Dayah Capital LLC

Dayah Capital LLC (“Dayah Capital” or the “Investment Manager”) is a Delaware limited liability company that was formed in May 2023. Jonathan Siscovick is the Founder, Managing Member, and Chief Investment Officer of Dayah Capital (the “Principal”). Dayah Capital provides investment advisory services to private funds and institutional managed accounts. Dayah Alpha Partners Funds Dayah Capital provides investment advisory services to private funds via a master feeder structure, whereby Dayah Alpha Partners, LP (the “Domestic Fund”), a Delaware limited partnership, and Dayah Alpha Partners (Cayman), LP (the “Offshore Fund”), a Cayman Islands exempted limited partnership, together with the Domestic Fund, the “Dayah Alpha Partners Feeder Funds”, invest substantially all of their assets in Dayah Alpha Partners Master Fund, LP (the “Dayah Alpha Partners Master Fund”), a Cayman Islands exempted limited partnership. Collectively, the Feeder Funds and the Dayah Alpha Partners Master Fund are referred to as the “Dayah Alpha Partners Funds”. The general partner of the Dayah Alpha Partners Funds is Dayah Alpha GP, LLC (the “Dayah Alpha General Partner”), a Delaware limited liability company. The Dayah Alpha General Partner has ultimate responsibility for decisions relating to management and operations made on behalf of the Domestic Fund, the Offshore Fund, and the Dayah Alpha Partners Master Fund, and has ultimate responsibility for the investment decisions made on behalf of the Dayah Alpha Partners Master Fund but has delegated certain responsibilities to Dayah Capital via an investment management agreement. Jonathan Siscovick is the Managing Member of the Dayah Alpha General Partner. Dayah Energy Partners Fund In addition to advising the Dayah Alpha Partners Funds, Dayah Capital also provides investment advice to Dayah Energy Partners, L.P. (the “Dayah Energy Fund”), a Delaware limited partnership that was established to invest in the securities (common stock and options) of a company within the energy technology space, and companies within the resource nationalism ecosystem, until Dayah Capital determines that the shares have reached Dayah Capital’s anticipated target price or determines a change in the Investment Manager’s investment thesis. Dayah Energy GP, LLC (the “Dayah Energy General Partner”) is the general partner of the Dayah Energy Fund. Jonathan Siscovick is the Managing Member of the Dayah Energy General Partner. The Dayah Alpha Partners Funds and the Dayah Energy Fund are collectively referred to as the “Funds”. The Dayah Alpha General Partner and the Dayah Energy General Partner are referred to each as a “General Partner” and collectively, the “General Partners”. Institutional Investment Advisers and Separately Managed Accounts Dayah Capital also provides sub-advisory services to private funds of various institutional advisers (each a “Separately Managed Account”, an “SMA” or an “SMA Client” or collectively, “Separately Managed Accounts”, “SMAs” or “SMA Clients”). Collectively, the SMA Clients and the Funds are hereinafter referred to as the “Clients” or the “Client Accounts”, and each, a “Client” or a “Client Account”.

Additional detailed information about Dayah Capital is provided below, including information about Dayah Capital’s advisory services, investment approach, personnel, affiliations and brokerage practices. Dayah Capital’s principal place of business is in Stamford, CT. Each Client will be managed in accordance with its own investment objectives as set forth in the relevant investment management agreement (“IMA”) for an SMA Client and the offering documents (i.e., Confidential Offering Memorandum, Limited Partnership Agreement, and any amendments of such documents) for a Fund (each a “Governing Document”, and collectively the “Governing Documents”). Dayah Capital does not tailor its advisory services, investment objectives or strategies to the requests or needs of any particular private investor in the Funds (each, an "Investor" and collectively the “Investors”), or provide Investors with the right to specify, or restrict the Funds’ investment objectives or any investment or trading decisions. Each Investor and SMA Client is strongly encouraged to undertake appropriate due diligence, including but not limited to a review of relevant Governing Documents and the additional details about Dayah Capital’s investment strategies, methods of analysis and related risks (as discussed in Item 8 of this Brochure and each Fund’s Governing Documents) in considering whether Dayah Capital’s advisory services, or an investment in the Funds are appropriate to its own circumstances, based on all relevant factors including, but not limited to, the Investor’s or SMA Client’s own investment objectives, liquidity requirements, tax situation and risk tolerance before making an investment decision. Dayah Capital does not participate in wrap fee programs. As of May 1, 2026, Dayah Capital managed $264,841,930 in regulatory assets under management, all of which are managed on a discretionary basis.

Management Fee for the Dayah Alpha Partners Funds As an investment adviser to the Dayah Alpha Partners Funds, as governed by the Governing Documents, Dayah Capital receives an annual management fee (the “Management Fee”) depending on the class interests of the Feeder Funds (or the Dayah Alpha Partners Master Fund) and the total net assets in the Dayah Alpha Partners Master Fund. The Dayah Alpha Partners Master Fund will pay Dayah Capital the Management Fee monthly in advance on the first day of each calendar month, equal to the applicable Management Fee percentage of the net asset value of each capital account of each Investor as of such date. Management Fees are generally pro-rated for partial periods. Once paid, Dayah Capital will return to the Dayah Alpha Partners Funds (or the Dayah Alpha Partners Master Fund) for payment to, or credit to the capital account of, the withdrawing Investor, an amount equal to the pro rata portion of the Management Fee. Dayah Capital or the Dayah Alpha General Partner may reduce, waive or calculate differently the Management Fee for certain Investors, including but not limited to, employees, and/or designated persons that are affiliates of Dayah Capital, without notice to, or consent from, the other Investors. Pass-Through Expenses for the Dayah Energy Fund In advising the Dayah Energy Fund, Dayah Capital is not entitled to receive a Management Fee, however, subject to the application of the Expense Cap described below, the Dayah Energy Fund will bear its share of expenses incurred by Dayah Capital and/or its affiliates that are related to the services that Dayah Capital provides to the Dayah Energy Fund (“Pass-Through Expenses”) along with all expenses of the Dayah Energy Fund. The calculation and allocation of Pass-Through Expenses will be

