DeepCurrents Investment Group LLC

A. General Description of Advisory Business DeepCurrents Investment Group LLC (“DCIG”) is a limited liability company organized in the state of Delaware. DCIG was formed in September 2016, and the principal owner is Kai (Steve) Zheng. DCIG registered as an investment advisor with the SEC in April of 2017. B. Description of Advisory Services DCIG is an investment adviser providing discretionary investment advisory services to hedge fund clients. Currently, DCIG has the following clients: DCIG Capital Master Fund LP, a Cayman Islands limited partnership (the “Master Fund”), DCIG Capital LP, a Delaware limited partnership (the “Onshore Feeder”), and DCIG Capital Ltd, a Cayman Islands exempted company (the “Offshore Feeder” and together with the Master Fund and the Onshore Feeder, “DCIG Capital”). The Onshore Feeder and the Offshore Feeder invest all or substantially all of their assets in, and conduct their investment activities through, the Master Fund, which serves as the trading vehicle. DCIG Capital seeks to achieve positive absolute returns while minimizing downside volatility. A more complete description of the investment strategy and risks specific to DCIG Capital is outlined in the Onshore Feeder’s and the Offshore Feeder’s respective offering documents. DCIG has ultimate discretion and control over the investment activities of DCIG Capital. A description of the terms of the advisory relationship between DCIG Capital and DCIG, as well as the terms governing an investment in DCIG Capital, are set forth in DCIG Capital’s applicable offering and related documents (collectively, the “Offering Documentation”). DCIG also acts as a sub-adviser to a private investment fund (the “Sub-Advised Fund”) pursuant to a separate agreement (the “Account Agreement”). In this capacity, DCIG provides discretionary investment advisory services to the Sub-Advised Fund subject to the terms of the Account Agreement and its attachments which set forth the guidelines or restrictions related to DCIG’s permitted and restricted investment activities on behalf of the Sub-Advised Fund. As it relates to the Sub-Advised Fund, DCIG (i) does not have custody of its assets, (ii) cannot determine the final value of the Sub-Advised Fund’s positions, (iii) cannot transfer cash or securities out of the Sub-Advised Fund, and (iv) cannot enter into any agreements on behalf of the Sub-Advised Fund. DCIG Capital, the Sub-Advised Fund, and any future funds or separately managed accounts advised by DCIG are referred to as “Clients” and each a “Client” and investors in DCIG Capital are referred to as “Investors” and each an “Investor” in this brochure. C. Availability of Customized Advisory Services The investment services offered by DCIG with respect to any Client are subject to the terms and conditions set forth in the investment management agreement with such Client and, with respect to DCIG Capital, are summarized in the Offering Documentation. Investors in DCIG Capital generally cannot impose restrictions on the types of securities or investments that are made on DCIG Capital’s behalf, provided that, on a caseby-case basis, DCIG may agree to limit profit and loss allocations with respect to certain securities (e.g., securities issued by companies in a specified sector) to accommodate the investment restrictions or mandate of a particular Investor.

D. Wrap Fee Programs DCIG does not currently offer wrap fee programs. E. Assets Under Management As of December 31, 2025, DCIG had approximately $4,583,111,861 in discretionary regulatory assets under management. DCIG does not manage any assets on a non-discretionary basis.

