Corre Partners Management, LLC

Corre Partners Management, LLC is a Delaware limited liability company that was formed in March 2009. Corre is principally owned by John Barrett. Corre provides discretionary investment advisory services to the following private investment funds (each a “Fund”, and combined, the “Funds”). (i)

Corre Opportunities Qualified Master Fund, LP, a Cayman Islands-domiciled 3(c)(7) master fund, which in combination with the following funds comprise the “Qualified Master Fund”: Corre Opportunities Fund, LP, Corre Opportunities Qualified Onshore Fund, LP, Corre Opportunities Offshore Fund, Ltd. and Corre Opportunities II Fund, Ltd.

(ii)

Corre Horizon Fund, LP, a Cayman Islands-domiciled 3(c)(7) master fund, which in combination with the following fund comprises the “Horizon Fund”: Corre Horizon Offshore Fund, LP.

(iii)

Corre Horizon II Fund, LP a Cayman Islands-domiciled 3(c)(7) master fund, which in combination with the following fund comprises the “Horizon II Fund”: Corre Horizon II Offshore Fund, LP.

Investment advice is provided directly to the Funds according to each Fund’s investment objectives. Corre may provide advisory services to other entities or accounts in the future. Corre does not participate in wrap fee programs. As of December 31, 2025, Corre had approximately $1,147,765,435 regulatory assets under management, $1,070,632,922 is managed on a discretionary basis, and $77,132,513 on a nondiscretionary basis.

Compensation received by Corre, or an affiliate of Corre, is comprised of fees based on a percentage of assets under management (“Management Fees”) and annual performance allocations (“Performance Allocation”). The Funds pay Corre the Management Fees, calculated and paid as follows. (i)

With respect to the Qualified Master Fund, Management Fees are paid monthly in advance equal to 0.167% of net worth (2% per annum).

(ii)

With respect to the Horizon Fund and Horizon II Fund (together the “Horizon Funds”), Management Fees are paid quarterly in arrears as of the last day of each calendar quarter equal to 0.4375% of net asset value excluding uncalled capital (1.75% per annum).

In addition, the Funds pay a Performance Allocation to Corre Partners Advisors, LLC (the “General Partner”), if any, as follows: (i)

With respect to the Qualified Master Fund, Performance Allocation is paid to the General Partner at year-end or upon a withdrawal or redemption equal to 20% of the increase in net worth in a given year or year-to-date period, subject to a loss-carryforward and an annualized 6.75% hurdle rate with full catch-up.

(ii)

With respect to the Horizon Fund and Horizon II Fund, distributions are paid to the General Partner equal to 20% of aggregate distributions after having distributed total capital contributions plus 7.5% annualized preferred return with full catch-up to Limited Partners.

See the relevant Fund’s Private Placement Memorandum (“PPM”), which should be reviewed in conjunction with other governing documents of such Fund before an investment is made. In certain instances, Corre or the General Partner has, and may in the future, reduce or waive a portion of the Management Fees or Performance Allocation. With respect to co-investment opportunities, the fees and carried interest, if any, will be negotiated by the Firm and the potential co-investor on a case-by-case basis. In addition, the Firm will generally charge the co-investor its share of ongoing expenses related to the investment (including research and travel) based on the pro rata portion of the investment held by the co-investor relative to all of the Firm’s client accounts. See the Fund’s PPM for a description of all expenses for which the co-investors are responsible. In addition, the Funds are responsible for (among other relevant fund expenses as described in each Fund’s PPM): organizational expenses, commissions and other brokerage expenses, custodial fees, third-party research expenses, travel expenses related to research, interest and borrowing charges on margin accounts and other indebtedness, bank expenses, consulting fees, expenses relating to risk reporting services and trade management systems, other expenses directly or indirectly related to the investment program, administrative expenses, legal expenses, compliance

and regulatory expenses that pertain to the Funds, audit and tax preparation expenses and taxes, escrow expenses, insurance costs (including directors’ and officers’, errors and omissions, and cyber insurance), expenses related to meetings of the Limited Partners, and expenses related to the Advisory Committee and any meetings of the Advisory Committee. See also Item 12 - Brokerage Practices. Investors in the Qualified Master Fund may also be charged a redemption fee of 5% of the amount redeemed if the redemption is not made at least one year after the relevant subscription. Such redemption fee is payable to the Fund.

