Titan Advisors

Titan Advisors, LLC (“Titan” or “we”) is a New York limited liability company that was founded in 2001. The principal owner of Titan is Titan Advisors Holdings LLC (“Holdings”). George Fox is the Managing Member of Holdings. Titan provides investment management services to privately offered investment pools (collectively the “Titan Funds”) and certain separately managed accounts (the “Managed Accounts” and together with the Titan Funds, the “Titan Clients”). Generally, the goal of the Titan Clients is to achieve consistent capital appreciation. The Titan Clients have various investment objectives and strategies, as further described in Item 8. The primary focus of Titan is to allocate the capital of the Titan Clients among various private investment vehicles, separate investment accounts (“Portfolio Funds”) and, in certain instances, direct investments in publicly traded securities or select private investments. The Portfolio Funds are managed by investment advisory firms that are not affiliated with Titan (each, a “Portfolio Manager”), and the assets of the Portfolio Funds are primarily invested in publicly traded equities, futures, and debt securities of United States and foreign issuers, as well as in other securities, as further described in Item 8. The Titan Funds include “master funds” into which certain other Titan Funds invest. For a further description of the Titan Funds, please see Items 7 and 8 below. Titan provides advisory services to the Titan Clients. Titan provides investment advice to the Titan Clients in a manner that is consistent with the investment objectives and strategies of each Titan Client, which are set forth in the applicable offering documents of each Titan Fund or the investment management agreement and investment policy statement of each Managed Account. The Titan Clients generally do not impose any restrictions on Titan regarding investing in certain securities or types of securities. As of December 31, 2025, Titan and its affiliates managed approximately $2,986,900,000.00 in client assets, approximately $1,533,700,000.00 on a discretionary basis and $1,453,200,000.00 on a nondiscretionary basis. Of the client assets, approximately $1,533,700,000.00 constitutes Regulatory Assets Under Management (RAUM).

Titan and its affiliates receive compensation for their advisory services in the form of (i) management fees from certain of the Titan Clients and (ii) performance-based allocations or fees from certain of the Titan Clients. Certain Titan Funds (or classes or series thereof) are not subject to a management fee and/or a performance-based allocation or fee. All fees and allocations Titan earns are payable pursuant to the investment management agreement and/or partnership agreement applicable to each particular Titan Client and to which Titan (or an affiliate thereof) is a party, and the terms thereof are disclosed in each Titan Fund’s applicable offering documents. Management Fees Generally, each Titan Fund pays Titan (or an affiliate thereof) a management fee ranging from 0.30% to 1.75% per annum of such Titan Fund’s net asset value, provided that certain Titan Funds (or classes or series thereof) are subject to lower fees or are not subject to the payment of a management fee. Fees are paid by the Titan Funds quarterly or monthly, usually in advance. Each investor’s share of a Titan Fund’s management fees is deducted from such investor’s capital account or the net asset value of such investor’s shares held in the applicable Titan Fund. If investments of capital are made to a Titan Fund on any day other than the first day of a quarter or month, as applicable, the applicable management fee payable with respect to such capital is prorated for the remaining portion of the quarter or month and charged at the time of such investment. Generally, no reimbursements of management fees are made for any investments in a Titan Fund that are withdrawn prior to the end of a calendar

quarter, or in the case of any investment management agreements between Titan (or an affiliate thereof) and a Titan Fund are terminated prior to the end of a calendar quarter. Generally, each Managed Account pays Titan (or an affiliate thereof) a management fee ranging from 0.50% to 1.00% per annum of such Managed Accounts net asset value, in each case, as set forth in the investment management agreement for the applicable Managed Account. Fees are paid by the Managed Accounts quarterly or monthly, usually in arrears. If investments of capital are made to a Managed Account on any day other than the first day of a quarter or calendar month, as applicable, the applicable management fee payable with respect to such capital is prorated for the remaining portion of the period and charged at the time of such investment. Generally, no reimbursements of management fees are made for any investments in a Managed Account that are withdrawn prior to the end of a calendar quarter, or in the case of any investment management agreements between Titan (or an affiliate thereof) and a Managed Account are terminated prior to the end of a calendar quarter. Performance-Based Fees and Allocations Certain of the Titan Clients pay or allocate to Titan, generally at the end of each year, a performancebased fee or allocation equal to a percentage of the aggregate net profits (including both realized and unrealized gains and losses) associated with each investor’s investment in the applicable Titan Client. The applicable percentage is most frequently between 5% and 20% but may be higher or lower for certain of the classes and series of the Titan Funds. The payment of any performance-based fee or allocation is subject to a “high watermark”, which means that no performance fee or allocation for any applicable period shall be paid or reallocated from an investor’s capital account, shares or Managed Account until any unrecovered net losses previously allocated to the capital account, shares or Managed Account of such investor have been offset by subsequent net profits allocated to the capital account, shares or Managed Account of such investor. Any such “loss carryforward” amount applicable to an investor in a Titan Client or a Managed Account will be reduced proportionately to account for withdrawals of capital or redemptions of shares made by the investor but will not be affected in the event of additional capital contributions or purchases of shares made by such investor. For certain Titan Clients (or series or classes of interests or shares therein), the performance-based allocation or fee is subject to a preferred return (also known as a performance “hurdle”) before a performance-based allocation or fee is payable. Such hurdle may be a hard hurdle (where a performance-based allocation or fee is payable solely on profits in excess of the hurdle) or a soft hurdle (where a performance-based allocation or fee is payable on all profits once such hurdle is achieved). If an investor makes a withdrawal or a redemption from a Titan Client prior to the end of a fiscal year, the performance-based fee or allocation, if any, as applicable to the relevant Titan Fund or Managed Account with respect to the investor’s withdrawn investment, will be calculated and charged at such time. Certain of the Managed Accounts and certain of the Titan Funds invest all or a portion of their assets in other Titan Funds. Investors in such Titan Funds will only pay management fees and performance allocations or fees at one level. Although fees and allocations are generally not negotiable, Titan may, in its discretion, waive or reduce the management fee, the performance fee and/or performance allocation, as applicable, with respect to the investments of certain limited partners or shareholders in any Titan Fund, including with respect to investors that are affiliates or employees of Titan. Titan and its affiliates do currently waive or reduce fees and allocations with respect to employees of Titan or its affiliates and their respective family members, stake investors who invested at the time of launch of a Titan Fund and investors representing certain other strategic relationships.

