York Capital Management Global Advisors, LLC

York Capital Management Global Advisors, LLC, which does business under the name “York Capital Management” (the “Adviser”), provides administrative services and, either directly or through controlled entities serves as investment adviser to a variety of private investment partnerships and offshore investment funds (each, a “Fund” and, collectively, the “Funds” or the “York Funds”), which are privately placed. These Funds utilize a variety of investment strategies. The Adviser, which manages or controls the general partners and investment managers, as applicable, of the Funds is registered with the Securities and Exchange Commission (“SEC”). The mere fact that an adviser is registered with the SEC does not imply any particular level of skill or training. Adviser is affiliated with several other companies that serve as general partners/investment managers and/or administrators (collectively, “York”, the “York Group” or the “Firm”) that are responsible for running the day-to-day operations of the Funds. Adviser also serves as investment adviser to certain accounts related to its founders and has sole discretion as to the management of the affairs of such accounts and the selection of their investments. Credit Suisse Manager Holdings Limited, an indirect wholly owned subsidiary of UBS Group AG (“UBS”), owns a passive, non-controlling, minority equity interest in Adviser. Certain subsidiaries of UBS provide brokerage services to Adviser on a non-exclusive basis. York operates independently of the UBS group of companies and is managed by its Partners and other senior management personnel. Throughout this brochure, we disclose a number of conflicts of interest. We encourage clients and potential clients to review our policies and procedures and inquire directly with us about such conflicts. Our policies and procedures are available for review in our offices. In addition, conflicts of interest and specific risks are identified in the offering materials of Funds that we manage. Please request a copy of the relevant fund’s most current offering materials for a description of other conflicts and risks that might exist. The Firm was founded in 1991 by James G. Dinan. The Adviser’s principal owner is James G. Dinan. Mr. Dinan became Non-Executive Chairman of the Firm on January 1, 2022 and held this position through December 31, 2023. Mr. Dinan now spends the majority of his business time on matters related to his family office. The Firm’s Chief Investment Officer and Managing Partner is William Vrattos and, accordingly, Mr. Vrattos overseas the day-to-day investment activities and operation of the Firm. In November 2020, the Firm announced that it had undertaken a strategic review of the Firm’s businesses and would make the following changes: a planned spin out in 2021 of York Capital Management Asia (HK) Advisors Limited into a new, independent firm, in which York will maintain a non-controlling, passive interest; the wind down of the Firm’s European hedge fund business, including the York European Opportunities Fund and the York European Focus Fund; the Firm’s Multi-Strategy Fund strategy will primarily manage internal capital; and the Firm will focus its business on longer duration assets, including Private Equity and Private Debt going forward. In furtherance of this strategic review, on April 22, 2021, the Firm and Kennedy Lewis Investment Management (“Kennedy Lewis”), announced a strategic partnership to form a new entity to be called Generate Advisors, LLC (“Generate Advisors”). This strategic partnership began on July 15, 2021. Under the partnership agreement, York’s approximately $4 billion collateralized loan

obligation (“CLO”) business (other than York CLO-1 Ltd) and team, led by Rizwan Akhter, transitioned to Generate Advisors and continue to manage York’s former CLO portfolios as well as any future CLOs issued by Generate Advisors. York CLO Managed Holdings, LLC, Rizwan Akhter in his capacity as an employee of York CLO Managed Holdings, LLC, and certain members of the CLO team continued to manage York CLO-1 Ltd. on behalf of the Firm through its liquidation in March 2024. Generate Advisors is a relying adviser of Kennedy Lewis. Kennedy Lewis invested in Generate Advisors and has committed at least $200 million of capital to be invested in the equity of Generate Advisors’ future CLOs. On December 1, 2021, York completed the successful spin out of York Capital Management Asia (HK) Advisors Limited into a new, independent firm, MY.Alpha Management HK Advisors Limited (“MY.Alpha”), in which York maintains a non-controlling, passive revenue interest. Pursuant to the spin out, York’s approximately $3 billion Asia hedge fund business and team, led by Masa Yamaguchi, transitioned to MY.Alpha. On February 1, 2022, York completed the successful spin out of its Global Credit Income business into a new, independent entity, Axebrook Capital LLP (“Axebrook”), in which certain seed investors affiliated with York have a non-controlling, passive revenue interest. Pursuant to the spin out, York’s approximately $100 million global liquid credit business and team, led by Jack Land, transitioned to Axebrook. On March 1, 2022, York completed the successful spin out of its private distressed credit business based in London into a new, independent firm, Fidera Vecta Limited (“Fidera Vecta”), in which York maintains a non-controlling, passive revenue interest. Pursuant to the spin out, York’s approximately $3 billion London-based private distressed credit fund business and team, led by Akbar Rafiq, transitioned to Fidera Vecta. Fidera Vecta is providing certain sub-advisory services to the Firm in connection with investments that the London-based private distressed credit team oversaw prior to the spin out. In addition, the Firm is providing certain sub-advisory and advisory services to Fidera Vecta and funds managed by Fidera Vecta, including in connection with certain investments held both by one or more York Funds and one or more funds managed by Fidera Vecta which were not overseen by the London-based private distressed credit team prior to the spin out. As of December 31, 2025, the Adviser managed approximately $2,032,500,000 in net assets. The regulatory AUM for the Adviser as of December 31, 2025 was approximately $3,265,000,000. All of these assets are managed on a discretionary basis.

The Adviser provides investment management services on a fee basis, which includes fees based upon the net asset value of the assets under management by the Adviser, as well as fees based on performance of the Funds and accounts. Applicable fees are set forth in detail in each Fund’s offering documents. A brief summary of the Adviser’s fees is provided below. Investors should refer to the relevant offering documents for a complete understanding of how the Adviser is compensated for its advisory services. The Adviser generally receives an annual management fee of between 1% and 2% for each Fund’s assets under management, paid either monthly or quarterly, in advance based on the net asset value of the Fund at the beginning of the applicable month or quarter. Other accounts are charged fees that are negotiated with the client and range from .50% to 2% per annum. The Adviser reduced or waived management fees for certain Funds that entered into an orderly liquidation. The percentage

