Alpha Wave Global, LP

Our Firm Alpha Wave Global, LP was organized in July 2011 under the laws of Delaware and has its principal place of business in Miami. Alpha Wave is primarily owned directly or indirectly by Judan Alternatives RSC Ltd (“Judan Alternatives”), a Restricted Scope Company and incorporated in Abu Dhabi Global Market (“ADGM”), Mr. Richard Gerson, Mr. Navroz Udwadia and Mr. Ryan Khoury (the "Principal Owners"). Prior to changing its name on November 24, 2021, Alpha Wave Global, LP was previously known as Falcon Edge Capital, LP. Our relying advisors are: Alpha Wave Global, LLP, organized in August 2011 under the laws of England and Wales, Alpha Wave India Private Limited, organized under the laws of India in December 2022, Alpha Wave Europe, SL, organized as a Sociedad Limitada under the laws of Spain in May 2023, Alpha Wave (Tel Aviv) Ltd, organized as a limited liability company under the law of the State of Israel in August 2021, Falcon Edge (Monaco) SAM, registered in Monaco as a Societe Anonyme (S.A.M.) in March 2022, Alpha Wave (Australia) Pty Ltd, organized as an Australian proprietary company limited by shares in March 2022 and Alpha Wave Global Ltd, organized as a private company limited by shares incorporated in ADGM in June 2025. Prior to changing its name on November 24, 2021, Alpha Wave Global, LLP was previously known as Falcon Edge Capital, LLP. Further information on Alpha Wave Global, LLP, Alpha Wave India Private Limited, Alpha Wave Europe, SL, Alpha Wave (Tel Aviv) Ltd, Falcon Edge (Monaco) SAM, Alpha Wave (Australia) Pty Ltd and Alpha Wave Global Ltd can be found in this document under Item 10 – Other Financial Industry Activities and Affiliations. Although organized as separate legal entities, Alpha Wave Global, LP, Alpha Wave Global, LLP, Alpha Wave India Private Limited, Alpha Wave Europe, SL, Alpha Wave (Tel Aviv) Ltd, Falcon Edge (Monaco) SAM, Alpha Wave (Australia) Pty Ltd and Alpha Wave Global Ltd conduct a single advisory business. Accordingly, references herein to Alpha Wave Global, LP will be deemed to include Alpha Wave Global, LLP, Alpha Wave India Private Limited, Alpha Wave (Tel Aviv) Ltd, Falcon Edge (Monaco) SAM, Alpha Wave (Australia) Pty Ltd, Alpha Wave Europe, SL and Alpha Wave Global Ltd unless otherwise indicated. Through its subsidiaries, Judan Alternatives owns a 50.1% stake in Cayman GP (which, as described in Item 2, is the general partner of the managing member of Alpha Wave’s general partner). Judan Alternatives is a subsidiary of International Holding Company PJSC (“IHC”), which is a Public Joint Stock Company based in Abu Dhabi listed on the Abu Dhabi Securities Exchange (Ticker IHC) and regulated in the UAE by the CMA. While Alpha Wave intends to remain operationally independent from Judan Alternatives and IHC with respect to investment decisions for Alpha Wave Clients (as defined below), a Cayman GP board of directors has been established with appointments made by both Alpha Wave and Judan Alternatives. Alpha Wave has implemented policies governing how information is shared in order for Alpha Wave to retain investment discretion. Please see Item 10 and Item 11 herein for a discussion regarding Alpha Wave’s relationship with Judan Alternatives and IHC.

As of December 31, 2025, Alpha Wave manages approximately $26,664,190,422 in regulatory assets under management, which consists of approximately $7,958,985,383 managed on a discretionary basis and approximately $18,705,205,039 managed on a non-discretionary basis. This amount reflects generally the aggregate regulatory asset values of the Clients as of such date and does not include the regulatory asset value of any Client launched after that date. Advisory Services Alpha Wave provides investment management services to the following private pooled investment vehicles: (1) The Moraine Funds: (i) Moraine Fund, Ltd, a Cayman Islands exempted company (the “Moraine Offshore Fund”), (ii) Moraine Fund, LP, a Delaware limited partnership (the “Moraine Domestic Fund”), (iii) Moraine ERISA Fund, Ltd, a Cayman Islands exempted company (the “Moraine ERISA Fund” and together with the Moraine Offshore Fund and the Moraine Domestic Fund, the “Moraine Feeder Funds”) and (iv) Moraine Master Fund, LP, a Cayman Islands exempted limited partnership (the “Moraine Master Fund”, and together with the Moraine Feeder Funds, the “Moraine Funds”). The Moraine Feeder Funds invest substantially all of their investable assets in the Moraine Master Fund. (2) The Global Funds: (i) Falcon Edge Global, LP, a Delaware limited partnership (the “Global Domestic Feeder Fund”), (ii) Falcon Edge Global, Ltd, a Cayman Islands exempted company (the “Global Offshore Feeder Fund”), (iii) Falcon Edge Global Intermediate Fund, LP, a Cayman Islands exempted limited partnership (the “Global Intermediate Fund”), and (iv) Falcon Edge Global Master Fund, LP, a Cayman Islands exempted limited partnership (the “Global Master Fund”, collectively with the Global Domestic Feeder Fund, the Global Offshore Feeder Fund and the Global Intermediate Fund, the “Global Funds”). Liquid trading has ceased and the Global Funds are in side pocket realization phase at this time. (3) The Alpha Wave Special Opportunities Fund: Alpha Wave Special Opportunities, LP, a Cayman Islands exempted limited partnership (the “Special Opportunities Fund”). (4) Falcon Q LP: Falcon Q LP, an ADGM limited partnership (“Falcon Q”). (5) Alpha Wave India: Alpha Wave India I LP, a Cayman Islands exempted limited partnership (“Alpha Wave India”). (6) Alpha Wave Holdings: Alpha Wave Holdings, LP, a Cayman Islands exempted limited partnership (“Alpha Wave Holdings”). (7) Alpha Wave Ventures: Alpha Wave Ventures, LP, a Cayman Islands exempted limited partnership (“Alpha Wave Ventures”). (8) Alpha Wave Ventures II: Alpha Wave Ventures II, LP, a Cayman Islands exempted limited partnership (“Alpha Wave Ventures II”).

