fund’s investments or potential investments; periodicals; publications; subscriptions; data (e.g., Bloomberg); data maintenance, processing and retrieval); directors’ fees; taxes (including taxes paid with respect to, or withheld from, receipts of the Corbin Fund from an investment, directly or indirectly, in a Portfolio Fund or in any other security or financial instrument and costs and expenses incurred in connection with any tax audit, inquiry, settlement or review); insurance costs and expenses (including costs and expenses relating to financial institution bonds, ERISA bonds, professional liability insurance, errors and omissions insurance, directors’ and officers’ insurance, fiduciary liability insurance and investment fund management insurance); auditing and tax preparation expenses (including expenses relating to Corbin Funds’ tax returns and tax reporting for Investors); printing and mailing expenses; legal, regulatory and governmental fees, charges and expenses; filing and reporting fees and expenses (including fees and associated expenses relating to filings and/or reports concerning investment and other activities of Corbin Funds made with government, regulatory or self-regulatory organizations by Corbin Funds, Corbin or any of their affiliates, including but not limited to Form PF and Annex IV); fees and expenses relating to the establishment of placement agent, solicitation, distribution and similar arrangements; corporate licensing fees; registration fees; and fees and out-of-pocket expenses of any service company retained to provide

certain accounting, bookkeeping, middle-office, administrative services, services of anti-money laundering officers, or other similar services; expenses of winding up the affairs of the Corbin Funds; the expenses of any Advisory Committee of a Corbin Fund in accordance with the applicable Constituent Documents (including third-party costs and expenses incurred thereby in connection with such committee retaining advisors to perform services contemplated by the Constituent Documents) and any costs and expenses of annual or special meetings of the Investors or any meetings or conferences with Investors or their representatives, whether individually or in a group, including costs and expenses associated with the presence of a Corbin Fund’s lawyers, accountants or advisers at such annual or special meetings or such other meetings or conferences; all costs and expenses incurred in relation to obtaining waivers, consents or approvals pursuant to the Constituent Documents, and all costs and expenses of, and/or incidental to, the preparation of amendments to the Constituent Documents; costs and expenses incurred in connection with amendments to, and waivers, consents or approvals pursuant to, side letters or similar agreements with Investors and the “most favored nations” election processes in connection therewith. Corbin Funds also pay or reimburse Corbin for certain operating expenses including Corbin Funds’ pro rata portion of the expenses of quotation equipment and other computer software (including the cost of software development) utilized in investment decision-making and investment monitoring, portfolio reporting and/or order/portfolio management; professional fees (including expenses of attorneys, consultants, accountants, advisors and experts) relating to investments and/or operation of the Corbin Funds, expenses relating to third-party pricing services, financial modeling services, valuation agents, and appraisals, expenses related to the negotiation and preparation of side letters for Investors and prospective Investors, and due diligence-related travel expenses. Corbin Funds also pay interest expenses, borrowing costs and any extraordinary expenses (including indemnification or litigation- or investigation-related expenses and judgments, awards or settlements). The expenses above include (i) expenses that Corbin Funds bear directly and (ii) expenses of Corbin and CCPM, as applicable, that are incurred on behalf of, and are reimbursed by, Corbin Funds. These expenses are generally charged pro rata to each Investor at monthend based on the net asset value of each Investor as of the beginning of each month. If applicable, Corbin Funds also bear their pro rata portion of the expenses of other Corbin Funds in which they invest and the fees and expenses of Portfolio Funds in which those Corbin Funds invest. The expenses borne by certain Corbin Funds may be limited by contractual arrangements, applicable law or otherwise.

Expense Allocation Common expenses frequently will be incurred on behalf of Clients and/or co-investors. Corbin seeks to allocate those common expenses among Clients and/or co-investors in a manner that is fair and equitable over time. Expense allocation decisions involve potential conflicts of interest (e.g., an incentive to favor Clients and/or co-investors that pay higher fees, or conflicts relating to different expense arrangements with certain Clients and/or co-investors). Under its current expense allocation policies, Corbin generally allocates common expenses among the applicable Clients pro rata based on their respective net asset values at the beginning of the month in which such expenses were incurred. For purposes of determining common expense allocations, Clients may include Commingled Funds, Customized Funds, as well as investment vehicles whose only investor is another Client. Corbin may, however, use other methods to allocate certain common expenses among the Clients and/or co-investors if it deems another method more appropriate based on relative use of the product or service or the anticipated or actual participation in an investment, the nature or source of the product or service, the relative benefits derived by the Clients and/or co-investors from the product or service or the anticipated or actual participation in an investment, or other relevant factors. Investment expenses incurred (i) jointly for the account of one or more Clients and one or more coinvestor(s) (whether or not such co-investor is also a Client) or (ii) for the accounts of co-investors only will generally be allocated among the applicable Clients and co-investor(s) in proportion to the size of the