advisory compensation rate generally varies from Fund to Fund, and from share class to share class within a Fund, and is based on a variety of factors that includes the types and mix of assets involved; the nature and complexity of the assets; the nature and complexity of the particular Fund; the nature of the services provided; the liquidity of the particular share class; the size of the Fund; and the types and size of investors in the particular Fund. With respect to certain closed end funds with private equity-like terms, management fees may be based on capital commitments or funded commitments to such funds. Certain strategic clients may be charged management fees and incentive allocations at lower rates than those set forth in a Fund’s offering documents. In addition, the Adviser at times grants certain investors preferential rights with respect to various matters, including, without limitation, the right to most favorable economic terms for their investments. Any such fee reductions or other preferential rights are determined by the Adviser on a case by case basis. Due to the strategic shift detailed above many of the Funds are no longer charging the investors a management fee. The Adviser or one of its affiliates also will generally receive an incentive fee or incentive allocation of up to 20% of the aggregate profits or certain distributions, as applicable, to investors, which is in addition to advisory and administrative fees and expenses, as described more fully in the offering documents of the particular Fund, as permitted by 17 C.F.R. 275.205-3 and/or section 205 of the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”). Due to the strategic shift detailed above, several of the Funds are also charging a modified incentive fee. In some cases, Adviser or its affiliates receive reimbursement of certain expenses from the Funds, as described in the offering documents and periodic reports of those Funds. These reimbursements are for expenses deemed by the Firm in its discretion to be beneficial services to the Funds. Adviser and/or other York Group entities, or the Funds are permitted to pay placement fees, certain expenses, and servicing fees to broker-dealers acting as placement agent that place investors for the Funds, as described in the offering documents of the relevant Funds, that may be based on a percentage of the assets initially invested, or assets remaining invested over time, from the investor, or based upon fees received by Adviser, in respect of the investors placed by that placement agent. Each Fund bears all its organizational, offering and ordinary operating expenses and other fees and expenses incurred in relation to such Fund, other than the operating expenses of the Adviser, all as further described in such Fund’s offering documents. Organizational and initial offering fees and expenses borne by a Fund typically include all those incurred in connection with (i) the offering and sale of the interests in the Fund, including placement agent costs, (ii) the formation and organization of the Fund and (iii) the preparation, negotiation, execution and delivery of the Fund’s governing and offering documents, including any related legal and accounting fees and expenses, travel expenses including airfare (including, where appropriate as reasonably determined by the Adviser, the cost of first class commercial airfare) and filing fees. Other fees and expenses borne by a Fund typically include, without limitation, (i) expenses incurred in buying, structuring, restructuring, negotiating, holding and selling or otherwise disposing of securities and other investments, including, without limitation, brokerage commissions, transactional fees and expenses, (including fees and expenses related to potential purchases and sales of securities and other investments, even if not consummated), interest and other borrowing and financing costs, dividends and interest payable with respect to securities sold short, trade execution expenses (e.g., costs associated with trading communication hardware, software and private lines), external research expenses, soft dollar expenses, custody and transfer fees, currency conversion expenses, expenses of currency and other hedging transactions, investment-related

travel and entertainment expenses, the costs of preparing and filing reports to regulatory authorities relating to such Fund’s investments (e.g., filings under Section 13 of the Securities Exchange Act of 1934, as amended, notifications under the EU Transparency Directive and the EU Regulation on Short Selling and similar filings), Form PF filings under the Investment Advisers Act and similar filings),the costs of proxy or corporate control contests, fees and other costs associated with any joint venture or similar investments (including management fees, expense reimbursements and profit sharing arrangements with joint venture or similar partners), broken-deal fees and the costs of any litigation, arbitration, investigation or other proceeding relating to such Fund’s investments (including legal fees and the amounts of any judgments or settlements), (ii) fees and other costs associated with third-party software, systems and services relating to trade order management, trade reconciliation, trade surveillance, trade collateral management, portfolio management (including the allocable portion of the compensation payable to internal developers), proxy voting, risk management, portfolio accounting, valuation and regulatory reporting (e.g., reporting and publishing in connection with the EU Alternative Investment Fund Managers Directive and the EU Markets in Financial Instruments Directive), (iii) initial and ongoing offering fees and expenses (including amendments to such Fund’s organizational and offering documents), (iv) insurance premiums and fees and expenses of banks, custodians, administrators (including third-party license fees associated with the administrator’s access to portfolio accounting and reporting software used by York), trustees, legal counsel, independent public accountants, fees and expenses of auditors/assessors of York’s systems and procedures for compliance with Cayman Islands antimoney laundering and counter-terrorist financing regulations, external valuers and appraisers of all asset types, providers of tax-related services, investment bankers and other brokers of transactions, placement agents for securities purchased or sold by such Fund, and other persons, agents and consultants retained by or on behalf of such Fund, (v) out-of-pocket costs of meetings with, and the preparation, reproduction and mailing of annual financial statements, tax returns and other reports to, investors, (vi) subject to certain exceptions, any taxes, fees or other governmental charges levied against the Fund or its income, assets or transactions, (vii) the Fund’s share of the fees payable to its directors and/or advisory board members, out-of-pocket travel and other expenses of members of its advisory board reimbursed by such Fund, and any printing and other out-of-pocket costs associated with meetings of the members of the advisory board, (viii) any indemnification expenses and other extraordinary fees and expenses (such as those associated with litigation and threatened litigation) and (ix) the costs of winding up and liquidating such Fund. As an example of fees and expenses of a consultant retained by or on behalf of a Fund, a Fund may bear its allocated share of the costs associated with an individual who will advise regarding environmental and social policies and prudent responsible governance matters (ESG) relating to such Fund’s portfolio. If a Fund is part of a “master-feeder” structure, it will also bear its share of the fees and expenses incurred or reimbursed by any “intermediate fund” or “master fund” through which it invests, which may include fees and expense of or similar any or all of the types listed above. York is entitled to reimbursement for any fees and expenses that it pays on behalf of a Fund. Each Fund will also indirectly bear its share of the fees and expenses incurred or reimbursed by any investment holding vehicles and any other underlying investment vehicles, which may include, without limitation, fees and expenses of or similar to any or all of the types listed above. As further described below under the caption “Allocation of Costs with Respect to Certain Shared Expenses”, in connection with the investment holding vehicles organized in Luxembourg, an office was established in Luxembourg for transactions with parties located in other European Union (“EU”) countries and spun out pursuant to the strategic shift as outlined above Costs of the Luxembourg office borne indirectly by a Fund include personnel costs (such as salaries and benefits of the dedicated staff, compensation paid to outside directors and out-of-pocket expenses incurred by all the directors in connection with

