Caligan Partners LP

Caligan Partners, LP (also referred to herein as “we,” the "Adviser" or “Caligan”), a Delaware limited partnership, commenced operations in September 2017 and has its offices in New York, New York. David Johnson is one of two founders of Caligan. The Adviser was established to invest in activist equity situations and distressed debt for a variety of private client funds. Caligan Partners GP, LLC, serves as the general partner of the Adviser and is principally owned by Mr. Johnson. The Adviser provides investment advisory services to private funds (each a “Partnership” and collectively “Partnerships”) and pooled investment vehicles managed by other investment advisers (the “Sub-Advised Fund” or “Sub-Advised Funds” and, collectively with the Partnerships, the “Funds”). The Partnerships rely on an exemption from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), pursuant to Section 3(c)(7). Accordingly, interests in a Partnership are offered and sold exclusively to investors (each an “Investor,” collectively “Investors” or “Limited Partners”) satisfying the applicable eligibility and suitability requirements in private transactions within the United States. As of December 31, 2025, the Adviser managed $1,299,735,339 in regulatory assets under management, all on a discretionary basis. The Adviser, in either credit or equity investments, seeks to exert influence and work collaboratively with companies to create value through operational improvements, financial restructurings, or transformational transactions. The Adviser will generally seek representation on the boards of companies it invests in, in the case of activist equity situations, or formal or ad hoc creditor's committees, in the case of distressed debt situations. The Adviser may seek to utilize the bankruptcy or restructuring process to improve both the capital structure and competitive positioning of companies it invests in. The Adviser expects to invest in long and short positions in equity or debt securities of public and private U.S. and non-U.S. issuers (including securities convertible into equity or debt securities); distressed securities, rights, options and warrants; bonds, notes and equity and debt indices; swaps (including equity, foreign exchange, interest rate, commodity and credit-default swaps), swaptions, and other derivatives. Investments may include both publicly traded and privately placed securities of public and private issuers, as well as publicly traded securities of private issuers. Investments in options on financial indices may be used to establish or increase long or short positions or to hedge the Funds’ investments. The Adviser will likely concentrate the Funds’ assets in a relatively limited number of investments because the Adviser believes it can deliver superior risk-adjusted returns in a smaller number of investments where it can devote the time and resources necessary for its professionals to value enhancing activities. Each Fund is managed only in accordance with its own investment objectives and is not tailored to any particular investor.

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Caligan provides investment advisory services to the Funds pursuant to separate investment advisory or consulting agreements (the “Agreements”). The Agreements for the Funds set forth in detail the fee structure relevant to the Funds. Caligan or its affiliates receive compensation and fees from the Funds based on a percentage of assets under management and based on performance. Such compensation and fee arrangements are set forth in the Agreements. As set forth in the Agreements, fees and compensation paid to the Adviser or its affiliates by the Funds are either deducted from the assets of the Funds, or separately paid by the Fund or its affiliates; asset-based fees are generally deducted on a quarterly basis and performance-based compensation is deducted at the times set forth in the Agreements. The Adviser or its affiliates may waive, reduce, or calculate differently the asset-based fees and performance-based compensation for certain Investors or Funds, including members, employees and affiliates of the Adviser. Investment Distributions A Partnership’s governing documents detail the amount and priority of distributions made by the Partnership to its Investors (the “Investment Distributions”). Investment Distributions will include: net cash proceeds from the sale of investments or any portion of an investment or marketable securities available for distribution, and cash receipts from dividends, interest and other non-tax distributions from investments net of expenses (“Current Income”). Investment Distributions will be net of performance-based fees as detailed in a Partnership’s governing documents. Organizational Expenses A Partnership will bear all costs and expenses incurred in connection with the organization of the Partnership, its general partner and if applicable each parallel partnership, including legal and accounting fees, printing costs, travel and out-of-pocket expenses, and all costs and expenses incurred in connection with the offering of interests in the Partnership (“Organizational Expenses”). Operating Expenses A Partnership will be responsible for all expenses relating to its own operations and if applicable the operations of each parallel partnership, including without limitation: •