A. Advisory Fees and Compensation With respect to DCIG Capital, each month, DCIG receives a management fee in advance that is calculated based on the rate applicable to the net asset value of the Investors’ capital accounts or shares (as the case may be) in DCIG Capital. Such fees are paid by the Master Fund to DCIG and thus are ultimately borne by Investors. The current management fee rate is 1.75% per annum, as set forth in the Offering Documentation. The Investment Manager may waive or reduce the management fee with respect to any Investor on a caseby-case basis, in its sole discretion. An affiliate of DCIG, DCIG GP LLC, the general partner of the Master Fund and the Onshore Feeder (the “General Partner”), is also entitled to receive a performance allocation at the Master Fund level equal to the rate applicable to the net profits of the Investors’ capital accounts in DCIG Capital. The performance allocation is subject to loss carryforward provisions and crystalizes and becomes payable at year-end or, with respect to withdrawing Investors, as of the date of such withdrawal. The current performance allocation rate is 20% per annum, as set forth in the Offering Documentation. The General Partner may waive or reduce the performance allocation with respect to any Investor on a case-by-case basis, in its sole discretion. Please see Item 6: Performance-Based Fees and Side-By-Side Management, for more details. For the investment services provided to the Sub-Advised Fund, DCIG receives (i) an annual pre-negotiated fixed management fee, paid quarterly, and (ii) an annual performance-based fee, determined and paid in accordance with the Account Agreement with the Sub-Advised Fund. Please see Item 11: Conflicts of Interest for more details. DCIG’s fees are set forth in the relevant Offering Documentation. Generally, DCIG’s management fee and performance allocation are calculated as set forth herein. However, DCIG has negotiated and will in the future negotiate different percentages, methods of calculation and/or approaches to fees in its discretion. DCIG has waived or reduced, and in its sole discretion may in the future waive or reduce, the management fee rate and/or the performance allocation rate for certain Investors on a case-by-case basis. DCIG’s fees with respect to any separately managed accounts are negotiable. B. Payment of Fees With respect to DCIG Capital, the compensation described above is deducted or allocated (as the case may be) directly out of Investors’ capital accounts by DCIG or the General Partner. Asset-based management fees are deducted and paid monthly in advance. Performance-based compensation is generally accrued monthly and paid annually or upon a withdrawal by an Investor from DCIG Capital (with respect to the amount withdrawn).

Performance-based compensation for services provided to the Sub-Advised Fund is paid at or around the end of the fiscal year and a fixed fee is paid quarterly. Such amounts are paid directly by the Sub-Advised Fund to DCIG. DCIG does not have authority to deduct payments of its fixed fee or performance-based compensation directly from the Sub-Advised Fund. C. Other Fees and Expenses DCIG Capital pays for all of its own expenses (which is detailed in the Offering Documentation) which include, but are not limited to, custodian and administrator fees, brokerage costs, transaction costs, financing costs, audit and tax preparation costs, legal and other professional fees, and certain other fees and expenses relating to the research, risk management and trading activities of DCIG on behalf of DCIG Capital and other customary costs. The Sub-Advised Fund pays for its direct trading expenses, including, brokerage, transaction and financing costs, as detailed in the Account Agreement. Certain expenses that relate to both DCIG Capital and the Sub-Advised Fund are allocated to each of DCIG Capital and the Sub-Advised Fund (as the case may be) based on factors that include capital, risk or usage, as appropriate. Such expenses include, without limitation, market and other financial data, transaction costs, research and market exchange related expenses, professional fees and insurance. D. Fees Paid in Advance Except for asset-based management fees described above, which are paid monthly in advance, DCIG does not require Investors in DCIG Capital to pay fees in advance. DCIG does not require the Sub-Advised Fund to pay fees in advance. DCIG will rebate any portion of its asset-based management fee paid in advance with respect to any advisory relationship that is terminated (including with respect to Investors in DCIG Capital) prior to the end of a calendar month. E. Compensation for the Sale of Interests None of DCIG or any of its supervised persons accepts compensation for the sale of securities or other investment products, including interests in DCIG Capital. See Item 12 of this brochure for additional information regarding DCIG’s brokerage practices.