Read the rest in the brochure

The methods of analysis, investment strategies and material risks applicable to the Adviser’s advisory services are set forth in detail in the offering documents provided to each investor in the Funds. A summary of material risks is provided below. Investments in the Funds are speculative and are suitable only for investors who can tolerate substantial risks. An investor may lose some or all of its investment. There is no assurance that the Funds will be successful and will achieve their investment objectives. An investment should be considered only by sophisticated investors who understand the risks involved. The risks of investing in the Funds and in separately managed accounts include, without limitation, those set forth below. General The transactions in which the Funds will engage involve substantial risks. Growing competition may limit the Funds’ abilities to take advantage of trading opportunities in rapidly changing markets or to access investment opportunities believed to be attractive. No assurance can be given that investors will realize a profit on their investments in the Funds. Moreover, investors may lose all or some of their investments in the Fund. Due to the nature of the Funds’ trading and investment activities, the results of the Funds’ operations may fluctuate from month to month and from period to period. Accordingly, investors should understand that the results of a particular period will not necessarily be indicative of results in future periods. General Investment Risks Overall Investment Risk. All securities investments involve the risk of loss of capital. The nature of the securities to be purchased and traded by the Funds and the investment techniques and strategies to be employed in an effort to increase profits may increase this risk. The identification and exploitation of investment opportunities involve uncertainty, and no assurance can be given that Adviser will be able to identify promising investment opportunities or to correctly exploit inefficiencies in the markets. In addition, the Funds’ use of certain strategies and instruments, including derivatives such as options, that are themselves inherently volatile and may increase the Funds’ exposure to specific market movements. Many unforeseeable events, including actions by governmental authorities, such as the U.S. Federal Reserve Board, may cause sharp market fluctuations that impact the Funds’ investments. General Economic and Market Conditions; Possible Economic Downturns. The success of the Funds’ investment activities will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and national and international political circumstances (including economic sanctions), tariffs and trade wars, governmental or regulatory intervention in capital markets, currency exchange controls, failures of major financial institutions, as well as changes in the financial condition of the issuers of the Funds’ investments and the Funds’ brokers and dealers and other custodians and counterparties due to other factors. Such conditions may affect the level and volatility of securities prices and the liquidity of the Funds’ investments. Volatility or illiquidity in the markets in which the Funds will invest could impair the Funds’ profitability or result in losses. The Funds may maintain substantial investment positions that can be adversely affected by such volatility or illiquidity; the larger the positions, the greater the potential for loss. Moreover, economic slowdowns or downturns may lead to losses. Leverage; Margin Calls. Part of the Funds’ investment strategy may involve the use of leverage, including margin loans from the Funds’ brokers and dealers, in order to make additional investments.

Fluctuations in the market value of the Funds’ portfolio investments will be magnified to the extent such investments are leveraged and thus may have a more significant effect on the Funds’ capital. The risk and magnitude of possible losses, as well as the magnitude of possible gains, is therefore increased. The amount of borrowings which the Funds may have outstanding at any time may be large in relation to its capital. In general, the use of short-term margin borrowings results in certain additional risks to the Funds. For example, should the securities pledged to brokers to secure the Funds’ margin accounts decline in value, the Fund could be subject to a “margin call,” pursuant to which the Funds must either deposit additional funds or securities with the broker, or suffer mandatory liquidation of the pledged securities to compensate for the decline in value. In the event of a sudden drop in the value of the Funds’ assets, the Funds might not be able to liquidate assets quickly enough to satisfy its margin requirements. In addition, certain of the Funds’ investments from time to time may be in securities of issuers that are themselves highly leveraged, which will increase the Funds’ exposures to leverage-related risks. The amount of leverage that may be used by such issuers will increase their exposure to adverse economic factors such as downturns in the economy or deterioration in the conditions of such issuers or their respective industries. The interest rates at which the Funds and the issuers of its portfolio securities can borrow will affect the operating results of the Funds. Availability of Margin Loans and Other Financing Arrangements. There can be no assurance that the Funds will be able to maintain desired financing arrangements under all market circumstances. As a general matter, the brokers and dealers that provide financing to the Funds can apply essentially discretionary margin, “haircuts,” financing and security and collateral valuation policies. Changes by brokers and dealers in one or more of these policies, or the imposition of other credit limitations or restrictions, whether due to market circumstances or governmental, regulatory or judicial action, may result in substantial margin calls, loss of financing, forced liquidations of positions at disadvantageous prices (or on unfavorable terms), termination of prime brokerage, swap and repurchase agreements. Any such adverse effects may be exacerbated in the event that such limitations or restrictions are imposed suddenly or by multiple brokers and dealers and counterparties simultaneously. Investments in Distressed Companies. The Funds may invest in securities of issuers that are in a weak financial condition, experiencing poor operating results, having substantial financial needs or negative net worth, facing special competitive or product obsolescence problems, or that are involved in bankruptcy or reorganization proceedings. Investments of this type involve substantial financial and business risks that can result in substantial or total losses. It frequently can be difficult to obtain reliable information as to the financial conditions of troubled issuers. An issuer’s financial stress may impact different levels of its capital structure differently. The market prices of such securities are also subject to abrupt and erratic movements and above-average price volatility, and there may be wide spreads between the bid and asked prices of such securities. The ability of such companies to pay their debts on schedule and the market values of their debt securities could be affected substantially by adverse interest rate movements, changes in general economic conditions, economic factors affecting a particular industry or specific developments within such companies. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant financial and business difficulties is particularly high. Such types of securities require active monitoring and may, at times, require participation in bankruptcy or reorganization proceedings by Adviser on behalf of the Funds. To the extent that Adviser becomes involved in such proceedings, the Funds may have a more active participation in the affairs of the issuer than that assumed generally by an investor and restrictions may be imposed that limit the Funds’ ability to liquidate its position in the securities of the company. The Funds, however, do not generally make investments for the purpose of exercising day-to-day management of any issuer’s affairs.