(9) Alpha Wave Incubation: Alpha Wave Incubation, LP, an ADGM limited partnership (“Alpha Wave Incubation”). (10) Alpha Wave Private Credit Funds: (i) Alpha Wave Private Credit, LP, a Cayman Islands exempted limited partnership (“Alpha Wave Private Credit”) and (ii) AWC Master Fund A, LP, a Delaware limited partnership (“Private Credit Master Fund A” and together with Alpha Wave Private Credit, the “Alpha Wave Private Credit Funds”). (11) Certain other special purpose, co-investment, single investor or group of affiliated investors vehicles (“Fund of One”) or similar investment vehicles, including 2340 Partners, LP, Alpha Wave IHC CI, LP, Alpha Wave CI I, LP, Alpha Wave CI II, LP, Alpha Wave CI IV, LP and Alpha Wave CI V, LLC (see Section 7.B. of Schedule D in Alpha Wave 's Form ADV Part 1 for more information). The funds, co-investment, special purpose or similar investment vehicles referenced above are collectively referred to as the “Funds”. Alpha Wave has shared oversight and control with an investment adviser that is also affiliated with IHC and Judan Alternatives (the “Co-Adviser”) of Alpha Wave Ventures GP, Ltd, the general partner of Alpha Wave Ventures II and Alpha Wave Credit GP, Ltd, the general partner of Alpha Wave Private Credit (together with Alpha Wave Ventures II, the “Co-Advised Funds"). Alpha Wave personnel provide non-discretionary investment management services (including making investment recommendations subject to the approval of an investment committee of the board of directors of each general partner of the Co-Advised Funds) and provides other management and administrative services delegated to it from time to time pursuant to the relevant investment advisory agreement of each Co-Advised Fund. Alpha Wave has entered into a joint venture with a leading sovereign wealth fund ("SWF") in Abu Dhabi (“Joint Venture”). The Joint Venture was established to manage the assets of certain vehicles owned by the SWF with the objective to build a sustainable business presence in the ADGM. Alpha Wave personnel provide non-discretionary investment management services (including making investment recommendations subject to the approval of client representatives) and provide services related to the negotiation and execution of transactions for vehicles managed by the Joint Venture. The Joint Venture together with the Funds are referred to herein as the “Clients” and each a “Client”. Alpha Wave also provides non-discretionary research and advisory services to a third-party investment manager with respect to a specific investment. Alpha Wave has in the past, and may in the future, provide investment management services for separately managed accounts. With respect to each Client, Alpha Wave manages assets in accordance with the investment objectives and restrictions set forth in the governing documents applicable to such Client. The individual needs of the investors within a Client are not the basis of investment decisions. Investment advice is provided directly to the Funds and not individually to the Funds’ investors.

The shares or limited partnership interests of the Funds are not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Funds are not registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Accordingly, interests or shares in the Funds are offered and sold exclusively to investors satisfying applicable eligibility and suitability requirements, either in private transactions within the United States, in offshore transactions and/or in other transactions exempt from the registration requirements of the Securities Act. Please see “Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss” for a description of the Clients’ investment strategies and their related risks. This Brochure generally includes information about Alpha Wave and its relationships with its Clients and affiliates. While much of this Brochure applies to all such Clients and affiliates, certain information included herein applies to specific Clients or affiliates only.

Detailed below is a brief summary of certain fees and expenses paid by the Funds. Investors and prospective investors are advised to review a relevant Fund’s offering materials and other constituent documents for a more comprehensive discussion of fees and expenses. Advisory Fees and Compensation Moraine Funds Affiliates of Alpha Wave are entitled to receive a quarterly asset-based fee (the “Moraine Management Fee”) of 1% per annum. The Moraine Management Fee is generally based on the Moraine Funds’ net asset value. In addition, an affiliate of Alpha Wave that serves as the general partner of the Moraine Domestic Feeder Fund receives an annual incentive allocation (the “Moraine Incentive Allocation”). The Moraine Incentive Allocation is 15% annually, subject to a high-water mark mechanism. Alpha Wave Ventures II, LP Alpha Wave receives a quarterly advisory fee based on a negotiated percentage of each limited partner’s capital commitment. Advisory fees are paid quarterly in advance but amortized monthly. Ancillary fees, including fees and other income from services provided or related to portfolio investments or prospective portfolio investments (i.e., advisory, servicing, structuring, break-up or similar fees), received by the general partner, Alpha Wave Ventures GP, Ltd, will, net of related expenses, be applied to reduce advisory fees. In addition, an affiliate of Alpha Wave and an affiliate of the Co-Adviser, will generally be entitled to receive a negotiated percentage of the profits from Alpha Wave Ventures II, LP (“Ventures II Carried Interest”). The Ventures II Carried Interest is also subject to a clawback provision. Alpha Wave Private Credit Funds Alpha Wave is entitled to receive a quarterly advisory asset-based fee based on a negotiated percentage of the net asset value of the Alpha Wave Private Credit Funds paid in advance. In addition, an affiliate of Alpha Wave and an affiliate of the Co-Adviser receive an annual incentive allocation calculated as a percentage of the realized and unrealized net capital appreciation and the net current income attributable to the Alpha Wave Private Credit Funds (“Private Credit Incentive Allocation”). The Private Credit Incentive Allocation is calculated separately for the net capital appreciation and the net current income and subject to a high-water mark mechanism and preferred return, respectively. Alpha Wave Special Opportunities Fund An affiliate of Alpha Wave that serves as the general partner of the Alpha Wave Special Opportunities Fund is generally entitled to receive 20% of the profits from the Alpha Wave Special Opportunities Fund after satisfaction of a preferred return pursuant to a distribution waterfall

described in the offering documents of the Alpha Wave Special Opportunities Fund (the “Special Opportunities Carried Interest”). The Special Opportunities Carried Interest is also subject to a clawback provision. An affiliate of Alpha Wave previously was entitled to receive a quarterly asset-based fee (the “Special Opportunities Management Fee”). However, the Special Opportunities Management Fee has been waived going forward. Other Clients Certain clients are subject to different advisory fee and incentive compensation arrangements as set forth in such entities’ or accounts’ governing documents. This includes Funds not identified earlier in Item 5, clients of the joint ventures, third parties to whom Alpha Wave provides nondiscretionary research and advisory services and any special purpose, co-investment or similar investment vehicles, which are subject to different advisory fee and incentive compensation arrangements as set forth in such entities’ or accounts’ governing documents. Importantly, certain Clients pay performance-based fees calculated on the combined performance of the Client’s investments and other Clients pay performance-based fees calculated on a percentage of profits from each underlying investment in the Client. In certain instances, this could create a conflict of interest for Alpha Wave when investments may not be disposed of pro rata among relevant Clients. Please see Item 11 “Certain Other Conflicts of Interest” for additional information on conflicts Alpha Wave may have with certain Clients. General The management fees, incentive allocations and carried interest arrangements described above may be waived, reduced or calculated differently with respect to certain shares or interests in a particular Client. Investors that are members, shareholders, partners, officers, employees and affiliates of Alpha Wave, members of the immediate families of such persons and trusts or other entities established by them or for their benefit are generally not subject to management fees, incentive allocations or carried interest.

