Transactions shall be reviewed by the Investment Committee of Freeman Spogli Management Co., LLC, the general partner of Freeman Spogli. The current members of the Investment Committee are the eleven partners of Freeman Spogli Management Co., LLC. All investment transactions by the Funds must be approved by all of the members present at a meeting of the Investment Committee at which a quorum is present (a majority of members) after considering the applicable due diligence findings. The Investment Committee may also approve investment transactions by written consent based on the same vote that would have been required to authorize such action at a meeting held in person. Upon receipt of the Investment Committee’s approval to purchase, the Chief Compliance Officer or his designee will conduct a review to verify that the transaction is in the best interest of the applicable Fund and is consistent with that Fund’s investment strategy and restrictions.