Investment Objective The Corre Funds are deep value, event driven funds that aim to achieve equity-like returns while taking less risk by investing across the capital structure. By focusing on middle market companies undergoing a turnaround, Corre seeks to build positions at substantial discounts to intrinsic value. Across an opportunity set that includes turnaround and distressed situations, Corre employs a fundamentally driven approach to seek to select the security with the best risk-adjusted return. In addition, the Fund has a dedicated focus on trade claims and liquidations. No assurance, however, can be given that Corre’s investment objective will be achieved, and investment results may vary substantially on a monthly, quarterly, annual and/or other periodic basis. Investment Program Corre invests primarily in the secondary market for both public offerings and private placements in debt securities, equity securities, trade claims and other financial instruments which at any time may include, without limitation, the securities of companies that are involved in debt restructurings, bankruptcy or other reorganization and liquidation proceedings, high-yield securities, whole loans, both secured and unsecured, various types of structured finance vehicles, corporate bonds, credit default swaps, individual trust preferred securities and other preferred and convertible preferred securities, U.S. government securities, municipal and foreign government obligations, options and warrants. Corre may utilize other strategies or financial instruments as deemed appropriate and provided for in the respective Fund’s PPM. Methods of Analysis Corre, on behalf of the Funds, will employ credit due diligence, with the use of both proprietary and third-party analytical tools. The analytical process will concentrate on credit research, including capital structure priority and covenant protection. Generally, when investing in below investment grade debt, we will seek to identify issuers and sectors that we believe are likely to experience stable or improving conditions. Conversely, when making short investments, we will seek issuers and sectors that we believe are likely to experience deteriorating conditions and pose significant risk. Specific factors considered in the research process may include general industry trends, cash flow generation capacity, asset valuation, franchise value, other debt maturities, capital availability, collateral value, priority of payments, performance history, delinquency and default trends, geographic location, credit scores, lien positions, loan purpose, seasoning, servicing, loss severity, loan-to-value percentages, and expected cash flows. We intend on managing the Qualified Master Fund’s portfolio with an eye towards responsible diversification. To that end, we generally intend to limit the Qualified Master Fund’s overall gross exposure to a single issuer to no more than 25% of the portfolio’s net worth and the portfolio’s overall net exposure to a single issuer to no more than 15% of the portfolio’s net worth, in each case, measured at cost at the time such position is established. Notwithstanding the foregoing, we may acquire a position in such securities or other financial instruments in excess of such guidelines in circumstances in which we, in our sole and absolute discretion, deem it appropriate to do so. The

