Parkman Healthcare Partners LLC

A. Parkman Healthcare Partners LLC (the “Adviser” or “Parkman”) was formed in November 2018 as a Delaware limited liability company and has its principal place of business in Stamford, Connecticut. The principal owner of Parkman is Greg Martinez (the “Principal”), who has the overall responsibility for the day-to-day supervision and management of Parkman’s business. Parkman acts as the investment manager for: (i) a sponsored master-feeder structure (the “Fund”), and (ii) sub-advised accounts (each a “Managed Account”, which, collectively with the Fund, are referred to as the “Clients”).1 The Fund is for sophisticated, qualified investors (“Investors”). B. Parkman pursues its investment strategy through managing its Clients. Parkman has discretion with respect to investment decisions made for the Clients. The Adviser provides its services to the Clients as described in the Client’s confidential offering memorandum and governing documents or applicable investment management agreement. Parkman’s investment strategy aims to protect and grow capital by taking long and short positions in a portfolio that consists primarily of a broad range of global equities, focusing on the healthcare sector. Parkman uses a fundamental bottom-up analysis to identify what it considers to be undervalued investments and to capture fundamental valuation disparities. C. While each of its Clients follow the general strategy mentioned above, the Adviser may tailor the specific advisory services with respect to the individual needs of such Clients pursuant to the agreed upon terms described in the applicable governing documents, including but not limited to an investment management agreement (referred to collectively as “Offering Documents”). Each advisory agreement was separately negotiated and designed to suit the needs of the respective Client and its respective investment guidelines. Such advisory agreements may impose restrictions on Parkman’s ability to invest in certain securities or types of securities. Additional portfolio restrictions may also include exposure limits, concentration limits, industry and sector limits, geographical limits and liquidity limits. D. The Adviser will not participate in wrap fee programs. E. As of December 31, 2025, the Adviser managed $1,743,978,126 in regulatory assets under management on a discretionary basis. Parkman does not manage any advisory client assets on a non-discretionary basis.

As a registered investment adviser, the Adviser owes a fiduciary duty to all of its clients. In 2006, the decision by the Court of Appeals for the D.C. Circuit in Goldstein v. SEC, 451 F.3d 873 (D.C. Cir. June 23, 2006), with respect to private funds, clarified that the “client” of an investment adviser to a private fund is the fund itself and not an investor in the fund.

Item 5 - Fees and Compensation The below describes how the Adviser is generally compensated in connection with providing advisory services to its Clients. However, the Adviser may enter into different fee arrangements on a Client-by-Client basis. A. Set forth below is a description of Parkman’s fee structure. The Fund The Fund typically will pay the Adviser a management fee ranging from 1.25-1.75% annually, depending on the Investor’s share class (the “Management Fee”). However, in certain circumstances, the Adviser may reduce fees for particular investors at its discretion. The Adviser has the right to reduce, waive, assign, participate or otherwise share or modify the Management Fee chargeable with respect to any Investor (including any affiliate of the Fund’s general partner (the “General Partner”) or the Adviser) without the consent of, or notice to, any other Investor. The Management Fee will be paid quarterly in advance, based on the value of each Investor’s capital account, as of the first day of each calendar quarter or on the date of a contribution if other than the beginning of a quarter. The Management Fee will be deducted in calculating net profit or net loss of the Fund for purposes of computing the incentive fee described below. The Adviser, in its sole discretion, may change the level at which it receives the Management Fee. The Management Fee will be adjusted for contributions and withdrawals made during the quarter. As of the end of each fiscal year, the Adviser will be paid an amount equal to 18-20% of each Investor’s share of net profits (including net unrealized gains on investments) depending on the Investor’s share class (the “Incentive Fee”); in each case, the Incentive Fee will be subject to a loss carryforward provision. When calculating the Incentive Fee and Management Fee, all items of income, loss, and expense incurred by the Fund will be taken into account. The Adviser, in its sole discretion, may change the level at which it is paid the Incentive Fee. In the event that an Investor withdraws capital (in whole or in part) or retires at any time other than at the end of a fiscal year, the Incentive Fee will be paid with respect to such withdrawn capital as though it were being made at the end of a fiscal year. The Adviser, in its sole discretion, may waive or modify the Incentive Fee for Investors that are members, principals, employees or affiliates of the General Partner or the Adviser, relatives of such persons, and for certain large or strategic investors. The Managed Accounts As described in detail in the relevant investment advisory agreements for each Managed