investment made (or the anticipated size of the investment to be made) by each in the activity or entity to which the expense relates, or in such other manner as Corbin, in its discretion, considers fair and equitable. Nonetheless, the portion of a common expense that Corbin allocates to a Client and/or co-investor for a particular product or service may not reflect the relative benefit derived by the Client and/or co-investor from that product or service in any particular instance. In certain instances, a Client and/or co-investor(s) may bear expenses for which it receives no corresponding benefit, including in cases where expenses are borne in connection with potential investments that are not consummated by any Client and/or co-investor or by a particular Client and/or co-investor, or where the anticipated allocation of an investment (and thus the associated expenses) changes over time. In addition, because expenses incurred jointly for the account of one or more Clients will generally be allocated based on relative net asset values, Clients with larger net asset values generally will bear a greater share of expenses than Clients with smaller net asset values. In certain situations involving the allocation of common expenses among Clients, a Client that is the only investor in another Client will bear a pro rata portion of the expense based on its NAV and incur the portion of the expense allocated to the Client it is invested in. Generally, Clients and/or co-investor(s) that participate in a co-investment will share in expenses relating specifically to such investment, however, in certain circumstances, co-investors may not share in any or all of such expenses. It is not always possible or reasonable to allocate or re-allocate certain expenses to a co-investor, depending upon the circumstances surrounding the applicable investment (including the timing of the investment), the financial and other terms governing the relationship of the co-investor to any other investment vehicles or accounts organized, managed, advised, sub-advised or owned by principals, employees and direct and indirect owners of CCPM and Corbin and their affiliates (such principals, employees and direct and indirect owners collectively, “Affiliated Persons”, and such investment vehicles or accounts, the “Affiliated Funds”) with respect to the investment and/or the nature of the expense. For example, (i) research expenses that are not specifically related to an investment (but may benefit one or more such investments), (ii) research expenses that are subscription-based, aggregated or otherwise paid for as a single bill or lump-sum payment and (iii) other similar expenses that are difficult to divide and allocate specific amounts to a single investment, generally will not be allocated to co-investors. For the avoidance of doubt, co-investors may not bear (or may bear less than their proportionate share of) expenses incurred in relation to the sourcing, due diligence or negotiation of a co-investment, whether or not such coinvestment is consummated, and expenses associated with potential co-investment opportunities that are ultimately not consummated (e.g., broken deal expenses) are unlikely to be borne by contemplated coinvestors unless a binding commitment has been obtained from such co-investors. In these cases, such expenses will generally be borne by Clients based on their respective net asset values. Such expenses that will generally be borne by Affiliated Funds, may involve expenses that are particularly attributable to coinvestors (e.g., where Corbin or its affiliates seek to address certain regulatory issues with respect to a particular investment that specifically affects certain potential co-investors and the investment is ultimately not consummated or committed to). Corbin’s expense allocations often depend on inherently subjective determinations which are made at the time the expense is incurred, and Corbin undertakes no obligation to revisit such determinations and allocations in light of facts, circumstances or judgments that change after such determinations and allocations were made. Expense allocations made by Corbin in good faith will be final and binding on the Partnership. The allocation of certain expenses may affect the size or performance of, and therefore the fees and/or performance-based compensation earned by Corbin and its affiliates with respect to certain Affiliated Funds and/or co-investors, and therefore Corbin and its affiliates may have a conflict of interest when determining how to allocate expenses among such Affiliated Funds and/or co-investors. Certain products or services, the costs of which are borne exclusively by one or more Affiliated Funds may also benefit Corbin and its affiliates, other Affiliated Funds or third parties, directly or indirectly.

Corbin and its affiliates have a conflict of interest in determining whether such expenses should be borne by certain Affiliated Funds because Corbin, its affiliates and other Affiliated Funds also receive benefits from the products and services provided. (See Item 12 - Brokerage Practices for a more detailed discussion of brokerage and transaction costs).

Generally, Corbin seeks to obtain capital appreciation for Corbin Funds by utilizing various modes of implementation (as described in Item 4 above) in implementing Corbin Funds’ investment programs. Corbin selects Investment Managers and their associated Portfolio Funds, monitors their performance, and allocates and reallocates assets among them as Corbin, in its discretion, deems advisable. In placing a Corbin Fund’s assets under the management of an Investment Manager, interests in Portfolio Funds are often purchased. When investing in a Portfolio Fund, a Corbin Fund typically invests in an investment vehicle that is commonly offered by the Investment Manager to eligible investors. Alternatively, a Corbin Fund may work with the Investment Manager to structure or negotiate a more customized investment program or customized set of investment exposures, either through an investment vehicle, seeding or anchor investment arrangement, secondary transaction, continuation fund, traditional separate account or other arrangement. Such structuring and negotiation may affect economic, liquidity and other terms and characteristics of the investment. Corbin Funds may access particular Portfolio Funds through an intermediate entity in which other Corbin Funds may also invest. If such an entity is used, Corbin will not charge any fees at the intermediate entity level, but the Corbin Fund will bear its pro rata portion of the expenses of such entity. A Corbin Fund may also obtain exposure to the performance of Portfolio Funds without investing in those Portfolio Funds by entering into derivative instruments with institutional

counterparties, the return on which is based on the performance of the Portfolio Fund. A Corbin Fund may also purchase and sell interests in Portfolio Funds from or to third parties, including through options or other derivative instruments. In certain instances, Portfolio Funds are owned solely by investment vehicles or accounts managed by the Investment Manager. In addition, certain Corbin Funds may purchase certain investments with the expectation of selling or participating portions or the entirety of such investments to third parties, including other Corbin Funds and co-investors who pay fees to Corbin. A Corbin Fund’s investments may be conducted through one or more subsidiaries for tax, regulatory or other reasons. In addition to investing in Portfolio Funds, Corbin implements Corbin Funds’ investment programs by establishing managed accounts with Investment Managers and by making investments upon the advice or recommendation of, or alongside as a co-investor with, or otherwise in partnership with or with the involvement of, Investment Managers. Investment discretion and trade execution may be retained or ceded by Corbin depending on the investment opportunity, structure and/or the Investment Manager that Corbin is implementing the investment(s) with. Corbin may make investment decisions that differ from an Investment Manager’s recommendation and may take different actions or positions with respect to the same investment than that of an Investment Manager, including with respect to the manner and timing of a Corbin Fund’s exit from such an investment. Corbin also implements Corbin Funds’ investment programs by making investments independently without the involvement of any Investment Managers. In general, there are no limitations as to how a particular investment may be accessed. Investments may be accessed through a direct holding (including pursuant to an assignment), a special purpose vehicle, a participation agreement, a derivative or otherwise. Corbin uses a number of key sources and networks to identify potential Investment Managers with which Corbin Funds might invest. In the sourcing process, Corbin uses hedge fund databases, consultants, capital introduction desks of major prime brokerage groups, industry networks, other Investment Managers, peer institutions, as well as other avenues. Following due diligence conducted by Corbin on Investment Managers and, to the extent applicable, their associated Portfolio Funds, Investment Managers are chosen from a universe of investment managers. For investments in Portfolio Funds, such due diligence will generally include a qualitative investment component, a quantitative and risk component, and an operational component. Focus areas of due diligence include, but are not limited to, experience, performance records, volatility, risk management, portfolio management, management stability, investment philosophy, trading and research capabilities, and operational infrastructure including policies, practices and procedures. Corbin has varied, and may in the future continue to vary, its approach to due diligence to suit specific Investment Managers and/or Portfolio Funds or categories thereof or specific investments. Corbin’s approach depends upon a number of factors, including, without limitation, the expected holding period of an investment, the size of an investment, the nature of the structure and implementation of an investment, the lifecycle stage and/or size of the Investment Manager and/or Portfolio Fund, the asset class represented by an investment, the strategy underlying such investment, the liquidity of an investment, Corbin’s prior experience, if any, in making investments in Portfolio Funds managed by the Investment Manager and whether Corbin or the Investment Manager retains investment discretion over the investment and other considerations that Corbin believes to be relevant. These variances affect the scope, type, nature and/or amount of due diligence undertaken by Corbin. As described above, investing in Portfolio Funds is not the only way that Corbin implements the investment programs of Corbin Funds. The scope, type, nature and/or amount of diligence that Corbin will perform with respect to certain of these other types of investment implementation modes will differ depending on a number of factors, including how the investment opportunity has been presented to Corbin, the nature and structure of the investment, whether Corbin has been provided with access to independent information regarding the investment, the experience and diligence of other investors evaluating the investment, and certain of the factors set forth in the paragraph above. In certain