Horizon Fund and Horizon II Fund are managed as concentrated, long-biased portfolios which do not employ the aforementioned limits. Corre’s investment program entails substantial risk. Investment techniques that Corre may employ from time to time can, in certain circumstances, maximize the adverse impact of adverse market conditions or events to which the Funds’ portfolios may be subject. A summary of risk factors associated with Corre’s strategy are as follows. Risk of Loss. Corre’s investment program is speculative and involves significant risk. Profitability ultimately depends upon the Investment Manager correctly assessing the future price movements of the securities, commodities and other financial instruments in which the Funds invest, as well as the movement of interest rates. Such price movements may be volatile and are subject to numerous factors which are neither within the control of nor predictable by the Investment Manager. Such factors include, without limitation, a wide range of economic, political, competitive, market, legal, operational and other conditions or events (including, without limitation, natural disasters, acts of terrorism or war) which may affect investments in general or a specific security, commodity or other financial instrument in which the Funds invest. There can be no assurance that the Investment Manager will be successful in accurately predicting price movements. Accordingly, investors may incur substantial losses on their investments in the Funds and it is possible that the Funds’ performance will fluctuate substantially from period to period. Market Volatility. As a general matter, prices of certain of the assets in which Corre invests exhibit high volatility. Price movements of these assets may be influenced by, among other things, interest rates, credit trends, changing supply and demand relationships, regulatory changes and fiscal and monetary programs and policies of governments. There can be no assurance that the Investment Manager will be successful in accurately predicting price and interest rate movements. Any economic downturn could adversely affect certain of the Funds’ investments. Such marketplace events also may restrict Corre’s ability to sell or liquidate investments at favorable prices and cause the Funds to have limited access to credit. The Funds may be adversely affected by a decrease in market liquidity. The size of Funds’ positions may magnify the effect of a decrease in market liquidity for the instruments traded. Counterparty Failure. The Funds would be subject to a risk of loss of funds in the event of the insolvency of its U.S. brokers, and may be able to recover only a pro rata share of its assets. The Funds may trade with or hold accounts at foreign broker dealers registered under the laws and regulations of other countries. Such brokers and/or dealers may not be subject to the same or similar customer fund regulations as those existing in the United States. The financial failure of the parties with which the Funds trade in over-the-counter (OTC) markets could also result in substantial losses, as the Funds will deal with such persons as principal and there is no requirement that such parties segregate counterparty funds held by them in respect of such trading. Further, the Funds are subject to additional risks where it is a party to a securities lending arrangement and the counterparty to the arrangement becomes insolvent and/or defaults on its obligations. Electronic Trading Facilities. In its trading activities, the Funds may be subject to the disruption or failure of the electronic trading facilities as they pertain to the order-routing, execution, matching, registration or clearing of the Funds’ trades. A failure may result in a trade order not

being executed according to its instructions or at all. There may be an impaired ability to limit or recover certain losses. General Credit Risks. The Funds seeks to take advantage of opportunities in the distressed credit arena, thus the Funds may be exposed to losses resulting from default and foreclosure. While assets purchased by the Funds may be collateralized, the Funds may be exposed to losses resulting from default. Therefore, the value of the underlying collateral, the creditworthiness of the borrower(s) or other counterparty and the priority of the lien are each of great importance. The Funds cannot guarantee the adequacy of the protection of its interests, including, without limitation, the validity or enforceability of underlying loan and securities documents and the maintenance of anticipated priority and perfection of applicable security interests. Furthermore, the Funds cannot assure that claims may not be asserted that might interfere with enforcement of rights that are important to the value of a distressed asset. Liquidation proceeds upon sale of distressed assets may not satisfy the entire outstanding balance of principal and interest on a loan or security, resulting in a loss. Any costs or delays involved in the effectuation of the liquidation of the underlying collateral will further reduce the proceeds and thus increase the loss. Distressed credit assets may have large uncertainties or major risk exposures to adverse conditions, and certain of them may be considered to be predominantly speculative. Generally, such credit assets offer a potentially higher return, but involve greater volatility of price and greater risk of loss of income and investment. The market values of certain distressed credit assets also tend to be more sensitive to changes in economic conditions than non-distressed credit assets. Furthermore, if the Funds were to foreclose on those debt obligations and take possession of the related collateral, the Funds’ activities with respect to such collateral could result in adverse federal income tax consequences for the Funds. In order to mitigate these adverse tax consequences, the Funds may participate in certain investments through entities treated as corporations for U.S. federal income tax purposes, which entities may be subject to certain taxes. Event-Driven Investments. The Funds may invest in companies involved in (or the target of) acquisition attempts or tender offers or in companies involved in or undergoing work-outs, liquidations, spin-offs or other catalytic changes or similar transactions. Investing in the securities of such companies, as well as certain distressed securities, will be subject to so-called “event risk”, i.e., the risk that the transaction in question will simply fail to conclude as contemplated or will be delayed or modified in a manner detrimental to the Funds in the transaction. Numerous factors, including, without limitation, market or industry developments, economic factors, regulatory clearance requirements and management or workforce issues, can cause an announced transaction to be abandoned, delayed or modified. Where a security to be issued in a proposed merger or exchange offer has been sold short by the Funds in the expectation that the short position will be covered by delivery of such security when issued, failure of the merger or exchange offer to be consummated may force the Funds to cover their short position in the market at a higher price than its short sale, resulting in a loss. These losses can be substantial. If a transaction is delayed significantly, the Funds’ capital may be committed to the transaction during the period of the delay and interest charges on funds borrowed to finance its investment in connection with the transaction may be incurred. These interest charges may be greater than the profit realized upon the disposition of the securities, in which case the Funds would realize a loss on the transaction. Investments in Undervalued Securities. The Funds may invest in undervalued securities. The identification of investment opportunities in undervalued securities is a difficult task, and there are