Account, the Adviser is compensated either through a pre-negotiated monthly fee or on a quarterly basis in arrears. Additionally, the Managed Accounts pay the Adviser an annual performance fee, equal to a set percentage of net appreciation of the assets held by such accounts. Such fees are generally paid by the owners of the applicable accounts and not deducted from the assets of the Managed Account. B. Fees are generally deducted by the Adviser from the Fund. Fees are not automatically deducted from the Managed Accounts and are billed based on the terms of the relevant investment advisory agreement that was negotiated with the applicable Managed Account. C. Any other types of fees or expenses Clients may pay in connection with Parkman’s advisory services will depend on the respective Client’s advisory agreement. The Clients may incur brokerage and other transaction costs. The Client will generally bear all expenses relating to its ongoing structure and operation (including direct expenses of the Client) pursuant to the terms of its Offering Documents. Clients may incur expenses relating to the organization, maintenance, and operation of the Client accounts including, but not limited to, registered agent fees, costs related to compliance, regulatory and AML matters, costs associated with gaining access to non-U.S. markets, all direct trading expenses, including but not limited to, execution and clearing commissions, transaction charges, ticket charges, fees and expenses incurred in the borrowing and lending of securities, custodian and trustee fees, bank service fees, transfer taxes, withholding taxes, administrative fees (including fees paid to the Client’s administrator) accounting, tax preparation and audit fees, fees paid to third-parties retained by the Client related to the delivery of the trade file, and other fees and expenses related to the purchase, sale or other disposition of assets. Please see the disclosures in Item 12 as it relates to Parkman’s brokerage activities. D. As stated above, the Management Fees are deducted directly from the Fund and paid quarterly in advance. The Management Fee is prorated for any period that is less than one full quarter for investments made by new or existing investors and refunded on a prorated basis upon withdrawal or redemption from the Fund prior to quarter-end. As described in detail in the relevant investment advisory agreements for each Managed Account, the Managed Accounts pay Parkman management fees either monthly or quarterly in arrears based on the Account’s percentage of the Adviser’s assets under management. In the event of the termination of a Managed Account’s agreement, the Managed Account shall pay prorated management fee through the end of the foregoing notice period. E. Other than as described above, neither Parkman nor any of its supervised persons receive any additional compensation from the sale of securities or other investment products.