Special Situations. The Funds also make speculative purchases of “special situation” securities. Such purchases include securities that Adviser believes to be undervalued, or may involve situations where a significant position in the securities of a particular company has been acquired by other persons or where companies in the same or a related industry have recently been the target of acquisition attempts. If the Funds purchase securities in anticipation of an acquisition attempt or reorganization, and no acquisition attempt or reorganization occurs during the timeframe anticipated by Adviser, the Funds may sell the securities at a loss. A substantial period of time may elapse between the Funds’ purchase of the securities and the acquisition attempt or reorganization. During such a period, a portion of the Funds’ assets would be committed to the securities purchased, and the Funds will continue to pay interest on any funds borrowed by the Funds to finance such purchases. In liquidations and other forms of corporate reorganizations, there is a risk that the reorganization will be unsuccessful, will be delayed or will result in a distribution of cash or a new security with a value less than the purchase price of the security originally purchased by the Funds. Adviser attempts to assess all of the foregoing risk factors, and others, in determining the nature and extent of the investment the Funds will make in specific “special situation” securities. However, many risks, such as the outcome of governmental approvals or the outcome of pending or threatened litigation, cannot be quantified. Equity Securities. The Funds are permitted to invest in common and preferred stock and other equity securities, including both public and private equity securities. Equity securities generally will be subordinate to the debt securities and other indebtedness of the issuers of such equity securities. Prices of equity securities generally fluctuate more than prices of debt securities and are more likely to be affected by poor economic or market conditions, general stock market fluctuations and changes in market confidence and perceptions of their issuers. Investor perceptions are based on various and unpredictable factors, including expectations regarding governmental, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic or financial crises. Some of the small- and mid-cap issuers of equity securities in which the Funds may invest may be more vulnerable than larger companies to adverse business or market developments, may have limited markets or financial resources, may lack experienced management and may not be followed by stock or industry analysts. Due to perceived or actual illiquidity or investor concerns regarding leveraged capitalization, certain equity securities often trade at significant discounts to otherwise comparable investments or are not readily tradable. In addition, actual and perceived accounting irregularities may cause dramatic price declines in the equity securities of companies reporting such irregularities or that are rumored to be subject to accounting irregularities. Furthermore, there may be no public market for some equity securities. Equity securities generally do not produce current income for the Funds. Short Sales. The Funds at times engage in selling securities short. Short selling involves selling securities that are not owned by the short seller and borrowing them for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. Short selling allows the investor to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. A short sale creates the risk of a theoretically unlimited loss, in that the price of the underlying security (and thus the cost to the Funds of buying those securities to cover the short position) could theoretically increase without limit. There can be no assurance that the Funds will be able to maintain the ability to borrow securities sold short. The securities may be “bought in” (i.e., the Funds may be forced to repurchase securities in the open market to return to the lender). There also can be no assurance that the securities necessary to cover a short position will be available for purchase at or near prices quoted in the market. Purchasing securities to close out a short position can itself cause the price of the securities to rise further. In a “short squeeze,” a lack of supply and an excess of demand for a traded stock caused by short sellers seeking to cover their short positions forces the price upward. If the price of a stock starts to rise rapidly, the trend may escalate as an increasing number of short sellers seek to close out their positions quickly. Moreover, short selling is continually the subject of regulatory scrutiny and regulatory restrictions

Read the rest in the brochure

The Adviser generally provides investment advice to the Funds which are organized as domestic or foreign partnerships, incorporated or unincorporated entities, or other similar entities. The Funds are comprised of various types of investors, including high net worth individuals, pension and profit sharing plans, trusts, estates, charitable organizations, corporations, business entities, endowments, and foreign sovereign wealth funds. Certain Funds require a minimum initial investment which may be waived at Adviser’s discretion. In addition, each investor in the Funds must meet the eligibility requirements outlined in each respective Fund’s offering documents. As noted above, Adviser also advises separately managed accounts, which generally receive more information including portfolio transparency and have more favorable fee and/or liquidity rights than investors in the Funds. The opportunity to open a separately managed account with Adviser is not available to all prospective investors and is generally subject to minimum asset levels determined by the Adviser in its sole discretion.

Professional fees related to investments Research expenses Performance Based Fees and Side-By-Side Management

As discussed in response to Item 5 above, the Adviser or one of its affiliates receives a performance-based fee, i.e., an incentive fee or incentive allocation or carried interest distributions borne by the investors in the Funds. This fee arrangement creates a potential conflict of interest. The performance-based fee may be an incentive for the Adviser to make investments that are riskier or more speculative than would be the case absent a performance-based fee arrangement. In addition, because performance-based compensation is calculated on a basis that includes unrealized appreciation of assets, it may be greater than if such compensation were based solely on realized gains. The Adviser serves as an investment adviser or general partner, as applicable, primarily to the Funds and is not actively seeking other new non-Fund accounts. However, on occasion Adviser will allow an investor who meets certain criteria to open a separately managed account or funds of one which may have as its terms regarding fees, transparency and liquidity different from those of the Funds. These separately managed accounts or funds of one often make similar investments to the Funds have specific rules and mandates. Each Fund imposes minimum investment limits upon investors in the Fund that can be waived in certain circumstances, as set forth in that Fund's offering documents. The fact that Adviser manages assets for different clients at different fee structures can create a conflict of interest for the Adviser with regard to the allocation of investment opportunities or transactions among clients (i.e. cross trades). As a result, Adviser’s senior management and Compliance Department strive to identify potential conflicts and address them in a fair and consistent manner. On occasion, following an investment by one of the Funds, the Adviser has the opportunity to make an additional or follow-on investment in the same or related entity. Sometimes, instead of allocating these opportunities to the same Funds which made the initial investment, the Adviser allocates the opportunity to other Funds or even to strategic outside investors.

Adviser serves as adviser to private investment partnerships and offshore funds (the “Funds”) and certain other accounts, including accounts related to the founders and third-party institutional accounts. Adviser is a related person to the managers and Funds listed below: Manager, General Partner and Similar Entities: Dinan Management, L.L.C. Exuma Management, LLC YCM Master Holdings I, L.P. YCM Master Holdings II, L.P. York Asian Strategic Holdings, LLC York Capital Management (US) Advisors, L.P. York Capital Management Europe (UK) Advisors, LLP York Capital Management UK Advisors Limited York Credit Opportunities Domestic Holdings, LLC York Distressed Asset Holdings, LLC York European Focus Domestic Holdings, LLC

