Capstone is a Delaware limited liability company founded by Paul Britton on March 8, 2007. Capstone’s principal owner is CIA Associates NY LLC, which is majority owned and wholly controlled by Mr. Britton. Capstone, Capstone Investment Advisors (UK), LLP (“Capstone UK”), Capstone Investment Advisors (HK) Limited (“Capstone HK”), Capstone Investment Advisors (Netherlands), B.V. (“Capstone Netherlands”), Capstone Investment Advisors (Italy) S.r.l. (“Capstone Italy”), and, collectively with Capstone, Capstone UK, Capstone HK, Capstone Netherlands and Capstone Italy, trade globally across multiple asset classes including equities, fixed income, FX, and commodities. Capstone is a multi-strategy investment manager that focuses on relative value trading with a volatility bias. Capstone has a quantitative approach to trading and its business is model driven with a qualitative overlay. Through its two platforms, Capstone Global Master (“CGM”) and Capstone Solutions (“Solutions”), Capstone seeks to capitalize on perceived inefficiencies in the pricing of volatility in target derivative markets. CGM is Capstone’s multi-strategy flagship fund, which trades derivatives across asset classes and regions, focused on volatility and relative value strategies. CGM seeks to generate uncorrelated returns, maintaining a balance between “Risk-On” and “Risk-Off” strategies. The strategy, or specific components thereof, may in the future be offered through managed accounts or single investor vehicles. Capstone UK, Capstone HK, Capstone Netherlands, and Capstone Italy each serve as a sub-adviser to CGM. Through its Solutions platform, Capstone manages customized single investor vehicles, commingled fund structures and separately managed accounts. These Solutions entities and accounts are typically offered through customized mandates tailored to investor needs across the volatility and derivatives spectrum. The Solutions strategies generally include equity replacement, asset replication, opportunistic investing, tail-risk protection, dispersion, trend following and risk recycling. As of February 29, 2024, Capstone had approximately $11,264,223,888 net assets under management on a discretionary basis

and $9,551,738 net assets under management on a non-discretionary basis. In carrying out its strategies, Capstone serves as the investment manager with discretionary trading authority to investment vehicles that are offered to investors on a private placement basis (each, a "Capstone Fund"). Investment advice is provided directly to the Capstone Funds according to each Capstone Fund’s particular investment objectives and not individually to the investors in a Capstone Fund. Capstone also manages separately managed accounts (“SMAs”) on a discretionary basis. Where relevant, Capstone Funds and SMAs are collectively referred to as “Accounts" throughout this Brochure. Capstone Fund Services, LLC (“CFS”) and Capstone Fund Services II, LLC (“CFS II”) are Delaware limited liability companies affiliated with Capstone. CFS serves as the general partner of the Capstone Global (US), LP fund (“CGUS”) and is the manager of Capstone Global Intermediate (Cayman) Limited, an exempted company incorporated under the laws of the Cayman Islands (“CGIL”), which invests substantially all of its assets in CGM. CFS II serves as the general partner of certain Capstone Funds on the Solutions platform. This Brochure includes information about Capstone and its relationships with its clients and affiliates. While much of this Brochure applies to all such clients and affiliates, certain information applies to specific clients or affiliates only. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Capstone Funds are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended (the "Securities Act") and other exemptions of similar import under U.S. state laws and the laws of other jurisdictions where any offering may be made. Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an offer to buy the securities of any of the Capstone Funds described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum or similar disclosure document.