Additional Fees and Expenses In addition to the advisory fees and compensation described above, Clients also bear their own expenses as more fully described in each Client’s governing documents. The expenses described below are applicable to certain Clients, however Clients should review their applicable governing documents for a comprehensive list of applicable expenses. These expenses may include, without limitation, some or all of the following: investment expenses (e.g., expenses that, in Alpha Wave’s discretion, are related to the investment of a Client’s assets, whether or not such investments are consummated, such as brokerage commissions, expenses relating to short sales, expenses relating to reviewing, incubating, facilitating, acquiring, financing, holding, monitoring and disposing of investments, due diligence costs, travel and lodging costs related to the review, diligence, maintenance and/or disposition of an investment, broken deal

expenses, brokerage commissions, clearing and settlement charges, custodial fees, expenses relating to treasury and collateral management (including the cost of software packages), bank service fees, interest expenses, fees related to borrowings, financings or refinancings, and fees and expenses of proxy research and voting services); professional fees (including expenses of consultants, investment bankers, attorneys, accountants, valuation service providers, trustees of any investment vehicle and other experts) relating to investments; research expenses (including payments to consultant referral providers, alternative data providers and compensation to unaffiliated third parties that generate trade ideas, which may be payable based on the profits attributable to such trade irrespective of the performance of a Client as a whole); administrative expenses (including fees and expenses of a Client’s administrator); a pro rata share of a Client’s master fund’s or affiliated investment vehicle’s fees, costs or expenses that, in Alpha Wave’s discretion, are related to the investment of the Client’s assets; external legal expenses; external accounting and valuation expenses (including the cost of accounting software packages and the cost of valuing investments); audit and tax preparation expenses; costs related to errors and omissions insurance for Alpha Wave and certain of its affiliates; insurance and fees of the board of directors or governance board; fees and expenses of any third party anti-money laundering officers costs of printing and mailing reports and notices; fees and expenses relating to FATCA or any similar reporting and/or withholding regimes in any jurisdiction; any taxes and associated interest and penalties; corporate licensing; regulatory expenses (including filing fees); organizational expenses, including expenses incurred in connection with the organization and start-up of a Client and any Client-specific affiliates (e.g., its general partner), printing, legal, filing, capital raising, accounting, regulatory, compliance and any administrative or other filings (including fees, costs and expenses incurred in connection with complying with legal and regulatory requirements in relation to private placements in the U.S. and non-U.S. jurisdictions); expenses incurred in connection with the offering and sale of the interests and shares, and other similar expenses related to a Client; indemnification expenses; and extraordinary expenses. Alpha Wave uses its best efforts to ensure expenses are allocated in a fair and equitable manner among Clients. Expense sharing may occur, for example, if more than one Client is invested in the same position or when research, products or services benefit more than one Client. There are many factors Alpha Wave may consider when determining fair allocations of expenses, including but not limited to, overall ownership in a particular investment, position size, assets under management and other factors Alpha Wave deems relevant. Alpha Wave may also decide in certain instances that an expense borne by one Client that ultimately benefits other Clients should not be shared. For example, when research performed for one Client is general in nature, research expenses have already been incurred and Alpha Wave later decides that position would be appropriate for another Client or the expense is de minimis. Please see Item 11 for additional conflicts pertaining to the allocation of expenses. In addition, to the extent a Client invests in funds (e.g., private funds managed by third parties, registered funds, money market funds), the relevant Client will indirectly bear its pro rata share of such funds’ operating and other expenses including, any advisory, management, performance or similar fees of the underlying fund.

The descriptions set forth in this Brochure of specific advisory services that Alpha Wave offers to Clients and investment strategies pursued and investments made by Alpha Wave on behalf of Clients should not be understood to limit in any way Alpha Wave’s investment activities. Alpha Wave may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that Alpha Wave considers appropriate, subject to each Client’s investment objectives and guidelines. The investment strategies of Alpha Wave are speculative and entail substantial risks. Investors should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved. Methods of Analysis and Investment Strategies Moraine Funds As is explained more fully in the Moraine Funds’ offering documents, Alpha Wave’s investment strategy for the Global and Moraine Funds is to generate superior and sustainable risk-adjusted absolute returns for investors, while focusing on risk management. For the Moraine Funds, Alpha Wave seeks to identify and exploit asymmetric risk-reward opportunities across global markets that generate alpha on both the long and short sides. Moraine Funds seek investment attributes of equity-like returns with hedged or downside protection characteristics and low correlation to equity markets, macro-exposures and factors. Moraine Funds’ investible universe is generally comprised of those securities and assets Alpha Wave deems to be a special situation investment. While Alpha Wave seeks to maintain the flexibility to invest across geographies, asset classes and instruments and to employ various strategies, special situation investments will typically fall within the following categories: corporate actions (including spin-offs, acquisitions and selective initial public offerings); off-thebeaten-path (for example, where there is limited sell-side research); dislocations (merger arbitrage opportunities, liquidation events in leveraged securities, distressed debt or structured investments); and short investment opportunities (including accounting irregularities, corporate malfeasance or fraud, high-signal insider selling and dislocated securities). Alpha Wave selects a variety of investments for the Moraine Funds, including but not limited to, equity and equity-related securities that are traded publicly and privately in U.S. and non-U.S. markets, preferred stocks, convertible securities, warrants, rights, options (including covered and uncovered puts and calls and over-the-counter options), swaps and other derivative instruments, bonds and other fixed income securities, non-U.S. currencies, cryptocurrencies and other digital assets, futures, options on futures, other currency and commodity interests, money market instruments and any other instruments deemed appropriate by Alpha Wave, in order to seek to both maximize returns and minimize risk. The Moraine Funds also engage in short-selling, margin trading, hedging, and other investment strategies and certain classes of shares may be denominated in non-U.S. currencies or commodities (e.g., gold). Alpha Wave has, in the past, acquired assets or securities for the Moraine Funds that Alpha Wave believes lack a readily assessable market value (or have a limited market) or should be held until the resolution of a special event or circumstance where such ownership represents an unusually

compelling risk-reward opportunity capable of generating significant and potentially noncorrelated returns for investors. Such assets or securities (together with related hedges, financings or similar investments) may be designated as special investments at the time of acquisition (each, a “Special Investment”). The Special Investment share class in the Moraine Funds is no longer available. Alpha Wave Ventures II As described in more detail in the Alpha Wave Ventures II offering documents, Alpha Wave Ventures II’s investment objective is to compound capital for investors by identifying, accessing, diligencing and investing primarily in growth assets on a global basis. Alpha Wave Private Credit Fund The Alpha Wave Private Credit Fund’s (“AWPC’s”) investment objective is to opportunistically acquire a diversified portfolio of credit investments on a global basis, with a focus on Australia, New Zealand, North America and Western Europe in order to generate superior risk adjusted returns. AWPC seeks to achieve its objective primarily through (a) investments in loans, including loans originated by AWPC or its affiliates, (b) purchases of corporate securities, including debt and equity, (c) investments in portfolios of orphaned assets, including portfolios of loans and receivables and other tangible and intangible assets of undervalued or financially troubled companies, (d) investments in real estate related credit investments, including commercial realestate related loans, leases, including leases originated by AWPC or its affiliates, lease residuals, commercial mortgage-backed securities and (e) acquisitions of structured finance products and portfolios of structured finance instruments of all asset types. Additional details can be found in AWPC’s offering documents. Other Clients Alpha Wave currently manages other Clients, including, but not limited to, Falcon Q, Alpha Wave India, Alpha Wave Holdings, Alpha Wave Ventures, Alpha Wave Incubation, 2340 Partners, LP, Alpha Wave IHC CI, LP, Alpha Wave CI I, LP, Alpha Wave CI II, LP, Alpha Wave CI IV, LP, Alpha Wave CI V, LLC and the Joint Venture. These other Clients may be organized as pooled investment vehicles, Fund of Ones, special purpose, co-investment or similar investment vehicles. The investment strategies of such Clients may be highly specific, including Clients that will only acquire a single asset (or group of related assets). Some of these Clients have the same or overlapping strategies as the Clients described above. Each Client’s specific investment strategies are set forth in its governing documents.