circumstances, including when these investments are made upon the advice or recommendation of, or alongside as a co-investor with, or otherwise in partnership with or with the involvement of, an Investment Manager, Corbin expects to take into account and may rely heavily on the investment analysis and diligence conducted by the Investment Manager, and also expects to rely to varying degrees on the Investment Manager for ongoing monitoring of such investments. In these circumstances, Corbin will review and assess the Investment Manager’s investment analysis, diligence and reporting that has been shared with Corbin and Corbin will determine the extent to which it supplements such analysis, diligence and reporting with its own independent work. Corbin will also perform its own diligence on the Investment Manager which will also differ in scope, type, nature and/or amount depending on various factors. When Corbin has sourced an investment independently (i.e., without the involvement of an Investment Manager), Corbin will conduct its own investment analysis and diligence, which also may vary depending upon the nature and structure of the investment, and Corbin will monitor such investments on an ongoing basis. In conducting its own investment analysis and diligence, Corbin may employ the services of third parties. Corbin’s investment process is informed by various research and analytical tools which include, among other things, a database containing detailed performance history as well as portfolio exposures of investment managers, performance and exposure analytics, a deal management system and a multimanager allocation system. Depending on the Corbin Fund to which investment advice is rendered, Corbin may select Investment Managers that individually and/or collectively invest in a variety of investment strategies and Corbin may directly employ a variety of investment strategies. Specific strategies that may be utilized include, but are not necessarily limited to: long/short equity, long-biased equity, credit strategies, private equity investments, structured and/or asset-backed investments, litigation finance, real estate-related debt or equity, convertible bond arbitrage, event-driven investing, relative value strategies, distressed securities, specialty finance, direct lending, emerging markets, fixed income arbitrage, statistical equity arbitrage, commodities, sustainability, digital assets and global macro trading. Corbin’s portfolio monitoring process incorporates the ongoing evaluation of return and risk characteristics and factor exposures of Corbin Funds and Portfolio Funds, and continuous re-evaluation of the qualitative aspects of Investment Managers. For investments other than those made in Portfolio Funds, Corbin’s monitoring process incorporates the ongoing evaluation of the qualitative elements of such investments and includes ongoing dialogue with Investment Managers, if any, who are associated with such investments as well as direct engagement with borrowers or issuers in certain instances. Corbin implements a hedge overlay program for certain of the Corbin Funds principally to address certain natural limitations specific to managing portfolios that include investments in Portfolio Funds. The terms of an investment in a Portfolio Fund, including the lack of real-time investment information and the limitations on withdrawals/redemptions, make it difficult to respond in a timely and capital-efficient manner to a rapidly changing market landscape. Thus, Corbin believes that a portfolio-level hedge aimed at reducing what Corbin believes to be undesirable portfolio-level exposures is a valuable tool for the risk management and portfolio construction process. While Corbin does not aim to neutralize Portfolio Fund exposures, the goal of the program is to marginally reshape existing risk exposures to bring them in line with Corbin’s desired posture given particular portfolio objectives and exposures. Corbin generally believes that implementing hedges directly (rather than paying a third-party asset manager) offers benefits in capital efficiency, transparency, liquidity and expected costs. Corbin deploys a broad range of instruments to implement the hedge overlay program. Historically, the primary instruments utilized have included listed equity options and credit default swaps. In addition, Corbin may engage in hedging transactions targeted at reducing exposure with respect to a particular investment held by a Client.

An investment in Corbin Funds is speculative, illiquid and involves significant risk. Only persons who understand, and are willing and financially able to assume, the risks of such an investment, including the risk of losing all or substantially all of their investment, should consider investing. The following is a summary of some of the significant risks associated with investing in Corbin Funds. This summary does not attempt to describe all risks associated with an investment in a Corbin Fund or, indirectly, in Portfolio Funds. It is critical that Investors and prospective Investors refer to the Constituent Documents for a more comprehensive understanding of the material risks involved in relation to an investment in Corbin Funds, including risks relating to the strategies employed by Corbin Funds and Portfolio Funds and the securities and other instruments in which Corbin Funds and Portfolio Funds may invest. The information contained herein is a summary only and is qualified in its entirety by such documents. While the risks identified below often reference Portfolio Funds, many of these risks also apply to investments that are implemented in other ways, such as through managed accounts with Investment Managers, or investments that are made upon the advice or recommendation of, or alongside as a co-investor with, or otherwise in partnership with or with the involvement of, Investment Managers, or investments that are made independently by Corbin without the involvement of any Investment Managers.

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Corbin provides investment supervisory services principally to Corbin Funds. (See Item 4 – Advisory Business). The Investors in Corbin Funds are based in the U.S. and outside the U.S and generally consist of: ➢ Banks and other financial institutions ➢ Insurance companies ➢ Retirement and pension plans ➢ Profit sharing plans ➢ Trusts and estates ➢ Charitable organizations ➢ Sovereign wealth entities ➢ High-net-worth individuals ➢ Corporations ➢ Business entities other than those listed above Generally, the minimum initial investment amount for Investors in the Commingled Funds is $5,000,000. The minimum initial investment amount may be waived at the discretion of the general partner or board of directors of each Commingled Fund, and such waivers are frequently granted. There is no fixed minimum account size required for Customized Funds. The size of a Customized Fund is subject to negotiation and typically significantly exceeds the minimum investment required for Commingled Funds.