Expenses In addition to the management fees and the performance allocations described above, each Titan Fund (and, indirectly, the investors therein) will pay additional expenses as are disclosed in its applicable offering documents. The expenses to be paid by each Titan Fund vary and generally include all expenses incurred in connection with the operation and investment activities of the applicable Titan Fund, and other expenses incurred with respect to such Titan Fund’s activities, including, without limitation, the management fees payable to Titan (or an affiliate thereof), fees payable to custodians and administrators, directors’ fees, legal, accounting, auditing, tax and other professional expenses (including, but not limited to, outsourced tax, accounting, compliance, bookkeeping and/or reporting services and the cost of accounting software packages (including software for regulatory reporting such as Form PF and AIFMD reporting)), investment related expenses (including, without limitation, third-party fees for initial and ongoing due diligence reviews of investments, contemplated investments, Portfolio Funds and Portfolio Managers, background checks on relevant entities and individuals, and commissions, costs associated with negotiating the terms of an investment and interest on margin accounts and other indebtedness) whether or not the related investment is consummated, commercially reasonable traveling costs related to selecting and monitoring the investments and the Portfolio Funds, other consulting and other professional fees relating to particular investments or contemplated investments, brokerage or other transaction costs and expenses incurred for investment-related monitoring services, investment-related consultants and agents), fees and expenses relating to services provided in connection with the pricing of investments of the Partnership (including the fees charged by any third party valuation service), databases, financial information services and risk measurement systems and consultants, software tools and services of data providers and risk aggregators, execution, order and portfolio management system expenses and fees, expenses incurred in connection with the legal entity identifier for a Titan Fund, clearing and settlement charges, bank service fees, legal expenses, accounting, audit and tax preparation expenses, tax compliance and filing related costs including FATCA and CRS compliance, expenses incurred in managing or liquidating any in-kind distributions received from Portfolio Funds, interest expense on Titan Fund borrowings (including borrowings to satisfy requests for withdrawal or redemption by such Titan Fund’s investors), the costs of any insurance obtained on behalf of a Titan Fund, its general partner and/or its investment manager (including, without limitation, liability insurance and directors and officers insurance), the costs of any litigation or investigation involving Titan Fund activities, regulatory expenses and licensing fees (including filing fees) associated with such Titan Fund and Titan, other expenses related to the purchase, sale or transmittal of a Titan Fund’s assets, expenses incurred in connection with the offering and sale of equity in a Titan Fund (including any Form D and “blue sky” filings fees, the fees and expenses payable to any exempt market dealer in connection with the subscription for shares in any province or territory of Canada and the costs of registrations and filings required in any jurisdiction), expenses incurred in connection with the collection of anti-money laundering/countering the financing of terrorism (“AML/CFT”) information required of prospective investors and investors of such Titan Fund, complying with any suspicious activities reporting obligations and other Bank Secrecy Act requirements relating to such activities and otherwise establishing, operating, enforcing and independently testing AML/CFT programs as required of investment advisers and/or such Titan Fund by applicable laws and regulations, costs of holding any meetings of the equityholders of a Titan Fund, costs of reporting and providing information to such Titan Fund’s investors, expenses incurred in connection with the liquidation and wind down of the Titan Fund and any of its investments, indemnification expenses, and any extraordinary expenses, including litigation and indemnification expenses. As further described in the offering memoranda for the Esker Funds (defined below), investors in the Esker Funds are also subject to their pro rata share of amounts payable to the internal portfolio