portfolio as a whole. The Adviser may be required to maintain collateral with the total rate of return swap counterparty. If the Adviser fails to fulfill its payment obligations or fails to post any required collateral under a total rate of return swap or if the Adviser has a substantial decline in net asset value, the counterparty may declare an event of default and, as a result, the Adviser may be required to pay swap breakage fees, suffer the loss of the amounts paid to the counterparty and forego the receipt from the counterparty of further total return swap payments. Forward Trading. Forward contracts and options thereon, unlike futures contracts, are not traded on exchanges and are not standardized; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward and “cash” trading is substantially unregulated; there is no limitation on daily price movements and speculative position limits are not applicable. For example, there are no requirements with respect to record-keeping, financial responsibility or segregation of customer funds or positions. In contrast to exchange-traded futures contracts, interbank traded instruments rely on the dealer or counterparty being contracted with to fulfill its contract. As a result, trading in interbank foreign exchange contracts may be subject to more risks than futures or options trading on regulated exchanges, including, but not limited to, the risk of default due to the failure of a counterparty with which the Clients have a forward contract. Although the Adviser seeks to trade with reliable counterparties, failure by a counterparty to fulfill its contractual obligation could expose the Clients to unanticipated losses. The principals who deal in the forward markets are not required to continue to make markets in the currencies or commodities they trade, and these markets can experience periods of illiquidity, sometimes of significant duration. There have been periods during which certain participants in these markets have refused to quote prices for certain currencies or commodities or have quoted prices with unusually wide spreads between the prices at which they were prepared to buy and those at which they were prepared to sell. Disruptions can occur in forward markets due to unusually high trading volume, political intervention or other factors. The imposition of controls by governmental authorities might also limit such forward (and futures) trading to a lower volume than that which the Adviser would otherwise recommend, to the possible detriment of the Clients. Market illiquidity or disruption could result in significant losses to the Clients. THE FOREGOING LIST OF RISK FACTORS DOES NOT PURPORT TO BE A COMPLETE OR EXPLANATION OF THE RISKS INVOLVED ASSOCIATED WITH PARKMAN’S INVESTMENT ANALYSIS AND INVESTMENT STRATEGIES. SUBSTANTIAL ADDITIONAL RISKS MAY BE PRESENT. PROSPECTIVE INVESTORS SHOULD READ THE OFFERING DOCUMENTS AND CONSULT WITH THEIR OWN ADVISORS BEFORE DECIDING TO MAKE AN INVESTMENT.

As mentioned in Item 4, Parkman provides investment advisory services to its Clients based on the investment objectives and strategies described in the Offering Documents. Admission as an Investor in the Fund is not open to the general public. The Fund is not intended as a complete investment program and is designed only for persons who are able to bear the economic risk of the loss of their entire investment in the Fund and who have a limited need for liquidity in their investments. Fund interests will generally be sold only to qualified investors who are “accredited investors” under Regulation D of the Securities Act of 1933, as amended, and “qualified purchasers” as such term is defined in Section 2(a)(51) of the Investment Company Act. The minimum initial investment in the Fund is $1,000,000, subject to reduction in the sole discretion of the General Partner. In general, the Fund will accept investments monthly. Investments will be made in cash or, in the General Partner’s sole discretion, in securities or partly in cash and partly in securities. The General Partner may admit additional or substitute general partners (i) as of the beginning of any calendar quarter upon 60 calendar days’ prior written notice to all Investors, (ii) at any time with the consent of the majority in interest of the Investors, or (iii) at any time if such additional or substitute general partners are affiliates of the General Partner or its principals or an estate planning vehicle established for the benefit of a family member.

Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss A. The Adviser’s principal investment strategy aims to protect and grow capital by taking long and short positions in a portfolio that consists primarily of a broad range of global equities, focusing on the healthcare sector. The Adviser uses a fundamental bottom-up analysis to identify what it considers to be undervalued investments and to capture fundamental valuation disparities. The Adviser will pursue its investment objectives across all market capitalizations, with a focus on small and mid-capitalization companies in the medical technology, pharmaceutical, biotechnology and healthcare services sub-sectors. Investing in securities and other instruments involves risk of loss that clients and investors should be prepared to bear, including but not limited to, those described below. The management style offered by Parkman is not intended as a complete investment program and may not be suitable for all investors. It is designed for sophisticated investors who fully understand and are capable of bearing the risk of such an investment. No guarantee or representation is made that the Adviser will achieve its investment objectives or that there will be any return of capital, and investment results may vary substantially on a monthly, quarterly or annual basis. Although the Adviser seeks to reduce the risks associated with the Clients’ investments, prospective investors should consider carefully, among other factors, the risks described below. Such risk factors are not meant to be an exhaustive listing of all potential risks associated with investments in the Clients. B. The following is a brief summary of certain significant risks associated with the Adviser’s investment strategies: Nature of Investment. The Adviser has broad discretion in making investments. Investments will generally consist of investments in securities of publicly traded companies in the healthcare field across the globe, however, investments may also include options to manage individual stock risk and Adviser exposure that may be affected by business, financial market or legal uncertainties. There can be no assurance that the Adviser will correctly evaluate the nature and magnitude of the various factors that could affect the value of and return on investments. Prices of investments may be volatile and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Adviser’s activities and the value of its investments. In addition, the value of the Adviser’s portfolio may fluctuate as the general level of interest rates fluctuates. No guarantee or representation is made that the Adviser’s investment objective will be achieved. Healthcare and Related Risks. Healthcare securities, especially those of smaller, researchorientated companies, can be more volatile than the overall market. The medical device and drug development companies (biotechnology and pharmaceutical) in which the Adviser may invest may allocate, or may have allocated, greater than usual amounts to research and product development. The securities of such companies may experience above-average price

Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss (Continued) movements associated with the perceived prospects of success of the research and development programs. Only a limited number of healthcare companies have reached the point of approval of products by government regulatory bodies, such as the U.S. Federal Drug Administration and the subsequent commercial production and distribution of such products. Therefore, the success of investments in the healthcare sector generally, and the biotechnology industry in particular, is often based upon expectations about future products, research progress, and new product filings with regulatory authorities. In addition, a number of these companies may have limited operating histories. As a result, these companies may face undeveloped or limited markets, have limited products, have no proven profitmaking history, operate at a loss, have limited access to capital and/or be in the developmental stages of their businesses. Further, many healthcare companies with proprietary platform technologies rely on patent protection and non-disclosure agreements to establish and protect their proprietary rights, which may be essential to the growth and profitability of the company. Patents have limited duration and, upon expiration, competitors may market substantially similar “generic” products which cost less to develop and may cause the original developer of a product or service to lose market share and/or reduce prices, resulting in lower profits for the original developer. In addition, there can be no assurance that a particular company will be able to protect these rights, or will have the financial resources to do so. Conversely, other companies may make infringement claims against a company in which the Adviser invests, which could have a material adverse effect on such company. The healthcare sector is subject to extensive government regulation. The industry will be affected by government regulatory requirements, regulatory approval for new drugs and medical products, product liability concerns, and similar significant matters. Changes in governmental policies may have a material effect on the demand for or costs of certain healthcare products and services and securities prices of healthcare companies can fluctuate dramatically as a reaction to adverse legal judgments and the adverse publicity associated with accompanying threatened litigation. As these factors impact the industry, the value of the Adviser’s interests may fluctuate significantly over relatively short periods of time. Healthcare companies are frequently dependent upon private and governmental third-party sources of reimbursement for products and services provided to their customers. In addition to market and cost factors affecting the fee structures implemented by healthcare companies, numerous Medicare and Medicaid regulations, cost containment and utilization decisions of third-party payers and other payment factors over which the companies do not have control may affect the amount of payment that healthcare companies receive for their products and services. These third-party payers are increasingly challenging the prices charged for healthcare products and services and, in some cases, refusing payments for products and services they deem inappropriate.

Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss (Continued) Lack of Diversification/Portfolio Concentration. It is anticipated that the Adviser’s portfolio will be invested primarily in equities of companies in the healthcare sector. Accordingly, the Adviser’s portfolio may not be diversified among industries or types of securities. Further, the Adviser’s portfolio may not be diversified among a wide range of issuers. Accordingly, the investment portfolio of the Adviser may be subject to more rapid change in value than would be the case if the Adviser were required to maintain a wide diversification among industries, investment areas, types of securities and issuers. Short Sales. Short sales can, in certain circumstances, substantially increase the impact of adverse price movements on the Adviser’s portfolio. A short sale involves the risk of a theoretically unlimited increase in the market price of the particular investment sold short, which could result in an inability to cover the short position and a theoretically unlimited loss. There can be no assurance that securities necessary to cover a short position will be available for purchase, which might prevent or limit the Adviser’s ability to exit the short position. There is also the risk that the securities borrowed by the Adviser in connection with a short sale must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when other short sellers of the security are receiving similar requests, a “short squeeze” can occur, and the Adviser may be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous time, possibly at prices significantly in excess of the proceeds received in originally selling the securities short. The Adviser’s inability to continue to borrow securities previously sold short may also force the Adviser to unwind other elements of an investment position, possibly at a loss. From time to time, various regulatory authorities have imposed “short-selling bans” in selected securities (often, however, a wide population of securities), making it difficult if not impossible to continue to implement certain long/short (as well as other) equity strategies. For example, the SEC adopted an “uptick rule” in 2010 and securities exchanges have also reinstated “uptick rules” — generally prohibiting short sales unless the last recorded sale price of a stock was higher than the previous transaction. Over time, rules similar to the “uptick rule” could materially increase the Adviser’s transaction costs by requiring the Adviser to delay executing certain short sales (as well as to execute them at higher prices than would otherwise be the case), and in certain circumstances could prevent the Adviser from acquiring a short position which the Adviser would otherwise have acquired for it. Use of Leverage. The Adviser may utilize leverage. This results in the Adviser controlling substantially more assets than the Adviser has equity. Leverage increases the Adviser’s returns if the Adviser earns a greater return on investments purchased with borrowed funds than the Adviser’s cost of borrowing such funds However, the use of leverage exposes the Adviser to additional levels of risk, including (i) greater losses from investments than would

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As stated in Item 5 above, Parkman and its affiliates may receive performance-based fees from its Clients. The specific structure and calculation of the performance-based fee are described in detail in the respective Offering Document. These payments are subject to Section 205(a)(1) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), in accordance with the available exemptions thereunder, including the exemption set forth in Rule 205-3, which requires that performance-based fees only be charged to “qualified clients” (as such term is defined in Rule 205-3). Performance-based fees, in general, may create an incentive for an adviser or its supervised persons to make investments that are riskier and more speculative than would be the case in the absence of a performance-based fee. Such fee arrangements may also create an incentive to favor higher fee-paying clients over other clients in the allocation of investment opportunities. To address these conflicts of interest, the Adviser has implemented policies and procedures to ensure that all client accounts receive equitable and fair treatment over time with respect to the allocation of investment opportunities.

A. The Adviser is not registered, and does not have an application pending to register, as a broker-dealer or registered representative of a broker-dealer. Currently, no employees of the Adviser are registered representatives of a broker-dealer. B. Neither the Adviser nor any of its management persons are registered, or have an application pending to register, as a futures commission merchant, commodity pool operator, commodity trading advisor, or an associated person of the foregoing entities. C. The Fund general partner, Parkman HP Fund GP LLC, is an affiliate of the Adviser. Since the general partner is entitled to receive a share of the Incentive Fee or Carried Interest, this may create an incentive for the Adviser to make investments that are riskier or more speculative than would be the case if such arrangement was not in effect. However, as noted in Item 11, the Adviser has a written Code of Ethics that contains policies and procedures to address conflicts of interest. Under such policies and procedures, the Adviser is required to make investment decisions for its Clients in a manner that is consistent with its fiduciary duties to its Clients. D. The Adviser does not recommend or select other investment advisers for its Clients nor does it have any business relationship with other advisers that might create a material conflict of interest.

A. The Adviser has adopted a written Code of Ethics (the “Code”) designed to address and avoid potential conflicts of interest as required under Rule 204A-1 under the Advisers Act. The Code sets forth a standard of business conduct and compliance with federal securities laws by all of the Adviser's employees. The Code contains policies and procedures that Adviser employees execute personal securities trading in a manner that mitigates actual or potential conflicts of interest or any abuse of an individual's position of trust and responsibility. The Adviser requires pre-clearance of purchases of an IPO or a new private placement; preclearance of certain personal securities transactions; periodic reporting of employees' personal securities transactions and holdings; and prompt internal reporting of Code violations. As part of its Code, the Adviser has established procedures to reduce the abuse of material, non-public information, which includes procedures for, among other things, the use and maintenance of restricted trading lists. The Adviser will provide access to a copy of the Code to any investor or prospective investor upon request. B. Neither the Adviser nor any of its related persons recommend to its Clients securities in which the Adviser or any related persons have a material financial interest. C. The Adviser or related persons may not establish a new investment position in securities that it recommends to Clients. The Adviser has implemented personal trading policies within the Code that prevents personal trading in healthcare sector security investments; requires preclearance for employee trades to exit positions established prior to employment with the Adviser. The liquidation of such positions will only be approved if the Adviser is not restricted in trading the position(s) in question, and the proposed trade is not adverse to, or could not be expected to materially affect, any trading strategy in which the Adviser is engaged. Furthermore, the Adviser requires periodic reporting of employees’ personal securities transactions and holdings; and requires prompt internal reporting of Code violations. D. As defined in the Code, the Adviser or related persons may not invest in healthcare sector security investments recommended to Clients, or investments made for Clients, in their own personal account.