Risks of Loss The following risk factors do not purport to be a complete list or explanation of the risks involved in an investment in the Clients advised by Alpha Wave. Investors should consult the offering memorandum or other governing document for the relevant Client for more details on the risks associated with an investment in such Client.

As a general matter, investing in securities involves a risk of loss that investors should be prepared to bear. No guarantee or representation is made that the investment strategies offered by Alpha Wave will be successful. An investment in a Client should not in itself be considered a balanced investment program and should only be made after consultation with independent qualified sources of investment and tax advice. Investors in a Client should be able to withstand the loss of their entire investment. As explained more fully in each Client’s offering documents, the specialized investment program of each Client involves a substantial degree of risk. Subject to each Client’s stated investment objective, examples of such risks include, but are not limited to: General Risks

General Economic and Market Conditions. The success of a Client’s investment activities will be affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of investments), trade barriers (including tariffs), currency exchange controls, and national and international political circumstances.

Assumption of Catastrophe Risks. Clients may be subject to the risk of loss arising from direct or indirect exposure to various catastrophic events, including the following: hurricanes, earthquakes and other natural disasters; war, terrorism and other armed conflicts; cyberterrorism; major or prolonged power outages or network interruptions; and public health crises, including infectious disease outbreaks, epidemics and pandemics. To the extent that any such event occurs and has a material effect on global financial markets or specific markets in which Alpha Wave causes its clients to participate (or has a material effect on locations in which Alpha Wave operates) the risks of loss can be substantial and could have a material adverse effect on client portfolios and fund investors' investments in the Funds.

Regulatory Risks. Recent and future legal and regulatory changes could adversely impact Clients and Alpha Wave. The regulation of U.S. and non-U.S. securities, other financial instruments and investments, investment funds and investment advisers has undergone significant changes and changes are expected to continue. The impact of such regulations could be substantial, adverse and could subject Alpha Wave and Clients to increased capital requirements, expenses and limitations on the types of investments and investors Clients may access. Certain investments made by Clients, including businesses or real estate related to, or that implicate, national security, critical technology or critical infrastructure or the collection and storage of sensitive data could be subject to review by the Committee on Foreign Investment in the U.S. (“CFIUS”), the United Kingdom’s Investment Security Unit (“ISU”), which is given its authority under the National Security and Investment Act 2021, or other non-U.S. national security regulators, depending on the Client’s ownership and control. In the event CFIUS, ISU or another regulator reviews a Client’s proposed or existing investment, there can be no assurance the Client will be able to maintain or proceed

with such investment on acceptable terms. CFIUS, ISU or other regulators could impose limitations or restrictions on a Client maintaining or pursuing such investment, which could adversely impact the Client’s performance with respect to such investment and, in turn, the Client’s overall performance. In addition, certain limited partners of Clients will be foreign investors under the relevant laws and could increase the risk that certain investments will be subject to scrutiny and that restrictions and limitations will be imposed. Finally, given Judan Alternative’s 50.1% ownership, certain investments that otherwise would not require CFIUS, ISU or another regulator’s review may be subject to scrutiny and, under certain circumstances, Alpha Wave could be precluded from making an investment it otherwise would have made. Regulatory investigations, enforcement actions, adverse litigation outcomes or reputational events involving Judan Alternatives, IHC or their affiliates could materially and adversely affect Alpha Wave’s ability to raise capital, maintain client relationships or conduct its business. Conversely, Alpha Wave's activities as an SEC-registered investment adviser, including any regulatory examinations, enforcement proceedings, or public disclosures, could affect IHC's reputation or regulatory standing in the UAE or other jurisdictions. Alpha Wave does not control the activities of Judan Alternatives or IHC and cannot provide assurance that those entities will not take actions that adversely affect Alpha Wave or its Funds.

Securities Law Aggregation. Because Judan Alternatives has acquired a majority ownership interest in Alpha Wave's managing entities, Judan Alternatives, IHC, and Alpha Wave may be required to aggregate their respective holdings of publicly traded securities for certain purposes under the U.S. securities laws, including reporting obligations under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), trading restrictions under Rule 144 under the Securities Act, and reporting and potential short-swing profit disgorgement obligations under Section 16 of the Exchange Act. Judan Alternatives and its subsidiaries potentially hold or trade in securities that are also held by Alpha Wave's Funds. Alpha Wave does not believe aggregation is required, however, to the extent it is, Judan Alternatives’ or one of its subsidiaries’ activities in a security could trigger reporting obligations or trading restrictions with respect to Alpha Wave’s Fund positions in that security, potentially requiring earlier public disclosure of Fund holdings, restricting Alpha Wave’s ability to buy or sell securities at times it would otherwise choose to do so, or creating the risk of short-swing profit liability. These restrictions could adversely affect Fund performance. Should aggregation be required, another risk to Alpha Wave and its Fund’s investors could be that Alpha Wave may not always have complete information about Judan Alternatives’ or its subsidiaries’ holdings relevant to Alpha Wave’s business due to the breadth of Judan Alternatives’ investment activities.

Foreign Ownership. As discussed above, Alpha Wave is majority-owned by Judan Alternatives, an Abu Dhabi-based entity. Judan Alternatives’ parent company, IHC, is a listed company on the Abu Dhabi Securities Exchange and is regulated in the UAE. As

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Alpha Wave provides discretionary and non-discretionary management services to the Funds as well as non-discretionary management services to the Joint Venture as described above. Alpha Wave also provides non-discretionary research and advisory services to a third-party investment manager with respect to a specific investment. Alpha Wave may in the future provide investment advice to other private pooled investment vehicles, separately managed accounts, joint ventures, and other public or private vehicles. The governing documents applicable to each Client set forth the eligibility requirements, including minimum subscription amounts for investors in each Fund, which may vary by class. The minimum subscription amount may be, and often is, waived by Alpha Wave for certain investors, including for subscriptions by members, shareholders, partners, officers, employees and affiliates of Alpha Wave, members of the immediate families of such persons and trusts or other entities established by them or for their benefit.