managers (the “PMs”) for the Direct Investments (defined below) of the Esker Funds. Generally, with respect to Direct Investments managed by a PM, such PM will be paid (a) an annual performance fee (subject to a high water mark) plus, in some cases for non-salaried PMs, (b) a monthly draw on such performance fee calculated as either a fixed dollar amount or a fixed percentage of the trading level for the Direct Investments managed by such PM. In addition to the management fees and the performance fees and allocations described above, to the extent set forth in each Managed Account’s investment management agreement with Titan, each Managed Account will pay: (1) operating expenses including custodian fees, account maintenance fees, brokerage, audit, tax and legal expenses (including, but not limited to, outsourced tax, accounting, compliance, bookkeeping and/or reporting services and the cost of accounting software packages); (2) a pro rata share of Titan’s expenses for its risk system or consultant; (3) fees and expenses relating to services provided in connection with the pricing of investments of a Managed Account (including the fees charged by any third party valuation service), databases, financial information services and risk measurement systems, software tools and services of data providers and risk aggregators, order and portfolio management system expenses and fees; (4) investment related expenses (including, without limitation, third-party fees for initial and ongoing due diligence reviews of investments, contemplated investments, Portfolio Funds and Portfolio Managers, background checks on relevant entities and individuals, and commissions, costs associated with negotiating the terms of an investment and interest on margin accounts and other indebtedness) whether or not the related investment is consummated, commercially reasonable traveling costs related to selecting and monitoring the investments and the Portfolio Funds, other consulting and other professional fees relating to particular investments or contemplated investments, brokerage or other transaction costs and expenses incurred for investment-related monitoring services, investment-related consultants and agents); provided, that such costs may be shared with other Titan Clients; and (5) expenses incurred in connection with the liquidation and wind down of the any of a Managed Account’s investments (including expenses incurred in managing or liquidating in-kind distributions received from Portfolio Funds). Additionally, each Titan Client’s investment in Portfolio Funds is subject to the fees and expenses of the Portfolio Funds, including a pro rata share of brokerage or other transaction costs on securities trades, as well as management fees and performance-based fees or allocations payable to the relevant Portfolio Managers by the Portfolio Funds. Generally, the Titan Clients will not directly incur brokerage or transaction costs, provided that a few Titan Funds that make direct investments in securities (such as the Titan Direct Funds) and certain managed account vehicles through which Titan Funds invest will incur direct brokerage and transaction costs. See Item 12 for additional information. No Compensation for Sale of Securities Titan and its supervised persons do not accept any compensation for the sale of securities or other investment products or any interests in the Titan Clients.

General The objective of the Titan Clients is to provide consistent capital appreciation. To achieve this objective, Titan allocates the assets of most Titan Clients primarily among one or more private Portfolio Funds which, in turn, are expected to invest primarily in publicly traded equities, futures and debt securities of United States and foreign issuers. Portfolio Funds may also invest in other securities, including restricted securities, options, other derivative instruments and securities related to structured credit vehicles. Portfolio Funds will be managed by Portfolio Managers selected primarily for their specialized expertise and significant investment histories and/or prospects, as determined by Titan. The Titan Direct Funds also allocate all or a substantial portion of their assets to direct investments in publicly traded securities, such as equities, exchange traded funds or futures, that provide exposure to certain sectors, commodities, or currencies, including cryptocurrencies. In addition, several of the Titan Specialized Funds invest, directly or indirectly, in one or more private companies and securities that at the time of acquisition are not publicly traded. Each Titan Fund is managed in accordance with the specific strategies set forth in the offering documents for such Titan Fund and pursuant to the terms of each Titan Fund’s respective governing documents. Each Managed Account is managed in accordance with the investment management agreement and investment policy statement of such Managed Account. Titan will have discretion to invest each Titan Client’s assets (directly and/or indirectly through investments in other Titan Funds) in Portfolio Funds in a manner that it considers will best achieve the objectives of such Titan Client, subject to the availability of Portfolio Funds in which to invest, cash flows and other factors. The Portfolio Funds in which the Titan Clients invest utilize strategies that primarily fall into one of following broad categories: •

Long/short equity strategies, including sector specific and trading oriented strategies,

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Multi-faceted event driven strategies,

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Global macro strategies (including strategies that may particularly emphasize the use of futures trading),

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Credit strategies, including long/short – credit (often utilizing derivatives to take short exposure) and structured credit investments,

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Thematic macro strategies that seek to capitalize on investment opportunities arising from market pressures and

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Multi-strategy, which may combine one or more the strategies listed above, as well as other hedge fund strategies, including, to a lesser extent, equity and balance sheet arbitrage, fixed income and special situations investing or other non-traditional investment disciplines.

Each Portfolio Manager will make the actual investment decisions with respect to the Portfolio Fund it manages. Titan will select the Portfolio Funds into which a Titan Client’s assets will be allocated and may reallocate such assets upon evaluating the performance and other aspects of the Portfolio Managers and the Portfolio Funds they manage. Titan’s ability to make such reallocations may be constrained by the limited withdrawal rights of the Portfolio Funds. Titan’s research and analysis process is led by its senior professionals and incorporates both qualitative and quantitative research elements. The qualitative aspect focuses on meeting potential Portfolio Managers and reviewing their risk management and investment style. We seek to corroborate the manager’s description of his/her investment style and experience by speaking to other members of his/her investment team and to those who have worked with him or her in the past, either directly as coworkers, or indirectly, for example, as an executing broker. Concurrently, we perform a quantitative analysis of performance, exposures, volatility and correlation with peers and broader indices. A separate Titan due diligence team reviews the Portfolio Manager’s operations to seek to minimize fraud risk and gain comfort with the Portfolio Funds’ ability to provide timely and accurate reporting. Finally, Titan’s investment committee reviews the portfolio as a whole to achieve a diversification of investment risks and strategies across each Titan Client’s portfolio. Material Risks Investments in each Titan Client present potentially significant risks and are not intended as a complete investment program. Investing in securities involves risk of loss that investors should be prepared to bear. The following material risks relate generally to the investment strategies and methods of analysis for the Titan Clients. However, not all of these risks will be equally relevant to each Titan Client that we manage at any time, and some of these risks may only be applicable to certain, but not all, Titan Clients. Additional risks relating to certain specific strategies of certain Titan Clients are also described below. Risks of the Multi-Manager Strategy and Technique. Titan will not have any control over the investments made by Portfolio Managers. Furthermore, Titan’s ability to reallocate capital among the Portfolio Funds will be constrained by the withdrawal limitations imposed by the Portfolio Funds. These withdrawal limitations will prevent a Titan Client from reacting rapidly to market changes should a Portfolio Manager fail to effect portfolio changes consistent with such market changes and the demands of Titan. Such withdrawal limitations will also restrict Titan’s ability to terminate investments in Portfolio Funds that are poorly performing or have otherwise had adverse changes. In addition, at times when Portfolio Funds offer limited availability to investors, Titan may allocate such limited availability among and between multiple entities and series managed by it or its affiliates, resulting in a Titan Client portfolio which differs from the portfolio which might result if Titan only managed one Titan Client. Although Titan intends to use certain criteria in evaluating and monitoring Portfolio Funds, there is no such assurance that Titan will use the same criteria for all Portfolio Funds. Although Titan employs a due diligence process to review each Portfolio Manager’s back office and accounting systems and obtains third party verifications and background checks, there is no assurance that such efforts will detect fraud, malfeasance, inadequate back-office systems or other flaws or problems with respect to the Portfolio Manager’s operations and activities. It is possible that not all of the entities managed by Titan and its affiliates will invest, whether on a pro rata basis or otherwise, in all of the Portfolio Funds invested in by a Titan Client. The multi-manager approach may also limit Titan’s access to information about a Titan Client’s investments on a regular basis. Investors in the various Portfolio Funds typically have no right to demand such information of the Portfolio Managers.