determined by Dayah Capital in accordance with Dayah Capital’s accounting and other relevant policies established from time to time, and will be paid by the Dayah Energy Fund upon receipt. Prospective investors to the Dayah Energy Fund should carefully consider the impact of Pass-Through Expenses, which may be difficult to do as: (a) Pass-Through Expenses may fluctuate materially from year to year; and (b) prior financial statements of the Dayah Energy Fund, where available, may not be a useful guide in estimating the future financial impact of the Pass-Through Expense arrangement. Management Fee for an SMA Client Dayah Capital is generally compensated for its SMA investment advisory services with either (i) an annual Management Fee (generally, payable on a monthly basis) based upon the assets under management for each SMA and/or (ii) an expense reimbursement for agreed upon expenses. An SMA Client’s specific fee schedule and amount is detailed in the executed IMA between Dayah Capital and the SMA Client. Dayah Capital may invoice SMA Clients either in advance or as of the end of a particular month or calendar quarter. The SMA Client will generally pay Dayah Capital directly via wire transfer. Other Fees and Expenses Organizational Expenses The Funds are responsible for the costs, fees and expenses incurred in connection with its formation and organization, including but not limited to, legal and accounting fees (the “Organizational Expenses”). Dayah Capital and/or the General Partners may pay the Funds’ Organizational Expenses subject to reimbursement from the Funds. The Funds intend to amortize each Fund’s Organizational Expenses over a period of up to sixty (60) months from the initial closing date. If such amortization would result in a qualified opinion of a Fund’s audited financial statements, the General Partner of the Fund may elect to fully amortize the Organizational Expenses, but amortize the Organizational Expenses over a period of up to sixty (60) months for net asset value purposes. Fund Expenses Except as otherwise set forth below, the Funds generally will be required to bear all Fund Expenses related to the particular Fund (as defined below). To the extent that Fund Expenses are paid by Dayah Capital, the General Partners, or a respective affiliate thereof, the Funds will reimburse such persons for those Fund Expenses (as defined below) promptly upon request except as set forth below. “Fund Expenses” will include, among others, the following fees and expenses: (a) all expenses, incurred in connection with the offer and sale of interests (other than placement agent fees), including, but not limited to, conference attendance expenses, documentation of performance and the admission of Investors, (b) all Organizational Expenses, operating expenses of the Funds (such as tax preparation fees (including, without limitation, any such fees related to the preparation of tax returns and Schedule K-1s)), governmental fees and taxes (or any other governmental charges levied against the Funds), each Fund’s administrator, custodial and prime brokerage fees and expenses, communications with Investors and ongoing legal, accounting, auditing, administration, appraisal, bookkeeping, independent shadow accounting, consulting and other professional fees and expenses, including for litigation, and preparation of each Fund’s financial statements and reports, (c) all Fund costs, expenses and charges incurred in connection with the investment and trading activities of the Funds (e.g., brokerage commissions, mark-ups, margin interest, expenses related to short sales, custodial fees, clearing and settlement charges and other transaction costs to brokers), (d) professional and other advisory and consulting expenses, monitoring or asserting rights or pursuit of remedies (including, without limitation, pursuant to bankruptcy or other legal proceedings, or participation in informal committees of creditors or other security holders of an issuer) and Advisory Committee, General Partner Board, and Advisory Board fees and expenses (including indemnification and compensation of individual members of any such board), (e) all fees and other expenses incurred in connection with the investigation, prosecution or defense of any claims by or against the Funds, (f) interest on, and fees and expenses arising out of, all borrowings made by the Funds, (g) the costs of any litigation and

indemnification relating to the affairs of the Funds, (h) expenses related to third party research, publications, data and data services, including real time pricing and market information (such as Bloomberg and Reuters services) and historical pricing and other data, order management system, portfolio management system and risk management system and advisory, (i) costs of compliance with applicable laws and regulations of governmental and self-regulatory bodies, including costs incurred by Dayah Capital, the General Partners, and their respective affiliates in complying with laws and regulations that apply to any such entities as a result of their services to the Funds, (j) the Funds’ expenses associated with forming and maintaining the legal existence of the Funds, including directors’ fees, administrators’ fees, AML officer fees and registered office fees, (k) costs associated with regulatory filings including but not limited to Form PF, (l) insurance premiums of Dayah Capital, the General Partners, and/or the Funds, (m) expenses of any meetings of the Investors, (n) the Feeder Funds’ proportionate share of the Dayah Alpha Partners Master Fund’s expenses that the General Partners determines are properly and ratably allocable to the Feeder Funds, and (o) all other reasonable expenses related to the management and operation of the Funds and/or the purchase, sale or disposition of each Fund’s interests, including, in the case of any expenses directly related to the Funds’ and one or more of its related funds’ investments, any portion of any such joint expenses that a General Partner(s) determines are properly and ratably allocable to the Funds. Except as provided above with respect to special investment account expenses, Fund Expenses generally will be shared by all of the Investors pro rata (if relevant, for a particular Fund or the Funds collectively) in accordance with their capital accounts. Expense Cap for the Dayah Energy Fund If, at the end of each year, the expenses paid by the Dayah Energy Fund, including all Pass-Through Expenses, charged to Investors in the Dayah Energy Fund (excluding transaction expenses and extraordinary expenses such as litigation expenses and non-routine legal expenses) exceed two percent (2%) of the Dayah Energy Fund’s net asset value as of December 31 of such year, Dayah Capital and/or the Dayah Energy General Partner will reimburse the Investors in the Dayah Energy Fund for their pro rata portion of the amount of excess expenses paid by them (the “Expense Cap”). Soft Dollars To the extent Dayah Capital and the General Partners determine to use “soft dollars” generated by the Clients to pay for brokerage and research products and services, such usage shall be within the “safe harbor” provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and related guidance. Use of “soft dollars” by Dayah Capital or the General Partners as described herein shall not constitute a breach by them of any fiduciary or other duty which Dayah Capital or the General Partners may be deemed to owe to the Feeder Funds, the Dayah Alpha Partners Master Fund, the Dayah Energy Fund, the Investors, or the SMA Client. Dayah Capital Operating Expenses Except as otherwise provided in the Governing Documents of the Funds, Dayah Capital pays all of its own operating, administrative and overhead costs, without reimbursement by the Dayah Alpha Partners Feeder Funds, the Dayah Alpha Partners Master Fund, or the Dayah Energy Fund. None of the Funds will have their own separate employees or office. However, pursuant to the Dayah Energy Fund Governing Documents and the Pass-Through Expenses provision described above, the Dayah Energy Fund does reimburse Dayah for certain overhead expenses.