Item 12 - Brokerage Practices A. The Adviser has complete discretion to determine, subject to each Clients disclosed

investment objectives, policies and strategies, the securities to be purchased or sold and in what amounts, the broker-dealers and other financial intermediaries will use in effecting the transactions for Clients, and the commission rates to be paid for such transactions. Brokerage The Adviser selects the broker-dealers and other financial intermediaries used to effect transactions on behalf of its Clients. The Adviser seeks to obtain “best execution” from these broker-dealers based on a variety of factors. In selecting broker-dealers to effect portfolio transactions, the Adviser may cause the Clients to enter into arrangements pursuant to which the Clients pay transaction costs in an amount greater than would be incurred if another broker-dealer were used. The Adviser is not required to solicit competitive bids or seek the lowest available commission or transaction costs. The transactions executed by the Clients may be cleared through, and the Clients’ investment instruments may be held by, a number of financial institutions the Adviser will select on terms negotiated with each such financial institution individually. Subject to the Adviser’s Offering Documents, the Adviser may use a variety of financial institutions both to take advantage of differing expertise and capabilities and to avoid, due to credit concerns, having all investment instruments concentrated at one firm. Brokerage for Client Referrals In selecting or recommending broker-dealer for client accounts, the Adviser nor its related person has considered the receipt of client referrals when selecting broker-dealers to execute transactions. Directed Brokerage The Managed Accounts have designated firms to serve as both the custodian and prime broker for its assets. The Managed Accounts, however, will not routinely recommend, request or require the Adviser to execute transactions through a specified broker-dealer. The executing brokers retained by Parkman will be selected by the Adviser at its sole discretion. Soft Dollars The Adviser does not intend to, but may receive from Clients’ broker-dealers, products and services in addition to brokerage services. A portion of the commissions generated on the Clients’ brokerage transactions may generate “soft dollar” credits that the Adviser is authorized to use to pay for research and other nonresearch related services and products used by the Adviser or its affiliates. The Adviser may enter into “soft dollar” arrangements with one or more broker-dealers whereby the Adviser will direct securities transactions to the broker-dealer in return for research products and

Item 12 - Brokerage Practices (continued) services from the broker-dealer. The Adviser will use the research and services in making investment decisions for the applicable Client. The Adviser may also enter into “soft dollar” arrangements to cover Client expenses or costs and expenses of the Adviser to the extent such arrangements are permitted by law. The Adviser has authority to use “soft dollar” credits generated by the Clients’ securities transactions to pay for expenses that might otherwise have been borne by the Adviser. This may give the Adviser an incentive to select brokers or dealers for Client transactions, or to negotiate commission rates or other execution terms, in a manner that takes into account the soft dollar benefits received by the Adviser rather than giving exclusive consideration to the interests of the Client. In the event that the Adviser elects to use soft dollars, it intends to limit such use to services that fall within the safe harbor afforded by Section 28(e) of the Securities Exchange Act of 1934, as amended, or such services that are otherwise reasonably related to the investment decision-making process. The term “soft dollars” refers to the receipt by an investment adviser of products and services provided by brokers, without any cash payment by the investment adviser, based on the volume of revenues generated from brokerage commissions for transactions executed for clients of the investment adviser. The products and services available from brokers include both internally generated items (such as research reports prepared by employees of the broker) as well as items acquired by the broker from third parties (such as quotation equipment). The use of brokerage commissions to obtain investment research services and to pay for the administrative costs and expenses of the Adviser may create a conflict of interest between the Adviser and its Clients, because a Client will pay for such products and services that may not be exclusively for the benefit of the Client and that may be primarily or exclusively for the benefit of the Adviser. To the extent that the Adviser is able to acquire these products and services without expending its own resources, the Adviser’s use of “soft-dollars” would tend to increase the Adviser’s profitability. In addition, the availability of these nonmonetary benefits may influence the Adviser to select one broker rather than another to perform services for its Clients. The Offering Documents of the Managed Accounts specifically authorize these practices to the fullest extent permitted by law. B. In managing Clients’ portfolios, the Adviser generally will aggregate trades, because it