Alpha Wave accepts performance-based compensation from certain, but not all Clients. As described in Item 5, the percentage amounts upon which such compensation is calculated, the timing of the calculation of such compensation, the use of unrealized gains in such calculation and the use of high watermarks, preferred returns/hurdles and clawbacks, differ among Clients. As a result, Alpha Wave may have an incentive to allocate limited investment opportunities to the Clients from whom the greatest performance-based compensation may be earned. In addition, any performance-based compensation received from a Client may create an incentive for Alpha Wave to make investments for such Client that are riskier or more speculative than would be the case in the absence of such performance-based compensation. For certain Clients, the performance-based compensation is based on both realized and unrealized gains in such Client and, accordingly, Alpha Wave or an affiliate may receive performance-based compensation reflecting unrealized gains at the end of a period that are not subsequently realized. For certain Clients, performance-based compensation is based on the gains only of the realized investment and, accordingly, Alpha Wave or an affiliate may receive performance-based compensation reflecting realized gains of one investment of the Client even if other investments held by the same Client are unprofitable. As discussed in Item 5, this could create a conflict of interest where investments may not be disposed of pro rata among Clients that calculate fees differently (i.e., one Client bases fees on the overall performance of the Fund, while another bases fees on the performance of each investment). Alpha Wave and its affiliates currently advise and manage the investments of multiple Clients and expect that they will in the future advise and manage the investments of additional Clients. The respective investment programs of a Client and such additional Clients may or may not overlap.

Alpha Wave and certain of its affiliates have filed exemptions with the CFTC as exempt commodity trading advisors and exempt commodity pool operators. Our relying advisors, Alpha Wave Global, LLP, Alpha Wave India Private Limited, Alpha Wave (Tel Aviv) Ltd, Falcon Edge (Monaco) SAM, Alpha Wave Europe, SL, Alpha Wave Global Ltd and Alpha Wave (Australia) Pty Ltd provide certain research and advisory services to Alpha Wave Global, LP. Certain of our Clients are U.S., Cayman Islands or ADGM limited partnerships or limited liability companies that are controlled by their general partners or managing members, which are special purpose vehicles affiliated with Alpha Wave (the “General Partners”). The General Partners have either delegated discretion over the management of the Clients’ investment activities to Alpha Wave or Alpha Wave has appointed directors to the investment committees of the General Partners that have retained investment discretion. As described above, on March 9, 2026, Alpha Wave reached an agreement with affiliates of Judan Alternatives, a subsidiary of IHC, whereby Judan Alternatives acquired 50.1% indirect interest in Alpha Wave via Judan Alternatives’ wholly owned indirect subsidiary, IHC Manco Aggregator, L.P. The transaction closed on May 22, 2026. In connection with the acquisition, Alpha Wave has retained operational independence over investment decisions for its Clients, as well as the responsibility for the day-to-day management and control of the business and affairs of Alpha Wave. However, Alpha Wave and IHC Manco Aggregator, L.P., through its general partner, Judan AW SPV RSC Ltd, have entered into a shareholders agreement, which reserves certain material, non-investment related business decisions to the board of directors. IHC Manco Aggregator, L.P. has the right to appoint a majority of the board. Judan Alternatives and IHC are “related persons” and “advisory affiliates” for purposes of this Form ADV. Alpha Wave and its personnel will devote as much of their time to the activities of the Clients as they deem necessary and appropriate. Alpha Wave and its affiliates are not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Clients and/or can be expected to involve substantial time and resources of Alpha Wave. These activities could be viewed as creating a conflict of interest in that the time and effort of Alpha Wave and its personnel will not be devoted exclusively to the business of the Clients but will be allocated between the business of the Clients and the management of the monies of other advisees of Alpha Wave and its personnel. Alpha Wave does not recommend any other investment advisers to its Clients.

Transactions, and Personal Trading Code of Ethics and Personal Trading Alpha Wave has adopted a Code of Ethics (the “Code of Ethics”) pursuant to Rule 204A-1 under the Advisers Act. Rule 204A-1 requires us to establish, maintain and enforce a written code of ethics that (i) sets the standard of business conduct that we require of our employees, (ii) requires personnel to comply with applicable federal securities laws, and (iii) contains provisions regulating personal securities transactions by personnel. The Code of Ethics requires all Alpha Wave personnel to maintain the following standards of behavior:

Compliance with Laws. Employees must comply with all applicable laws and regulations of the countries in which Alpha Wave conducts business.

Insider Trading and Market Abuse. Alpha Wave policy and federal and state securities laws forbid all employees, either personally or on the behalf of others, from buying or selling securities on the basis of material non-public information about that security or issuer (or “tipping” such information to another who trades), in breach of a duty of trust or confidence. Employees are also prohibited from engaging in market abuse, which generally refers to activities that are intended to create a false or misleading impression in order to affect the price or market for a given security.

Acting in the Best Interests of the Clients. Employees have a duty to act in the best interests of Alpha Wave’s Clients at all times and under any circumstances. This duty generally requires that the interests of Clients be placed above the interests of Alpha Wave and its employees whenever there is conflict between the two.

Duty to Disclose Material Conflicts. Any conflict of interest between the interests of a client and the interests of Alpha Wave should be reported to the Chief Compliance Officer.

Duty to Disclose Material Facts. Alpha Wave has a duty to disclose any event that is material to a Client’s evaluation of Alpha Wave’s integrity and any material facts with respect to Alpha Wave’s financial condition that are reasonably likely to impair its ability to meet its contractual commitments to Clients.

Dealing with Government or Regulatory Authorities. It is expected and required that all employees fulfill their obligations to governmental and regulatory bodies. Nothing in the Code of Ethics or any other Alpha Wave policy prevents an employee from (i) sharing any information (except information protected by attorney-client or work product privilege) with regulators or appropriate governmental agencies, including but not limited to governing taxing authorities, whether in response to a subpoena or otherwise, without

notice to Alpha Wave, or (ii) providing non-privileged information in response to any other lawful subpoena or legal process. Alpha Wave’s personnel are required to certify to their compliance with the Code of Ethics upon the commencement of their employment and at least annually thereafter. All Alpha Wave personnel are also required to comply with applicable securities laws, and to report any violation or suspected violation of the Code of Ethics to the Chief Compliance Officer. The Code of Ethics also governs personal trading activities by personnel and their immediate family members living in the same household. The Code of Ethics requires Alpha Wave personnel to report all personal trades on at least a quarterly basis and to provide initial and annual holdings reports to the Chief Compliance Officer or his designee. Personnel are permitted to invest in certain securities, such as pooled investment vehicles and private companies, and other instruments, such as cryptocurrencies, subject to pre-clearance by the Chief Compliance Officer. Consistent with the foregoing policies, personnel of Alpha Wave have and may in the future purchase or sell securities or other instruments that are also recommended to, or purchased and sold for, Clients. For clarification, the preapproval requirement and certain prohibitions generally do not apply to (i) trading in certain non-“covered securities” (e.g., open-end mutual funds, U.S. treasuries), (ii) ETFs, (iii) certain cryptocurrencies and (iv) trading in personal accounts over which neither the employee nor any of his or her immediate family members in the same household has direct or indirect influence or control. The Chief Compliance Officer or his designee monitors Alpha Wave personnel’s personal trading activity to ensure that transactions have been executed in accordance with the Code of Ethics and relevant rules and regulations and will evaluate any potential conflicts of interest prior to pre-clearing any personal investments. In addition to restrictions on personal trading, Alpha Wave also maintains policies and procedures that address and place limits on the giving and receiving of gifts and entertainment, the making of political contributions, service on outside boards of directors and other outside business activities that could give rise to potential conflicts of interest. Finally, Alpha Wave also maintains insider trading policies and procedures that are designed to prevent the misuse of material, non-public information. A copy of Alpha Wave’s Code of Ethics is available to Clients, investors, and prospective Clients and investors upon request. Participation or Interest in Client Transactions Alpha Wave’s Code of Ethics generally prohibits employees from investing in single-name, publicly traded stocks or bonds. Exceptions to this prohibition require pre-clearance by the Chief Compliance Officer. Nonetheless, because the Code of Ethics in some circumstances would permit employees to invest in the same (or related) securities or other instruments as those recommended for the Funds, including private securities and cryptocurrencies, there is a possibility that employees might benefit from market activity by a Fund in a security or cryptocurrency held by such employees. Employees have invested in the same (or related) securities as those recommended for the Funds, including private securities, and may do so in the future. As a result, Clients may bear expenses in connection with investments that may benefit one or more