Investment Objective of the Dayah Alpha Partners Funds Dayah Capital’s primary investment objective in advising the Dayah Alpha Partners Funds is to achieve capital appreciation over multiple market cycles through investments, both long and short, in public equity securities with a focus on the basic materials and industrials universe. Investment Strategy of the Dayah Alpha Partners Funds and the SMA Clients Dayah Capital will seek to employ a robust process to effectively monetize investment opportunities across a wide range of cyclical industries, predominantly within basic materials and industrials. Combining deep fundamental underwriting with platform-style tactical trading and risk management, Dayah Capital will seek to enhance risk-adjusted return potential through investments, both long and short, as well as through derivatives hedging. Employing a rigorous investment process across idea generation, deep underwriting, investment selection and position maintenance, Dayah Capital will seek to differentiate with an evolved approach that stems from 65+ years of combined investment experience among Dayah Capital’s investment team. Dayah Capital will aim to generate alpha from various dimensions: Information Alpha, Analytical Alpha, Process Alpha, and Behavioral Alpha. Within Information Alpha, Dayah Capital will attempt to leverage geographical information arbitrage, direct industry research, and supply chain triangulation. Within Analytical Alpha, Dayah Capital will seek to combine its sector specialist expertise with a generalist approach to identifying a wide range of investment paradigms. Within Process Alpha, Dayah Capital will strive to optimize each step of the investment supply chain, utilize checklists, relentlessly innovate and iterate, and generate strong idea velocity. Within Behavioral Alpha, Dayah Capital will emphasize discipline, analytical tenacity, emotional health, and self-awareness. The Dayah Alpha Partners Funds’ and the SMA Clients’ investment portfolios will be formulated to evolve and accommodate changing investment opportunities over time. Special Investments for the Funds From time to time, in advising the Dayah Alpha Partners Funds, Dayah Capital may invest in and/or acquire securities, financial instruments or other assets that Dayah Capital and the Dayah Alpha General Partner believes lack a readily ascertainable market (or have a limited market or are otherwise illiquid) and/or should be held until the resolution or occurrence of a special event or circumstance. Dayah Capital and the Dayah Alpha General Partner may (but is not required to) designate such securities, financial instruments or other assets (together with related hedges, financings or similar investments) as special investments (each, a “Special Investment”). Additionally, Dayah Capital and the Dayah Alpha General Partner may determine that, for various reasons, a security, financial instrument or other asset that initially was not a Special Investment should be designated as a Special Investment. Capital invested in Special Investments generally is not available for withdrawal or distribution until the Special Investment is liquidated or distributed, or until the Dayah Alpha General Partner determines that such investment need not be treated as a Special Investment anymore (such determination, a “deemed realization” of such Special Investment. Investment Objective for the Dayah Energy Fund Dayah Capital’s investment objective in advising the Dayah Energy Fund is to provide capital appreciation by seeking to accumulate equity and options stakes in a company within the energy technology space and companies within the resource nationalism ecosystem (the “Target”). Investment Strategy for the Dayah Energy Fund In advising the Dayah Energy Fund, Dayah Capital intends to purchase and hold shares of the Target, until Dayah Capital determines the shares have reached Dayah Capital’s anticipated target price or