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Expenses related to the research, due diligence and monitoring of actual and prospective investments (whether or not consummated) and the consummation of investments, including the following: brokerage, prime brokerage and futures commission merchant fees, commissions and expenses; expenses relating to short sales; clearing and settlement charges; custodial fees and expenses; bank service fees; interest expenses and fees related to financings or refinancings; fees and expenses of proxy research and voting services (including proxy solicitors, investment bankers, public relations experts, and costs associated with producing and distributing analyses and other materials); any compensation paid to individuals (other than individuals that are employees or partners of the Adviser) considered for nomination, nominated and/or appointed, to the board of a company in which the Partnership is or was invested (including any compensation paid in

relation to serving in such capacity) and any related expenses (including costs incurred in connection with recruiting such persons), it being understood that, to the extent that such an individual is appointed to the board of such a company, it is generally expected that such compensation would not be considered a Partnership expense and would be borne by such company; fees and expenses of third-party professionals, including consultants, investment bankers, attorneys and accountants; experts or other consultants engaged to assist with an investment or prospective investment; investment and research-related travel expenses (which are travel expenses incurred by the Adviser or their affiliates related to the purchase or sale of, or due diligence regarding, the Partnership's investments, whether or not such investments are consummated, including lodging and meals); and the costs of any litigation or investigation involving activities of the Partnership. •

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Operational expenses, including the following: fees and expenses relating to information technology hardware, software or other technology (including costs of software licensing, implementation, data management and recovery services and custom development) used to research investments, evaluate and manage risk, facilitate valuations, facilitate accounting functions, facilitate compliance with the rules of any self-regulatory organization or applicable law (including reporting obligations), facilitate and manage the order execution of financial instruments or otherwise manage the Partnership, such as Bloomberg terminals, portfolio management systems, risk management systems and order management systems; fees and expenses of third-party risk management products, models and services; third-party administrative fees and expenses; fees and expenses of third-party professionals, including consultants, valuation service providers, attorneys and accountants; third-party audit and tax preparation expenses; 100% of the cost of insurance, including premiums for cybersecurity insurance and liability insurance covering the Adviser and its affiliates, and the members, partners, officers, employees and agents of any of them; fees and expenses (including director registration fees) of the Partnership’s general partner's directors and officers (including any Anti-Money Laundering Compliance Officer, Money Laundering Reporting Officer and Deputy Money Laundering Reporting Officer); costs of preparing and distributing reports and notices; taxes; expenses incurred in connection with negotiating and complying with provisions of any Side Letter Agreement; fees and expenses related to compliance with the rules of any self-regulatory organization or applicable law in connection with the activities of the Partnership, including any governmental, regulatory, licensing, filing or registration fees or taxes (including fees and expenses incurred in connection with the preparation and filing of Form PF, Section 13 filings, Section 16 filings and other similar regulatory filings); expenses incurred in connection with the offering and sale of the Interests and other similar expenses related to the Fund (excluding fees payable to any placement agent); extraordinary expenses, including the following: indemnification expenses; fees and expenses incurred in connection with any tax audit by any taxing authority, including any related administrative settlement and judicial review; and fees and expenses incurred in connection with the reorganization, dissolution, winding-up or termination of the Partnership.

Loss Caligan seeks to identify companies it believes are undervalued, potentially because their sectors are out of favor or may be undergoing significant transition and where the Adviser believes its influence can function as a catalyst for a re-valuation of the investment or help to change the underlying performance of the investment, whether through financial or operational restructuring or a strategic repositioning or transaction. The Adviser’s focus on undervalued securities is due to its belief that purchase price is the most important determinant of the success of an investment. The investment team believes that such companies may be temporarily undervalued for a variety of reasons, including perceived unfavorable industry conditions, poor business performance, changes in management or ownership, reorganizations, or other external factors. In most situations, the Adviser's goal is to work constructively with management and/or the company’s board to implement a strategy that maximizes returns for all shareholders. The investment team intends to evaluate each investment opportunity in light of certain key criteria, which are expected to include, without limitation: Margin of Safety. The investment team’s financial analysis will focus on the cash flow generation of the company in the event of a significant contraction or stagnation in economic Page | 7