employees’ personal investments, including in the form of “broken deal” expenses for Clients (please see more information on “broken deal” expenses below in the section of this Item 11 entitled “Allocation of Expenses”). There are instances where Alpha Wave personnel will have an incentive to take an action for a Client that benefits such person’s personal investment. Employees have in the past made, and expect to continue to make, investments in pooled investment vehicles managed by unaffiliated investment managers, which may invest in securities in which a Client has invested or invest in a Client or co-investment. Approved personal investments in private securities will generally be opportunities that are determined by Alpha Wave to be inappropriate for a Client (e.g., if investment size is too small for a Client). Employees may continue to make investments in the same investment held by a Client (even in the same round of financing as the Client), including if the investment is done to limit the dilution of the employee’s ownership interest in the investment. In those situations, Alpha Wave personnel, including the Principal Owners, may not bear their proportionate share (or any share) of expenses related to such investments. Employees have made investments in cryptocurrencies that are held by Clients. Approved personal investments in cryptocurrencies will generally be those that do not conflict with Client interests as determined by the Chief Compliance Officer. Finally, Alpha Wave permits certain personal investments in positions that were acquired prior to an employee’s association with Alpha Wave, including investments in private issuers that subsequently conduct initial public offerings of their securities, and may grant similar permissions in the future and/or permit personnel to sell the previously acquired securities. All such purchases and sales require pre-clearance by the Chief Compliance Officer or his designee in order to mitigate any potential conflicts of interest. Alpha Wave has established policies and procedures to monitor and resolve conflicts with respect to investment opportunities in a manner it deems fair and equitable, including the restrictions placed on personal trading in the Code of Ethics, as described above, and regular monitoring of employee transactions. Accordingly, Alpha Wave does not believe there is a material risk and believes it has mitigated conflicts associated with the Funds’ contemporaneously trading the same securities as Alpha Wave or its personnel. Alpha Wave will from time to time determine that it would be in the best interests of the Funds for one Fund to sell a security to another Fund through broker-assisted or internal cross transactions. If such a determination is made, the relevant security will generally be bought and sold at a price equal to its market price on the transaction date. Alpha Wave does not receive any fees in connection with these transactions. Alpha Wave does not expect to cause the Funds to enter into principal transactions. Employees have invested and may in the future invest in funds managed by other asset managers (“Outside Managers”) with investors that have and may in the future invest in Alpha Wave managed funds or accounts. Any such arrangements are evaluated by the Chief Compliance Officer in order to mitigate any conflicts of interests. Further, certain employees of Alpha Wave invest in the Funds or in special purpose or coinvestment vehicles formed by Alpha Wave. As a result, such employees have a financial interest in the investments made by the Funds or such other vehicles.

Conflicts Arising from Judan Alternatives’ and IHC’s Ownership of Alpha Wave The following is a description of conflicts of interest and potential conflicts of interest that arise from the acquisition by Judan Alternatives of a 50.1% ownership interest in Alpha Wave, as described in Items 2 and 4, above. Judan Alternatives is a subsidiary of IHC, a publicly listed diversified holding company based in Abu Dhabi (Ticker IHC). Neither Judan Alternatives nor IHC is registered as an investment adviser with the SEC, although they are both regulated in the UAE by the Capital Market Authority (“CMA”). This discussion supplements and should be read together with the other conflicts disclosures in this Item 11.

IHC’s Dual Role as Investor and Majority Owner. IHC, through its subsidiaries and affiliates (“IHC Investors”), is both an investor in certain Alpha Wave-managed Funds and the indirect majority owner of Alpha Wave. As a Fund investor, IHC and its affiliates receive investor-level reporting, including periodic performance reports, capital account statements and annual audited financial statements. Certain IHC Investors have also negotiated additional rights pursuant to side letter agreements. As the indirect majority owner of Alpha Wave, IHC has an economic interest in the revenues and profitability of Alpha Wave’s business. IHC has access to information about Alpha Wave, its Funds and its investment activities that other investors in those Funds do not have. That access may allow IHC to make investments, redemptions or other decisions that other investors may not be able to make. Alpha Wave has fiduciary duties to all Fund investors and Alpha Wave seeks to manage this conflict through its policies and procedures and some of the controls described below.

Scope and Limitations of Alpha Wave’s Operational Independence. Alpha Wave intends to remain operationally independent from Judan Alternatives and IHC. For the purposes of this Brochure, operational independence means that Alpha Wave’s investment professionals retain sole authority to make decisions on behalf of its Clients (to the extent Alpha Wave has sole authority contractually), and that Judan Alternatives and IHC do not have the right to direct or veto those decisions. Alpha Wave does not coordinate investment decisions with Judan Alternatives or IHC and Judan Alternatives and IHC have no formal role in Alpha Wave’s investment process. Alpha Wave coordinates decisions with the Co-Adviser related to the Co-Advised Funds. Although the Co-Adviser is independently run, it is also a Judan Alternatives subsidiary. Please see Conflicts Concerning the Co-Adviser, below for more information. Importantly, operational independence does not mean that information flows between Alpha Wave and IHC are restricted. Alpha Wave and IHC have maintained a collaborative, working relationship since IHC became an investor in Alpha Wave-managed Funds. Alpha Wave expects that relationship to continue following the closing of the transaction described in Item 4 and 8, above. In the ordinary course of that relationship, Alpha Wave personnel communicate with IHC’s employees regarding investment opportunities, market conditions, portfolio matters and other subjects. Alpha Wave does not maintain information barriers between its personnel and employees of Judan Alternatives or IHC. Such communications may involve information about Fund investments, portfolio companies or others matters that could be considered confidential. Investors should understand that operational independence, as used herein, does not describe a segregation of information flows.