determines a change in its investment thesis. Dayah Capital will purchase common stock and options of the Target on behalf of the Dayah Energy Fund, the latter predominantly for hedging purposes, at Dayah Capital’s discretion. In advising the Dayah Energy Fund, Dayah Capital may also sell short broad based market exchange-traded funds or other single stocks for the purpose of hedging the Dayah Energy Fund’s position in the Target. While Dayah Capital is seeking to acquire an equity stake in the Target on behalf of the Dayah Energy Fund, Dayah Capital will not seek representation on the board of directors of the Target. Dayah Capital will monitor and evaluate its investment in the Target on an ongoing basis to determine whether its investment thesis with respect to the Target remains intact. Risk of Loss Factors Investing in securities involves risk of loss that investors should be prepared to bear. The following list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Funds or engaging Dayah Capital as a sub-adviser for an SMA. Each Fund’s Governing Documents provides a detailed description of the risks of investing in the Funds. General Risks and Conflicts Reliance on Dayah Capital and the General Partners. The success of the Clients is heavily dependent upon the ability of Dayah Capital, the General Partners, and their agents, the Principal and employees, including specifically the Principal. If the Principal ceases to be involved, directly or indirectly, in Dayah Capital, the General Partners, and the management of the Clients and or their portfolios, the business of the Funds and SMA Clients would likely be adversely affected. Any deterioration in Dayah Capital’s or the General Partners’ net income or prospects, which could be expected to follow from investment losses and a reduction in assets under management, will make it more difficult to retain key personnel (including partners and employees) and could have a material adverse effect on the Clients. If the Principal of Dayah Capital, and/or the General Partners, cease to be involved, directly or indirectly, in Dayah Capital and/or the General Partners and the management of the Clients or their portfolio, the business of the Clients would likely be adversely affected. While Dayah Capital, the General Partners, and the Principal and affiliates will devote as much time to the Clients’ affairs as they deem necessary and appropriate, they generally will not be precluded from engaging in outside activities. Any of the foregoing generally are permitted to engage and hold interests in other business ventures and activities of every kind and description for their own account including, without limitation, other investment entities similar to the Funds and/or other investment advisory entities similar to Dayah Capital and/or the General Partners. Lack of Management Control. The management of the affairs of the Funds is vested in Dayah Capital and the General Partners and in such other persons to which the General Partners delegate authority. The General Partners have wide latitude and exclusive authority and discretion in making most investment decisions and, with limited exceptions, the Investors have no right to participate in the decisions made by the General Partners on behalf of the Funds, or otherwise participate in the affairs of the Funds. Performance History. The Funds are relatively newly formed entities that have a limited performance history which prospective Investors can review in connection with an investment in the Funds or an SMA Client engaging Dayah Capital for advisory services. Past performance of the Principal and his respective affiliates are not necessarily indicative of future performance or the profitability of an investment in the Client Accounts. Dayah Capital’s investment program should be evaluated on the basis that there can be no assurance that Dayah Capital’s assessment of the short-term or long-term prospects of investments will prove accurate or that the Clients will achieve their investment objectives. An investment in the Funds involves a substantial degree of risk, including risk of loss.

Compensation Arrangements. Dayah Capital is entitled to receive a Management Fee for the Dayah Alpha Partners Funds and the SMA Clients and the General Partners are entitled to receive a Performance Allocation. Management Fees, which are paid without regard to the Dayah Alpha Fund’s and the SMA Clients’ performance, could motivate Dayah Capital to gather more assets than it can manage effectively, thereby diluting returns to Investors. The Performance Allocation could motivate Dayah Capital, due to its affiliation with the General Partners, to make investments that are riskier or more speculative than would be the case if such arrangements were not in effect. Dayah Capital and/or the General Partners are also permitted to enter into solicitation or placement agent agreements with third party solicitors or placement agents, pursuant to which the solicitor or placement agent will identify, solicit and refer prospective qualified investors in the Funds and Dayah Capital and/or the General Partners will compensate the solicitor for such activities. Business and Regulatory Risks of Private Funds. The financial services industry generally, and the activities of private investment funds and their managers in particular (including hedge funds and other private investment funds), have recently been subject to intense and increasing regulatory scrutiny. Such scrutiny may increase the Funds’, Dayah Capital’s and/or the General Partners’ exposure to potential liabilities and to legal, compliance and other related costs. Increased regulatory oversight may also impose additional administrative burdens on Dayah Capital and/or the General Partners, including, without limitation, responding to investigations, implementing new policies, procedures and reporting requirements. Such burdens may divert Dayah Capital’s and/or the General Partners’ time, attention and resources from portfolio management activities. Incomplete Information. An Investor in the Funds generally may not have sufficient information to analyze or evaluate the risks or potential returns of a Fund’s investment program currently or prospectively. In general, Dayah Capital may not provide current or detailed information about the Funds’ portfolios or any advance notice to Investors of anticipated changes in the composition of the Funds’ portfolio. However, in response to questions and requests and in connection with due diligence meetings and other communications, the Funds, Dayah Capital and/or the General Partners may provide additional information to certain Investors that is not distributed to other Investors, and such information may affect an Investor’s decision to request a withdrawal. Each Investor is responsible for asking such questions as it believes are necessary in order to make its own investment decisions, including whether to invest in the Funds, and each Investor must decide for itself whether the limited information provided by Dayah Capital, the General Partners, and the Funds is sufficient for its needs. Withdrawals. An investment in the Funds generally provides limited liquidity since the interests are not freely transferable, an Investor is only permitted to withdraw amounts from its capital account balance on a limited basis in accordance with the terms of the Governing Documents. The General Partner of a Fund may delay withdrawal payments if such delay is reasonably necessary to prevent such withdrawal from having a material adverse impact on a Fund. The Funds may also suspend the calculation of net asset value and/or withdrawal or distribution rights of Investors under certain circumstances. Limitation of Liability and Indemnification. Certain exculpation and indemnification provisions are contained in the Governing Documents of the Funds (i.e., Limited Partnership Agreements and other applicable documents). As a result of these provisions, Dayah Capital, the General Partners, and their affiliates and personnel generally will not be liable to the Funds for any act or omission (including employee negligence and similar human errors), absent gross negligence, bad faith, willful misconduct or fraud, and the Funds generally are required to indemnify such persons against any losses they may incur by reason of any act or omission related to the Funds (to the extent permitted by applicable law). Notwithstanding the foregoing, such provisions will not be construed to relieve any person of any liability to the extent that such liability may not be waived, modified or limited under applicable law (including liability under certain U.S. securities laws which, under certain circumstances, impose liability even on persons acting in good faith). Restrictions on Transferability of Investor Interests in the Funds. Each Investor is required to