In addition to the asset-based advisory fees disclosed in Item 5 – Fees and Compensation above, Corbin or CCPM receives performance-based compensation from certain Corbin Funds. Such compensation may differ both within certain Corbin Funds and across the various Corbin Funds. Performance-based compensation is generally based on a share of capital gains on, or capital appreciation of, the assets of a Corbin Fund. Performance-based compensation up to 15% of such gains or appreciation may be charged and may differ with respect to a number of terms, including, but not limited to, the applicable measurement period, such compensation being subject to reaching a hurdle rate or preferred rate of return, and if so, whether such hurdle rate or preferred rate is soft or hard, the requirement to recoup prior losses before earning such compensation and whether such compensation is determined by reference to a measurement period or by reference to the value of realized investments. Fees are generally deducted from Corbin Funds’ assets although investors in Customized Funds that take the form of separate accounts are typically billed for fees incurred. The fee schedule for each Corbin Fund is set forth in greater detail in each respective Corbin Fund’s Constituent Documents. The fee schedule for each Corbin Fund is omitted because this brochure is being delivered only to “qualified purchasers” as defined in the Investment Company Act of 1940. In the future, Corbin and/or CCPM may establish affiliated entities to receive performance-based compensation. In certain circumstances incentive fees charged by Corbin Funds are waived, reduced. modified or rebated. For example, Investors that are principals or employees of Corbin or its related persons are generally not charged incentive fees. (See Item 16 – Investment Discretion for more information). In addition, from time to time, the proceeds of any revenue share owned by a Corbin Fund may be paid to Corbin instead of such Corbin Fund for tax, regulatory or other reasons. Any such proceeds paid to Corbin will reduce the management fee payable and/or performance-based compensation payable by such Corbin Fund to Corbin or its affiliates. Corbin and its investment personnel, including investment personnel who are partners of Corbin and accordingly share in performance-based compensation, manage Corbin Funds that are charged performance-based and/or asset-based compensation. Certain Corbin Funds will have higher asset-based fees or more favorable performance-based compensation arrangements than other Corbin Funds. The existence of Corbin Funds with different asset-based fees and/or performance-based compensation can create a conflict of interest for Corbin, which may have an incentive to favor Corbin Funds with higher asset-based fees or more favorable performance-based compensation to the detriment of Corbin Funds with smaller asset-based fees or less favorable performance-based compensation. The existence of a performance-based fee may incentivize Corbin to manage Corbin Funds’ assets in a more aggressive manner than if there was not a performance-based fee. Further, the existence of differing performancebased fees for Corbin Funds trading side-by-side may create a conflict of interest for Corbin with respect to the allocation of investment opportunities. Corbin has adopted policies and procedures regarding the allocation of investment opportunities (the “Allocation Policy”) which are described below, and the Allocation Policy, together with other procedures implemented by Corbin, is intended to address these potential conflicts of interest. It is Corbin’s policy to allocate securities and other financial instruments to Clients, and aggregate orders,

in a fair and equitable manner over time as described in the Allocation Policy. Corbin determines trade allocation prior to execution and the following are the principal factors considered by Corbin when determining such allocations: Client’s investment objectives, strategies and guidelines (including if an investment is within the mandate of a Commingled Fund or a private investment fund that is wholly owned by one or more Commingled Funds, in each case which is sponsored and managed by Corbin or an affiliate of Corbin and which has a specific investment focus or criteria (e.g., opportunistic credit, private credit, hedged equity, sustainability/impact, litigation finance) (each such fund, a “Specialty Fund”), such Specialty Fund will receive priority in allocation); Client’s applicable portfolio restrictions, imposed by agreement or by virtue of federal, state or other applicable law (e.g., ERISA, the Internal Revenue Code); Client’s risk profile; Client’s liquidity profile; Client’s tax status; Client’s existing or expected direct and indirect exposure to the investment; Client’s existing or expected portfolio composition and characteristics; Client’s available cash, including expected, pending or anticipated subscriptions and/or withdrawals/redemptions, and timing of Client’s cash flows; Client’s eligibility to participate in the investment (e.g., minimum investment size, Investor qualifications, etc.) and expected ability to meet the investment timeline; Client’s ability to participate in, and/or the suitability of, the anticipated mode of implementation of the investment (e.g., special purpose vehicle, co-investment, direct investment, managed account, etc.); and any other information determined to be relevant to the fair allocation of investment opportunities, in accordance with the Allocation Policy. Because allocations are determined by Corbin based on the factors listed above, including whether an investment is within a single Specialty Fund’s specific investment focus or criteria, to the extent that there exists limited availability for a particular investment opportunity that falls within such a Specialty Fund’s specific investment focus or criteria, such Specialty Fund will be allocated its desired portion of such investment before other Clients receive an allocation (although other Clients may receive indirect exposure through their interest, if any, in such Specialty Fund). In the event that an investment opportunity is within more than one Specialty Fund’s specific investment focus or criteria, to the extent there exists limited availability for such investment opportunity such opportunity will, subject to the foregoing, be allocated to such Specialty Funds pro rata on the basis of each Specialty Fund’s desired participation, determined by evaluation of the factors listed above. In the event that there is excess capacity in such investment opportunity after allocation to the appropriate Specialty Fund (or Specialty Funds), the excess will be allocated among all other Clients pro rata on the basis of each Client’s desired participation, determined by evaluation of the factors listed above. In the event that an investment opportunity is (i) limited in availability and (ii) not within any Specialty Fund’s specific investment focus or criteria, such investment will be allocated pro rata on the basis of each Client’s desired participation, determined by evaluation of the factors listed above. If Corbin determines that the allocation of any investment opportunity on a pro rata basis would result in a position that is insignificant, inappropriate or non-economic for a particular Client, such Client may not be allocated any portion of the investment. Moreover, Corbin may be constrained from allocation on a pro rata basis in certain situations (e.g., in which an agreement that is required for particular types of trading is not yet in place). Corbin’s Allocation Policy is available upon request. Corbin may offer co-investment opportunities to co-investors. Generally, (i) in the case of co-investors that are non-Specialty Fund Clients, such opportunities may be offered only after all Specialty Funds have received their desired allocations with respect to such opportunities and (ii) in the case of co-investors that are not Clients, such opportunities may be offered only after all Specialty Funds and other Clients over which Corbin exercises discretion have received their desired allocations with respect to such opportunities, and otherwise in any manner among such co-investors that Corbin determines in its sole discretion. Corbin recognizes that in certain instances (e.g., a case where participation by co-investors is

required due to the size of the opportunity under consideration being otherwise too large for Corbin to consummate without such participation) it may be deemed necessary to approach co-investors prior to Corbin having finalized allocations of such opportunity among Clients. Corbin is under no obligation to arrange such co-investment opportunities, and no investor will be obligated to participate in such opportunities. Corbin has sole discretion as to the amount (if any) of a co-investment opportunity that will be offered to any particular investor.