York European Opportunities Domestic Holdings, LLC York Global Finance Manager, LLC York Managed Holdings II, LLC York Managed Holdings, LLC York Offshore Holdings II, L.L.C. York Offshore Holdings, L.L.C. York Special Opportunities Domestic Holdings, LLC York Special Opportunities Fund II GP LLC York Special Opportunities Fund III GP, LLC York Tactical Energy Holdings, LLC Funds of One Exuma Capital, L.P. Kuttura Fund, L.P. Kuttura Master Fund, L.P. Domestic Funds York Capital Management, L.P York Credit Opportunities Fund, L.P. York European Focus Fund, L.P. York European Opportunities Fund, L.P. York Special Opportunities Fund, L.P. York Special Opportunities Fund II-A, L.P. York Special Opportunities Fund III-A, L.P. York Tactical Energy Fund, L.P. Offshore Funds York AN Fund, L.P. York AN Intermediate Fund, L.P. York Credit Opportunities Investments Master Fund, L.P. York Credit Opportunities Unit Trust York European Focus Master Fund, L.P. York European Focus Unit Trust York European Opportunities Fund Limited York European Opportunities Institutional Fund Limited York European Opportunities Investments Master Fund, L.P York European Opportunities Unit Trust York Global Finance 3 S.a r.l. York Investment Limited York Multi-Strategy Institutional Fund, Limited York Multi-Strategy Master Fund, L.P. York Special Opportunities Fund II-B, L.P. York Special Opportunities Fund II-C, L.P. York Special Opportunities Fund II-D L.P. York Special Opportunities Fund III-B, L.P. Credit Suisse Manager Holdings Limited owns a passive, minority non-controlling interest in excess of 25%, but less than 50%, in the general partner.

On occasion, the Adviser or certain of its affiliates seed new Funds with the capital in existing Funds as deemed appropriate by the Adviser’s management. Likewise, Adviser can choose to invest a Fund’s capital into a non-affiliated Fund in which the Fund is required to pay a fee. For example, one of the Funds can make an investment in a hedge fund managed by an unaffiliated manager and pay a fee to that manager as would any investor. These investments are made when the Adviser believes it is in a Fund’s best interest to do so. The Adviser believes that, in certain circumstances, it will be in the best interests of the Funds to be able to co-invest with other Funds in order to be able to participate in a wider range of transactions. From time to time, senior management at the Adviser are offered investment opportunities personally, principally in private placements and other private equity transactions. In addition, the Firm’s NonExecutive Chairman has a family office and senior management, have 501(c)(3) charitable foundations which they are allowed to manage subject to certain rules of oversight and review. The Adviser’s personnel reviews such opportunities and determines whether they are appropriate investments for any of the Funds based upon such criteria as the size of the transaction, the business of the company in which the investment is being made, the expected length of the investment and other similar issues. These investments do not typically result in additional research or other costs to the Adviser.

Codes of Ethics The Adviser has adopted a Code of Ethics (the “Code”) pursuant to 17 C.F.R. § 275.204A-1 Due to the strategic shift as detailed above, York has modified its Code of Ethics. Persons subject to the Adviser’s Code of Ethics are subject to, among other things, various restrictions relating to the acquisition by them of securities. These restrictions include pre-authorization and disclosure requirements and general prohibitions on transactions in securities in certain circumstances, including: when in possession of inside information; transactions in securities of issuers on the Adviser’s restricted list or watch list; and acquisition of securities in initial public offerings. There are also restrictions on the acquisition by persons subject to the Adviser’s Code of Ethics in private placements and certain digital assets, which acquisitions require the prior approval of Adviser’s Chief Compliance Officer and the satisfaction of certain conditions. The Code of Ethics also addresses the fiduciary duties expected of the persons subject to the Code, including confidentiality obligations, gift and corporate opportunity policies, and restrictions on outside business activities. Summaries of the Code of Ethics and the Compliance Manual are also available upon request. Allocation of Limited Investment Opportunities Given York’s strategic shift, noted in Item 4 above there is generally less trading activity at York than in the past. The Adviser on occasion purchases and sells public and private investments and co-invests the assets of the Funds with other Funds and accounts managed by the Adviser or its affiliates in compliance with the requirements and conditions of rules, regulations, orders, or interpretations of the SEC, or noaction letters of the SEC Staff relating to such investments. The Adviser generally agrees, prior to the placement of any order or batch or block trade, on which Funds will receive portions of the order or trade, and in what amounts. The allocation will vary depending upon the different objectives, methodologies, investment strategies and restrictions applicable to each Fund, as well as the cash available for investment

at each Fund. Allocations may not be pro-rata in the event new Funds are not fully invested or pre-existing accounts are underinvested. Similarly, allocations for additional, defensive or follow-on investments will generally be allocated to the Funds that participated in the previous investment pro rata based on previous investment exposure; provided, however, that if certain Funds elect to not make an additional, defensive or follow-on investments (for example, such Fund is fully invested or liquidating), then the remaining allocation may be offered to other Funds or third-parties.. The Adviser will seek to allocate trades in a manner that is fair to all Funds and will never allocate trades based on a Fund’s performance or fee structure. The Firm may purchase or sell for its Funds securities of an issuer in which the Firm, its affiliates, principals, employees and/or related persons also have a financial position or interest. The Firm may also purchase or sell for certain of its Funds securities that are issued by other Funds. In such cases, the Firm does not charge a commission on such holdings. These situations generally would create a conflict of interest, as the Firm would be viewed as entering into a particular investment transaction on behalf of its Funds due to a financial interest in the underlying security by the Firm, its affiliates, principals, employees and/or related persons. As noted above, the Firm has adopted policies and procedures designed to prevent and mitigate such potential conflicts of interest (e.g., review of Fund transactions by the Firm’s Compliance Department, prior employee trade approval from its Compliance Department with respect to personal securities transactions, etc.). The Firm strongly discourages “cross” trades. However, on rare occasions, one York Fund will sell a security which another Fund wants to own. On these occasions, after extensive Firm and Compliance Department review and documentation, a sale of the security or asset from one fund to another will be permitted. In addition, on occasion the Adviser is allowed, within designated procedures, the Funds to rebalance positions between U.S. and non-U.S. funds. This rebalancing occurs as a cross trade, occasionally without the use of a broker-dealer. Given the strategic shift noted above, York does not expect to rebalance positions between U.S. and non-U.S. Funds that are in liquidation. Any rebalancing of positions between U.S. and non-U.S. Funds that are in liquidation would be subject to extensive Firm and Compliance Department review and documentation. On occasion, one of the Funds will become restricted in a particular security and this restriction could potentially prevent other of the Funds from trading that security. The Firm engages in securities transactions and investment strategies for one Fund that differ from the transactions and strategies executed on behalf of another Fund and/or the Firm’s affiliates, principals, employees and/or related persons. Therefore, the Firm can invest in certain securities or loan instruments of a particular issuer for one Fund, but invest in a different part of the same issuer’s capital structure (or in different classes of debt) for another Fund. To this end, the Firm has and will potentially continue to purchase on behalf of the Funds different classes of debt of the same issuer and debt and equity of the same issuer for different Funds. These and other investments can be deemed to create conflicts of interest, particularly because the Firm would take certain actions for some Funds that based on the circumstances could be deemed have an adverse effect on other Funds (specifically, in connection with restructuring and reorganization situations). In such cases, the Firm will seek to act in a manner it reasonably believes to be as fair and equitable as possible to all Funds under the circumstances. However, in such cases, the Firm’s actions and decisions are not always to the benefit of all Funds as if only one security had been owned. For example, if the Firm becomes a member of creditors’ committee due to its bank loan holdings in a particular issuer, it can be restricted from trading on behalf of other Funds who hold securities of the same issuer. Funds (and investors in Funds) should be aware that conflicts will not necessarily be resolved in favor of their interests, and the Firm will attempt to resolve such matters fairly, but even fair resolution could potentially be resolved in favor of other Funds that fees or performance fees or in which the Firm or its affiliates have a significant proprietary interest.

