A. The Firm HM International L.L.C. is an Oklahoma limited liability company that was formed in 2004 to provide tax, financial reporting and administrative services to the Funds and other entities owned by members of the Meinig Family (as defined below) and the Hojel Family (as defined below). Prior to the registration of the Firm under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), the Firm’s activities have been limited to providing such services. Upon the registration of the Firm under the Advisers Act, the Firm commenced providing investment advisory services to the Funds as described in more detail below. The Firm’s principal place of business is located in Austin, Texas. As used herein, the term “Meinig Family” means (i) Nancy E. Meinig, (ii) all lineal descendants (by birth or adoption before age 18) of Peter C. Meinig and Nancy E. Meinig and (iii) all spouses of lineal descendants described in clause (ii) above. The term “Hojel Family” means (i) Phyllis S. Hojel, (ii) all lineal descendants (by birth or adoption before age 18) of Richard C. Hojel Sr. and Phyllis S. Hojel and (iii) all spouses of lineal descendants described in clause (ii) above. The principal and sole owner of HM International is PM Operating Ltd., a Texas limited partnership. B. Advisory Services Investment Management Services Based on a client’s goals, objectives and risk tolerance, HM International provides investment strategy, asset allocation analysis, third-party investment manager analysis and performance monitoring and consulting services. The Firm provides clients with information and research on various investments and assists its clients in selecting investment products that best fit each client’s individual investment objectives, strategies and investment criteria. HM International provides the investment advisory and investment management services described above to privately placed pooled investment vehicles, which in some cases may be funds of funds. In most cases, the primary investments made by these pooled investment vehicles fall within one of the following categories: (i) investments in interests in or securities of hedge funds and private equity funds, (ii) direct investments in interests in or securities of private companies, (iii) investments in publicly traded equity securities, (iv) fixed income investments, (v) credit investments, (vi) investments in mutual funds and (vii) investments in real estate. HM International currently provides discretionary investment advisory and investment management services to the following six privately placed pooled investment

vehicles that are owned exclusively by members of either the Meinig Family or the Hojel Family: PM Operating, Ltd., NPM Family Partnership, Ltd., Power of One LP, Hook Investments LP, Hojel Interests LP, and PSH Investments, Ltd. (the “Funds”). The first three entities listed above are owned exclusively by members of the Meinig Family. The last three entities listed above are owned exclusively by Members of the Hojel Family. At the present time, HM International does not have any clients other than the Funds. Family Offices Services In addition to investment advisory and investment management services, HM International may also provide one or more of the following family offices services:
• Tax return preparation and other tax services
• Financial reporting and administrative services
• Bill paying
• Cash management
• Estate planning
• Philanthropy planning; and
• Coordination of professional and other services (i.e., accounting, legal, insurance, home repair, property management, public relations). C. Client Tailored Services and Client Imposed Restrictions HM International creates a customized investment strategy to meet a client’s individual investment objectives, by providing clients with information and research on various investments and assisting each client in selecting tailored investment products. The respective governing documents of the Funds specify the types of investments to be made by or on behalf of each Fund. In addition, clients may impose reasonable restrictions on investing in certain securities or types of securities on their behalf; provided, however, that some restrictions applicable to other investment categories may not extend to indirect investments utilizing Exchange Traded Funds, private funds or with respect to certain third-party investment managers. In addition, a restriction or investment request may not be approved by the Advisor if it is fundamentally inconsistent with HM International’s investment philosophy, runs counter to the client’s stated investment objectives, or would prevent HM International from properly servicing client accounts. D. Wrap Fee Programs HM International does not provide portfolio management services to a wrap fee program(s). E. Assets Under Management As of December 31, 2023, after giving effect to the registration of the Advisor under the Advisers Act, the Advisor had approximately $809,939,422 discretionary assets under management at December 31, 2023. The Advisor does not manage any client assets on a non-discretionary basis.