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As noted in Item 4, Corre provides investment advisory services directly to the Funds. The investors in the Funds may include some or all of the following: high net worth individuals, corporations, endowments, foundations, funds of funds and other businesses. Generally, an investor in the Funds is required to be an “accredited investor” as defined under the Securities Act of 1933, and a “qualified purchaser” as defined under the Investment Company Act of 1940. Minimum investment amounts are set forth in each Fund’s governing documents. However, Corre or the General Partner, at their discretion, may permit investments below the minimum amounts set forth in the Fund’s governing documents.

As disclosed in Item 5, Corre charges Performance Allocation to the Funds. See Item 5 for further details. A performance allocation arrangement may incentivize an investment manager to make investments that are riskier or more speculative than would be the case in the absence of a performance allocation. Furthermore, the Performance Allocation may be based significantly on unrealized or realized gains. In addition, the Funds managed by Corre may have differing fee arrangements among them, creating an incentive to favor Funds which pay greater fees over Funds which pay lesser fees. Corre has adopted allocation policies in order to ensure its clients are treated fairly and equally and that conflicts of interest do not influence the procedures of allocating opportunities among Corre’s clients.

Neither Corre, nor any of Corre’s management personnel, are registered or have an application pending to register as a broker-dealer or a registered representative of a broker-dealer. Corre relies on the Commodity Trading Advisor exemption under Rule 4.14(a)(8). In addition, Corre is claiming an exemption from registration as a Commodity Pool Operator as the Funds rely on the4.13(a)(3) exemption and meets the de minimis trading activity with respect to its commodity positions. John Barrett, the principal owner of Corre, serves as one of three Directors on the Board of Corre Opportunities Offshore Fund, Ltd., the offshore feeder fund in the Qualified Master Fund structure.

Pursuant to Rule 204A-1 of the Investment Advisors Act of 1940, Corre has established a Code of Ethics which is designed to ensure all employees of Corre are aware of and adhere to the policies and procedures of the Firm and maintain a general standard of conduct. The Code of Ethics governs such areas as personal trading, privacy of client information, and conflicts of interest, with the singular focus that Corre and its employees must always place the interests of clients first. Corre and/or its affiliates will generally have a material investment in the Funds, and thus is considered to participate in transactions executed on behalf of its clients. Corre, in the course of its investment management and other activities, may come into possession of confidential or material nonpublic information about certain issuers. Corre is prohibited from improperly disclosing or using such information for its own benefit or for the benefit of any other person, regardless of whether such other person is a Fund. Corre maintains and enforces written policies and procedures that prohibit the communication of such information to persons who do not have a legitimate need to know and to assure that the Firm is meeting its obligations to its Funds and remains in compliance with applicable law. In certain circumstances, Corre may possess certain confidential or material, nonpublic information that, if disclosed, might be material to a decision to buy, sell or hold a security, but Corre will be prohibited from communicating such information to the Funds or using such information for the Funds’ benefit. In such circumstances, Corre will have no responsibility or liability to the Funds for not disclosing such information (or the fact that Corre possesses such information) to the Funds, or for not using such information for the Funds’ benefit, as a result of following Corre’s policies and procedures designed to provide reasonable assurances that it is complying with applicable law. Corre employees are permitted to enter into personal securities transactions. Employees are required to obtain preclearance of all securities transactions on individual names; however, no preclearance is required for other investments such as government bonds, money market instruments, mutual funds and broad-based indices. Corre employs a 30-day holding period requirement on all personal trades. In addition, Corre’s Code prohibits Corre or its supervised persons and their spouses from executing personal securities transactions of any kind in any securities on a restricted securities list maintained by the Chief Compliance Officer. All of Corre’s supervised persons are required to disclose their securities transactions. In addition, Corre’s supervised persons are required to disclose the holdings in their personal accounts within 10 days upon commencement of employment with Corre and on an annual basis thereafter. A copy of Corre’s Code of Ethics is available to clients and prospective clients upon request by emailing compliance@correpartners.com.