On occasion, Adviser offers a co-investment opportunity to an investor in a Fund or to another party known to the Firm. These co-investment opportunities provide an investor with an opportunity to co-invest alongside a York Fund. The co-investment can result in less of the investment being available for the funds to obtain. In addition, the co-investments can result in expenses being shared among the adviser, the coinvestor and the Fund. This sharing of expenses can be complicated during circumstances where deals do not come to fruition, and it is not yet determined which co-investors were actually going to participate. To the extent necessary, the Adviser and its affiliates allocate U.S. “new issues” to the Funds which are currently entitled to receive such new issues pursuant to FINRA rules. Non-U.S. new issues are allocated in accordance with the Firm’s allocation procedures and are generally allocated to the Funds which identify the opportunity and also will be offered to the Multi-Strategy Funds. If additional shares are received beyond what the initial Funds desired, the shares will often be offered to other Funds within the York Group. The new issues are allocated at the discretion of the Adviser’s portfolio managers. On occasion, circumstances arise before settlement of a transaction that result in Adviser adjusting the original order to make securities settle into a different account than was called for under the original order. This is generally done to avoid a violation of client investment restrictions or guidelines, to avoid a negative tax consequence for a client, a miscommunication, or for some other similar reason. Disclosure of Portfolio Information. Adviser sometimes provides portfolio holdings information to entities that have been retained by fund investors to evaluate portfolio risk or to a Fund. Adviser provides this information in its sole discretion and reserves the right to cease providing the information at any time. Adviser will make reasonable efforts to preserve the confidentiality of the information, often by entering into confidentiality agreements, but Adviser cannot ensure that the entities to which we provide the information will fulfill their confidentiality obligations. In the course of conducting due diligence, investors periodically request information pertaining to their investments and pertaining to us and our affiliates. Adviser responds to these requests and occasionally provides information that is generally not made available to other investors. This information on occasion will entail portfolio transparency. Buying or Selling Securities Adviser Recommends to Clients or Purchases for Client Accounts. Adviser, its affiliates, and their respective personnel, can invest in the Funds, and in securities or other assets in which the Funds or other clients invest, subject to applicable law and the Codes of Ethics of the Adviser. Under certain circumstances, the Compliance Department will work with the Firm’s partners, outside legal counsel, and other advisors, in order to structure investment alternatives which will allow the Firm’s partners to diversify their investments. These opportunities include investment funds, exclusively for them, handled by outside managers or other pre-approved investment opportunities. It also includes the purchase of the stocks or bonds of blue-chip companies to be held long-term as an investment. The details of this arrangement will be documented in writing. Their ongoing oversight and review will be monitored by the compliance department. The Firm’s affiliates, principals, employees and/or related persons invest in units of real property. Sometimes, the units of real property are owned by clients as part of their real estate investments. The Firm’s employees can be permitted to invest along-side in real estate co-investment opportunities afforded to clients provided that all such clients have first received what the Firm believes to be a “full” allocation. The Firm seeks to address these conflicts in part through disclosure in the Brochure.

From time to time, the Firm and/or its principals donate to charitable organizations that are supported by clients and/or are supported by an individual employed by one of the Firm’s clients. In general, those donations are made in response to requests from clients or their personnel. In the case of donations being made by the Firm, such contributions are generally approved by senior management. Dual-Hatted/Spin-out Employees. Certain employees of the Firm have and may from time to time be (i) dual employees of other entities with which the Firm has a business affiliation or (ii) perform services primarily for a business line that is being spun out (or has already been spun out) of the Firm given the Firm strategic shift described in Item 4 above or subsequent thereto. These dual employees have been and will be involved in the investment decision making, trading processes and/or administration for accounts managed by the other affiliated entities or unaffiliated third parties, as applicable. The Firm has implemented and will implement, if applicable, controls to address the supervision of its dual employees or employees primarily servicing spun off business lines to ensure compliance with client investment guidelines and applicable regulatory requirements. Dual employees of the Firm and the other affiliated entities will continue to perform services solely in their capacity as a Firm employees or solely as employees of the affiliated entity. Depending on the role of the dual employee, the dual employee will be subject to supervision by the Firm, as well as by the other entity. Dual employees, at all times, must be mindful of which entity they are providing services for, in order to confirm they are in compliance with the respective policies and procedures of each entity. Dual Employees cannot utilize information obtained in a way that advantages York clients over the clients of the affiliated entity, or vice versa.

The Adviser or its related group entities make all of the decisions to buy and sell securities for their respective clients. The Funds, not the Adviser, pay the brokerage commissions. The primary consideration in placing portfolio securities transactions with broker-dealers for execution is to obtain, and maintain the availability of, execution at the best net price available and in the most effective manner possible. Given York’s strategic shift, noted in Item 4 above there is generally less trading activity at York than in the past. Given the limited number and illiquidity of remaining positions in certain liquidating Funds, there will be a limited group of brokers-dealers that can execute a trade on behalf of the Adviser. Accordingly, in these circumstances, the Advisor will prioritize the ability to complete the trade in the most effective manner possible. Where permitted by applicable law, the Adviser and its related entities occasionally combine orders for different Funds or accounts for execution together as a batch or block trade. If the execution occurs at multiple prices, often the average price will be allocated to each Fund or account that participated in the order. This is done to obtain favorable execution, including access to lower commissions and better pricing on the orders. If the order is not filled in full, the Adviser and its related Group entities will allocate the partially-filled order among the participating Funds or accounts in a manner consistent with applicable law and in a manner designed not to systematically favor or disfavor any accounts (unless required by law). Funds or accounts that do not participate in the batch or block trade that are separately executed generally will not receive the same price or be charged the same brokerage commissions as those combined in the large batch or block trade, and their execution price and brokerage fees often will not be as favorable as those obtained in the large block or batch trade. On some occasions, Adviser and its related entities separate orders and send them to different executing brokers. This results in two separate batch or block trades at approximately the same time for the same

