JB Investments Management, LLC

As of December 31, 2025, JBIM manages approximately $773,384,519 in Client (Fund) assets on a discretionary basis. JBIM does not manage any Subscriber’s assets on a non-discretionary basis. Item 5: Fees and Compensation Item 5.A. The fees and expenses associated with an investment in the relevant Funds are described in detail in the Funds’ Offering Documents. JBIM may, in its sole discretion, manage other funds with higher or lower fees, different fee structures and different expense payment arrangements than the described in a Fund’s Offering Documents. JBIM will receive a management fee that is generally calculated as a percentage based on capital commitments through the investment period and, thereafter, based on invested capital of the Fund. JBIM reserves the right to waive or reduce the management fee for certain Subscribers including employees, JBIM-affiliated Feeder funds, Subscribers in a Feeder Fund, or affiliates of JBIM. The current Funds offer two series of a single class of interests: Founder Series Interests (“Founder Interests”) and Series A Interests (“Series A Interests”). The Management fee rate is 0.50% per annum for Founder’s Interests and 1.25% per annum for Series A Interests. The management fees are typically paid by the Fund’s monthly equivalent to one-twelfth the annual rate, in arrears. The General Partners or an affiliate of JBIM are also entitled to receive performance-based from each Limited Partner’s Basic Memorandum Account, also known as incentive fees. The Incentive Allocations are allocated in a progressive tiered structure that ranges between 17.5% and 45%, following an European-style distribution waterfall. A detailed description of the carried interest calculation is further described in the Offering Documents. Generally, carried interest is calculated based on a percentage of capital appreciation calculated at the end of each calendar month, and is subject to a recoupment of allocated losses, fees and expenses, preferred rate of return, and other criteria set forth in the relevant Offering Documents. For Feeder Funds, its pro rata share of the management and incentive fee as Limited Partners of the Master Fund will be passed on to its Subscriber’s Memorandum Account equal to the product of the applicable fee rate and the balance of the Memorandum Account of each Subscriber. Finally, Subscribers purchasing Founder Interests are subject to a separate Administrative Fee and may be subject to a separate Subscription Fee, as more fully described in the Offering Documents. It is important to note that the payment of Administrative or Subscription Fees will not reduce a Subscriber’s capital commitment to the Funds.

Item 5.B. JBIM is authorized to deduct management fees, if any, from drawdowns of the Limited Partners’ unfunded capital commitments or from proceeds of portfolio investments. Carried interest will be distributed from investment proceeds. Item 5.C. The expenses listed here are fees and expenses borne by Limited Partners of the Master Fund. In the case of Funds subject to master-feeder structures, the Feeder Fund will bear its prorated portion as Limited Partners of the Master Fund. The shareholders of Feeder Funds will be allocated those fees and expenses on a pro rata basis. In addition to the expenses and fees of the Master Fund, shareholders of the Feeder Fund will bear all costs and expenses associated with the formation, organization, and operation of the Feeder Fund. Other Fees and Expenses In addition to paying investment management fees and performance-based compensation, the Funds (and, indirectly, the Subscribers therein) will pay such additional expenses as are disclosed in the Funds’ applicable Offering Documents. The Funds will reimburse the General Partner and/or JBIM for the Funds’ and its affiliated entities' organizational and start-up expenses (as further set forth in the Offering Documents). These organizational expenses include travel, printing, legal, capital, raising, accounting, regulatory compliance, and related rules and legislation including, any law, rule or regulation relating to the implementation thereof in any relevant jurisdiction or any similar law, any administrative or other filings, and other organizational expenses. Additionally, fund-borne expenses include, all other fees, costs, expenses, liabilities and obligations relating to the Fund and/or its activities, business, portfolio companies or actual or potential investments (to the extent not borne or reimbursed by a portfolio company or potential portfolio company), including but not limited to all fees, costs, expenses, liabilities and obligations relating or attributable to: (i) the Management Fee, the Administrative Fee, and the Subscription Fee (each as defined in the relevant Offering Documents); (ii) expenses incurred in buying, structuring, negotiating, holding and selling or otherwise disposing of securities and other investments, including, brokerage commissions, transactional fees and expenses (including fees and expenses related to potential purchases and sales of securities and other investments, even if not consummated), indebtedness of, or guarantees made by, the Fund, the Manager or the General Partner on behalf of the Fund (including any Credit Facility, letter of credit or similar credit support), including repayment of principal and interest with respect thereto, or seeking to put in place any such indebtedness or guarantee, external research expenses, soft dollar expenses, custody and transfer fees, expenses of currency and other hedging transactions, investment-related travel expenses, the costs of preparing and filing reports to regulatory authorities relating to the Fund's investments, the costs of proxy or corporate control contests, broken-deal fees and the costs of any litigation, arbitration or other proceeding relating to the Fund's investments (including legal fees and the amounts of any judgments or settlements), fees and expenses related to obtaining, processing and analyzing research or market data that may be considered “big data” or “alternative data”, brokerage, prime brokerage and futures commission merchant fees, commissions and expenses; (iii) ongoing offering fees and expenses (including costs and expenses associated with preparing amendments to the Offering Documents and periodic updates to the Funds’ Offering Documents), fees and expenses of banks, custodians, administrators (including all fees and expenses charged by, or relating to, the Fund’s thirdparty Administrator, SS&C Technologies Holdings, Inc., or such other third-party administrator selected