believes that doing so is consistent with its duty to seek best execution and to negotiate more favorable commission rates or other transaction costs than might be paid if orders are placed independently. When Advisory Client trades in the same security or other instrument cannot be aggregated into a single order, the Adviser’s Chief Investment Officer or traders will direct the trades to the market in a way that seeks to best achieve equivalent treatment.

Trade Allocations Trade allocation decisions are made in a manner that is both fair and equitable to all of its Advisory Clients in accordance with the investment objectives of the Advisor’s Clients. The Adviser will take steps to ensure that no Client will be systematically disadvantaged by the aggregation, placement or allocation of trades. The Adviser will allocate investments among the accounts of its Clients in a manner which it believes to be fair and equitable. The Adviser will not allocate investment opportunities based on anticipated compensation or profits to the Adviser, any affiliates or its professionals. In addition, no allocations will be made to a personal account of any employee of the Adviser. To ensure fairness in the allocation of investment opportunities amongst Clients, the Adviser will allocate investment opportunities with regard to the suitability of such investments to each Client. In determining the suitability of each investment opportunity for a Client, consideration will be given to a number of factors, the most important being the Advisory Client’s investment objectives, strategies, guidelines, existing portfolio composition and cash levels, as well as legal, tax, and regulatory suitability. For investments that are suitable for more than one of the Adviser’s Clients, the Adviser will allocate trades pursuant to a standard allocation methodology set forth in the Adviser’s trade allocation policy. The Adviser may, however, determine not to allocate investments that may be suitable for multiple Clients in accordance with a standard allocation method for a variety of reasons that are set forth in the trade allocation policy adopted by the Adviser. Trade Error Policy The Adviser may from time to time make trade errors. Trade errors are not errors in judgment, strategy, market analysis, economic outlook, etc., but rather errors in implementing specific trades which the Adviser had determined (rightly or wrongly) to make. Trade errors include, for example, keystroke errors that occur when entering trades into an electronic trading system or typographical or drafting errors related to derivatives contracts or similar agreements. Given the volume of transactions executed by the Adviser on behalf of Clients, Clients should assume that trading errors will occur. Clients (and not the Adviser of any of its affiliates or personnel) will retain all gains resulting from trade errors. In accordance with the exculpation and indemnification provisions contained in the agreements between the Adviser and its Clients (and the investors therein), as a general matter, all losses resulting from trade errors (that are not reimbursed by third parties, such as executing brokers) shall be borne by the affected Client, and not the Adviser, unless (i) such trade error was caused by the Adviser or its personnel acting with willful misconduct, recklessness or gross negligence or (ii) reimbursement by the Adviser to the affected Client is otherwise required by applicable law. In order to address the risk presented by trade errors, the Adviser has adopted written policies and procedures to ensure the internal reporting and correction of trade errors.