securities, which are executed at different prices or at different brokerage commission rates from one another. This can result in less favorable pricing or commission rates than if they had been content in using block or batch trades for execution. On occasion the Adviser can “step out” or “step in” or send part or all of a commission to a broker who is not the executing broker. On these transactions, the Fund would not be paying the lowest commission rate. The Adviser no longer uses soft dollar arrangements across the firm. Adviser obtains the actual stand-alone research costs and pays those amounts where appropriate with hard dollars from our funds. Adviser personnel occasionally receive or give certain gifts and gratuities from or to broker-dealers or other persons with whom Adviser, its affiliates or the Funds do business (including Funds portfolio brokers). This includes such items as tickets to sporting events, or the theater, meals and other entertainment, transportation, attendance at seminars or other educational, training or informational events, logo items and other items of small value, gifts associated with life events such as birthdays, weddings, anniversaries, and other gifts of more substantial value. Receipt of such gifts and gratuities might be viewed as causing a conflict of interest for the Adviser in selecting brokers and dealers and other service providers. Trade Error Policy Client account transactions are effected on occasion in a manner that differs from what was intended for the account. Adviser reviews any trade errors that it discovers, on a case-by-case basis, and decides what corrective steps to take if any, after reviewing the error with one of the Firm’s principals. The Funds often bear the gain or loss from an error. Investors should refer to their respective Fund’s offering documents for more information regarding the handling of trade errors.

The Adviser or the Funds or their affiliates will compensate broker-dealers when applicable for placement of investors in the Funds. The Adviser or the Funds or their affiliates, from time to time, invest in a hedge fund which compensates broker-dealers for placement of investors in the Funds. The Funds on occasion compensate third parties for referrals of clients to those Funds. The Funds are on the investment platforms of several large banks, including UBS. Adviser has placement agreements with these banks whereby the banks are compensated for investors they refer to the Funds. The Adviser and/or other Firm entities, or the Funds, pay placement fees, certain expenses, and servicing fees to certain other broker-dealers or solicitors, acting as placement agents that place investors for the Funds, as described in the offering documents of the relevant Funds, that are based on a percentage of the assets initially invested, or remaining invested over

time, from the investor, or based upon fees received by Adviser, in respect of shareholders placed by that placement agent. On occasion, the Adviser executes transactions with prime brokers that sponsor events, meetings or other communications between potential investors and the Adviser. These capital introduction services are provided incidental to other brokerage services. Sometimes, Adviser pays to attend conferences, seminars and other events that are attended by prospective investors but are not specifically designed as capital introduction events. Furthermore, broker-dealers or their affiliates introduce Adviser to prospective investors and will continue to have business relationships with and execute brokerage transactions on behalf of the funds. Certain counterparties have established platforms to allow their clients to invest in funds through feeder funds. The Adviser can pay the platform sponsors out of the fees we receive from Funds with respect to the assets invested through each respective platform.

On December 23, 2021, the Firm received a letter (the “Request Letter”) from the Swiss Financial Market Supervisory Authority (“FINMA”), notifying the Firm that FINMA was reviewing whether the Firm or its controlling persons failed to timely meet disclosure obligations under the Financial Market Infrastructure Act (the “FMIA”) with regard to an investment made by York Distressed Asset Fund IV (“YDAF IV”) in Ultima Capital AG (“Ultima”). From December 2019 through February 2020, YDAF IV acquired an aggregate 7.27% interest in Ultima and timely notified Ultima and the Disclosure Office of BX Swiss AG of the purchases. In connection with these purchases, YDAF IV also entered into a call and put option agreement with Ultima’s two co-founders pursuant to which such co-founders were entitled to purchase voting shares. The call and put option agreement was terminated on October 15, 2020. Following termination of the call and put option, Ultima issued a press release noting the termination of the call and put option agreement and disclosing that York maintained its 7.27% position in Ultima. Following receipt of the Request Letter, the Firm immediately reviewed the underlying facts and previous filings with the Firm’s Legal and Compliance teams and outside counsel. The Firm immediately made the requisite filing to note the previous termination of the call and put option and continued 7.27% position in Ultima. Following the Firm’s response to the Request Letter, FINMA referred the matter the Swiss Federal Department of Finance (“FDF”) as an administrative criminal matter to determine whether the Firm or its controlling persons had failed to timely meet disclosure obligations with regard to the investment in Ultima Capital AG under the FMIA. The Firm cooperated with FINMA and FDF and further explained the facts and circumstances regarding the previous purchases and filings. Following a review of the relevant facts in the matter, the FDF issued a decision and found that the Firm failed to timely meet its disclosure obligations with regard to the termination of the call and put option agreement that had been entered into in connection with the investment made by YDAF IV in Ultima. The FDF noted the Firm’s cooperation, the Firm’s previous filing history and Ultima’s press release notifying the market on a timely basis of the cancellation of the call and put option agreement as well as YDAF IV’s continued ownership in Ultima, among other mitigating factors, as justification for a fine of CHF 10,000, which was at the lower end of the applicable penalty range, and CHF 1,050 in procedural costs, with no further sanction or fine being deemed warranted given the circumstances. FINMA also determined that no