by the General Partner), legal counsel, third-party regulatory, compliance and/or administrative consultants, independent public accountants, external valuers and appraisers of illiquid assets (if any), providers of tax-related services, external risk management service providers, investment bankers; (iv) out-of-pocket costs of meetings with, and the preparation, reproduction and mailing of annual financial statements, Fund tax returns and other reports to the Limited Partners; (v) subject to such exceptions as may be expressly set forth in the Offering Documents, any taxes, fees or other governmental charges levied against the Fund or its income or assets; (vi) proportionate share of insurance expenses, including, without limitation, premiums for cybersecurity insurance and liability insurance covering the General Partner, the Manager and the members, partners, officers, employees and agents of any of them; (vii) expenses incurred in connection with negotiating and complying with provisions of any side letter, and expenses incurred in connection with any transfers of Interests or a Subscriber’s admission or withdrawal, unless otherwise charged to or borne by the applicable transferee or Subscriber (viii) indemnification expenses and other extraordinary fees and expenses (such as those associated with litigation and threatened litigation); (ix) Placement Fees, and (x) the costs of winding up and liquidating the Fund. JBIM will bear its own operating, general, administrative, and overhead costs and expenses, other than the expenses described above. Additionally, all fees and expenses relating to any placement agent engaged in connection with the Fund will be borne solely by the Manager. Any placement agent fees paid by the Fund will be fully reimbursed by the Manager or General Partner. Please refer to Item 12 of this Brochure for a discussion of JBIM’s brokerage practices. It is important that Subscribers refer to and carefully read the relevant Offering Documents for a complete understanding of expenses and fees they may pay through an investment in the Fund. The information contained in this Item 5 is a summary only and is qualified in its entirety by such documents. Item 5.D. The management fee is payable monthly, in arrears.

Not Applicable. Neither JBIM nor its supervised persons are compensated for the sale of securities or other investment products.

The following summary identifies the material risks related to JBIM’s investment strategy and should be carefully evaluated before making an investment; however, the following does not intend to identify all possible risks of an investment with JBIM or provide a full description of the identified risks. 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 respective Fund. Prospective Subscribers should carefully read the relevant Offering Documents in their entirety and consult with their own advisors before deciding to invest in the respective Fund. General Risk Factors No Assurance of Investment Return The success of a Fund depends upon the ability of the employees of the General Partner, the Adviser, or their affiliates (the “Investment Professionals”) to identify, select, develop and invest in investments that the Investment Professionals believe offer the potential for superior risk-adjusted returns. The Investment Professionals cannot provide any assurance whatsoever that they will be able to choose, make and realize