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Dayah Capital’s current clients are the Funds and the SMA Clients that are institutional advisers to private funds. The initial subscription minimum for each Fund is generally $1,000,000, as disclosed in the Governing Documents of each Fund. Additional subscription minimums are disclosed in the Governing Documents as well. The Governing Documents for each Fund provide the eligibility criteria and minimum investment requirements to be an Investor. Investors in the Dayah Alpha Partners Funds Investors in the Dayah Alpha Partners Funds at a minimum will be: (i) an “Accredited Investor”, as defined in Regulation D under the U.S. Securities Act of 1933 (the “Securities Act”), and (ii) either a “Qualified Purchaser”, as defined in the U.S. Investment Company Act of 1940 (the “Company Act”), or a “knowledgeable employee”, as defined under Rule 3c-5 of the Company Act and must meet other suitability requirements. Investors in the Dayah Energy Fund Investors in the Dayah Energy Fund at a minimum will be: (i) an “Accredited Investor”; and (ii) a “Qualified Client”, as defined in Rule 205-3 of the Advisers Act. The Subscription Agreements for each Fund contain representations and questionnaires relating to these qualifications. SMA Clients Dayah Capital will negotiate with each SMA Client on a minimum asset under management level.

Dayah Alpha Partners Master Fund Performance-Based Fee Subject to a High-Water Mark (defined below), the Dayah Alpha General Partner will be entitled to an annual Performance Allocation equal to the relevant Performance Allocation Percentage (defined below) of realized and unrealized income and gains and other net income during each fiscal year (the “Performance Allocation”).

“Performance Allocation Percentage” for the Dayah Alpha Master Fund will depend upon on the class interests of the Dayah Alpha Partners Feeder Funds (or the Dayah Alpha Partners Master Fund) and the total net assets in the Dayah Alpha Partners Master Fund. Such percentage as may be otherwise agreed on a case-by-case basis with one or more Investors in the Dayah Alpha Partners Funds. The Dayah Alpha Partners Master Fund generally will maintain a “cumulative net loss account” (also known as a “High Water Mark”) with respect to an Investor’s aggregate capital account(s). At the end of each fiscal year, each cumulative net loss Account will be (i) credited with the sum of the cumulative amount of net losses, if any, allocated to the capital account since the immediately preceding date as of which a calculation of the Performance Allocation was made (or if no calculation has yet been made with respect to such capital accounts, since such capital accounts were established) and the cumulative amount of any Management Fee charged with respect to such capital accounts and (ii) debited (but not below zero) with the cumulative net profits, if any, allocated to such capital accounts or since the immediately preceding date as of which a calculation of a Performance Allocation was made (or the date such capital accounts were established, if applicable). The Dayah Alpha Partners General Partner will not be allocated any Performance Allocation with respect to an Investor’s capital accounts until the balance in its cumulative net loss account has been reduced to zero. Fund assets are expected to be managed in the Dayah Alpha Partners Master Fund, therefore Dayah Capital does not expect to face any side-by-side conflict of interest issues between the Feeder Funds, such as allocation decisions which may be impacted by performance-based fee differentials. Dayah Capital has developed and implemented procedures that are designed to ensure that all clients are treated fairly and equally, and to prevent conflicts from influencing the allocation of investment opportunities among clients. Dayah Energy Fund Performance-Based Fee At the end of each fiscal year and subject to a High Water Mark provision and a Clawback, the Dayah Energy General Partner will receive a Performance Allocation. When calculating the Performance Allocation at the Dayah Energy Fund level, all items of income, loss and expense incurred at the Dayah Energy Fund level will be taken into account. The Dayah Energy Fund shall retain the Performance Allocation amounts (other than Tax Distributions, as described below) in an escrow account to secure the Clawback obligations of the Dayah Energy General Partner. The Dayah Energy Fund shall distribute such amounts to the Dayah Energy General Partner at such times and to the extent that they are no longer necessary to secure such obligations (e.g., because they are not mathematically capable of being clawed back). Notwithstanding the prior two sentences, the Dayah Energy Fund may make annual distributions to the Dayah Energy General Partner in an amount sufficient to permit the Dayah Energy General Partner to pay any federal, state and local income tax liability of the Dayah Energy General Partner (and any person whose tax liability is determined by reference to the income of the Dayah Energy General Partner) resulting from the allocation of the Performance Allocation, calculated at the Assumed Tax Rate (as defined below) (the “Tax Distributions”). For the avoidance of doubt, any Tax Distributions to the Dayah Energy General Partner with respect to a particular year shall reduce distributions of the Performance Allocation to the Dayah Energy General Partner with respect to such year. With respect to any Investor in the Funds (including any affiliates and/or employees of Dayah Capital or the General Partners), the General Partners will have the right to reduce, waive, assign, grant participation in, or otherwise share the Performance Allocation, without the consent of, or notice to, any other Investor. SMA Client Performance-Based Fees Dayah Capital will be entitled to an annual performance fee based on a percentage of the net capital appreciation of the SMA (the “Performance Fee”) as agreed to in accordance with the IMA with

each SMA Client.

The Performance Fee is subject to a "loss carry forward” provision. The “loss carry forward” feature ensures that Performance Fee are based on long-term performance and not on profits that merely restore previous losses. Each SMA Client will calculate the Performance Fee due to Dayah Capital and submit payment accordingly. Dayah Capital does not anticipate having the authority to automatically deduct fees due from the SMA Client. Any Performance Allocation or Performance Fee charged to an Investor or SMA Client, will only be charged in compliance with Rule 205-3 of the Advisers Act, whereby each Investor or SMA Client must be a “Qualified Client”. The terms of the performance-based fees may differ amongst the Funds and the SMA Clients advised by Dayah Capital. This may result in a conflict of interest when Dayah Capital allocates opportunities among such Clients because there may be an incentive to favor allocations to Clients that have higher performance-based fees and Performance Allocations. To avoid such conflict of interest, Dayah Capital will generally follow documented procedures in allocating opportunities among its Clients which would not take into account the performance-based fees and Performance Allocations to which such Clients are subject.