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Broker-Dealer Selection Criteria In choosing brokers and dealers to effect portfolio transactions for Clients, Alpha Wave seeks to obtain “best execution” for the Clients’ transactions. Although Alpha Wave seeks competitive commission rates, it does not necessarily pay the lowest commission rate available. Transactions may involve specialized services on the part of a broker-dealer, justifying higher commissions than would be the case for more routine services. Alpha Wave may consider any or all of the following factors in selecting broker-dealers for Client transactions and determining the reasonableness of their compensation:

Price;

The broker’s or counterparty’s relevant expertise related to the specific instrument traded or market that it is being traded in;

Speed of execution;

Transaction costs, including fees and commissions;

Likelihood and/or method of settlement;

Size of the order;

Nature of the order;

Potential market impact;

Value of research;

Quality of access to corporate management; and

Other considerations relevant to the order.

Alpha Wave maintains policies and procedures to review the quality of executions, including periodic reviews by our investment, operations and compliance professionals. Soft Dollars and Commission Sharing The governing documents of certain Clients authorize the use of “soft dollars.” The term “soft dollars” refers to the receipt of products and services provided by brokers without any cash payment by Alpha Wave based on the volume of revenues generated from brokerage commissions for transactions executed. Alpha Wave has entered into formal soft dollar arrangements with broker-dealers where, in connection with a portion of its trading, Alpha Wave agreed on behalf of its Clients to pay brokerage commission rates that were more costly than “execution only” rates and a portion of those commissions were maintained in a commission sharing account (“CSA”) where the proceeds could be used by Alpha Wave for research and research services. However, Alpha Wave does not currently generate soft dollars in connection with a CSA. Alpha Wave still receives research and brokerage directly from full-service broker-dealers, and sometimes based

on the volume of commissions. In addition, Alpha Wave pays for certain research and brokerage services in cash. Volume of executions is determined by a semi-annual “broker vote” by members of the investment team, operations team and trading team to try to ensure commissions are allocated in accordance with the value the applicable broker adds to Alpha Wave and its Clients (and not based on personal relationships, gifts, entertainment or other things of value that could be construed as conflicts of interests). However, even with the broker vote, there is the potential for Alpha Wave to be conflicted by using certain broker-dealers. In the ordinary course of business, Alpha Wave also receives unsolicited research products and brokerage services from full-service broker-dealers as part of the brokers’ full range of services. Such unsolicited materials could benefit Alpha Wave Clients and therefore could be construed as soft dollars. An investment adviser has an incentive to select or recommend a broker-dealer based on the investment adviser’s interest in receiving the research or other products or services (whether for the investment adviser’s own benefit or for the benefit of its other Clients) rather than the interest of the applicable Client in receiving most favorable execution. Alpha Wave’s use of commissions or soft dollars (including dealer markups and markdowns arising in connection with certain riskless principal transactions) for research and research-related services comes within the safe harbor for the use of soft dollars provided under Section 28(e) of the Securities Exchange Act of 1934, as amended, and subject to prevailing guidance provided by the SEC regarding Section 28(e). Consistent with Section 28(e), research products or services obtained with soft dollars generated by a Client have been, and are expected in the future to be, used by Alpha Wave to service one or more other Clients, including Clients that have not paid for the benefits of the research or services. Alpha Wave does not seek to allocate such benefits to its Clients in proportion to the amount of transactions each Client generates. Nonetheless, Alpha Wave believes that such investment information provides each Client with benefits by supplementing the research otherwise available to such Client. Generally, research services provided by broker-dealers in exchange for soft dollars may include but are not limited to, research reports (including market research); certain financial newsletters and trade journals; software providing analysis of securities portfolios; corporate governance research and rating services; attendance at certain seminars and conferences; discussions with research analysts; meetings with corporate executives; consultants’ advice on portfolio strategy; data services (including services providing market data, company financial data and economic data); advice from broker-dealers on order execution; and certain proxy services. In some cases, research services may be generated by third parties but provided to Alpha Wave by or through broker-dealers. Brokerage services may include, but are not limited to, services related to the execution, clearing and settlement of securities transactions and functions incidental thereto (i.e., connectivity services between an adviser and a broker-dealer and other relevant parties such as custodians); trading software operated by a broker-dealer to route orders; software that provides trade analytics and trading strategies; software used to transmit orders; clearance and settlement in connection with a

trade; electronic communication of allocation instructions; routing settlement instructions; post trade matching of trade information; and services required by the SEC or a self-regulatory organization such as comparison services, electronic confirms or trade affirmations. Where a product or service obtained with soft dollars provides both research and non-research assistance to Alpha Wave (e.g., a “mixed use” item), Alpha Wave makes a good faith allocation of the cost which may be paid for with soft dollars. In making good faith allocations of costs between administrative benefits and research and brokerage services, a conflict of interest may exist by reason of Alpha Wave’s allocation of the costs of such benefits and services between those that primarily benefit Alpha Wave and those that primarily benefit the Clients. Capital Introduction Programs Alpha Wave will from time to time participate in capital introduction programs arranged by broker-dealers, including broker-dealers that are also prime brokers to one or more Clients. Alpha Wave will place Client portfolio transactions with broker-dealers that introduce the Client to prospective investors only if Alpha Wave believes it is consistent with seeking best execution independent of the capital introduction program. Although such capital introduction programs are a potential conflict of interest, Alpha Wave will not select a broker-dealer for portfolio transactions as a means of remuneration to any broker-dealer in exchange for introducing Alpha Wave or any Fund managed by Alpha Wave. Additional Brokerage Costs and Turnover Additional costs could be incurred in connection with Alpha Wave’s non-U.S. investment activities. Non-U.S. brokerage commissions are generally higher than brokerage commissions in the United States. Increased custodian costs and administrative complexities, such as the applicability of non-U.S. laws to non-U.S. custodians in various circumstances, may be associated with the maintenance of assets in non-U.S. jurisdictions. Alpha Wave investment programs for certain Clients emphasize active management of the Client’s portfolio. Consequently, certain Clients’ portfolio turnover and brokerage commission expenses may exceed those of other investment entities of comparable size. Allocation and Aggregation of Transactions It is the policy of Alpha Wave to allocate investment opportunities among Clients fairly and equitably over time. See Item 11 above for more information on Alpha Wave’s investment allocation policy. If the purchase or sale of a security is allocated to multiple Clients, Alpha Wave will frequently, but is not obligated to, purchase or sell such a security on behalf of such Clients with an aggregated order, for the purpose of reducing transaction costs, to the extent permitted by applicable law. When aggregating orders, Alpha Wave will treat all Clients in a fair and equitable manner. When an aggregated order is filled through multiple trades at different prices on the same day, each participating Client generally will receive the average price, subject to odd lots, rounding, and other market practice. Transaction costs of aggregated orders are generally allocated pro rata based on the size of each Client’s participation in the order as determined by Alpha Wave.