growth. The Adviser expects to invest in companies that demonstrate the potential for significant cash flow generation over the Fund life, even in scenarios of low economic growth or contraction. Low Creation Multiples. Caligan believes that initial valuation is the biggest driver of total return for any investment; expected returns decrease as valuations increase and vice versa. With any investment opportunity, the investment team evaluates the creation multiple of its investment, relative to its cash flow generation and its historical valuation levels, to maximize expected returns. Investment Team Edge. The investment team approaches each opportunity with a healthy degree of skepticism that financial markets efficiently price in all available information. The investment team expects that it will be able to identify and quantify the reasons for mispricing in any opportunity. Proper Incentive Alignment. Caligan believes that some of the best predictors of outcomes in complex situations are the way in which actors are incentivized. Caligan believes in fully understanding the incentives of management teams when investing in any situation. The investment team seeks investment opportunities where it can influence the investment outcome. Caligan will maintain a disciplined approach throughout the investment process to maintain consistency of standards, criteria, and procedures. After identifying an investment opportunity that meets the Funds investment criteria and is consistent with the investment themes that the Fund is pursuing at the time, the investment team will perform a thorough financial, legal, tax, regulatory, and structural analysis on the instrument. The investment team may examine and review proprietary and publicly available information, such as SEC filings, statutory accounts, industry research reports, broker/dealer research, bank credit agreements, bond indentures, trustee reports, court records, investor presentations, earnings transcripts, and rating agency reports to build a complete financial profile of the borrower, underlying borrowers, or equity issuers. The investment team may seek to engage the management team or industry executives in conversation to ask more pointed questions about the company’s financial prospects. The investment team expects to concurrently undertake a legal analysis of the target issuer’s corporate and organizational structures and relevant financing documents, including credit agreements, indentures, major contracts and contingent obligations. The investment team will also review the tax consequences of the investment. The investment team will then build the financial models that underpin its decision making based on the cash flow potential of each investment. We intend for our assumptions, based on the analysis performed above, in a base case scenario to be conservative and for a downside case scenario to be punitive without being unrealistic. Risks Prospective Limited Partners and clients should carefully consider the risks involved in an investment in a Fund, including, without limitation, those discussed below. Additional or new risks not addressed below may affect the Funds. The following list of risk factors cannot be and is not intended to be exhaustive. Prospective Limited Partners and clients should consult their own legal, tax and financial advisers about the risks of an investment in a Fund managed by Caligan. The Page | 8

following risk factors and other relevant risks could have a material adverse effect on a Fund and the Limited Partners' or clients’ investments therein. Risk of Loss: No guarantee or representation is made that the Fund’s investment program, including, without limitation, the Fund’s investment objective will be successful. Investment results may vary substantially over time. No assurance can be made that profits will be achieved or that substantial or complete losses will not be incurred. General Economic and Market Conditions: The success of the Fund’s 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 the Fund’s investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect the level and volatility of the prices and the liquidity of the Fund’s investment. Volatility or illiquidity could impair the Fund’s profitability or result in losses. Concentration of Holdings: The Fund’s assets will be concentrated in one or a limited set of investments. As a result, the Fund’s value will be more susceptible to fluctuations resulting from adverse economic conditions affecting the performance of that particular security, than a less concentrated portfolio would be. The Fund’s aggregate return may be volatile and will be affected substantially by the performance of its single or limited number of holdings. Investment May be Illiquid: The Fund’s investments may be illiquid. Any return of capital or realization of gains will generally require a disposition of some or all of an investment. Illiquidity may result from the absence of an established market for the investment, as well as legal, contractual or other restrictions. There can be no assurance that Caligan will be able to dispose of its investments at the price and at the time it wishes to do so. The possibility of partial or total loss of capital will exist, and prospective investors should not invest unless they can readily bear the consequences of such loss. Private Company Investments: The Funds may from time to time invest in privately held companies. Such investments involve a high degree of business and financial risk. Private companies may not have a proven operating history, may be operating at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial condition. Private company investments are not subject to the same disclosure requirements, accounting standards, or investor protections applicable to the publicly traded securities in which the Funds primarily invest, and the Adviser may have limited access to independently verified financial information. The valuation of such investments is inherently subjective and may rely on unaudited financial statements, management projections, or comparable company analyses, and there can be no guarantee that values determined by the Adviser will represent the values ultimately realized upon disposition. Capital allocated to private company investments may remain committed for an indefinite period until a liquidity event occurs, if at all, and upon any such disposition the prices realized could be less than those originally paid. There can be no assurance that any such investment will result in a profitable outcome or that the Adviser will be able to realize the value