investments in any particular asset or portfolio of assets. There can be no assurance that the Fund will be able to generate returns for its Subscribers or that the returns will be commensurate with the risks of investing in the type of investments and transactions described herein. There can be no assurance that any Subscriber will receive any distribution from the Fund. Subscribers should bear in mind that past or targeted performance is not a guarantee, projection, or prediction, and is not a reliable indicator of future performance. There can be no assurance that targeted returns will be achieved, that the returns generated by the Fund will equal or exceed those of other or past investment activities of the Investment Professionals or that the Fund will be able to implement its investment strategy or achieve its investment objectives. Uncertain Economic, Social and Political Environment Consumer, corporate and financial confidence may be adversely affected by current or future tensions around the world, fear of terrorist activity and/or military conflicts, localized or global financial crises or other sources of political, social or economic unrest. Such erosion of confidence may lead to or extend a localized or global economic downturn. A climate of uncertainty may reduce the availability of potential investment opportunities, and increases the difficulty of modeling market conditions, potentially reducing the accuracy of financial projections. In addition, limited availability of credit for consumers, homeowners, and businesses, including credit used to acquire businesses, in an uncertain environment or economic downturn may have an adverse effect on the economy generally and on the ability of a Fund and its portfolio companies to execute their respective strategies and to receive an attractive multiple of earnings on the disposition of businesses. This may slow the rate of future investments by such Fund and result in longer holding periods for investments. Furthermore, such uncertainty or general economic downturn may have an adverse effect upon such Fund’s portfolio companies. Public Health Emergencies; COVID-19 Pandemics and other widespread public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 flu, avian flu, Ebola and the current outbreak of COVID-19 (as defined below), have and are resulting in market disruption, and future such emergencies have the potential to continue to materially and adversely impact economic production and activity in ways that are impossible to predict, all of which may result in significant losses to the Fund. The ongoing COVID-19 crisis and any other similar or comparable public health emergency could have a significant adverse impact and result in significant losses to the Fund. The extent of the impact on the operational and financial performance of the Fund and/or any Private Investments will depend on many factors, all of which are highly uncertain and cannot be predicted. These impacts may include significant reductions in revenue and growth, unexpected operational losses and liabilities, impairments to credit quality and reductions in the availability of capital. These same factors may limit the ability of the Fund to source, diligence and execute new investments and to manage, finance and exit investments in the future. Moreover, governmental mitigation actions may constrain or alter existing financial, legal, and regulatory frameworks in ways that are adverse to the investment strategy the Fund intends to pursue. All of the foregoing could adversely affect the Fund’s ability to fulfill its investment objectives. In addition, the operations of the Fund, any Private Investments and/or the Manager may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, restrictions on travel and movement, remote-working requirements and other factors related to a public health emergency. These measures may also hinder such entities’ ability to conduct their affairs and activities as

they normally would, including by impairing usual communication channels and methods, including hampering the execution of trading activities. Operational Risk Newly Formed Company with No Operating History The Fund and the General Partner are newly formed entities without any operating history. The success of the Fund will depend on the investment objectives of the Fund and the implementation of the investment strategies designed to achieve those objectives. Should these strategies not be sound or the assumptions on which the objectives are based turn out to be erroneous, or if the General Partner or Manager are unable to implement the strategies successfully, the Fund’s results could be materially adversely affected and Subscribers could suffer the loss of their investment. Future and Past Performance The performance of any prior fund or any personal investments affiliated with the Manager or the Principal (Brian Riley) is not necessarily indicative of the Fund’s future results. While the Manager intends for the Fund to make investments that have estimated returns commensurate with the risks undertaken, there can be no assurance that targeted results will be achieved. Loss of principal is possible with any given investment. Investment Approach The Manager has broad and flexible investment authority, and the Fund may trade in any of a broad array of investments and strategies across the sector or sectors that it determines are undergoing Structural Change. The Manager is not subject to formal diversification policies limiting the Fund’s portfolio investments (other than a 25% limitation on Private Investments) or to formal leverage policies limiting the leverage to be used by the Fund. In fact, the Manager intends to concentrate the Fund’s investments in a specific industry or industries that it believes are undergoing Structural Change. The Manager may utilize such leverage, position size, duration, and other portfolio management techniques as it believes appropriate for the Fund. Prospective Subscribers must recognize that by investing in the Fund, they are placing their capital under the full discretionary management of the Manager and authorizing the Manager to trade for the Fund using whatever strategies in such manner as the Manager may determine. There can be no assurance that the Manager will be successful in applying its approach and there is material risk that a Subscriber may suffer significant impairment or total loss of its investment in the Fund. Dependence on the Manager and the Principal The success of the Fund depends upon the ability of the Manager and its personnel (including the Principal) to develop and implement investment strategies that achieve the Fund’s investment objective. No assurance can be given that the Manager or its personnel, including the Principal, will be able to do so. Subscribers will have no right or power to participate in the day-to-day management or control of the Fund and will not have an opportunity to evaluate the specific investments made by the Fund. The ability of the Manager to develop and implement investment strategies that achieve the Fund’s investment objective depends in substantial part upon the skill and experience of the key personnel of the Manager (including the Principal). The loss of the services of the Manager and its personnel (including the Principal) would have a material adverse effect on the Fund and the Subscribers’ investments therein.

