STANLEY CAPITAL MANAGEMENT, LLC

Stanley Capital provides investment advisory services to the Fund based on the particular investment objectives and strategies described in the Fund's confidential offering memorandum and governing documents. Stanley Capital provides specialized advisory services to the Fund which are based on Stanley’s qualitative and quantitative analysis to select long and short equity investments for the Fund. Investors in the Fund cannot generally place investment restrictions on Stanley Capital and may not tailor its advisory services to their individual needs. Stanley Capital has discretion with respect to investment decisions made for the Fund.

The Stanley Partners Fund typically aims for a 100% net long position, but adjusts its portfolio based on market conditions. It focuses on a concentrated portfolio of carefully researched opportunities, but may adopt a market-neutral posture with hedging to improve long-term capital appreciation when market volatility is high. Stanley Capital selects long investments based on specific characteristics, though not all investments will have every attribute. They may sell a long security if a better opportunity arises, the security's price nears its intrinsic value, or the company's financial condition deteriorates. For short investments, they use an inverted fundamental research process, targeting securities with poor valuation, earnings quality, and weakening business trends. They primarily invest in single securities, but may use ETFs or other baskets to achieve the desired portfolio structure.

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