Lonsdale Investment Management LLC, a Delaware limited liability company (“Lonsdale” or the “Adviser”), has established and manages an entity intended to operate as an in house proprietary financial product warehouse (the “Warehouse”) in order to serially make, indirectly through special purpose vehicles formed by the Warehouse (the “Opto SPVs”), ongoing capital commitments to (or otherwise obtain a right of first refusal on or acquire an investment in) underlying private equity, venture capital, real estate and other private investment programs and/or funds (the “Underlying Funds”), with the intent to subsequently syndicate interests in the Opto SPVs to certain qualified investors represented by financial intermediaries, including investment advisers and/or brokers, that act as participants (the “Platform Participants”) on the private markets platform sponsored and managed by Opto Investments, Inc. (the “Opto Platform”), as well as certain other bona fide third-party investors (collectively, the “Investors”). The Adviser was formed in 2021, and is wholly owned by its parent entity, Opto Investments, Inc. (“Opto”). The Adviser’s primary advisory services involve identifying fund managers (the “Underlying Managers”) in various alternative investment strategies offering investment capacity in their respective Underlying Funds; negotiating the terms of such investment capacity with the Underlying Managers; forming the Opto SPVs and managing, directly or indirectly through an affiliated managing member or general partner entity (the “Opto GPs”), the Warehouse’s indirect investment in the Underlying Funds through the Opto SPVs; sponsoring the syndication of interests in the Opto SPVs through the Platform Participants; and managing, directly or indirectly through the Opto GPs, the Opto SPVs and their investments in the Underlying Funds. Currently, each Opto SPV is formed for the purpose of subsequently syndicating interests therein as described above, such that third-party Investors collectively assume and fund the Warehouse’s entire capital commitment to the Opto SPV (and, indirectly, the Opto SPV’s entire capital commitment to the applicable Underlying Fund), in the event that Investors do not so assume all or any portion of the Warehouse’s capital commitment to an Opto SPV, the Warehouse generally intends to

retain ownership of the un-syndicated interest, if any, in the Opto SPV and remain obligated to fund its remaining corresponding capital commitment thereto, pari passu with the Investors in the Opto SPV. Likewise, if an Investor assumes all or any portion of the Warehouse’s capital commitment to an Opto SPV, it is generally expected that the Warehouse will no longer be obligated to fund, and will be released from, such assumed portion of its initial capital commitment to the Opto SPV. The Adviser’s investment advice is provided directly to the Opto SPVs, subject to the discretion and control of the applicable Opto GPs, and not individually to the investors in the Opto SPVs. Generally speaking, each of the Opto SPVs is exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and, currently, the Opto SPVs’ securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). Each Opto SPV is managed in accordance with its respective offering disclosures as detailed in a confidential private placement memorandum (the “PPM”) and constituent documents. Each Opto SPV is managed by Lonsdale only in accordance with its own investment objectives and restrictions and will not be tailored to any particular Investor in the Opto SPV. Because Lonsdale does not provide individualized advice to Investors, Investors (and their advisers) are responsible for making a determination as to whether an investment in an Opto SPV is appropriate for them. Investors should consider whether a particular Opto SPV meets such Investor’s investment objectives and risk tolerance prior to investing therein. Prospective Investors should carefully review the applicable PPM and constituent documents of any Opto SPV prior to making any investment therein. Custom Funds Lonsdale also offers custom white label fund structures (“Custom Funds” and together with the Opto SPVs the “Opto Funds”) to certain Platform Participants that they can offer directly to their clients. Lonsdale’s involvement in operations and management of each Custom Fund will vary depending on the services agreed with the relevant Platform Participant. Assets Under Management As of December 31, 2023, Lonsdale has regulatory assets under management of $101,804,974, of which $76,438,027 are managed on a discretionary basis and $25,366,947 are managed on a non-discretionary basis.