Corbin and Corbin Affiliates As noted above, CCPM, an affiliate of Corbin, is the general partner of each Corbin Fund that is a limited partnership and is the manager of a Corbin Fund that is a limited liability company. CCPM receives performance-based compensation from certain Corbin Funds. Payment of compensation that is based on the performance of Corbin Funds may create an incentive for Corbin (because of the potential benefit to its affiliate, CCPM) to select riskier or more speculative investments than would be the case in the absence of such compensation. Corbin is exempt from registration with the Commodity Futures Trading Commission (the “CFTC”) as a commodity trading advisor. With respect to certain Corbin Funds, Corbin has claimed temporary no-action relief from registration with the CFTC as a commodity pool operator, and with respect to other Corbin Funds, Corbin relies on the so-called “de-minimis” exemption to registration as a commodity pool operator. With respect to certain Corbin Funds, CCPM has claimed temporary no-action relief from registration with the CFTC as a commodity pool operator, and with respect to other Corbin Funds CCPM relies on the “de-minimis” exemption to registration as a commodity pool operator. Corbin has also claimed registration exemptions from certain Canadian provinces. Corbin Employees Two of the directors of the offshore Corbin Funds are owners and officers of Corbin. Other Counterparties Subject to applicable law, Corbin or certain Corbin Funds may engage service providers including administrators, custodians, credit facility providers, brokers, dealers and other counterparties, including ISDA counterparties that have relationships, including fiduciary relationships, with certain Investors or other Corbin Funds. Corbin negotiates all counterparty agreements in good faith. (See Item 11 – Code of Ethics for a further discussion of potential conflicts of interest and Item 14 – Client Referrals and Other Compensation for discussion on Solicitors (as defined below) that refer Investors to Corbin Funds.)

Personal Trading Corbin has adopted a Code of Ethics (the “Code”) that obligates all of Corbin’s supervised persons to put the interests of Clients before their own personal interests and to act honestly and fairly in all respects in their dealings with Clients. Corbin’s supervised persons are also required to comply with all applicable

federal securities laws. Corbin’s access persons (“access persons”) are required to disclose their holdings in reportable securities and provide reports regarding personal trading. The Code imposes certain restrictions on trading conducted by access persons in their personal accounts and such trading is reviewed by Corbin’s chief compliance officer (the “Compliance Officer”) or his designee. The Code also contains policies relating to, among other things, outside business activities, political contributions, charitable donations, service on boards of directors or similar governing bodies of other organizations, and gifts and entertainment. Investors and prospective investors may obtain a copy of the Code by contacting Corbin via email at clientservices@corbincapital.com or by telephone at (212) 634-7373. Corbin offers many different products and services and there are several potential conflicts of interest which may arise, including, but not limited to, those identified below. Clients and Investors should be aware that conflicts will not necessarily be resolved in favor of their interests. Corbin will attempt to resolve such matters fairly and equitably, but even fair and equitable resolution can produce outcomes in favor of some Clients versus others. In this regard, Corbin has adopted, and continues to adopt, policies and procedures intended to prevent and mitigate such potential conflicts of interest. In all cases, Clients are made aware of the conflicts below as well as other conflicts through delivery of this Brochure and the Constituent Documents.

Potential Conflict

Mitigating Policy

Corbin may take an investment position or action for one or more Clients that may be different from, or inconsistent with, an action or position taken for one or more Client(s) having similar or different investment objectives. Clients may invest in different instruments or classes of securities of the same issuer. One or more Clients may have different investment objectives or pursue or enforce different rights with respect to a particular issuer in which it has invested, and those activities may have an adverse effect on other Clients. Clients may buy and/or sell the same securities at different prices and/or times and/or through different means.

Subject to limited exceptions, Corbin is typically granted full discretionary authority to manage the investment programs of its Clients in accordance with applicable Constituent Documents. In exercising such discretion, and in discharging its fiduciary duties, Corbin carefully considers the interests of each Client. A subset of Corbin’s compliance and risk assessment committee (the “CRAC”), which consists of Corbin’s chief financial officer, general counsel, Compliance Officer and director of operational due diligence, reviews all allocation decisions to ensure that such allocations are fair and equitable over time in accordance with Corbin’s Allocation Policy and consistent with applicable Constituent Documents. Corbin maintains detailed proxy voting policies and procedures and records of all votes. The Compliance Officer (or his designee) will seek to identify any conflicts that exist between the interests of Corbin and its clients to ensure that proxies are voted in the best interests of Corbin’s clients.

Capacity with an Investment Manager secured by a Client may inure to the benefit of other Clients. Similarly, co-investment opportunities or other investment opportunities that arise out of a Client’s investment with an Investment Manager have been and may continue to be allocated to other Clients or other third parties. A Client may make an investment that provides future benefits (e.g., a share of revenues) or other rights to other Clients. Such

Corbin maintains a detailed Allocation Policy. Portfolio managers, in consultation with Corbin investment committees and investment team members, are responsible for determining the allocation of investment opportunities in accordance with Corbin’s Allocation Policy. A subset of the CRAC reviews all allocation decisions to ensure that such allocations are fair and equitable over time in accordance with the Allocation Policy and consistent with applicable Constituent Documents. Corbin allocates expenses on a

Potential Conflict

Mitigating Policy

Client may share in such rights or other basis that it considers fair and equitable and in benefits, or such rights or other benefits may accordance with Constituent Documents and Corbin’s only inure to other Clients. However, such expense allocation policy. rights or other benefits may depend in whole or in part on investments being maintained, additional investments being made, or other obligations being assumed, by such Clients or other Clients. Corbin therefore has a conflict between the interests of Clients to which the benefits and rights accrue and the interests of Clients to which the benefits and rights do not accrue but whose investments are a condition to receiving such benefits. In addition, to the extent a particular Client’s eligibility for such rights and benefits, including reduced fees and other terms granted pursuant to most favored nations status, is dependent on the aggregate investment made by one or more other Clients, Corbin has an incentive to cause certain Clients to maintain and/or increase their investment. Certain access persons, through their position with Corbin, might come into possession of material non-public information. These access persons are in a position to trade in their personal accounts and may be in a position to trade on behalf of Clients in violation of the law.

