ONCE CAPITAL MANAGEMENT, LLC

Once Capital provides advisory services to clients, including Funds and Advisory Accounts. The firm's investment objective is to achieve capital appreciation through fundamental analysis of equity securities, based on proprietary multifactor scoring models. They may also consider strategies such as fundamental long/short. The firm manages the assets of the Funds in accordance with the Limited Partnership Agreement, Private Placement Memorandum, and other related agreements. For Advisory Accounts, Once Capital has an agreement that provides for a performance-based fee (typically 10%, calculated at the 31st of December, high watermark). The firm may tailor its advisory services to the individual or particular needs of the Investors, but always keeps broad investment authority with respect to the Funds. Investors should consider whether the investment objectives of the Funds will be in line with their respective individual objectives and risk tolerance prior to investment. Once Capital does not participate in wrap fee programs.

The Firm utilizes a fundamental long/short investment strategy. This strategy involves buying and/or selling securities that the Firm believes are mispriced relative to their intrinsic or expected value. The Firm conducts fundamental analysis, including a review of a company's business, financial condition, industry position, and other market factors, to determine the expected value. The Firm also considers private investments as part of their investment strategy. The Firm's investment objective is to achieve capital appreciation through fundamental analysis of equity securities, based on proprietary multifactor scoring models.

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