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it attributes to such investment, and investors should be prepared for the possibility of a partial or complete loss of capital. Initial Public Offerings: The Funds may invest in companies in anticipation of, or in connection with, an initial public offering ("IPO"). There can be no assurance that a contemplated IPO will be completed, on favorable terms, or within any anticipated timeframe, as IPO transactions are subject to prevailing market conditions and decisions of the issuer and its underwriters that are outside the Adviser's control. The receptiveness of the public markets to IPOs may vary dramatically from period to period, and an otherwise compelling investment may yield poor returns if a company is unable to consummate an IPO at an opportune time or on acceptable terms. Even if an IPO is successfully completed, the Funds' securities will frequently be subject to lock-up agreements or other legal and contractual restrictions that prevent disposition for a material period of time following the offering, during which the value of such securities may decline significantly. The Adviser's role in working with a company toward an IPO may also give rise to conflicts of interest or result in legal restrictions on the Adviser's ability to trade in the relevant securities, which could adversely affect the Funds. Lack of Operating History of a Fund: From time to time a Fund is a newly-formed entity that has no operating history. A Fund may not achieve its investment objectives and its value may decrease. Reliance on the General Partners and Portfolio Company Management: Control over the operation of the Fund will be vested with its general partner, and the profitability of the Fund depends largely upon the business and investment acumen of the Adviser's principals and other senior investment professionals and the actions of the Fund's general partner. Limited Partners of the Fund will generally not have the right, power or authority to participate in the ordinary and routine management of the affairs of the Fund or to exercise any control over the decisions of the Fund's general partner. The loss or reduction of service of one or more of the Adviser's principals or other senior investment professionals could have an adverse effect on the Fund's ability to realize its investment objectives. Reliance on David Johnson: The Funds rely heavily on the services of David Johnson. Mr. Johnson is responsible for all of the major decisions affecting the Funds. Should Mr. Johnson determine to discontinue managing the affairs of, or withdraw from, the Adviser, or should Mr. Johnson die, become incapacitated or, for some other reason, be unable to effectively manage the affairs of the Adviser, the business and results of the operations of the Funds may be adversely affected. Certain Derivative Investments: In connection with its investment program, the Funds may use certain derivative investments. The use of derivative contracts such as futures, options, contracts for differences, and swaps may involve substantial risks. The low margin or premiums normally required for such instruments may provide a large amount of leverage, and a relatively small change in the price of a security or contract can produce a disproportionately larger profit or loss. There is no assurance that a liquid secondary market will exist for futures contracts or options purchased or sold, and the Funds may be required to maintain a position until exercise or expiration, which could result in losses. Futures positions may be illiquid because, for example, most exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Once the price of a Page | 10

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Caligan primarily provides discretionary investment management and advisory services to its Funds directly. Investors may include high net worth individuals, partnerships, pension funds and profit-sharing plans, trusts, estates, charitable organizations, corporations, business entities, endowments, investment funds and foreign sovereign wealth funds. Investors will be required to meet certain suitability qualifications to comply with applicable federal securities laws and regulations, specifically as the Funds will rely on exemption 3(c)(7) of the Investment Company Act. A Partnership requires minimum initial subscriptions from Investors as described in its offering documents. A Partnership may accept lower subscription amounts under the circumstances described in its offering document.

The Adviser or an affiliate of the Adviser does receive performance-based fees. Because such performance-based fees are based on a percentage of net realized profits or net profits in excess of specified investment returns, the existence of this arrangement could create an incentive for the Adviser to make investments on behalf of the Funds that are riskier or more speculative than would be the case in the absence of such arrangements. Caligan seeks to address such conflicts on a fair and equitable basis in its good faith discretion and has established policies and procedures to address the potential conflict of interest described above.

