Contract analysis

I. PURPOSE AND SCOPE A. Purpose of the Investment Policy Statement This Investment Policy Statement (the "IPS" or "Policy") is adopted by the co-trustees of the Caldwell Family Dynasty Trust (the "Dynasty Trust" or "Trust") for the purpose of establishing a comprehensive framework governing the prudent investment and management of the assets held in the Trust. The IPS is intended to serve the following principal purp

1. Framework for Prudent Investment. The IPS establishes the investment objectives, risk parameters, asset allocation guidelines, diversification requirements, and operational procedures that will guide the co-trustees and the investment advisor in the management of Trust assets. By articulating these principles in a formal written document, the co-trustees ensure that investment decisions are made within a structure

2. Guidance for Decision-Making. The IPS provides the co-trustees — Thomas R. Caldwell, as family co-trustee, and Northgate Trust Company of Delaware, as institutional co-trustee — and the investment advisor — Havensbrook Wealth Advisors LLC — with clear guidelines and parameters within which investment decisions are to be made. The IPS defines the respective roles and responsibilities of each party, thereby promotin

3. Performance Evaluation Benchmark. The IPS establishes specific return targets, risk tolerances, and benchmark indices against which the investment performance of the Trust portfolio will be measured over time. These benchmarks enable the co-trustees and the trust protector to evaluate the effectiveness of the investment strategy and the performance of the investment advisor on an ongoing basis.

4. Fiduciary Compliance. The IPS is designed to ensure that all investment activities undertaken on behalf of the Trust comply with applicable fiduciary standards under Delaware law, including, without limitation, the Delaware Prudent Investor Act, 12 Del. C. § 3302 et seq. (the "Prudent Investor Act"). The adoption and maintenance of this IPS, together with the ongoing monitoring and review procedures described here

5. Communication and Continuity. The IPS serves as a foundational document that articulates the investment philosophy and strategy of the Trust in a manner that can be communicated to successor trustees, successor investment advisors, and other fiduciaries who may be involved in the management of the Trust over its perpetual duration. The IPS thereby promotes continuity and consistency in investment management across

II. TRUST BACKGROUND AND BENEFICIARY INFORMATION A. Grantor The Grantor of the Dynasty Trust is Jonathan Robert Caldwell, born March 14, 1956, age 67 at the time of the creation of the Trust. Mr. Caldwell resides at 418 East 72nd Street, Apartment 14A, New York, New York 10021. Mr. Caldwell is the founder and former Managing Partner of Caldwell Ridgeline Capital LLC, a private equity and alternative investment firm.

III. INVESTMENT OBJECTIVES A. Primary Objective The primary investment objective of the Dynasty Trust is the long-term growth of Trust assets in real terms — that is, after accounting for the effects of inflation — while providing sufficient liquidity to meet current beneficiary distribution needs and to pay the ongoing administrative expenses of the Trust. Given the perpetual duration of the Trust and the multi-gene

IV. RISK TOLERANCE A. Overall Risk Profile The Dynasty Trust's overall risk profile is moderate-to-aggressive, reflecting the following considerations: (a) Perpetual Time Horizon. The indefinite duration of the Trust provides an exceptionally long investment horizon, which permits the portfolio to absorb short-term market volatility and to recover from periodic downturns. This extended time horizon supports a higher

V. ASSET ALLOCATION GUIDELINES A. Strategic Asset Allocation The following strategic asset allocation targets and permissible ranges have been established for the Dynasty Trust portfolio. These targets represent the long-term allocation that the co-trustees and the investment advisor believe is most likely to achieve the investment objectives described in Section III, subject to the risk constraints described in Sect

VI. DIVERSIFICATION REQUIREMENTS A. General Diversification Policy Consistent with the Delaware Prudent Investor Act, the Trust portfolio must be diversified to reduce the risk of large losses, unless, under the circumstances, the co-trustees reasonably determine that the purposes of the Trust are better served without diversifying. The co-trustees and the investment advisor shall manage the portfolio with a view tow

VII. ROLES AND RESPONSIBILITIES A. Family Co-Trustee — Thomas R. Caldwell Thomas R. Caldwell serves as the family co-trustee of the Dynasty Trust. In this capacity, Thomas participates in the oversight of the Trust's investment program and brings to the co-trusteeship his knowledge of the Caldwell family's circumstances, values, and priorities. Thomas's principal responsibilities with respect to the investment manage

VIII. TRANSITION AND DIVERSIFICATION PLAN The Dynasty Trust's portfolio will evolve significantly over the coming years as GRAT remainder assets are received. This Section VIII establishes a structured plan for the transition from the initial cash-funded portfolio to a fully diversified portfolio consistent with the strategic asset allocation targets described in Section V. A. Phase 1 — Initial Cash Funding (April 20

IX. SPENDING POLICY AND LIQUIDITY PLANNING A. Distribution Liquidity The Trust portfolio must maintain adequate liquidity to meet the anticipated distribution needs of the beneficiaries and the administrative expenses of the Trust. The following liquidity requirements are established: (a) Minimum Cash Reserve. The Trust shall maintain a minimum cash and cash-equivalent reserve equal to twelve (12) months of anticipat