A. Methods of Analysis and Investment Strategies DCIG utilizes a variety of relative value arbitrage strategies including but not limited to credit, convertible, volatility, capital structure, sovereign and event driven. In conjunction with quantitative processes, DCIG will likely perform fundamental research at either or both of the micro and macro levels to develop and implement trades and hedging strategies. DCIG can invest in any type of financial instrument and is not limited by geography, size, asset class or by any other component in its pursuit of its investment strategy. DCIG’s investment process can generally be broken down into three steps: Idea Sourcing - DCIG uses proprietary tools to scan its trading universe for mispriced securities. Trade Construction - Trade ideas are analyzed in terms of perceived risk/reward and discrete risks, with a focus on non-traditional dimensions of value. Portfolio Optimization - Strategies are initially sized and subsequently hedged based on overall portfolio dynamics. The above methods of analysis and investing strategies involve the risk of loss which Investors should be prepared to bear. B. Material Risks Relating to Investment Strategies The methods of analysis and strategies utilized by DCIG in providing investment services involve various risks which could lead to significant Investor losses. Below is a description of certain risks that may be present for instruments used by DCIG when executing a Client’s investment strategy. Investment and Trading Risks Generally. All investments risk the loss of capital. No guarantee or representation is or will be made that DCIG’s program will be successful. DCIG’s investment program may involve, without limitation, risks associated with limited diversification, short-selling, equity risks, distressed issuers, interest rates, volatility, tracking risks in hedged positions, security borrowing risks in short sales, credit deterioration or default risks, systems risks and other risks inherent in DCIG’s activities. Certain investment techniques could, in certain circumstances, substantially increase the impact of adverse market movements to which investors might be subject. In addition, DCIG’s investments may be materially affected by conditions in the financial markets and overall economic conditions occurring globally and in particular countries or markets where DCIG invests its assets.

DCIG’s methods of minimizing such risks might not accurately predict future risk exposures. Risk management techniques are based in part on the observation of historical market behavior, which might not predict market divergences that are larger than historical indicators. Also, information used to manage risks might not be accurate, complete or current, and such information may be misinterpreted. Turnover. The portfolio turnover rate of DCIG’s investments could be significant, potentially involving substantial brokerage commissions, mark-ups and fees. These commissions and fees will, of course, reduce investment returns. Reliance on Quantitative Analysis. DCIG’s investment strategies will in certain instances rely upon quantitative models and systems. Such models and systems could entail the use of sophisticated statistical calculations and complex computer systems. There is no assurance that DCIG will successfully carry out such calculations correctly, that there will not be errors in the quantitative models, or that the use or misuse of these quantitative models and systems or such errors will not expose Clients to the risk of significant losses. In addition, the analytical techniques used by DCIG cannot provide any assurance that Clients will not be exposed to the risk of significant trading losses if the underlying patterns that form the basis for the quantitative models and systems employed by DCIG change in ways not anticipated by DCIG. The effectiveness of quantitative models and systems often diminish over time and attempts to apply existing quantitative models and systems to new or different markets, strategies or securities could prove ineffective. The use of quantitative models and systems may require DCIG to rely on historical data, which may not necessarily reflect current market conditions or trends. Therefore, there is a risk that DCIG's investment strategies may not perform as expected due to changes in the market environment. The reliance on quantitative analysis may limit DCIG's ability to take advantage of certain market opportunities or make adjustments to its investment strategies in response to changing market conditions. This could result in losses for Clients. To the extent that information regarding the Client positions or trades becomes or is required to be made publicly available, there is a material risk that other market participants could seek to reverse engineer DCIG’s quantitative investment strategies from such public information. The use of DCIG’s investment strategies by other persons, whether as a result of reverse engineering, “frontrunning” or other actions, might have a material adverse effect on the performance of Client portfolios. Reliance on Fundamental Analysis. DCIG has in the past and expects to base its trading decisions, in whole or in part, on fundamental analysis. Fundamental analysis considers various factors relating to the financial performance of individual firms (or groups of firms) in an attempt to identify investment opportunities. To the extent that such factors provide mixed or conflicting signals, fundamental analysis may not be able to detect and/or accurately predict price trends. There can be no guarantee that DCIG’s analysis will enable DCIG to accurately value the securities in which DCIG invests or that any anticipated price trends will materialize with respect to such investments. Discretionary Aspects of DCIG’s Strategies. While DCIG uses quantitative analysis and computer models to assist its trading, it also relies on its market judgment and experience in trading, which exposes Clients to the risk of error or incorrect judgments on the part of DCIG. Relative Value and Directional Investments. Many of DCIGs investment strategies depend on its ability to accurately predict future price movements of securities relative to one another or the convergence of market prices toward the theoretical values expected by DCIG. Any such attempt to predict future price