Neither the Adviser nor any of its Employees are registered, or have an application pending to register, as a broker-dealer or a registered representative of a broker-dealer. Additionally, neither the Adviser nor any of its Employees are registered, or have an application pending to register, as a futures commission merchant, commodity pool operator, a commodity trading advisor, or an associated person of the foregoing entities. From time to time, the Adviser's principals, Employees, or affiliates may serve on the board of directors of companies in which the Funds are invested. In connection with such board service, the Adviser or its Employees may receive compensation in the form of cash retainers, meeting fees, equity grants, stock options, restricted stock units, or other remuneration ("Board Compensation"). Such Board Compensation is received directly by the individual serving on the board or, in certain cases, may be remitted to the Adviser or the relevant Fund. Any equity awards received in connection with board service are subject to vesting schedules as determined by the issuer. The Adviser and its Employees do not have any other relationships or arrangements with other financial services companies that pose material conflicts of interest.

Transactions and Personal Trading Pursuant to Rule 204A-1 of the Advisers Act, Caligan has adopted a written Code of Ethics predicated on the principle that the Adviser owes a fiduciary duty to the Funds and Investors. The Code of Ethics is designed to address and avoid potential conflicts of interest and is applicable to all Employees. The Adviser requires its Employees to act in the Funds’ best interests, abide by all applicable regulations and avoid any action that is, or could even appear to be, legally or ethically improper. The Code of Ethics also places restrictions on personal trades by Employees, including that Employees disclose their personal securities holdings and transactions on a periodic basis. Generally, Employees may not purchase or sell securities for their personal accounts that are owned by the Funds or under consideration by the Funds and must seek pre-approval from the Chief Compliance Officer (“CCO”) as outlined in the Code of Ethics for all such transactions. Additionally, the Adviser requires all Employees to disclose any outside employment to the Adviser who will identify any potential conflicts. In the event that a resolution to the conflict Page | 16

cannot be reached, the Employee may be asked to terminate either their outside employment or their position with the Adviser. The receipt of Board Compensation by the Adviser or its Employees from companies in which the Funds are invested presents a conflict of interest, as such compensation may create an incentive to (i) maintain or increase a Fund's investment in such a company beyond what may otherwise be in the best economic interest of the Funds; (ii) vote proxies or take other shareholder actions in a manner that is favorable to the Adviser's or such Employees' continued board service or compensation; or (iii) refrain from taking actions, including disposing of a position, that could adversely affect the Adviser's or such Employees' board relationship or ongoing compensation. The Adviser addresses these conflicts through its Code of Ethics, its proxy voting policy, and oversight by its CCO. All investment decisions remain subject to the Adviser's fiduciary duty to act in the best interests of the Funds. Investors may request a copy of the Code of Ethics by contacting Caligan’s CCO.

The Fund may purchase or sell securities in privately negotiated transactions, or, at the recommendation of the Adviser from time to time, may use specific brokers and dealers to execute, settle and clear securities transactions. The Adviser has discretion in deciding which brokers or dealers are to be used for a particular transaction and the compensation for those transactions. The Adviser seeks to obtain best execution for all transactions and evaluates brokers and dealers on the basis of numerous factors and not necessarily lowest pricing. Brokers and dealers may provide other services that are beneficial to the Adviser and Fund. In selecting brokers and dealers (including prime brokers) to execute transactions, provide financing and securities on loan, hold cash and short balances and provide other services, the Adviser may consider, among other factors that are deemed appropriate to consider under the circumstances, the following: the ability of the brokers and dealers to effect the transaction; the brokers' or dealers' facilities, reliability and financial responsibility; and the provision by the brokers of capital introduction, talent introduction, marketing assistance, consulting with respect to technology, operations and equipment, commitment of capital, access to company management and access to deal flow. The Adviser uses “soft” or commission dollars when the Adviser makes a good faith determination that the commissions are reasonable in relation to the value of brokerage and research services provided, viewed in terms of either a particular transaction or our overall responsibilities to all Funds. The Adviser uses “soft” dollars in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended (“Section 28(e)”). Section 28(e) provides a “safe harbor” to Advisers that use commission dollars of their advised accounts to obtain investment research and brokerage services that provide lawful and appropriate assistance to the Adviser in performing investment decision making responsibilities. Conduct outside of the safe harbor afforded by Section 28(e) is subject to the traditional standards of fiduciary duty under state and Federal law. Research products or services provided to the Adviser may include research reports on particular industries and companies, economic surveys and analyses, recommendations as to specific securities, and other products and services providing lawful and appropriate Page | 17