Corbin maintains a policy on insider trading and Corbin also has a Code which requires all access persons to certify, at least annually, that they are in compliance with its policies. The Compliance Officer or a designee monitors the personal trading and personal holdings of access persons to ensure compliance with applicable policies. These policies include the use of a restricted list which is distributed to all access persons as well as controls to prevent access persons from trading in restricted issuers. Corbin also conducts and arranges for internal and/or external training that, among other things, addresses the proper procedures to be followed should an access person encounter material non-public information. Corbin maintains a robust policy on expert network usage, which includes call monitoring by the Compliance Officer or his designee for all non-group calls. The Compliance Officer, in conjunction with a regulatory consultant, conducts periodic electronic communication monitoring to identify potential insider trading risk.

To the extent that Portfolio Funds or other investments have limited capacity, Corbin may be required to choose among Clients in allocating such investment opportunities. Clients have different management and incentive fee structures. Corbin could choose

Portfolio managers, in consultation with Corbin investment committees and investment team members, are responsible for determining the allocation of investment opportunities in accordance with Corbin’s Allocation Policy. A subset of the CRAC reviews all allocation decisions to ensure that such allocations are

Potential Conflict

Mitigating Policy

to allocate a limited investment opportunity to a Client that has a more favorable fee structure. Corbin could also choose not to allocate Client expenses to a Client that has a more advantageous fee structure and instead allocate that portion of such expense to a Client with a less advantageous fee structure. Corbin incurs common expenses on behalf of Clients. Corbin may have an incentive to allocate ERISA or other valuable capacity that becomes available in certain Portfolio Funds or Commingled Funds to certain Clients or Investors who are deemed strategically important to Corbin. These Clients or Investors may pay higher fees for similarly situated investments compared to other Clients, Investors or prospects. Corbin may designate access persons to serve as representatives on an advisory committee or member of a board of directors, or participate in an equivalent body, of Portfolio Funds or an issuer. These representatives could have a conflict of interest between their duties and responsibilities to the Client(s) that invest in such Portfolio Fund or issuer and the duties and responsibilities, if any, such representatives have to the other investors in such Portfolio Fund or issuer. These representatives could also have a conflict of interest to the extent that Clients invested in such Portfolio Fund or issuer have different objectives. Corbin may cause a Client to purchase investments from, to sell investments to, to exchange investments with, or to transfer investments to, another Client. These cross transactions may benefit certain Clients at the expense of other Clients, and may, depending on the ownership profile of the particular Client, constitute principal transactions that would be prohibited under Section 206(3) of the Advisers Act without effective disclosure and consent.

fair and equitable over time in accordance with Corbin’s Allocation Policy and consistent with applicable Constituent Documents. Corbin allocates expenses on a basis that it considers fair and equitable and in accordance with Constituent Documents and Corbin’s expense allocation policy.

Subject to limited exceptions, Corbin is typically granted full discretionary authority to manage the investment programs of its Clients in accordance with applicable Constituent Documents. In exercising such discretion, and in discharging its fiduciary duties, Corbin carefully considers the interests of each Client. Portfolio managers, in consultation with Corbin investment committees and investment team members, are responsible for determining the allocation of investment opportunities in accordance with Corbin’s Allocation Policy. The CRAC or a subset of the CRAC meets as frequently as required to address conflicts in real time and when necessary, may seek advice from outside counsel. A subset of the CRAC reviews all allocation decisions to ensure that such allocations are fair and equitable over time in accordance with Corbin’s Allocation Policy and consistent with applicable Constituent Documents. Principal transactions must be approved or directed on a transaction-by-transaction basis by Investors, by an independent third party or as otherwise may be consistent with the Advisers Act. Subject to limited exceptions, Corbin is typically granted full discretionary authority to manage the investment programs of its Clients in accordance with applicable Constituent Documents. In exercising such discretion, and in discharging its fiduciary duties, Corbin carefully considers the interests of each Client. The CRAC or a subset of the CRAC meets as frequently as required to address conflicts in real time and when necessary, may

Potential Conflict

Mitigating Policy seek advice from outside counsel.

Access persons may invest in companies engaged in managing and/or providing investment advice to Corbin Funds or one or more Portfolio Funds or in issuers owned by Corbin Funds or such Portfolio Funds. Such investments may create an incentive for such access persons to maintain and/or increase Clients’ investments in such Portfolio Funds or issuers, or to cause Corbin Funds to continue such engagements.

All limited offerings/private placements to be purchased or sold by access persons must be precleared with the Compliance Officer and reported annually thereafter. All other securities (subject to a few statutory exceptions) must be reported to the Compliance Officer through a secure electronic feed or by having brokerage statements provided to Corbin. Without the express prior written approval of the Compliance Officer, an access person may not in the aggregate for personal accounts acquire or dispose of 1% or more beneficial ownership in any security of a publicly traded company that is, or that has an affiliate that is, an investment manager of a Portfolio Fund in any of the Client portfolios. Any access person looking to conduct certain personal transactions in equities or corporate bonds must receive sign-off from Corbin’s chief investment officer or director of research and approval from the Compliance Officer or his designee prior to transacting. A subset of the CRAC reviews all allocation decisions to ensure that such allocations are fair and equitable over time in accordance with Corbin’s Allocation Policy and consistent with applicable Constituent Documents. Subject to limited exceptions, Corbin is typically granted full discretionary authority to manage the investment programs of its Clients in accordance with applicable Constituent Documents. In exercising such discretion, and in discharging its fiduciary duties, Corbin carefully considers the interests of each Client. The CRAC or a subset of the CRAC meets as frequently as required to address conflicts in real time and when necessary, may seek advice from outside counsel.