Neither Dayah Capital nor the General Partners are registered or have an application pending to register as a broker-dealer or a registered representative of a broker-dealer. Neither Dayah Capital nor the General Partners are registered or have an application pending to register as a futures commission merchant, commodity pool operator, a commodity trading advisor, or an associated person of the foregoing entities. The General Partners are each an affiliated entity of Dayah Capital.

Code of Ethics Dayah Capital has adopted a Code of Ethics pursuant to Rule 204A-1 of the Advisers Act (the “Code”) that establishes certain standards of conduct and rules for its employees. A summary of the Code is provided below. All employees of Dayah Capital must acknowledge annually that they understand and agree to the terms of the Code. The Code incorporates the following general principles that all employees are expected to uphold at all times: •

Employees must place the interest of clients first;

•

Employees must conduct all personal securities transactions in a manner consistent with the Code and seek to avoid both actual conflicts of interest and the appearance thereof, and;

•

Employees may not take inappropriate advantage of their own positions with Dayah Capital for their own personal benefit.

Personal Trading The Code provides that upon pre-clearance from the CCO, employees may purchase and sell

individual publicly traded securities and closed-end mutual funds or ETFs for their own accounts or accounts that an employee controls or which the employee may be deemed to have beneficial ownership (such as an account of a spouse or minor child). Employees are permitted to buy and sell private securities (such as investments in hedge fund, private equity funds and private companies) with prior approval. Employees are also permitted to invest in mutual funds and U.S. and non-U.S. government issued obligations without prior approval. In addition, Dayah Capital may permit employees to maintain accounts that are managed on a discretionary basis by a third party if the employee has no direct or indirect influence or control over the investments for the account. Gifts and Entertainment, Political Activities and Outside Activities The Code provides that gifts and entertainment must be reasonable in light of industry practices and should never be given or received if the purpose is to influence the recipient. Dayah Capital requires employees to report or receive approval for the receipt or giving of gifts and entertainment under certain circumstances. The Code also generally requires employees to obtain prior approval before the employee, a spouse or certain other immediate family members makes a political contribution or engages in certain campaign-related fundraising activities. This policy is intended to prevent scenarios whereby an employee may make a contribution or engage in an activity for the selection of Dayah Capital as an investment adviser for a governmental equity. Finally, the Code provides that, without prior approval, employees are generally not permitted to engage in certain types of outside business activities. This policy is intended to prevent material conflicts of interest that could arise from an employee’s personal activities. Participation or Interest in Client Transactions Dayah Capital, its Principal and employees do not purchase or sell any securities for their own accounts to or from the Funds. In advising multiple Client Accounts, Dayah Capital may effect rebalancing or internal cross transactions. In such cases, Dayah Capital may determine that it would be in the best interests of multiple Client Accounts to transfer a security from one Client Account to another (each such transfer, a “Cross Trade”) for a variety of reasons, including tax purposes, liquidity purposes, to rebalance the portfolios of the accounts, or to reduce transaction costs that may arise in an open market transaction. If Dayah Capital decides to engage in a Cross Trade, Dayah Capital will determine that the trade is in the best interests of both of the Client Accounts involved and take steps to ensure that the transaction is consistent with the duty to obtain best execution for each of those accounts. Although unlikely, in the event that Dayah Capital is to execute Cross Trades, it would do so with the assistance of a broker-dealer that executes and books the transaction at the close of the market on the day of the transaction. Alternatively, a cross transaction between two fund clients may occur as an “internal cross”, where Dayah Capital instructs the custodian for the accounts to book the transaction at the price determined in accordance with Dayah Capital’s Valuation Policy. If Dayah Capital effects an internal cross, Dayah Capital will not receive any fee in connection with the completion of the transaction. Additional Considerations From time to time, various potential and actual conflicts of interest may arise from the overall advisory, investment and other activities, partners and personnel in connection with client transactions. Dayah Capital has established written policies and procedures, which contain procedures to monitor and resolve conflicts and will endeavor to resolve conflicts in a manner it deems equitable to the extent possible under the prevailing facts and circumstances. Investors or Clients may also contact Dayah Capital via e-mail or telephone to request a copy of

Dayah Capital’s Code.