Nevertheless, Titan will use its commercially reasonable efforts to periodically gather quantitative and qualitative information from the Portfolio Managers. There is no guarantee that the information will be accurate or timely. Moreover, the information may be proprietary and may not be provided. If a Titan Client terminates its investment in a Portfolio Fund at a time when there are loss carryforwards, a Titan Client would lose the benefit of any such loss carryforwards in connection with the future payment of performance-based compensation. The Portfolio Funds will trade wholly independently of each other and, at times, may hold economically offsetting positions. To the extent that the Portfolio Managers do, in fact, hold such positions, a Titan Client, considered as a whole, cannot achieve any gain or loss despite incurring expenses. Alternatively, two or more Portfolio Managers may employ similar strategies or invest in some of the same securities, resulting in less diversification to a Titan Client than may be desired. In addition, a Portfolio Manager will generally be compensated based on the performance of its portfolio. Accordingly, a particular Portfolio Manager may receive incentive compensation in respect of its portfolio for a period even though a Titan Client’s overall portfolio depreciated during such period. Risks of Portfolio Manager Strategies and Execution. A Portfolio Manager may use proprietary investment strategies that are based on considerations and factors that are not fully disclosed to Titan. These strategies may involve risks under some market conditions that are not anticipated by the Portfolio Manager, Titan or a Titan Client. The Portfolio Managers may use investment strategies that differ from those typically employed by traditional managers of portfolios of stocks and bonds or may diverge from the strategy disclosed to Titan. The strategies employed by the Portfolio Managers may involve significantly more risk and higher transaction costs than more traditional investment methods. In addition, Portfolio Managers may not execute their strategy efficiently or consistent with past practices or its disclosure, leading to underperformance or losses to a Titan Client. A Titan Client will usually seek to reduce these risks by spreading the investments of a Titan Client among a variety of different Portfolio Managers. However, it is possible that the performance of the Portfolio Managers may be closely correlated in some market conditions, resulting (if those returns are negative) in significant losses to a Titan Client and its investors. Many of the Portfolio Managers are dependent on the services of a small number of persons and the loss of any such person’s services could have a materially adverse effect on a Titan Client’s investment with such Portfolio Manager. Dependence Upon Titan and the Portfolio Managers. The success of a Titan Client will depend upon the ability of Titan (and its affiliates) and Portfolio Managers to develop and implement investment strategies that achieve a Titan Client’s investment objectives. Subjective decisions made by Titan and/or the Portfolio Managers may cause a Titan Client to incur losses or to miss profit opportunities on which it would otherwise have capitalized. Although Titan will evaluate the ability and strategy of each Portfolio Fund, it cannot cause the Portfolio Managers of each Titan Client to take or not take any specific actions. In addition, although a Titan Client may invest some of its assets in separately managed accounts, and in such cases may have greater visibility with respect to the securities held in such accounts, the management of such securities will still reside with the applicable Portfolio Managers of such accounts. Titan generally expects to conduct a similar level of monitoring and due diligence with respect to such accounts as it does with respect to a Titan Client’s investments in other Portfolio Funds, and generally will not, and may not have the right to, take action or direct the actions of the Portfolio Managers in connection with such securities. Titan and its principals may engage in other business activities, including the management of other funds of funds. Accordingly, Titan and its principals will not devote their full time and attention to the operations of any Titan Client. Also, since Titan’s principals will be responsible for the management of Titan and its affiliates, and if one or more of them were to die or become disabled, or otherwise cease to be affiliated with Titan, such event may have an adverse effect on the business of a Titan Client.