movements is inherently risky. Often, price movements are determined by unanticipated factors, and DCIG’s analysis might prove incorrect, in each case potentially leading to substantial losses to Clients. General Risks of Arbitrage Transactions. The success of arbitrage strategies (whether convertible arbitrage, merger arbitrage, volatility arbitrage, capital structure arbitrage, sovereign arbitrage or otherwise) depends often on the ability to execute two or more simultaneous transactions at desired prices. Should such transactions not be executed simultaneously at the desired prices, losses could be incurred on both sides of the transaction. Additionally, separate costs are incurred on both sides of an arbitrage transaction, and substantial favorable price moves might be required before a profit can be realized. There can be no assurances that the hedging and arbitrage strategies used by DCIG will be successful. The market values of related securities might not move in correlation with each other or in ways anticipated by DCIG, and intervening events might cause hedged positions not to perform as anticipated. A hedged position might perform less favorably in generally rising markets than an unhedged position. Convertible Arbitrage Transactions. DCIG will take long and short positions in convertible bonds. DCIG often hedges such positions by taking a long or short position in a related security (e.g., a short position in the common stock into which the convertible bond converts vs. a long position in the bond itself, and vice versa). DCIG has also and likely will continue to hedge certain convertible securities in whole or in part with derivatives (e.g., long put options vs long convertible bonds). To the extent that there are losses on a position, and the hedged portion of the strategy is not sufficient to completely offset such losses, Clients will incur a loss. Losses also might be incurred if the prices of two securities which are arbitraged against each other do not move as expected. Additionally: •

Because a portion of the value of a convertible bond is the value of the call option on the issuer’s stock embedded in the bond, a takeover or other corporate transaction involving the issuer could cause losses by effectively accelerating the expiration of the option. Such losses could be significant.

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If an issuer’s credit status weakens or the issuer defaults on its debt or files for bankruptcy, the value of the convertible bond may decline, resulting in losses for Clients. While these losses may, to some extent, be offset by the hedge component of the position (e.g., the short position in the common stock), total losses on the position could be significant.

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Certain convertible securities are callable by the issuer. If a bond is called and the call price is below the then-current market price, Clients could incur losses. Additionally, losses might occur if an issuer declares a special dividend or spin-off which causes a reduction in the premium of the security, creates a liability with respect to the hedge securities and/or forces a premature conversion.

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DCIG’s Clients could incur losses if a security lender demands that the Client return its borrowed security and the Client is unable to find an alternative-lending source. In such event, the Client might be forced to convert the security, lose accrued interest, unwind the position at unfavorable prices or purchase securities to cover the position at a price that is far higher than that which would be available in an orderly market.

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Since convertible bonds derive a portion of their value from the common stock into which they may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

Capital Structure Arbitrage. DCIG has traded and may trade the spreads in the debt of companies with multiple classes of debt, trading the spreads in the equity of companies with multiple classes of equity

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DCIG currently provides advisory services only to pooled investment vehicles. There is a $1,000,000 minimum to invest in DCIG Capital, subject to reduction or waiver in certain limited instances.

As mentioned in Item 5: Fees and Compensation, DCIG’s affiliate, the General Partner, receives performance-based compensation from DCIG Capital and DCIG receives performance-based compensation from the Sub-Advised Fund. As a result, DCIG faces conflicts of interest in the allocation of investment opportunities (i.e., DCIG supervised persons might have an incentive to allocate favorable opportunities or otherwise favor Clients from which DCIG receives performance-based compensation at a higher rate or Clients with more assets under management with DCIG). Additionally, the General Partner’s right to receive performance-based compensation could create an incentive for DCIG (or its affiliate) to cause a Client that is subject to performance-based compensation to make investments that are riskier or more speculative than would be the case if the General Partner did not receive such compensation. In order to mitigate these conflicts of interest, DCIG has an allocation policy that is designed to treat all Clients fairly and equitably and in a manner consistent with DCIG’s fiduciary obligations. Performance-based

compensation is generally accrued monthly and paid annually (or upon a withdrawal by an Investor from DCIG Capital or upon termination of DCIG’s relationship with the applicable Client).