assistance to us in the performance of our investment decision-making responsibilities. This research may include proprietary research and/or research created or developed by a third party. The Adviser is not obligated to seek the lowest transaction charge, except to the extent that it contributes to the overall goal of obtaining the best execution for Funds. A higher transaction charge on exchange and over-the-counter trades may be determined reasonable in light of the value of the brokerage execution and research products and services provided to us for the benefit of our Funds. Consistent with the requirements of best execution, the Adviser may from time to time enter into formal or informal arrangements with certain brokers (“Soft Dollar Brokers”) whereby the provision of research or brokerage execution services is explicitly dependent on the level of commissions and underwriting concessions generated by the Funds. In selecting Soft Dollar Brokers to initiate soft dollar transactions, the Adviser will consider the capabilities of the Soft Dollar Broker to provide best execution. Trade Errors: The Adviser has established policies and procedures for the handling of trade errors and will correct errors as soon as practicable after discovery to mitigate any potential loss. The cost of errors will be borne by the Funds unless an error is the result of bad faith, gross negligence, fraud, or willful misconduct of Adviser or the executing broker. Trade errors must be reported to the CCO and will be reviewed to identify any appropriate changes to Caligan’s policies or procedures where necessary.

Caligan does not receive economic benefits from non-clients for providing investment advice and other advisory services. The Adviser does not currently compensate any third parties for client referrals. However, the Adviser engages one or more persons to function as a placement agent for a Fund in connection with the offer and sale of interests to certain potential investors. Such persons generally will receive a fee in an amount equal to a percentage of the management and performance-based fees charged to the Funds. Such fees are generally paid by the Adviser.

Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to a client’s or investor’s evaluation of the adviser or the integrity of the adviser’s management. Neither Caligan nor any of its officers, directors, members, partners or employees (the “Employees”), have been involved in any legal or disciplinary events in the past 10 years that would require disclosure in response to this Item.

All investments are carefully reviewed and approved by Caligan’s investment team. The Funds’ investments are reviewed on a continuous basis and the investment personnel meet regularly to monitor current investments. Limited Partners of a Partnership will receive reports in accordance with the terms of the governing documents.

The Adviser is subject to Rule 206(4)-2 under the Advisers Act (the "Custody Rule"). However, it will not be required to comply with certain requirements of the Custody Rule with respect to a Partnership because it will comply with the provisions of the "Pooled Vehicle Annual Audit Exception", which, among other things, requires that a Partnership be subject to an audit at least Page | 18

annually by an independent public accountant that is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board, and requires that a Partnership distribute its audited financial statements to all investors within 120 days of the end of its fiscal year. The Adviser will maintain client assets at only qualified custodians in compliance with the Custody Rule.

The Adviser has discretionary authority to manage securities accounts on behalf of its clients. The Investors in the Partnerships managed by the Adviser generally may not place any limits on Caligan’s authority beyond the limitations set forth in the offering documents. On a case-by-case basis, owners or affiliates of separately managed accounts that the Adviser manages on a discretionary basis may negotiate certain risk and/or operating guidelines that we will adhere to when exercising our discretionary authority over such accounts.

In compliance with Rule 206(4)-6 under the Advisers Act, the Adviser has adopted proxy voting policies and procedures. The general policy is to vote proxy proposals, amendments, consents or resolutions (collectively, "Proxies"), in a prudent and diligent manner that will serve the applicable Fund’s best interest and is in line with the Fund’s investment objectives. In limited circumstances, the Adviser may refrain from voting Proxies where the Adviser believes that voting would be inappropriate. Conflicts of interest may arise between the interests of the Fund on the one hand and the Adviser or its affiliates on the other hand. If the Adviser determines that it may have, or is perceived to have, a conflict of interest when voting Proxies, the Adviser will vote in accordance with its proxy voting policies and procedures. Investors or affiliates of the Funds may contact the CCO in order to obtain a copy of the proxy voting policies and procedures as well as information about how the Adviser voted Proxies by contacting Tiffany Crowley, by telephone at 646-859-8207.

A balance sheet is not required to be provided as Caligan (i) does not solicit fees more than six months in advance, (ii) does not have a financial condition that is likely to impair its ability to meet contractual commitments to clients or (iii) has not been subject to any bankruptcy proceeding during the past 10 years.

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