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Generally, Titan’s advisory clients are the Titan Funds and the Managed Accounts. Investors in the Titan Funds and the Managed Accounts include institutional investors such as charitable organizations, pension plans, corporations, unregistered funds, and insurance carriers (including separate accounts established by insurance carriers for the benefit of specified insurance policy or annuity holders). Additionally, high net worth individuals and trusts or family office entities invest in the Titan Funds. In selected instances, “custom” fund clients may hold the Portfolio Funds directly. In those instances, Titan’s client is the asset owner, which may be an institutional investor or high net worth individual. Categories of Titan Funds The Titan Funds can be divided into four categories: (1) commingled investor funds, (2) insurancededicated funds, (3) “custom” funds and (4) direct investment funds. Commingled Investor Funds Investors in the commingled investor funds include high net worth individuals, trusts, charitable organizations, pension plans, corporations, unregistered funds, and other institutional investors. There are several primary investment strategies employed by Titan for these commingled investor funds: •

“Titan Diversified/Multi-Strategy Funds” - multi-manager investment strategy allocating assets to a diversified portfolio of Portfolio Funds. Such Portfolio Funds are expected to invest primarily in publicly traded equity, futures and debt securities of United States and foreign issuers, and may also invest in other securities, including restricted securities, options and other derivative instruments.

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“Titan Credit Funds” – multi-manager investment strategy allocating assets to Portfolio Funds executing credit and event-driven strategies. Such Portfolio Funds are expected to invest in one or more of the following: (i) equity and debt securities of companies undergoing a transformative event, (ii) corporate debt instruments, both performing and distressed, (iii) securitized assets such as residential mortgage-backed securities, commercial mortgage-backed securities and

collateralized loan obligations, (iv) municipal securities and/or (v) special purpose vehicles (“LF SPVs”) that provide financing in connection with one or a related series of legal claims (each, a “Claim” and collectively, the “Claims”) in exchange for the right to receive a portion of any recovery from such Claims. •

“Titan Long/Short Equity Funds” – multi-manager investment strategy that emphasize investments into Portfolio Funds and/or separate investment accounts that focus on fundamental securities valuations and include both long positions in securities considered undervalued and short positions in securities considered overvalued.

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“Titan Specialized Funds” – specialized vehicles to (i) make specific co-investments, (ii) make selected private investments or (iii) allocate assets to Portfolio Funds that are managed by “emerging managers”, which are Portfolio Managers that Titan considers to include managers of smaller Portfolio Funds that have yet to receive significant attention from investors.

Insurance-Dedicated Funds Titan advises the “Titan Legacy Funds”, which are insurance-dedicated funds. Interests in these Titan Legacy Funds are only offered to prospective insurance company investors (collectively, the “Companies”) on behalf of one or more of their separate accounts for the holders of variable life insurance and variable annuity contracts to be issued by the Companies (collectively, the “Contracts”). Interests in the Titan Legacy Funds are designed to be an investment option under such Contracts. Custom Funds Custom Funds are established for single or small groups of investors who plan to invest substantial amounts. Custom Fund investors have the opportunity to define investment targets or guidelines in cooperation with the Titan investment team, but generally, the Custom Funds will pursue investment strategies similar to the strategies employed for one or more of the “fund families” described above. Direct Investment Funds Titan advises certain Titan Funds that make direct investments in publicly traded securities (collectively, the “Titan Direct Funds”) following the investment strategy set out in the offering documents for such Titan Direct Funds. Investments may consist of a hybrid of both Portfolio Fund investments together with the direct investments described above. Currently, the Titan Direct Funds are comprised of: (i) Esker Point LP and Titan Fund I SPC – Esker Point SP (collectively, the “Esker Funds”), two Titan Direct Funds that invest in assets or strategies that Titan believes present significant commodity related opportunities; and (ii) a Titan Direct Fund that invests in equities and securities of companies in the biotechnology sector.

All investors in each Titan Fund that is organized within the United States (typically, as Delaware limited partnerships) (“Domestic Funds”) and all U.S. investors in each Titan Fund that is organized outside of the United States (typically, as a Cayman Islands exempted company) (“Offshore Funds”) are generally required to be (i) “accredited investors” as defined in Regulation D under the Securities

Act of 1933, as amended, and (ii) “qualified purchasers”, as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (or, in the case of such investors in certain Titan Funds, “qualified clients” as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Titan Funds that are Offshore Funds and have not elected to be classified as a partnership for U.S. federal income tax purposes are generally only open to investment by U.S. taxexempt investors and non-U.S. investors. Each investor in a Titan Fund will be required to make certain representations and warranties in a subscription agreement in connection with its investments in the applicable Titan Fund. The minimum required investment in each of the Titan Funds varies for each Titan Fund, generally ranging from $100,000 to $50,000,000. The minimum investment in each Titan Fund is subject to waiver by such Titan Fund’s general partner (Titan or an affiliate thereof) or its Board of Directors, as applicable.

As noted above, certain of the Titan Clients pay performance-based fees or allocations to Titan and its affiliates. Other Titan Funds (or classes of interests or shares therein), including many of the “Titan Legacy Funds” (as described in Item 8), do not pay any such performance-based compensation. In addition, the applicable percentage of the performance-based compensation payable by certain Titan Clients is different than for other Titan Clients that are also subject to performance-based compensation. Titan may have a financial incentive to allocate superior investment opportunities to Titan Clients that are subject to performance-based compensation, or for which the applicable

percentage rates of such compensation are higher. However, in instances when an investment opportunity in a Portfolio Fund is appropriate for more than one Titan Client, we generally seek to make that investment available to each applicable Titan Client at the same time and at the same price, although it may not always be possible for each applicable Titan Client to invest the full amount that it desires to invest in a Portfolio Fund with limited capacity. Titan maintains allocation policies and procedures that are designed to ensure that investments made by each Titan Client are made in a fair and equitable manner and do not result in one or more Titan Clients being favored over other Titan Clients due to different fee structures or for any other reasons, and allocation of investment opportunities among various Titan Clients will be made in the judgment of Titan and its affiliates, based on such factors as they may reasonably and equitably determine. In addition, Titan’s compliance team periodically reviews allocations and conducts a more in-depth review of allocations and the allocation process on an annual basis, in an effort to seek to ensure that no Titan Clients are being favored over other Titan Clients in connection with allocations of investment opportunities.