Corre has full discretionary authority to manage the investment of its clients, including determining which securities to buy and sell, the amount and price of those securities, the broker or dealer to be used for each transaction, and any commissions paid. Corre is not required to solicit competitive bids and does not have an obligation to seek the lowest available commission. The Funds may therefore be deemed to be paying for research, brokerage or other services provided by the broker which are included in the commission. The Funds will maintain an account with one or more prime brokers, through which the Funds may execute trades, borrow securities and maintain custody of its securities. Corre, in its sole discretion, may change its brokerage and custodial arrangements without further notice to investors. In selecting the appropriate broker or dealer to execute transactions on behalf of its clients, Corre seeks “best execution”, which may involve taking into account such criteria as the price offered by a broker or dealer, the commission rate, size of the order, difficulty of execution, quality of research, financial integrity of the broker or dealer, and reliability and responsiveness. Soft Dollars Corre receives economic benefits through the custody and operating relationships it has with brokers that are not typically available to retail investors. These benefits include the following products and services, provided to Corre without cost or at a discount: commentaries on markets, industries and securities, financial and other publications, economic surveys and analyses, research, trading advice, quotation services, and general information relevant to our advisory business that may assist us in making trading decisions. Some of these products and services made available by brokers may benefit Corre, but may not benefit our clients. Such other services made available by brokers are intended to help Corre manage and further develop its advisory business, and such services may or may not depend on the amount of brokerage transactions directed to them. Receipt of such research or other products and services create a benefit for Corre, as we do not have to produce or pay for such research, products or services. Furthermore, this may result in a conflict of interest, and may provide an incentive to choose a broker based on the receipt of such benefits, rather than the clients’ interest in receiving most favorable execution. Such benefits would be employed to service all client accounts in a proportional manner consistent with the Firm’s trade allocation procedures. Corre does not direct transactions and the commissions they generate to brokerage firms or other parties to receive research or other benefits. While Corre has not entered into any soft dollar arrangements, we may be deemed to obtain such research and brokerage services described above within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended. In the event soft dollars are deemed employed, Corre will remain committed to ensuring that clients’ interests are the focus of our broker selection procedures. Corre believes that the commissions it pays its brokers are reasonable in relation to the services rendered by such brokers.