Dayah Capital has complete discretion in deciding which securities are bought and sold, the amount and price of those securities, the brokers or dealers to be used for a particular transaction, and commissions or markups and markdowns paid. Portfolio transactions for the Clients are allocated to brokers and dealers on the basis of numerous factors and not necessarily lowest pricing. Brokers and dealers may provide other services that are beneficial to Dayah Capital and/or certain Clients, but not beneficial to all Clients. Subject to best execution, in selecting brokers and dealers (including prime brokers) to execute transactions, provide financing and securities on loan, hold cash and short balances and provide other services, Dayah Capital may consider, among other factors that are deemed appropriate to consider under the circumstances, the following: the ability of the brokers and dealers to effect the transaction; the brokers’ or dealers’ facilities, reliability and financial responsibility; and the provision by the brokers of capital introduction, talent introduction, marketing assistance, consulting with respect to technology, operations and equipment, commitment of capital, access to company management and access to deal flow. Accordingly, the prices and commission rates (or dealer markups and markdowns arising in connection with riskless principal transactions) 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 services. Dayah Capital need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost or spread. Generally, neither Dayah Capital nor the Clients separately compensates any broker or dealer for any of these other services. Dayah Capital maintains policies and procedures to review the quality of executions, including periodic reviews by its investment professionals. Soft Dollar Usage From time to time, Dayah Capital pays a broker-dealer commissions (or markups or markdowns with respect to certain types of riskless principal transactions) for effecting Client transactions in excess of that which another broker-dealer might have charged for effecting the transaction in recognition of the value of the brokerage and research services provided by the broker-dealer. Dayah Capital will effect such transactions, and receive such brokerage and research services, only to the extent that they fall within the safe harbor provided by Section 28(e) of the Exchange Act and subject to prevailing guidance provided by the SEC regarding Section 28(e). Dayah Capital believes it is important to its investment decision-making processes to have access to independent research. Also, consistent with Section 28(e), research products or services obtained with “soft dollars” generated by the Clients may be used by Dayah Capital to service one or more other accounts, including accounts that may not have paid for the soft dollar benefits. Dayah Capital will not seek to allocate soft dollar benefits to accounts in proportion to the soft dollar credits the accounts generate. Where a product or service obtained with soft dollars provides both research and non-research assistance to Dayah Capital (i.e., a “mixed use” item), Dayah Capital will make a good faith allocation of the cost which may be paid for with soft dollars. In making good faith allocations of costs between administrative benefits and research and brokerage services, a conflict of interest may exist by reason of Dayah Capital’s allocation of the costs of such benefits and services between those that primarily benefit Dayah Capital and those that primarily benefit the accounts. When Dayah Capital uses brokerage commissions (or markups or markdowns) generated by any accounts to obtain research or other products or services, Dayah Capital receives a benefit because it does not have to produce or pay for such products or services. While Dayah Capital is obligated to seek best execution for each account, the fact that Dayah Capital can obtain or receive such products or services may create an incentive for it to select or recommend a particular broker-dealer based on Dayah Capital’s interests, to the exclusion of another broker-dealer that offers business terms that are also favorable to one or more accounts.

Trade Aggregation and Allocation Policies and Procedures In advising the Clients, it will be the policy of Dayah Capital to allocate investment opportunities to the Client Accounts on a fair and equitable basis, to the extent practical and in accordance with the Funds or other SMA Clients’ applicable investment strategies, over a period of time. In such instances, Dayah Capital will use its best efforts to obtain the same price for the security and make an allocation in a pari passu manner - taking into account the respective opportunity is considered appropriate. In addition, in analyzing trade execution for the Clients, Dayah Capital will take into account, among other considerations: whether the risk-return profile of the proposed investment is consistent with each Client’s objectives, the potential for the proposed investment to create an imbalance in an Client’s portfolio, the liquidity requirements of each Client, potentially adverse tax consequences, regulatory restrictions that would or could limit an account’s ability to participate in a proposed investment, and the need to re-size risk in a Client’s portfolio. Dayah Capital will have no obligation to purchase or sell a security for, enter into a transaction on behalf of, or provide an investment opportunity to, a Client solely because Dayah Capital purchases or sells the same security for, enters into a transaction on behalf of, or provides an opportunity to, another Client(s) if, in its reasonable opinion, such security, transaction or investment opportunity does not appear to be suitable, practicable or desirable for a particular Client(s). In particular, when the Funds are ramping up their investment or trading strategies, it may receive larger allocations of certain securities than the other accounts in order to obtain its desired risk and portfolio size. Conversely, when other accounts (such as an SMA) ramp up their investment and trading strategies, the Funds may receive reduced or no allocations of certain securities. Trade Errors Relating to the Funds Trade errors involving transactions in any account directly or indirectly held by the Client Accounts or any derivatives contract or other similar agreement of the Client Accounts (each, a “Trade Error”) may occur. Trade Errors include the placement of orders (either purchases or sales) in excess of, or less than, the amount of Securities the account intended to trade; the sale of a security when it should have been purchased; the purchase of a security when it should have been sold; the purchase or sale of the wrong security; and the purchase or sale of a security for the wrong account and the post-settlement discovery of such purchase or sale. Trades implemented as a result of faulty data, systems, coding, modeling or analysis, trades that are properly executed but result in losses, errors committed by other persons (including brokers and custodians), or that are otherwise caused by human error other than those specifically described above, are not considered Trade Errors. The loss of an investment opportunity is not considered a Trade Error. Such errors may result in losses or gains. Dayah Capital will use reasonable efforts to detect such errors prior to settlement and promptly correct them. To the extent that an error is caused by a counterparty, such as a broker-dealer, Dayah Capital will use reasonable efforts to recover any losses associated with such error from the counterparty. Pursuant to the exculpation and indemnification provided by the Funds to Dayah Capital and its affiliates and personnel, Dayah Capital and its affiliates and personnel will generally not be liable to the Funds for any act or omission, absent bad faith, gross negligence, willful misconduct or actual fraud of such person, and the Funds will generally be required to indemnify such persons against any losses they may incur by reason of any act or omission related to the Funds, absent bad faith, gross negligence, willful misconduct or actual fraud of such person. As a result of these provisions, the Funds (and not Dayah Capital) will benefit from any gains resulting from Trade Errors and other errors and will be responsible for any losses (including additional trading costs) resulting from Trade Errors and other errors, absent bad faith, gross negligence, willful misconduct or actual fraud of the relevant person. Dayah Capital will not offset any such gains and losses resulting from Trade Errors and other errors unless the underlying transactions constitute a single transaction or closely related series of transactions. Dayah Capital will reimburse the Funds for losses for which Dayah Capital is responsible

under the exculpation provisions. Given the potentially large volume of transactions executed by Dayah Capital on behalf of the Funds, Investors should assume that Trade Errors and other errors will occur and that, to the extent permitted by applicable law and under the Funds’ respective Governing Documents, the Funds will be responsible for any resulting losses, even if such losses result from the negligence (but not gross negligence) of Dayah Capital’s personnel. Trade Error Relating to the SMA Clients In relation to an SMA Client, if a Trade Error is to occur in an SMA, Dayah Capital will review the IMA for such SMA Client(s) to determine which party is responsible for any losses from a trade error, and whether Dayah Capital must notify the SMA Client(s) of the Trade Error.