Affiliates of Titan serve as general partners to each of the Titan Funds that is organized as a Delaware limited partnership, and certain other affiliates of Titan may also provide administrative and/or investment management services to certain Titan Clients. Currently, such affiliated entities are as follows: Titan Global Equity, LLC; Titan Fund Advisors, LLC, Titan Emerging Managers, LLC, Titan Legacy Fund Advisors, LLC, Saguenay Strathmore Capital, LLC, Titan Co GP, LLC, Esker Point GP LLC, Titan TTF GP, LLC, Esker Point Advisers LLC and Everline Advisers LLC. As of the date of this document, Titan and its affiliates provide investment advice to Titan Clients with substantial portfolios of Portfolio Funds, as well as additional vehicles ancillary to the operation of these Titan Funds. Certain of the Titan Clients invest all or substantially all of their assets in other Titan Funds. Additional investment funds and accounts may be established in the future by Titan and its affiliates with substantially the same or different investment strategies as compared to the existing Titan Clients. Many of the Titan Clients may pursue an investment strategy that is substantially similar to each other, and many of the Titan Clients will invest in many of the same Portfolio Funds. Titan is not required to give the same advice or take the same actions with respect to one or more Titan Clients, including with respect to the same investment opportunities. Titan and its current owners mentioned in Item 2 above (and their affiliates) may engage in other business activities and are not required to refrain from any other activity, to disgorge any profits from any such activity, or to devote all or any particular part of the time and effort to any Titan Client and its affairs. Any related activities will not involve any transactions with a Titan Client, the other funds managed by Titan or its affiliates or any Portfolio Fund. A Titan Client may engage in certain transactions with its affiliates, provided the terms thereof are commercially reasonable, as determined by Titan. If more than one Titan Client desires to invest in a Portfolio Fund or direct investment with limited capacity, a Titan Client may not be able to invest the full amount that it desires to invest. Allocation of investment opportunities among various clients will be made in the judgment of Titan and its affiliates, based on such factors as they may reasonably and equitably determine. Although Titan expects to generally rely on valuations provided by the Portfolio Funds, Titan and its affiliates have certain responsibilities with respect to valuing the Titan Client’s securities, as further provided in each Titan Fund’s applicable offering documents or each Managed Account’s investment management agreement. A conflict may arise with respect to this responsibility given that any performance-based compensation to be earned by Titan and its affiliates are based in part on the valuation of the Titan Clients’ assets. Philip Lombino and Frank Stone, each of which is a senior employee of Titan, serve on one or more boards of directors of Titan Funds that are Offshore Funds. Each such person may have a conflict

of interest (i) between his responsibilities to Titan and to each Titan Fund on which he serves on the board of directors and (ii) among such Titan Funds (i.e. to the extent that such Titan Funds deal with each other or each have dealings with respect to a common matter).

Monica Reyes Grajales serves as Titan’s Chief Compliance Officer and is in charge of implementing Titan’s code of ethics and monitoring all “Supervised Persons” (as defined below). Titan’s Supervised Persons may effect transactions for their own accounts in the same Portfolio Fund securities and other securities purchased and sold for the Titan Clients, subject to the restrictions described below and any restrictions and reporting requirements as may be required by law or otherwise determined from time to time by Titan or its affiliates. To help ensure that each Supervised Person conducts his or her affairs, including personal securities transactions, in such a manner as to avoid serving his or her own personal interests ahead of the Titan Clients and to avoid conflicts of interest, Titan has adopted a code of ethics (the “Code”) pursuant to Rule 204A-1 under the Advisers Act. Titan will provide a copy of the Code to any client or prospective client upon request. The Code includes policies and procedures governing personal trading activities of its Supervised Persons and certain reporting requirements. Any investments in single stocks, corporate debt or “Limited Offerings” (as defined below, and which generally includes all offerings by the Portfolio Funds in which the Titan Clients invest) and “Initial Public Offerings” (as defined below) must be approved in advance of making the investment by Titan’s Chief Compliance Officer. “Supervised Person” means any (i) officer, member or employee (or other person occupying a similar status or performing similar functions) of Titan (ii) any other person who provides advice on behalf of Titan and is subject to Titan’s supervision and control and (iii) any other person deemed by Titan’s Chief Compliance Officer to be a Supervised Person for purposes of the Code (provided such person is notified in writing of the determination thereof). “Initial Public Offering” means an offering of securities registered under the Securities Act of 1933, as amended (the “Securities Act”), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended. “Limited Offering” means an offering that is exempt from registration under the Securities Act pursuant to Section 4(a)(2) or 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act. Certain of Titan’s owners, officers, managers, employees and family members (individually and through Titan’s retirement plan), currently invest in certain of the Titan Funds and may do so in the future. Except as otherwise described above, there are no restrictions on the ability of such persons to invest in a Titan Fund (other than eligibility requirements under applicable law and as may be set forth in the applicable Titan Fund’s offering documents), and such persons may not be subject to the same management fee, incentive allocation and withdrawal or redemption restrictions as are other investors in such Titan Fund. Titan has the discretion to cause Titan Clients to invest in Portfolio Funds directly, indirectly through another Titan Fund, and/or through one or more managed account vehicles (each, a “Vehicle”) established by Titan in order to facilitate investing with a particular Portfolio Manager, either alone or together with other Titan Funds. In some cases, Titan, or an affiliate thereof, has financial or other controlling interests in a Titan Fund, and may cause other Titan Clients to invest through such Titan Fund in which it (or its affiliates) have such interests. This is generally done in order to facilitate making investments with a certain Portfolio Manager, or to give a Titan Client exposure to a particular strategy in a more efficient manner, as determined by Titan. Such indirect investments through other Titan