A. The Adviser does not receive any economic benefit, including sales awards or prizes, from any third party for providing advisory services to its Clients. B. The Adviser engages a third-party placement agent to assist in marketing interests in its private investment funds and compensates the placement agent for referring prospective investors that invest in a Fund. Compensation typically consists of a percentage of management fees or capital commitments attributable to such investors and is generally borne indirectly by the Adviser through an offset against the management fee. Certain placement-related expenses may be borne by the applicable Fund.

Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to the evaluation of the Adviser or the integrity of Adviser’s management. There are no legal or disciplinary events that are material to a Client’s or prospective client’s evaluation of Parkman’s advisory business or the integrity of its management.

A. The Adviser is responsible for reviewing Client investment portfolios. The Principal of the

Adviser is responsible for reviewing Client investment portfolios on a continuous basis relating to, among other factors, position sizes; security positions; exposure levels; margin requirements and investment opportunities. B. See Item 13.A. above. C. The Adviser provides written periodic financial reports, such as audited annual financial

statements to the Investors in the Fund. Parkman or the custodian of the Managed Accounts will provide a written account statement or report to the Managed Accounts on a periodic basis, depending on the terms negotiated between the Managed Accounts and Parkman. The reports include the performance of the account along with other information as agreed by Parkman and the Managed Accounts. Other information may be provided as agreed upon with a Parkman Client.

The Adviser is deemed, under Rule 206(4)-2 of the Advisers Act, to have custody of the assets of the Fund by virtue of the common control of the Adviser and the general partner of the Client. All assets and securities of the Fund are held by qualified custodians. As noted in Item 13 above, Fund Investors receive annual financial statements audited by an independent public accounting firm. Investors are urged to carefully review these statements. Parkman is not deemed to have custody of the assets held in the Managed Accounts. The Managed Accounts do not surrender ownership of any cash or securities comprising the assets in its accounts. Parkman may not remove any cash or securities from the Managed Accounts and the assets subject to supervision will be maintained in street name in each of the Managed Account’s custody with the custodian and/or broker-dealer selected by the Managed Account and set forth in each respective investment management agreement. The Managed Accounts should carefully review account statements received from the broker-dealer, bank or other qualified custodian. Parkman periodically evaluates its status under the custody rule to determine any change.

Parkman exercises full discretionary authority in managing the investments made by the Fund, based on the Client’s investment objectives, policies, and strategies disclosed in its Offering Documents. Parkman contractually assumes discretionary authority over the assets of the Fund under an investment management agreement entered among Parkman, the Client, and the Client’s respective general partner. The Managed Accounts appoint the Adviser as agent and attorney-in-fact, with full power and authority in the Adviser’s sole and absolute discretion to purchase, sell (including short sale), tender, exchange, convert or exercise and otherwise acquire or dispose of and trade and deal in or with the investments for the Managed Accounts in such manner as the Adviser considers appropriate, consistent with its strategies and the limits fully described in its investment management agreement.

A. As a general practice, the Adviser does not vote proxies on behalf of its Clients, however, it retains the right to vote proxies on behalf of its Clients at its sole discretion. If a situation arises where the Adviser determines to exercise proxy voting, it will comply with its written policies and procedures governing the voting of client securities to ensure such proxies are voted in the best interests of its Clients. If a material conflict is identified, the Principal, or such other designee (in consultation with outside compliance consultants and/or legal counsel) will determine what course of action is in the best interests of the affected Clients (which may include utilizing an independent third party to vote such proxies). Further, Parkman will determine whether it is appropriate to disclose the conflict to affected Clients and give such Clients (and investors, if applicable) the opportunity to vote the proxies in question themselves. Clients are not permitted to direct the Adviser’s vote in a particular solicitation. Clients may obtain additional information regarding how Parkman voted proxies and may obtain a copy of Parkman’s proxy voting policies and procedures by contacting melgort@parkmanhp.com. B. As discussed above, Parkman has the authority to vote Client securities, but as a general practice, does not vote proxies.

A. Parkman does not require or solicit prepayment of more than $1200, six months or more in advance. B. Parkman does not believe it has any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to its Clients. C. Parkman has not been the subject of a bankruptcy petition at any time during the past ten years.