Trade Errors Trade errors can occur in the normal course of business of Private Investment funds. Trade errors can result from a variety of situations, e.g., when the wrong security is purchased or sold, when the correct security is purchased or sold but for the wrong account, and when the wrong quantity is purchased or sold (e.g., 1,000 shares instead of 10,000 shares are traded). Trade errors frequently result in losses but may occasionally result in gains. The Manager will endeavor to detect Trade Errors prior to settlement and correct any losses resulting from such Trade Error (“Trade Error Losses”) in an expeditious manner. However, Subscribers should assume that to the extent permitted by applicable law, the Fund will be responsible for any Trade Error Losses, even if such losses result from the negligence (but not gross negligence) of the Manager or any broker or agent. Leverage and Borrowing Risks The Fund has the authority and intends to use and incur leverage through a variety of techniques, which may include margin financing, options, futures, repurchase agreements, contracts, swaps (including total return swaps), calls, puts and various other derivative products or instruments, for any proper purpose of the Fund whatsoever, including to (i) make or leverage investments (including Private Investments), (ii) cover operating expenses (including Management Fees), (iii) make deposits in lieu of, or in advance of, Capital Contributions, (iv) enable the Fund or any Special Purpose Vehicle to issue or cause the issuance of letters of credit, (v) provide funds for distributions to the Subscribers as provided in the Offering Documents or (vi) otherwise carry out the business of the Fund. There is no limit on the ability of the Fund to borrow funds and utilize leverage other than those imposed by applicable law, including in connection with the Fund’s investment program, therefore the amount of leverage used by the Fund may be significant. The leverage of the Fund will depend on the investment strategies employed by the Fund and specific market opportunities, among other things. The Fund may also borrow for cash management purposes, such as to pay Fund expenses and/or satisfy withdrawal requests. To facilitate such borrowings, the Fund may, among other things, enter into a Credit Facility with a service provider to the Fund or a third-party credit institution. The use of leverage will increase the volatility of the Fund’s investments and can, in certain circumstances, magnify the losses to which the Fund’s investment portfolio may be subject. Accordingly, relatively small price movements in these financial instruments may result in immediate and substantial losses to the Fund. The General Partner may use the Fund’s line of credit to facilitate deals on terms and timing believed necessary in order to consummate such transactions. Generally, the Fund (and therefore Limited Partners) bear all of the financing costs related to use of Subscribers’ Capital Contributions and/or the Fund’s line of credit and are not compensated for the use of such capital. In addition, where the Fund’s line of credit is being used to bridge a co-investment with third party co-investors, the price paid by such co-investors will be subject to negotiated terms believed necessary in order to consummate such co-investment, which are expected to be based on the purchase price and not fair value at the time of the co-investors purchase. The use of margin and short-term borrowing creates several risks for the Fund. If the value of the Fund’s securities falls below the margin levels required by a bank or dealer that provides financing to the Fund,