Funds or Vehicles may present a conflict of interest for Titan to the extent that they may present additional and possibly conflicting considerations for Titan to take into account when making investment decisions for Titan Clients. However, Titan seeks to avoid these conflicts by only using such Vehicles, and only causing Titan Clients to invest through other Titan Funds, when Titan believes that there are valuable structural, efficiency or other relevant reasons to do so that Titan considers beneficial to each of the relevant Titan Clients. In addition, to the extent that any fee-paying Titan Client invests in another fee-paying Titan Fund, Titan waives any compensation due from the relevant Titan Funds, so that there is never a double layer of fees to be paid to Titan with respect to the same invested capital.

Titan invests almost all of the assets of the majority of Titan Clients, directly or indirectly, in Portfolio Funds. Such investments are not executed through broker-dealers. Accordingly, we do not generally select or recommend broker-dealers for client transactions. To the extent that one or more of the Titan Clients invests through a Vehicle, the underlying Portfolio Manager of such Vehicle has the discretion to select the broker(s) to be used by such Vehicle. Titan will not be able to regularly monitor the “soft dollar” arrangements or best execution practices of Portfolio Managers. Neither Titan nor any of its supervised person may be provided with, or benefit from, any “soft dollar” products or services, or paid expenses, that may be provided to a Portfolio Manager. The Titan Direct Funds (including the Esker Funds) and some of the Titan Specialized Funds do execute client transactions through broker-dealers, and such transactions are done primarily on the basis of obtaining best execution. Notwithstanding the foregoing, Titan may consider the full range and quality of a broker’s service in placing brokerage transactions including, among things, the value of unsolicited research provided as well as execution capability, commission rate, financial responsibility and responsiveness of the broker to Titan. Titan does not in all cases solicit competitive bids and does not have an obligation to seek the lowest available commission cost. Accordingly, if Titan determines that the amount of commissions charged by a broker-dealer is reasonable in relation to the value of the brokerage and products or services provided by such broker-dealer, the Titan Client may pay commissions to such broker-dealer in an amount greater than the amount another broker-dealer might charge. Research and Other Soft Dollar Benefits Titan currently does not receive soft dollar benefits or have any formal soft dollar arrangements. Titan may, however, use them in the future. In such cases, Titan intends to keep any soft dollar arrangements within the safe harbor provision of Section 28(e) of the Exchange Act which provides that an investment adviser may pay more than the lowest possible commissions in return for the receipt of research and brokerage services, if such investment adviser determines in good faith that the amount of the commission is reasonable in relation to the value of such services. Research and brokerage services obtained with “soft dollars” generated by one or more Titan Clients may be used by Titan to service one or more other Titan Clients, and there will be instances where the research and brokerage services obtained by Titan will not benefit a particular Titan Client to the extent of the expense of such services for that Titan Client.

Brokerage for Client Referrals Although certain broker-dealers may refer investors to certain Funds, to the limited extent, if any, that we make any brokerage decisions with regard to client transactions, we do not consider any such referrals or any client referrals from a broker or dealer. Each investment made by a Titan Client in a Portfolio Fund will be considered independently and each Titan Client will complete and execute separate subscription documents and agreements in connection with such investments. Directed Brokerage Titan has discretion in deciding which broker-dealers its Titan Direct Funds and the Titan Specialized Funds will use and in negotiating the rates of commissions that such Titan Clients will pay. Titan does not recommend, request or require that any Titan Fund direct it to execute transactions through a specified broker-dealer, nor does Titan permit a Titan Fund to direct brokerage. Titan may, under certain circumstances, permit a Titan Client to direct brokerage. In such circumstances, Titan may be unable to achieve most favorable execution of client transactions. Directing brokerage may cost Titan Clients more money. For example, in a directed brokerage account, the Titan Client may pay higher brokerage commissions because Titan may not be able to aggregate orders to reduce transaction costs, or the applicable Titan Client may receive less favorable prices.

Titan and certain of its affiliates have entered into agreements (and may in the future enter into agreements) with third parties providing for, among other things, (i) payments to such third parties of a fully disclosed sales charge, which may be paid from the investments of certain investors that agree thereto, or (ii) payments from such Titan entities to such third parties of a one-time or ongoing fee based upon the capital contributions of certain investors. Certain Titan Funds are part of “platform” arrangements with platform sponsors to whom Titan (or its affiliates) pays certain fees and/or expense reimbursements. Generally, these fees to third parties are based upon a percentage of the fees received by Titan with respect to the referred party’s investments.

Titan has no legal or disciplinary events to report that are material to a client’s or prospective client’s evaluation of our advisory business or the integrity of our management.