Trade Allocations With regards to trades that Corre determines are suitable for all Funds in its sole discretion, Corre will seek to allocate aggregate trades pro rata between (i) its Evergreen strategy (pursued by Qualified Master Fund) and (ii) its Drawdown strategy (pursued by Horizon Fund and Horizon II Fund, together the “Horizon Funds”) based on (i) with respect to its Evergreen strategy, the net asset value, and (ii) with respect to its Drawdown strategy, (a) during its Investment Period, the net asset value plus any uncalled capital and (b) after its Investment Period, the net asset value plus any distributions made after the Investment Period. Once Corre has determined, in its sole discretion, that the Evergreen strategy has received the appropriate exposure, trades may be overweighted, or allocated in their entirety, to one or more Horizon Funds, which have investment strategies and risk profiles that generally require greater position sizing than the Evergreen strategy. Corre may allocate particular transactions in a different method in its sole discretion, while still ensuring that no client will receive preferential treatment over another. Trade Errors Corre’s goal is to execute trades seamlessly in the best interests of the Funds it manages. While errors can occur for a variety of reasons, the consequences and the required corrective measures that are appropriate may differ depending upon the nature of the error or the account affected. In correcting a trade error, Corre will strive to identify and correct the errors expeditiously and determine how to prevent a similar error from occurring. As a matter of policy, trade errors will be borne by the Funds unless the error is the result of a breach of the standard of care set forth in the Funds’ PPM, which provides that Corre will only remain liable for trade errors that are the result of fraud, gross negligence or willful misconduct. If a broker is partially or completely responsible, the Firm may pursue the amounts due to the Client from such broker. The Funds shall keep any gains resulting from trade errors. Cross Trades Corre may seek to execute transactions between client accounts when it is in the best interests of each client participating in the transactions to do so, taking into account factors including pricing, consistency with strategy, suitability and allocation. Corre will obtain the necessary approvals from the relevant Funds’ Board of Directors or Advisory Committee, as applicable, prior to completing any cross trades.

Corre has utilized placement agent services in connection with the Funds it advises. Placement agents are paid a portion of the advisory fees received by Corre from such investors that were introduced to Corre by the placement agents. The fees are paid by Corre, and not the Funds. The percentage of fees vary based on the Funds. Such placement agents are in all cases registered as broker-dealers with the SEC. These arrangements adhere to the requirements set forth in Rule 206(4)-1 of the Advisers Act. Corre does not receive economic benefits from anyone other than its clients for providing advisory services.

Corre is required to disclose all material facts regarding any legal or disciplinary events that would be material to an evaluation of its advisory business or the integrity of its management. To the best of Corre’s knowledge, there is no legal or disciplinary information to disclose.

Corre’s Managing Member, John Barrett, reviews its clients’ accounts on a continual basis, with regards to portfolio and risk management. Investors in the Funds receive a monthly return estimate, a monthly performance report and a quarterly newsletter. Additional reports may also be furnished according to the specific request of the investor. Annual audited financial statements are issued to the Funds’ investors within 120 days of the end of the respective Fund’s fiscal year. In addition, if applicable, tax information is distributed as soon as practicable after the end of the respective Fund’s fiscal year.

Corre is deemed to have “custody” (within the meaning of Advisers Act Rule 206(4)-2) (the “Custody Rule”) of the funds or securities held in the name of one or more Funds, subject to certain exceptions set forth in the Custody Rule and related guidance. Client assets are held in custody by qualified custodians, which are broker-dealers or banks unaffiliated with Corre. The Firm is responsible for arranging for annual independent audits of the Funds by an accounting firm, registered with and subject to inspection by the Public Company Accounting Oversight Board within 120 days of the Funds’ fiscal year end, and for obtaining audited financial statements prepared in accordance with Generally Accepted Accounting Principles. The Firm arranges for the delivery of such audited financial statements to investors of the Funds within 120 days of the Funds’ fiscal year end.

Corre has full discretionary authority over all client accounts as detailed in the advisory contracts entered into with the Funds’ investors, and as set out in the investment management agreements it has executed with the Funds.

The SEC requires that registered investment advisers who exercise voting authority over the securities held by its clients implement proxy-voting policies. In general practice, Corre does not intend to vote proxies. In the event that Corre does vote proxies, our policy is to vote in the best interests of our clients as Corre’s clients are unable to direct votes. Prior to voting, the relevant employees of Corre will make a determination, in their opinion, as to what vote is in the best interests of the advisory clients and the Funds as a whole. A written record of proxy votes will be maintained. Clients and investors can obtain information about how proxies were voted or a copy of the Firm’s proxy voting policies by emailing compliance@correpartners.com.

Corre does not solicit the payment of fees six months or more in advance, has no financial commitment that impairs its ability to meet contractual and fiduciary commitments to its clients, and has not been the subject of a bankruptcy proceeding during the past ten years.