STAMOS CAPITAL PARTNERS, L.P.

Stamos Capital Partners, L.P. (Stamos Capital or the Firm) is an independent, privately owned investment advisory firm that primarily utilizes an endowment-model investment approach. The Firm's predecessor began providing advisory services in June 2002, initially acting as the family office of Mr. Peter S. Stamos, the Firm's founder, and a select group of other families. Today, the Firm provides advisory services to private investment funds managed by Stamos Capital (the SCP Funds) and to high-net-worth individuals, family offices, colleges, foundations, endowments, trusts, and other clients (the Other Clients and together with the SCP Funds, the Clients). The Firm also provides certain other Non-Advisory Services to equity owners of the Firm. The Firm provides investment and asset allocation recommendations to Clients (including SCP Funds and Other Clients where the Firm exercises investment discretion). These recommendations include advising Clients to make investments, or add to existing investments, in SCP Funds, recommending re-allocation of investments among multiple SCP Funds or from funds advised by other managers to SCP Funds, or making allocation recommendations that Clients stay invested in SCP Funds while redeeming from funds managed by other managers or otherwise disposing of other investments. The Firm waives management and performance fees as necessary to avoid having a Client pay two sets of management or performance fees to the Firm in connection with one investment. However, performance fees can vary among the SCP Funds, and as a result the Firm has an incentive to recommend.

Stamos Capital utilizes an endowment-style investment approach, similar to that employed by sophisticated university endowments. This approach involves a broad-based, flexible investment mandate with asset allocation across multiple asset classes, including fixed-income, public equity, private equity, and real assets. The Firm's investment strategy includes allocating investments to an expanded number of asset classes and strategies, including alternative strategies and investments such as hedge, private equity, natural resources, and real estate funds. This endowment style of investing is designed to provide a broad spectrum of return-enhancing and/or risk-reducing strategies, but it can also carry certain risks.

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