A. Neither DCIG nor its representatives are registered as, or have pending applications to become, a broker/dealer or a representative of a broker/dealer. B. Neither DCIG nor its representatives are registered as or have pending applications to become either a Futures Commission Merchant, Commodity Pool Operator, or Commodity Trading Advisor or an associated person of the foregoing entities. C. The General Partner, a related person of DCIG, serves as the Master Fund’s and the Onshore Feeder’s general partner. This relationship creates an incentive for DCIG to make investment allocations that are riskier or more speculative than would be the case if the General Partner did not receive performance-based compensation from the Master Fund for serving as the general partner. D. DCIG does not utilize nor select third-party investment advisers. All assets are managed by DCIG management.

Transactions and Personal Trading A. DCIG has adopted a written Code of Ethics designed to address and avoid potential conflicts of interests as required under Rule 204A-1 of the Advisers Act. DCIG’s Code of Ethics covers the following areas: Prohibited Purchases and Sales, Insider Trading, Personal Securities Transactions, Exempted Transactions, Prohibited Activities, Conflicts of Interest, Gifts and Entertainment, Confidentiality, Compliance Procedures, Compliance with Laws and Regulations, Procedures and Reporting, Certification of Compliance, Reporting Violations, Compliance Officer Duties, Training and Education, Recordkeeping, Annual Review, and Sanctions. DCIG's Code of Ethics is available free upon request to any Client/Investor or prospective Client/Investor. B. DCIG does not recommend that Clients buy or sell any security in which a related person to DCIG or DCIG has a material financial interest. C. From time-to-time, representatives of DCIG could buy or sell securities for themselves that are held in Client portfolios (and vice versa). This practice could create a situation where such representatives are in a position to materially benefit from the sale or purchase of those securities and thus creates a potential conflict of interest. As detailed in Item 11.A. above, DCIG has policies in place designed to minimize the possibility that such transactions could adversely affect DCIG’s Clients and mitigate potential conflicts of interest. DCIG will always document any transactions that could be construed as conflicts of interest and has policies against engaging in trading that operates to the Client’s disadvantage when similar securities are being bought or sold. Revenue Share The Sub-Advised Fund has a revenue share arrangement with DCIG pursuant to which it receives a fixed percentage of the management fees and incentive compensation that would otherwise be paid or allocated to DCIG or the General Partner. This does not impact the total fees paid by DCIG Capital’s Clients.

A. Selection of Broker Dealers DCIG is authorized to determine the broker or dealer to be used for each securities transaction for Clients. In selecting brokers or dealers to execute transactions, DCIG need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. DCIG has the ability to negotiate commission rates charged by executing brokers. DCIG selects executing brokers based on a number of factors, including quality of execution, price, value of research and market information provided, and value of trade ideas provided. DCIG currently does not use “soft dollars.” If DCIG does establish such arrangements in the future, it intends to remain within the safe harbor parameters of Section 28(e) of the Securities Exchange Act of 1934, as amended. DCIG can trade equity or other securities with brokers, or custodies securities with prime brokers, that provide cap intro or other services. DCIG will periodically review trading and custodial activity with such brokers to confirm that it complies with applicable rules and regulations. To the extent brokers or custodians provide capital introduction or research services, DCIG would have an incentive to favor such brokers or custodians in allocating trades and custodial services. DCIG currently receives no referrals from a broker-dealer or third party in exchange for using that brokerdealer or third party. DCIG does not engage in directed brokerage. B. Aggregation of Orders DCIG often aggregates orders when trading securities for its Clients in order to facilitate execution. DCIG’s aggregation policy requires that all Clients be treated fairly and equitably over time and that unless otherwise noted, each participating account receives pro rata the average price of aggregated trades while transaction costs are shared pro rata based on participation.

A. Economic Benefits for Investment Advice. Except as set forth in Item 12 or as otherwise disclosed in this brochure or the applicable governing account and offering documents, DCIG does not currently receive any economic benefit, directly or indirectly, from any third party for advice rendered to DCIG's Clients. B. Compensation for Referrals. DCIG does not directly or indirectly compensate any person for Client referrals.