Each of the investments in Portfolio Funds made by each Titan Client is reviewed at least quarterly by Titan’s investment committee to, among other things, determine if each such investment continues to meet Titan’s criteria for making an investment in the Portfolio Fund, and to determine the ongoing fit of the Portfolio Fund in relation to Titan’s assessment of the overall market and the objectives of the applicable Titan Client. Titan’s investment committee meets at least quarterly to review and discuss portfolio status, potential investments, and related issues that may have an impact on the portfolio holdings of each Titan Client. If Titan’s investment committee believes that market circumstances warrant an interim meeting, Titan’s investment committee may, on an ad hoc basis, decide to hold additional meetings to review and discuss portfolio status, potential investments, and related issues. Titan’s compliance team reviews investment activity for each Titan Client and periodically reviews the portfolio of each Titan Client for compliance with Titan’s applicable policies and procedures. Other conditions that may trigger a review are changes in the relevant laws, new investment information, and other changes in Titan’s assessment of the overall risk profile of a Titan Client and how a particular Portfolio Fund impacts that. Investors in each Titan Fund generally receive a written statement from the administrator of the applicable Titan Fund on a periodic basis (depending on the Titan Fund) setting forth the unaudited performance of such Titan Fund and the unaudited value of the investor’s investment in such Titan Fund. Each investor in a Titan Fund will also receive year-end financial statements that are audited by an independent certified public accounting firm selected by Titan or, if applicable, the Titan Fund’s board of directors. Titan may also provide additional reports and information to certain investors as well as to consultants and advisers to investors and prospective investors at our discretion, without notice to other investors. Certain investors in the Titan Funds have certain informational rights pursuant to Supplementary Agreements or otherwise. The nature and frequency of reports provided to each Managed Account is set forth in the investment management agreement for such Managed Account.

Each Titan Fund has entered into a master services agreement with an administrator (that is unaffiliated with Titan) pursuant to which the administrator performs certain administrative responsibilities, including financial, accounting, corporate and other services on behalf of such Titan Fund. The administrator calculates performance compensation (if applicable) and fees payable to Titan (or its affiliates) and makes payments to Titan (or the applicable affiliate) in accordance with the terms of each Titan Fund’s legal documents. Neither Titan nor its affiliates have the ability to withdraw funds directly from the Funds’ accounts in connection with the payment of its fees or reimbursable expenses. For the majority of the Titan Funds, an affiliate of the administrator custodies such Titan Funds’ assets (typically investments in Portfolio Funds and cash). We do not use a qualified custodian to send quarterly account statements to our clients. Notwithstanding the foregoing, with respect to each the Titan Funds, Titan is deemed to have custody of funds and securities because it has the authority to direct funds or securities, for example, by having advisory fees deducted from the account of a Titan Fund. Titan is subject to Rule 206(4)2 under the Advisers Act (the "Custody Rule"). As a result, each Titan Fund is either (1) subject to an annual surprise examination of its assets by an independent public accountant that is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board or (2) complies with the provisions of the "Pooled Vehicle Annual Audit Exception", that, among other things, requires such Titan Fund be subject to 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, and requires that such Titan Fund distribute its audited financial statements to all investors within (i) 120 days of the end of its fiscal year for each Titan Fund that is not a fund of funds or (ii)180 days of the end of its fiscal year for each Titan Fund that is a fund of funds. Investors in each Titan Fund generally receive statements from the administrator for such Titan Fund. These statements should be carefully reviewed. Investors are urged to compare such statements to the information provided to them in the audited financial statements provided by the auditor for such Titan Fund. Neither Titan nor its affiliates are deemed to have custody of its separately Managed Account clients (when applicable).

Titan has discretionary authority to manage the assets of each Titan Client either pursuant to an investment management agreement or a partnership agreement applicable to such Titan Client and to which Titan (or a Titan affiliate) is a party. These agreements each include an explicit grant of discretionary authority to manage the applicable Titan Client’s assets. Generally, there are no specific limitations placed on this authority, provided that Titan will exercise such discretionary authority in accordance with the investment objectives and strategy set forth in the applicable offering documents of each Titan Client. Custom Fund investors and Managed Accounts may negotiate additional restrictions on Titan’s discretionary authority.

Titan has adopted Proxy Voting Policies and Procedures (the "Procedures") that are designed to ensure that in cases where Titan votes proxies with respect to client securities, such proxies are voted in the best interests of its clients. Generally, any such voting arises in the context of a Titan Fund owning an interest in a Portfolio Fund which is amending the terms of a Titan Fund’s investment in the Portfolio Fund. The Procedures also require that Titan identify and address conflicts of interest between Titan and its clients. If a material conflict of interest exists, Titan will determine whether voting in accordance with the guidelines set forth in the Procedures is in the best interests of the client or take some other appropriate action. In voting proxies, Titan generally votes in favor of routine corporate housekeeping proposals, including election of directors (where no corporate governance issues are implicated). For all other proposals, Titan will determine whether a proposal is in the best interests of its clients. Our clients generally may not direct our voting in any particular solicitation. Any investor in the Titan Clients may request a copy of Titan’s proxy voting policy, as well as information regarding how Titan or its affiliates voted proxies on behalf of a particular Titan Client in which such investor is invested, by contacting Titan’s Chief Compliance Officer, Monica Reyes Grajales, or Investor Relations, at (203)-327-8600, or by submitting a written request to Ms. Reyes or Investor Relations sent to Titan Advisors, LLC, 750 Washington Boulevard, 10th Floor, Stamford, CT 06901.

Titan does not require or solicit payment of fees in excess of $1,200 per client more than six months in advance of services rendered. Therefore, we are not required to include a financial statement. We do not believe that there is any financial condition that is reasonably likely to impair our ability to meet contractual commitments to our clients, and we have not been the subject of any bankruptcy proceeding.