Engle Capital Management, L.p.

Engle Capital Management, L.P. is a Delaware partnership established in October 2014 and began operating as an investment adviser in June 2015. The firm specializes in providing investment advisory services to private investment funds structured in a master-feeder fund arrangement. Engle's investment objective is to generate superior long-term returns while avoiding permanent capital impairment. The firm primarily focuses on investing in publicly traded equity securities and credit instruments, with the flexibility to take long or short positions in various financial instruments. Engle's investment strategy involves fundamental research and targeting companies undergoing transformative change, with a focus on specific industries. The minimum initial investment in the Funds is $1,000,000, which may be waived at the discretion of the General Partner. Engle charges an annual management fee of 1.00% to 2.00% and an incentive allocation of 15% to 20% based on net profits. The firm acts as a fiduciary and has full investment discretion over client accounts. Engle has not been involved in any legal or disciplinary events, and it compensates Merrill Lynch for investor placements. The firm has custody of client assets and has adopted proxy voting policies to act in the best interests of clients. Additional details on the firm's operations, fees, and investment strategies are available upon request.