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To the extent that Corbin makes direct investments on behalf of a Client or a Client otherwise directly engages in transactions, Corbin generally shall have full power and authority, which is delegated in certain circumstances to Investment Managers, to establish and maintain accounts on behalf of the Clients with, and issue orders for the purchase or sale of securities for the Clients directly to, a broker, dealer or other person, as well as to exercise or abstain from exercising any option, privilege or right held by the Client. Corbin will seek to allocate portfolio transactions for Clients to brokers and dealers on the basis of best execution and in consideration of a broker’s or dealer’s ability to effect such transactions, its facilities, reliability and financial responsibility, custodial arrangements, the scope and quality of research services, execution capability and other factors considered relevant by Corbin. Accordingly, the commissions and other transaction costs (which may include dealer markups or markdowns) charged to the Clients by brokers or dealers in the foregoing circumstances may be higher than those charged by other brokers or dealers that may not offer such products or services, so long as, in the good faith judgment of Corbin, the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by such broker, viewed in terms of that particular transaction or Corbin’s overall investment management business. To the extent that Corbin enters into soft dollar arrangements in the future, Corbin intends to stay within Section 28(e) of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Portfolio Funds may use soft dollars both within and outside of the safe harbor of Section 28(e) of the Exchange Act to obtain both research and non-research products and services. Aggregation of Portfolio Fund Investments. As purchase and sale orders of Portfolio Funds are generally effected directly with the Portfolio Fund issuer, orders are not generally aggregated but are negotiated and effected independently. However, when more than one Client is investing in the same Portfolio Fund (whether participating at the same or a later time), Corbin will attempt to ensure that the investments are entered into on the same terms, if possible and if desirable. A number of factors will affect Corbin’s ability to obtain the same terms for all Clients, including, without limitation, (i) the willingness of a Portfolio Fund to provide, or continue to provide, favorable terms to all or any of the Clients (e.g., favorable liquidity terms); (ii) prospective changes to the terms of an investment in a Portfolio Fund that do not affect existing Investors (e.g., management fee increase, change in liquidity); and (iii) the needs of the Client (e.g., greater liquidity to meet that Client’s redemption terms or contractual obligations, such as the terms of a credit facility). Aggregation of Other Investments. Purchase and sale orders of other investments generally will be aggregated. Corbin will generally follow the guidelines set forth below in aggregating orders for other investments:

Corbin will not aggregate transactions unless it believes such aggregation is consistent with its duty to seek best execution for Clients and the terms of the investment advisory agreement in effect with each Client;

Corbin will document the proposed allocation of the aggregated order prior to execution;

if the aggregated order is partially filled or filled in its entirety, it will be allocated among Clients pro rata based on each Client’s desired participation, determined by evaluation of the factors set forth in the Allocation Policy;

Corbin will deviate from the proposed allocation of the aggregated order only if it determines that all Clients will be treated in a fair and equitable manner; and

each Client that participates in an aggregated order will participate at the average share price for all of Corbin’s transactions in that investment on a given business day, and transaction costs will be shared pro rata based on each Client’s participation in the transaction.

Corbin pays a portion of its management fee, and Corbin and CCPM each pays a portion of its performancebased compensation, to individuals or entities that refer Investors to Corbin Funds (“Solicitors”). Where applicable, each such Solicitor has entered into a written agreement with Corbin pursuant to which each prospective Investor is to be provided with a disclosure document setting forth the terms of the solicitation arrangement, including the nature of the relationship between the Solicitor and Corbin and any fees to be paid to the Solicitor. Corbin may also pay Solicitors a fixed fee in connection with their efforts to refer Investors to Corbin or certain Corbin Funds. Where applicable, cash payments for Investor solicitations will be structured to comply fully with the Advisers Act and related SEC staff interpretations. In certain circumstances, Solicitors may also have an agreement with an Investor whereby the Solicitor receives an upfront selling commission or fee based on the Investor’s subscription amount. The fact that a Solicitor will be entitled to receive certain compensation for solicitation activities may cause a Solicitor to recommend Corbin Funds instead of investment funds managed by another adviser that does not pay solicitation compensation. Corbin maintains written policies and procedures with respect to the giving and receipt of gifts and entertainment which are reasonably designed to prohibit giving or receiving gifts or entertainment that Corbin determines are lavish or excessive under the circumstances or may violate statutory limitations. Corbin receives referrals of prospective investors from unaffiliated consultants that are retained by such prospective investors. Corbin may make cash payments to these consultants to participate in conferences sponsored by these consultants, in order to, among other things, obtain information about industry trends and prospective investor/Investor investment needs. In addition, Corbin may purchase products or services

from these consultants or their affiliates. No cash payments for conferences, products, or services are made in connection with any prospective investor that consultants refer.

Corbin does not have any legal, financial or other “disciplinary” item to report to you. Corbin is obligated to disclose any disciplinary event that would be material to you when evaluating a client/adviser relationship.

On an ongoing basis, Corbin’s chief investment officer and director of portfolio solutions and risk management work with the other members of the investment and risk teams, through formal committee structures and otherwise, to monitor and review the portfolios of Clients. They use the information provided by Investment Managers, public filings made by Investment Managers, information developed by Corbin and other information to monitor individual Client’s and Portfolio Fund risks. A subset of the CRAC reviews all allocations executed by Corbin across all Clients. These reviews are conducted in several ways, including but not limited to, daily monitoring of the trade blotter, review of trade allocation instructions, and through involvement by CRAC members in the structuring, implementation and review of certain investments throughout the month. Investors in Corbin Funds will generally receive (or have access through a secure FTP network to) written unaudited monthly and/or quarterly reports describing the performance of such Corbin Fund(s) and written annual reports containing audited financial statements and other indicia of performance. Investors may also receive tax reporting information.

Under the Advisers Act, Corbin or its affiliates may be deemed to have custody of the securities and other assets of certain Commingled Funds even though neither Corbin nor its affiliates physically hold such securities and other assets, and such securities and assets are not held or registered in Corbin’s or its affiliates’ name. For example, CCPM is deemed to have custody of the securities and assets of Commingled Funds for which it serves as general partner. In these circumstances, Corbin and its affiliates are exempt from certain Advisers Act custody requirements because the financial statements of the Commingled Funds are audited in accordance with U.S. generally accepted accounting principles on an annual basis by an independent public accountant that is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board. Audited financial statements are distributed to each Investor in the Commingled Funds in accordance with the requirements of the Advisers Act. Under certain circumstances, Corbin or its affiliated servicing entity may be deemed to have custody of assets held by such servicing entity in connection with its service of co-investments, which servicing entity may comingle advisory client assets with those of non-clients. In these circumstances, Corbin or its affiliated servicing entity will adhere to the relevant conditions required to obtain relief from certain requirements of the Custody Rule. Corbin and its affiliates will consider the terms of Customized Funds to determine whether Corbin and/or its affiliates have custody of each Customized Fund’s funds or securities and whether Corbin and/or its affiliates will be subject to the surprise examination requirement under the custody rule. For example, if a Customized Fund is established in an Investor’s name at a custodian and neither Corbin, its affiliates nor any related person, has possession of, or the ability to access or withdraw, client funds or securities outside its normal trading authority, then neither Corbin nor its affiliates would be deemed to have custody.