Although Dayah Capital does not currently have any third-party placement agents, Dayah Capital in the future may agree to pay third-party placement agents that refer investors to a Fund. The compensation typically paid to those placement agents includes a portion of the fixed fee and/or Performance Allocation earned by Dayah Capital in respect of investors referred to by such placement agents. Investors are generally not subject to any incremental fees in connection with the referral unless incremental fees are payable by the investor directly to the placement agent under the terms of the separate agreement between the investor and the placement agent (to which Dayah Capital is not a party). The referral arrangements described above involve potential conflicts of interest because the placement agent may have an incentive to favor sales of interests in a Fund over sales of other investment products for which the agent will receive no or lower fees. Prospective and existing investors should consider this potential conflict of interest when evaluating any recommendation or referral by an agent regarding an investment in a Fund.

Dayah Capital is required to disclose all material facts regarding any legal or disciplinary events that would be material to a prospective investor or current Investor’s evaluation of Dayah Capital’s business or the integrity of Dayah Capital. Dayah Capital has not been subject to any disciplinary action, whether criminal, civil or administrative (including regulatory) in any jurisdiction. No persons involved in the management of Dayah Capital have been subject to such action.

Dayah Capital intends to perform daily reviews of the Clients’ portfolios, as well as various other periodic formal and informal reviews. Investors in the Funds generally receive periodic commentary letters, as well as monthly account statements. Dayah Capital may, in its discretion, provide certain Investors with additional information on a more frequent basis upon request. In addition, Dayah Capital issues Investors tax reports, as well as audited financial statements of the Funds within 120 days of the end of each Fund’s fiscal year. The Funds Each Investor in the Funds will receive periodic commentary letters, as well as other reports as described in the Governing Documents of the Funds. Specifically, Investors in the Funds will receive at least quarterly unaudited financial reports or account statements in accordance with the Governing Documents and Investors in the Funds will also receive audited financial statements of the Funds on an annual basis within 120 days of the end of the Funds’ fiscal year (see “Item 15 – Custody”). SMA Clients The custodian of each SMA Client will provide to each SMA Client with respect to its accounts an account statement, at least quarterly, identifying the amount of funds and of each security in such SMA custodial account during such period and setting forth all transactions in such custodial during that period.

Dayah Capital will comply with the requirements of Rule 206(4)-2 of the Advisers Act (“Custody Rule”) with regards to Dayah Capital’s custody of the Funds’ assets. Dayah Capital is deemed to have custody of client funds and securities because it has the authority to obtain client funds or securities, for example, by deducting advisory fees from a client's account or otherwise withdrawing funds from a client's account. Dayah Capital does not expect to be required to comply (or expects to be deemed to have complied) with certain requirements of the Custody Rule with respect to each Fund because it complies with the provisions of the so-called "Pooled Vehicle Annual Audit Exception", which, among other things, requires that (i) each Fund be subject to an audit at least annually by an independent public accountant that is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board (PCAOB), (ii) each Fund’s audited financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), and (iii) each Fund distributes its audited financial statements to all Investors in the relevant Fund(s) within 120 days of the end of its fiscal year. Dayah Capital does not intend to have custody of any SMA.

Dayah Capital has full discretionary authority to manage the Funds, including authority to make decisions with respect to which securities are bought and sold, the amount and price of those securities, the brokers or dealers to be used for a particular transaction, and the commissions paid. Dayah Capital’s authority is limited by its own internal policies and procedures and each Fund’s investment guidelines. These terms are set out in the Governing Documents of each Fund. Pursuant to the IMA for each SMA Client and the Governing Documents for the Funds, Dayah Capital has the authority to determine (i) the securities to be purchased and sold for the Funds and the SMAs, and (ii) the amount of securities to be purchased or sold for the Funds and the SMAs.

Proxy Voting Policies and Procedures Dayah Capital has established proxy voting policies and procedures designed to ensure that proxies, to the extent Dayah Capital has been delegated authority to vote such proxies on behalf of the Funds and elects to vote, are voted in the best interest of the Funds. When voting proxies, Dayah Capital must identify and address material conflicts that may arise between Dayah Capital’s interests and those of the Funds. Specifically, Dayah Capital monitors the potential for conflicts of interest that might arise from personal relationships that Dayah Capital or its employees may have with parties involved in the vote, significant Investor relationships with those parties, and other special circumstances. Dayah Capital will vote proxies as it deems necessary or appropriate, on a case-by-case basis. Prior to voting, the CCO will determine whether the conflict is material to the vote and will either resolve the conflict or refer the proxy vote to an outside service for its independent consideration. In limited circumstances, Dayah Capital may refrain from voting Proxies where Dayah Capital believes that voting would be inappropriate, taking into consideration the cost of voting the Proxies and the anticipated benefit to the Funds. Investors or Clients may also contact Dayah Capital via e-mail or telephone to request a copy of its proxy voting policy.

Dayah Capital has no financial commitment that impairs its ability to meet contractual and fiduciary commitments to Investors and has not been the subject of a bankruptcy proceeding.