There are no criminal or civil actions, administrative proceedings, or self-regulatory organization proceedings to report.

A. Frequency of Review of Client Accounts. The portfolio investments of each Client are continuously reviewed by a team of investment professionals. All Client accounts are reviewed at least monthly by Kai (Steve) Zheng with regard to Clients’ respective investment policies and risk tolerance levels. B. Other than Periodic Client Account Reviews. DCIG will conduct reviews other than on a periodic basis generally depending on market conditions and other facts and circumstances at that time. C. Reporting Investors in DCIG Capital will typically receive, among other things, a copy of audited financial statements within 120 days after the fiscal year end of DCIG Capital. Additionally, DCIG will provide periodic (generally, monthly) written reports to Investors containing certain performance information.

Both the General Partner and DCIG have or are deemed to have custody over the funds and securities of DCIG Capital. DCIG does not have custody of the assets of the Sub-Advised Fund. Investors in DCIG Capital receive monthly written reports from DCIG Capital’s administrator and on an annual basis financial statements audited by a Public Company Accounting Oversight Board (PCAOB) approved firm. Investors in DCIG Capital will also receive audited financial statements prepared in accordance with US generally accepted accounting principles within 120 days of DCIG Capital’s fiscal year-end. Such audited financial statements are distributed by the administrator to Investors via the online investor portal.

DCIG provides discretionary investment advisory services to Clients. DCIG manages Client accounts and makes investment decisions without consultation with the Client or Investors in the Client. Discretionary trading authority is granted to DCIG in each advisory contract.

With respect to DCIG Capital, DCIG has authority to vote all proxies. Clients and Investors are generally not able to direct DCIG Capital's vote with respect to any proxy solicitation. In general, given (i) DCIG’s investment strategy (i.e., long stock positions are generally components of a set of related positions meant to create long or short exposure to the volatility of the underlying securities and are therefore hedged vs short exposure through convertible bonds or equity derivatives, meaning that DCIG’s Client’s interests are not necessarily aligned with other long holders of the stock) and (ii) portfolio turnover in accounts managed by DCIG, it is generally the case that the time, effort, expense or difficulty of exercise required to determine how to vote a proxy and actually vote such proxy will outweigh any possible benefit to DCIG’s Clients. The general policy of DCIG with respect to proxies is to abstain from voting with the following exceptions: (A) situations where a proxy vote is required in accordance with its fiduciary obligations (e.g., in order to exercise or preserve rights such as appraisal rights or the right to redeem a SPAC with respect to the issuer) or (B) any other situation where DCIG determines it is in the best interest of its Clients to vote a proxy. With respect to corporate actions, DCIG evaluates and determines whether or not to vote with respect to

such corporate actions. If a proxy proposal presents a conflict of interest between DCIG and a Client, DCIG will disclose the conflict of interest to the Client prior to the proxy vote and, if participating in the vote, will determine what its fiduciary obligation to such Client and to other Clients requires with respect to such vote. Additionally, please note that DCIG is required as an institutional investment manager under Section 13(f) of the Securities Exchange Act of 1934 (“Exchange Act”) to report certain types of “say-on-pay” proxy votes. The types of say-on-pay votes required include those votes related to the approval of executive compensation (and the frequency of such votes) and “golden parachute” compensation in connection with a merger or acquisition. The Form N-PX for DCIG is publicly available. Clients can obtain a complete copy of the proxy voting policies and procedures by contacting DCIG in writing and requesting such information and can also request information concerning the manner in which proxy votes have been cast with respect to portfolio securities held by the relevant Client during the prior annual period.

DCIG neither requires nor solicits prepayment of more than $1,200 in fees per Client, six months or more in advance, and therefore is not required to include a balance sheet with this brochure. Neither DCIG nor its management has any financial condition that is reasonably likely to impair DCIG’s ability to meet contractual commitments to Clients. DCIG has not been the subject of a bankruptcy petition in the last ten years.