Corbin, in its capacity as investment manager, generally provides discretionary investment advisory services to Corbin Funds. Corbin generally enters into investment management agreements that, among other things, grant Corbin the authority to manage Clients’ assets on a discretionary basis and generally grant Corbin unlimited discretionary trading authorization. Currently, Corbin is a party to one investment management agreement under which Corbin is granted discretionary management authority only after the underlying Investor determines to proceed with a presented investment opportunity. As a general matter, other than through Customized Funds, the objectives and guidelines of which would be set forth in the relevant Customized Funds’ Constituent Documents, Corbin does not permit Clients to impose restrictions on investing in certain securities or types of securities. Side Arrangements. Corbin, CCPM and certain Corbin Funds have entered into and may enter into agreements with certain Investors whereby such Investors may be subject to terms and conditions that are different than those set forth in the applicable Constituent Documents. Certain of these agreements contain a so-called “most favored nation” provision. The terms of such agreements are at the discretion of Corbin, CCPM and Corbin Funds, as applicable.

In connection with investment in Corbin Funds, certain Investors have requested, and Corbin, CCPM and Corbin Funds have agreed to provide such Investors with certain detailed information with respect to Corbin Funds or Corbin that is not ordinarily provided to or proactively offered to all Investors, or that is offered in a different format. Corbin has not, and will not, enter into such an arrangement if it determines that the arrangement would have a material adverse effect on the other Investors in Corbin Funds. Such information may include, but may not be limited to, capital activity, enhanced portfolio analysis and disclosure, strategy, geographic and other exposure, detailed characteristics with respect to Portfolio Funds, holdings, and notification of certain events regarding a Corbin Fund or Corbin or its affiliates. Corbin often provides tailored reports to Investors in Customized Funds. Investors that are principals or employees of Corbin or its related persons are generally not charged management or performance fees. In certain circumstances management and/or performance fees charged by Corbin Funds are waived, modified, reduced or rebated. Factors considered in rebating, modifying, reducing or waiving such management and/or performance fees include, but are not limited to, the size of an investment, the stage of an investment (e.g., seed investor), the strategic nature of the investment, investor characteristics, distribution arrangements or structured products relating to the investment, and relationships with financial and/or investment advisers or intermediaries. Legal, regulatory or other characteristics or circumstances relating to Investors may result in the modification of such Investors’ rights and/or obligations with respect to their investments in Corbin Funds.

Corbin generally has the authority to vote the securities held by Clients. In accordance with the Advisers Act, Corbin has adopted Proxy Voting Policies and Procedures (the “Procedures”) reasonably designed to ensure that Corbin votes proxies in the best interest of Clients. The Procedures also require that Corbin identify and address conflicts of interest between Corbin and its Clients, as well as conflicts of interest among Clients. If a material conflict of interest exists, Corbin will determine whether voting in accordance with the guidelines set forth in the Procedures is in the best interests of the Client or take other appropriate action. Portfolio Funds – typically involves votes with respect to terms and structure changes. 1. Corbin generally votes in favor of routine corporate housekeeping proposals. 2. For all other proposals, particularly those affecting the investment terms and/or structure associated with Corbin Funds’ investments in Portfolio Funds, Corbin considers the best interests of each affected Corbin Fund when voting on proposed changes. When such vote would serve to increase fees or decrease liquidity to the Corbin Fund or otherwise have an adverse effect on the Corbin Fund, Corbin would vote for such terms only if it were in the best interests of the Corbin Fund. Direct Equities Voted by Corbin 1. Corbin generally votes in favor of routine corporate housekeeping proposals. 2. For all other proposals timely communicated to Corbin’s third-party proxy voting service, Corbin will generally vote in accordance with the recommendation of management unless such vote would have an adverse effect on a Corbin Fund, taking into account the following factors and any others deemed relevant by Corbin:

Whether the proposal was recommended by management and Corbin’s opinion of management;

Whether the proposal acts to entrench existing management; and

Whether the proposal fairly compensates management for past and future performance.

Managed Accounts Managed accounts established by Corbin Funds may engage in direct trading in equities. In cases where the Investment Manager of such an account is granted discretionary trading authority, Corbin typically delegates to the Investment Manager the authority and responsibility to exercise proxy voting rights related to such account in accordance with such Investment Manager’s proxy voting policies. It is possible that more than one Investment Manager managing managed accounts for the same Corbin Fund may have positions in the same security that is subject to a proxy solicitation. In such circumstances, Investment Managers may vote such proxy in a conflicting manner provided that each Investment Manager has determined that its particular vote is consistent with its proxy voting policies. It is also possible that the same security may be owned directly by a Corbin Fund and by an Investment Manager managing a managed account for the same Corbin Fund or a different Corbin Fund and Corbin and the Investment Manager may vote such proxy in a conflicting manner. Voting in General As a general matter, Corbin does not permit Clients to direct votes in a particular solicitation. Certain Corbin Funds may vote differently on proxies for a number of reasons, including, but not limited to, differing investment objectives, guidelines, or portfolio constraints. Further, access persons may invest in Portfolio Funds or direct equities and may vote their interests differently than the Corbin Fund(s). These opposing votes may materially impact the ability of a Corbin Fund to realize the proxy result it desires. Subject to applicable law, Corbin may abstain from voting when it determines an abstention to be in the best interests of the applicable Corbin Fund. Clients or Investors may obtain a copy of Corbin’s Procedures and information about how Corbin voted a Client’s proxies by contacting Corbin via email at clientservices@corbincapital.com or by telephone at (212) 634-7373.

Corbin does not charge or solicit prepayment of $1,200 in fees per client six or more months in advance. Corbin is not aware of any financial condition reasonably likely to impair its ability to meet contractual commitments to its Clients.