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JBIM provides discretionary investment management services to privately-offered pooled investment vehicles, as described above in Item 4.B, which are intended for investment by Subscribers that are “accredited investors” as defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and “qualified purchasers” as defined under Section 2(a)(51) of the Investment Company Act and the rules and regulations thereunder. Subscribers in a Feeder Fund must also meet the applicable local standards for investment. The minimum capital commitment for a Subscriber is $1 million. The Manager or the General Partner may, in their sole discretion, elect to reduce or waive the minimum threshold for subscription amounts with respect to any Subscriber. Item 8: Methods of Analysis, Investment Strategies and Risk of Loss Item 8.A. The investment objective is discussed in response to Item 4.B. An investment in the respective Fund involves significant risks and is suitable only for Subscribers who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. An investment in the respective Fund is speculative, illiquid and long-term in nature, and is suitable only for those Subscribers who have the financial sophistication and expertise to evaluate the merits and risks of an investment in the Fund and for which the Fund does not represent a complete investment program. There can be no assurance that the Fund will achieve its investment objectives. Each prospective Subscriber should carefully review the Offering Documents and the agreements referred to therein prior to deciding to invest in the Fund.

JBIM understands that there exist certain potential conflicts of interest associated with the presence of a performance-based fee. Such a fee may create an incentive for the Adviser to cause the Funds to make investments that are riskier or more speculative than would be the case if there were no performancebased fee. However, JBIM will manage the Funds in accordance with its investment strategy and any restrictions set forth in the Funds’ Offering Documents so that Subscribers are aware of the applicable investment strategy, restrictions, and risks. Additionally, JBIM has adopted a Code of Ethics that addresses potential conflicts of interests and requires, in any situation where the interests of JBIM’s Clients are at stake, the Client should be treated fairly and have priority over the economic interests of employees or JBIM. In addition, JBIM understands that the provision of advisory services to multiple Clients could also create a potential conflict of interest to favor Clients to whom higher advisory and performance fees are charged. However, as stated above,

JBIM will advise each Client in accordance with its advisory agreement and governing documents and strives to ensure that all Clients are treated fairly and equally.

Not Applicable. JBIM and its supervised persons do not recommend or receive compensation for selection of other investment advisers for its Clients. Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Item 11.A. JBIM has adopted a Code of Ethics, as required under Rule 204A-1 under the Advisers Act, to which all supervised persons of JBIM (as the Chief Compliance Officer deems appropriate) are subject. Supervised persons of JBIM may only purchase and sell securities in accordance with the Code of Ethics. This personal trading policy is monitored by the Chief Compliance Officer. Supervised persons are permitted to maintain personal brokerage accounts, subject to the Code of Ethics and personal trading policy. The Code of Ethics covers the following activities: • • • • • •

A statement of the standard of business conduct. Limits on gifts and entertainment. Limits on political contributions. Prohibition of supervised persons from purchasing or selling, directly or indirectly, any existing or contemplated securities for the Fund’s investment portfolio, or any security for which the supervised person may have received material nonpublic information. Pre-Approval requirement for Access Persons to pre-clear certain purchases or sales of securities through the Chief Compliance Officer for personal accounts. Reporting requirements regarding personal securities holdings.

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Requirement of prior approval of the Chief Compliance Officer for any exceptions to the policies in the Firm’s Code of Ethics.

A copy of JBIM’s Code of Ethics is available to Subscribers and prospective Subscribers upon request.