further sanctions or fines were warranted in these circumstances. The FDF decision was dated February 2, 2023, and became effective on March 8, 2023, upon the Firm’s determination to not appeal the FDF decision. To avoid the distraction and expense of litigation, York elected to accept the determination instead of seeking an appeal of the decision. The Firm is waiting for a final invoice from FDF and the FIRM, not YDAF IV, will pay that invoice promptly upon receipt. On December 10, 2025, the Firm received a letter (the “Letter”) from the Financial Authority of Norway (Nw.: Finanstilsynet) (the “NFSA”), notifying the Firm that NFSA was considering imposing a violation penalty of NOK 100,000 on the Firm relating to a trade made by York Tactical Energy Fund, L.P. and York Tactical Energy Fund AIV-AN, L.P. (collectively, the “YTEF Funds”). The trade was in shares of BlueNord ASA (“Bluenord”) and took place in July 2025. At that time, the YTEF Funds owned greater than 5% (but less than 10%) of the shares of Bluenord, and Bluenord had announced a tender offer that the YTEF Funds wished to participate in. Following the announcement, the YTEF Funds submitted documentation to participate in the tender offer; however, the Firm was uncertain as to both the number of shares that would be accepted by Bluenord in the tender offer and the final settlement date. Bluenord ultimately accepted 250,556 shares held by the YTEF Funds pursuant to the tender offer and the YTEF Funds sold those shares in July 2025. As a result of this sale, the Firm’s aggregate holdings in Bluenord fell below 5% and a notification filing was required pursuant to the Norwegian Securities Act (“NSTA”). While the Firm made its notification filing in August 2025 immediately upon the Firm’s Compliance team being notified that the trade was accepted and had settled, NFSA indicated in the Letter that the NSTA required the notification to be made immediately and in any event no later than the opening of the second trading day following the applicable trade. The NFSA issued a final determination that the Firm failed to timely meet its disclosure obligations with regard to the shares sold pursuant to the tender offer and imposed a fine of NOK 100,000, which the Firm understands is a standard fine issued in similar circumstances. The NFSA decision was published February 19, 2026. The Firm had three weeks to appeal the decision, but, to avoid the distraction and expense of litigation, the Firm elected to accept the determination instead of seeking an appeal of the decision. The Firm paid the NOK 100,000 fine promptly upon receipt. The Firm, and not the YTEF Funds, paid the fine.

Given York’s strategic shift, noted in Item 4 above there is generally less trading activity at York than in the past. The Funds’ trades are reviewed periodically by the portfolio manager responsible for that particular Fund. In addition, each Fund is reviewed regularly by the Firm's Compliance Department. The Compliance Department also reviews and performs various tests on the Funds regularly, providing oversight and review of the trading activity and investment activity within each strategy. Investors receive monthly capital account statements for their investments in each Fund. Additionally, investors receive quarterly written updates and/or calls of the activity in their Fund and the relevant markets as well as annual financial statements on behalf of the Fund.

The Adviser may be deemed to have constructive custody of certain client assets pursuant to Rule 206(4)2 of the Investment Advisers Act (the “Custody Rule”), as a result of fee payments or the service of its affiliates as general partners to private investment partnerships or otherwise. Actual custody of funds and other client assets, however, is at a qualified custodian, not at the Adviser. Notwithstanding the foregoing and on occasion, some assets or certificates will not be accepted by the qualified custodians and such assets or certificates will be custodied by the Adviser in accordance with applicable SEC guidance. Currently, the qualified custodians utilized by the Adviser for the Funds’ cash and securities comprising the assets of the Funds include Goldman Sachs & Co., JP Morgan Chase Clearing Co., Credit Suisse Securities USA and Morgan Stanley, Inc., as otherwise disclosed in the disclosure documents for a particular Fund, or as otherwise directed in the case of the managed accounts. On occasion, some assets or certificates will not be accepted by the qualified custodians and such assets or certificates will be custodied by the Adviser in accordance with applicable SEC guidance. To ensure compliance with the Custody Rule, the Adviser reasonably believes that all investors in the Funds will be provided with audited financial statements for the respective Funds, prepared by an independent public accountant that is registered with, and subject to regular inspection by the Public Company Accounting Oversight Board, in accordance with International Financial Reporting Standards, within 120 days of the end of the respective Funds’ fiscal years. In addition, investors receive capital account statements on a monthly basis, directly from the Adviser’s administrator, State Street Corp. or an affiliate thereof. Investors should carefully review such audited financial statements and capital account statements. The Adviser’s use of qualified custodians is reviewed periodically and may change without notice.

The Adviser exercises investment discretion over certain of the Funds and accounts that it manages or advises. Investors in the Funds do not have the ability to impose limitations on the Adviser’s discretionary authority. This authority is established through the Fund’s offering documents, including the subscription documents completed and signed by each investor prior to investing in a Fund. Prospective investors in the Funds are provided with offering documents prior to their investment and are encouraged to carefully review the offering documents, and to be sure that the proposed investment is consistent with their investment goals and tolerance for risk.

For individual managed accounts, the Adviser’s investment authority is fully set forth in each account’s investment management agreement, which must be fully executed prior to the Adviser providing advisory services to such accounts.

Proxy Voting

The Adviser has adopted proxy voting policies and procedures, to guide the Adviser’s exercise of this responsibility on behalf of the Funds and other clients. Information on the proxy voting record of the Adviser is available upon request. The Firm uses the vendor Institutional Shareholder Services (“ISS”) to help track and document proxy votes. Each portfolio manager reviews the specific issue and votes in accordance with what he or she believes to be the best interests of the Funds. Usually, this vote is with management. Funds advised by the York Group entities and separate accounts are supervised by certain members of the management team at Adviser. In each case, the voting is subject to the advisory agreements of the respective Funds and managed accounts and other offering documents. With respect to shareholder governance, covenants, social issues and other votes, it is the policy of Adviser to discuss each of these votes and issues internally in order to determine its position on a case by case basis. Adviser can, upon occasion, delegate, pursuant to its approved voting procedures, the right to vote on particular issues to the individual monitoring that investment. The Adviser has in place procedures to identify conflicts it could develop in voting proxies. In the event of a conflict, Adviser has the option to abstain from voting if the vote is not likely to be affected; retain a disinterested third party adviser to advise on the vote; vote the shares in proportion to other “yes” and “no” votes received by the issuer; or take such other actions, as will be appropriate in the particular context. Class Actions The Adviser is authorized to direct a Fund’s participation in any class action through which it may be entitled to any recovered funds or other remedy. The Adviser has engaged a third party to assist in determining whether a Fund should (a) participate in the recovery sought by a class action or (b) opt out of the class action and separately pursue its own remedy. For its services to a Fund, the third party receives a percentage of the Fund’s recovery less certain costs associated with its services. The Adviser oversees the submission of the proof of claim forms and any other documents to the claim administrator and the receipt of any recovered funds on behalf of a Fund. The Adviser will maintain any documents associated with a Fund’s participation in any class action litigation. Investors can obtain a copy of Adviser’s proxy voting policies and proxy voting records by contacting the Adviser’s Chief Compliance Officer.

The Adviser is not required to include a balance sheet for its most recent fiscal year, is not aware of any financial conditions reasonably likely to impair its ability to meet contractual commitments to its Funds or investors and has never been the subject of a bankruptcy petition. As such, the Adviser has nothing to disclose pursuant to this Item.