Trade Errors The Clients expect, on occasion, to experience errors with respect to trades made on their behalf. Trade errors may include, for example, (i) the placement of orders (either purchases or sales) in excess of (or less than) the amount of securities the Partnership intended to trade; (ii) the sale of a financial instrument when it should have been purchased; (iii) the purchase of a financial instrument when it should have been sold; (iv) the purchase or sale of the wrong financial instrument; (v) the purchase or sale of a financial instrument contrary to regulatory restrictions or Client investment guidelines or restrictions; (vi) incorrect allocations of a financial instrument; (vii) keystroke errors that occur when entering trades into an electronic trading system; and (viii) typographical or drafting errors related to derivatives contracts or similar agreements. Trade errors may result in losses or gains. Alpha Wave will endeavor to detect trade errors prior to settlement and correct and/or mitigate them in an expeditious manner. To the extent an error is caused by a counterparty, such as a brokerdealer, Alpha Wave will seek to recover any losses associated with such error from the counterparty but may not be able to do so. Soft dollars may not be used, either directly or indirectly, to correct trade errors. Any amounts recovered will be for the benefit of the applicable Client. Pursuant to the Clients’ governing documents, the Clients (and not Alpha Wave) will generally benefit from any gains resulting from trade errors and will generally be responsible for any losses (including additional trading costs) resulting from trade errors and similar human errors, absent Alpha Wave’s breach of the standard of care set forth in the Clients’ governing documents.

Neither Alpha Wave nor any related person directly or indirectly compensates any person who is not an Alpha Wave supervised person, including placement agents, for client referrals. Alpha Wave may in the future enter into arrangements with placement agents to solicit investors in Funds. If Alpha Wave engages placement agents in the future, they would be subject to a conflict of interest because they would be compensated by Alpha Wave in connection with those solicitation activities. Investors solicited by any such placement agents would be advised of any compensation arrangements relating to their solicitation. As mentioned in Item 12, Alpha Wave may enter into capital introduction arrangements with certain broker-dealers. The broker-dealers do not receive compensation for this service. No one other than the Clients provide an economic benefit to Alpha Wave for providing investment advice or other advisory services to the Clients.

Alpha Wave and its management personnel have not been involved in any legal or disciplinary events that are material to an investor’s evaluation of Alpha Wave’s investment advisory business or the integrity of Alpha Wave’s management personnel.

Portfolio Review Alpha Wave’s investment professionals, led by portfolio managers and including a team of analysts, review the Clients’ portfolios on a regular basis. For liquid portfolios, the investment professionals engage in a process to source, research and size investments. Aspects of this process include research, regular investment staff meetings and discussions with the portfolio manager regarding the merits of a particular investment idea and how it fits into the portfolios. For illiquid portfolios, the relevant portfolio managers are responsible for monitoring the portfolio on a continuous basis. Client/Investor Reporting The investor reporting provided by each Client will differ. Investors will generally receive periodic reports from Alpha Wave or from a Client’s administrator, which may be provided monthly, quarterly or in other intervals. Such reports may include performance estimates for the applicable period, attribution and exposure reports and statements of net asset value. Certain Clients also provide investors with a quarterly or annual letter prepared by Alpha Wave. Certain investors or prospective investors request additional information and reports and other investors may not receive some or all of the information or reports provided in response to such requests. Alpha Wave also provides annual audited financial statements to investors for their applicable Client and, if applicable, Schedule K-1s.

Under Rule 206(4)-2 of the Advisers Act (the “Custody Rule”), an adviser has custody if it acts in any capacity that gives the adviser legal ownership of, or access to, a client’s funds or securities. Accordingly, Alpha Wave generally has custody of Fund assets because it or its affiliate either (i) acts as general partner of a Fund with the authority to dispose of funds and securities in such Fund’s account or (ii) is deemed to have custody because of its ability to withdraw its fees directly from the Funds. The Custody Rule imposes certain requirements on registered investment advisers who have actual or deemed custody of client assets. However, Alpha Wave expects to be exempt from some of these requirements because (1) the Funds will be audited in accordance with the U.S. generally accepted accounting principles on an annual basis, (2) the independent public accountant conducting the audit is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board, and (3) audited financial statements will be distributed to each investor in a Fund within 120 days of the end of such Fund’s fiscal year (or within 180 days in the case of any Fund that is a fund-of-funds). Alpha Wave does not expect to be deemed to have custody of funds or securities for the vehicles managed by the Joint Venture. In addition, Alpha Wave generally maintains each Fund’s funds and securities at prime brokers, a custodial bank or state trust companies. These prime brokers, banks and state trust companies are generally qualified custodians, as that term is defined under the Custody Rule in the Advisers Act. Certain uncertificated securities and other private securities will be held in accordance with the provisions of the Custody Rule and any applicable guidance from the SEC staff. To the extent possible, Alpha Wave maintains Clients’ digital assets with qualified custodians. Alpha Wave maintains certain digital assets with third party wallet providers or exchanges which provide security. Alpha Wave performs due diligence with respect to all custodians of digital assets prior to utilizing them.

Alpha Wave has full discretionary authority to manage securities accounts on behalf of some, but not all, Clients pursuant to our investment management agreements with the Clients or the relevant Client’s organizational documents (e.g., limited partnership agreement) that provide Alpha Wave with the authority to determine the securities, and the amount of securities, to be bought and sold without obtaining Client or investor consent to specific transactions. Alpha Wave manages each Client in accordance with the guidelines and restrictions set forth in such Client’s offering documents, which in certain cases limits the discretionary authority agreed between Alpha Wave and the Client. As discussed in Item 4, Alpha Wave also provides non-discretionary investment management services by making investment recommendations subject to the approval of an investment committee of the board of directors of each general partner of the Co-Advised Funds.

Proxy Voting Alpha Wave generally has the authority to act on proxies (vote or abstain) on behalf of Clients. Alpha Wave votes all proxies in the best interest of Clients and seeks to maximize shareholder value. Alpha Wave uses an independent third party for proxy voting, which provides proxy analyses, vote recommendations, vote execution, and record keeping services for Alpha Wave. Alpha Wave will generally vote in accordance with the proxy service’s recommendation, but Alpha Wave retains the authority to override the recommendation on any proxy vote. Alpha Wave performs due diligence and reviews of the proxy service on a periodic basis. Alpha Wave may have a conflict of interest in voting a particular proxy. A conflict of interest could arise, for example, as a result of a business relationship with a company, or a direct or indirect business interest in the matter being voted upon, or as a result of a personal relationship with corporate directors or candidates for directorships. If Alpha Wave determines that it or one of its employees faces a material conflict of interest in voting a proxy, Alpha Wave may consult the independent members of the board of directors or governance board of each Client to determine the appropriate vote. Upon request, investors may obtain a copy of Alpha Wave’s proxy voting policies and procedures, as well as information about how Alpha Wave voted with respect to the securities held by the applicable Client. Class Actions In the event that a Client becomes eligible to participate in a class action, Alpha Wave, in conjunction with its service provider that specializes in making class action claims, will determine whether participation in such action is in the Client’s best interest after considering any costs that may be incurred in connection therewith, as well as any profits that are reasonably likely to result from such participation. Any proceeds ultimately received from a class action are expected to be credited to the applicable Client(s) for the benefit of the then-current investors only.

Alpha Wave has never filed for bankruptcy and is not aware of any financial condition that is expected to impair its ability to meet contractual commitments to its Clients.