JBIM does not engage in principal transactions. JBIM, as a fiduciary, endeavors to always make decisions in the best interests of its Clients if conflicts of interest arise. Employees of JBIM are prohibited from using their knowledge of Fund transactions to cause any non-Fund account to profit from the market effect of such transactions or give such information to a third party who may so profit. JBIM may restrict personal trading by employees or related persons in any circumstances where the Adviser considers it to be in the best interests of JBIM and/or its Clients. JBIM may also reverse, cancel, or freeze any transaction or position in an account of an employee or related person that in its discretion it believes is inconsistent with the Code of Ethics. Item 12: Brokerage Practices Item 12.A.1. JBIM retains full discretion to determine the broker or dealer to be used for each securities transaction for Fund accounts and seeks to obtain best execution for its Clients by placing orders for the purchase and sale of securities with brokers and dealers based on JBIM’s evaluation of the ability of the broker or dealer to execute orders in a prompt and effective manner as well as consider such factors as, including but not limited to, the financial stability and reputation of brokerage firms, creditworthiness, efficiency of execution and error resolution, the actual executed price and the commission, custodial and other services provided for the enhancement of portfolio management capabilities; the size and type of the transaction; the difficulty of execution and the ability to handle difficult trades, and the research, brokerage or other services provided by such brokers. There may be instances when, in the judgment of JBIM, more than one broker or dealer is able to offer comparable brokerage services to the Funds. In selecting among such brokers or dealers, consideration may be given to those brokers or dealers that provide research services to the Fund, JBIM, and any of JBIM’s affiliates. JBIM will execute Client transactions and may generate “Soft Dollar Credits” through Soft Dollar Brokers that could pay for both research and mixed-use products/services. Soft dollar arrangements represent potential conflicts of interest since Clients’ commissions are used to obtain products/services that JBIM would otherwise have to obtain with its own funds. JBIM is specifically authorized to direct brokerage to firms which furnish or pay for research and/or brokerage services within the "safe harbor" provided by Section 28(e) of the Exchange Act. Mitigating this conflict is that all the research and other services noted below benefit all of the Funds and Managed Accounts managed by JBIM. Notably, JBIM does not intend to utilize Soft Dollar Credits for research or mixed-use products and services beyond the execution of Client transactions. i. Research The research products/services received by JBIM from the Soft Dollar Brokers, either directly or through third-party arrangements between the Soft Dollar Brokers and the third-party service provider include, among others, information services on the economy, industries, groups of securities and individual

companies, databases, quotation systems, performance measurement reports, bond/stock pricing information, periodicals and exchange fees paid for live market data. Notably, JBIM does not intend to use such research products/services. ii. Mixed Use JBIM may receive some services that may be used for both research and other, non-research purposes. In any such instances, JBIM will assume that the non-research portion of the mixed-use products/services are for its own benefit rather than the benefit of Clients and therefore makes a good faith effort to determine the relative proportion of such mixed-use products/services related to both research and nonresearch purposes. While some products/services could be considered mixed-use products/services, the products/services shall be paid for in part using soft dollars. Notably, JBIM does not intend to use such mixed-use products/services. Item 12.A.2. JBIM does not participate in selecting or recommending broker-dealers in exchange for Client referrals. Item 12.A.3. Not Applicable. JBIM does not recommend, request, or require that a Client direct JBIM to execute transactions through a specified broker-dealer.

JBIM has the authority to allocate investments to advisory Clients on a cost basis or on another basis it deems fair and equitable. Similarly, JBIM may allocate investments among different advisory Clients on a basis it considers fair and equitable over time. JBIM has a fiduciary obligation to use its best efforts to ensure that no Client is treated unfairly in relation to any other Client in the allocation of securities or investment opportunities. Accordingly, JBIM will seek to allocate orders and investment opportunities among its Funds in a manner that it believes is equitable and in the best interests of all Clients. JBIM’s accounts are invested in accordance with a single strategy and generally invest Pari passu, or on a pro-rata basis with trades generally being executed on an aggregate basis among the Funds. Exceptions to this allocation methodology include, but are not limited to, differing legal or tax prohibitions and rebalancing due to disparities in capital activity (redemptions/subscriptions) in one or more of the Funds. Accordingly, as a result, the Funds may experience some performance dispersion. Item 13: Review of Accounts Item 13.A. and 13.B. JBIM has established a team of investment professionals responsible for reviewing the overall strategic, direction and broad allocations of investments by the Fund on an ongoing basis to confirm that each portfolio is in line with, as applicable: investment criteria specified in the Offering Documents; objectives, limitations or restrictions specified in agreement with the Fund; risk parameters and other JBIM specified limits; and other guidelines or restrictions.

JBIM may engage one or more third-party placement agents in respect of the offering of interests in a Fund to certain prospective Subscribers. Each placement agent will be paid a placement fee, which may be based on the amount of the capital commitments to a Fund by referred Subscribers. Currently, JBIM has a compensation arrangement with PJT Partners, LP and J. Alden Associates, Inc. (collectively “Placement Agents”) to refer prospective Subscribers to the Funds. Any fees charged by the Placement Agents in connection with their engagements with JBIM will be payable by JBIM and/or the applicable General Partners and not the Funds.

Not Applicable. JBIM and its supervised persons have no reportable disciplinary events to disclose.

Item 10: Other Financial Industry Activities and Affiliations Item 10.A. Not Applicable. Neither JBIM, nor any of its management persons, is applying to register as a brokerdealer, nor intends to in the future. Item 10.B. Not Applicable. Neither JBIM, nor any of its management persons, is applying to register with the Commodity Futures Trading Commission or applying for membership with the National Futures Association. Item 10.C. The General Partner is an affiliate of JBIM, and in this capacity the relationship could create an incentive for JBIM to make investment allocations that are riskier or more speculative than would be the case if the JBIM did not receive incentive compensation from the Fund for serving as the General Partner to the Fund. JBIM will act in the best interest of its Fund and in accordance with the Fund’s investment objectives and has a robust compliance program in place to generally deal with conflicts of interest that come up from time to time on an objective basis.

Subscribers in the Funds will typically receive, among other things, (i) a copy of audited financial statements of the Funds annually; (ii) monthly notices of Fund performance estimates; and (iii) account balance statements from the Fund’s Administrator. JBIM may provide Subscribers with information on a more frequent and detailed basis as provided in the Offering Documents of the relevant Fund and any side letters. Item 14: Client Referrals and Other Compensation Item 14.A. JBIM does not receive a direct economic benefit from any third party for providing investment advice or other advisory services to the Fund or related to the selection or recommendation of broker-dealers.

As investment adviser to the Fund, JBIM may be deemed to have custody of certain Client assets under Rule 206(4)-2 under the Advisers Act (the “Custody Rule”). As required by the safekeeping requirement in the Custody Rule, all assets of the Fund are held by qualified custodians. On an annual basis, JBIM will deliver to the Fund’s Subscribers audited financial statements within 120 days of any fiscal year-end in which the Fund held Investments.

JBIM has discretionary authority to manage securities accounts on behalf of Clients and therefore, determines which securities and the amounts of securities it buys and sells for Clients. This authority has been granted to JBIM by means of an executed investment management agreement that sets forth the scope of investment discretion with respect to the Funds. JBIM generally is not required to provide notice to, consult with, or seek the consent of the relevant Fund prior to engaging in transactions that fall within the Fund’s approved investment guidelines.

JBIM has voting authority since it has discretionary authority over the securities held by its Clients. Accordingly, JBIM understands its fiduciary responsibility to monitor corporate events, to vote proxies and

cast votes in the best economic interests of its Clients, and to not put Client interests second to its own economic interests. JBIM has adopted the proxy voting policies and procedures set forth in its Compliance Manual to identify and address material conflicts of interest related to voting proxies. Under its proxy voting policy, JBIM will generally vote proxies in accordance with the recommendation of the issuing company’s management on routine and administrative matters unless JBIM has a particular reason to vote to the contrary. Non-routine matters will be voted on a case-by-case basis in a manner that serves the Clients’ best interest. Under certain circumstances, we may abstain from voting specific proxies if JBIM believes that doing so is in the best interests of its Clients. Furthermore, under its proxy voting policy, the Manager may not vote proxies issued by companies if its Clients no longer have any economic exposure to the issuer. Clients and Subscribers are not permitted to direct JBIM’s vote in a particular proxy solicitation. Clients and Subscribers may obtain information regarding how JBIM voted its securities by requesting records of the Chief Compliance Officer, who is responsible for retaining all records related to proxy voting. Additionally, Clients and Subscribers may obtain a copy of JBIM’s proxy voting policies and procedures upon request to the Chief Compliance Officer.

Not Applicable. JBIM does not require or solicit prepayment of more than $1,200 in fees per Client, six months or more in advance. JBIM is not aware of any financial condition that is reasonably likely to impair its ability to meet contractual commitments to its Clients. Lastly, JBIM has not been subject to a bankruptcy petition at any time during the past ten (10) years.