J. Goldman & Co LP

A. J. Goldman & Co., L.P., a Delaware limited partnership, is a hedge fund manager with offices in New York, New York and Miami Beach, Florida. The Firm was founded in 1986 by Jay G. Goldman, who currently holds a controlling interest in and serves as Chief Executive Officer of the Firm. The Firm is also managed by Joseph Magaro, the Firm’s President, who joined the Firm in 2001 and became a Partner in 2010. The Chief Compliance Officer, Sagan Weiss (“CCO”), the Chief Operating Officer and General Counsel, Michael Juliano (“COO/GC”), and the Chief Financial Officer, Deanna Wagner (“CFO”), jointly oversee the Firm’s back office. The Firm serves as the investment adviser to certain pooled investment vehicles (each, a “Fund” and collectively, the “Funds”) which rely on the Section 3(c)(7) exemption from registration under the Investment Company Act of 1940, as amended (“the Company Act”), and are offered only to investors who are qualified purchasers. The Funds, which are organized in two “master-feeder” structures where the investments are managed in a “master fund” using assets contributed by investors who subscribe to “feeder funds.” The first master-feeder structure (the “Legacy Strategy”) is comprised of J. Goldman, L.P. (formerly named The Jay Goldman Master Limited Partnership), Woodmont Investments Limited, Woodmont Investment Partners, L.P., and J. Goldman Master Fund, L.P. (the “Legacy Master Fund”). The second master-feeder structure (the “Enhanced Strategy”) is comprised of J. Goldman Enhanced, L.P., Woodmont Investments Enhanced Limited, Woodmont Investment Partners Enhanced, L.P. and J. Goldman Enhanced Master Fund, L.P. (the “Enhanced Master Fund” and together with the Legacy Master Fund, the “Master Funds” and each a “Master Fund”). An affiliate of the Firm serves as the general partner (the “General Partner”) of those Funds organized as limited partnerships. B. Each Master Fund’s business and purpose is to achieve attractive investment returns in all economic environments by engaging in the purchase and sale of a broad range of investment interests, at times on margin, or utilizing other forms of leverage, primarily of securities (both domestic and foreign), pursuant to trading decisions made by the Investment Adviser. No assurance can be given that the Master Funds’ objectives will be achieved. The Master Funds intend to focus on a long/short equity investment strategy. The Investment Adviser also seeks to enhance portfolio returns through significant use of internally-generated "alpha capture" strategies and dynamic models, including internallygenerated quantitative "alpha capture" strategies that seek to maximize the Master Funds’ risk-adjusted returns through an algorithmic process that analyzes trades and positions in the Master Funds and recommends additional transactions to adjust or resize existing portfolio holdings. In addition, some of the Investment Adviser’s strategies may be characterized as risk arbitrage or value investing. The Investment Adviser may also decide to invest a small amount of capital, not to exceed 5% of the Investment Adviser’s assets under management, as determined based on the size of the investment at the point of acquisition, in attractive Late-Stage Private opportunities. "Late-Stage Privates" are securities of private issuers that the Investment Adviser believes are likely to be publicly traded within 36 months of the date of acquisition. The Investment Adviser will seek to employ other investment strategies opportunistically and reserves the right to employ investment strategies other than those described herein. The Investment Adviser is not limited with respect to the types of investment strategies it may employ or the markets,

securities or instruments in which it may invest. The Enhanced Strategy follows an investment strategy similar to the investment strategy of the Legacy Strategy. The Enhanced Strategy will seek to replicate the portfolio of the Legacy Strategy, subject to certain exclusions, and will target enhanced returns by investing on a significantly higher leverage basis than the Legacy Strategy. These exclusions are expected to incorporate those individual underlying strategies that the Investment Adviser deems to be historically non-material contributors to overall performance of the Legacy Strategy and that may involve operationally intensive processes and/or related expenses that might make replication impractical or otherwise inconsistent with the best interests of investors (the "Exclusion Criteria"). The Legacy Strategy's dedicated credit strategies, including hedges thereon if relevant, will not be replicated by the Enhanced Strategy unless and until such strategies represent >12.5% of the Legacy Strategy's assets under management for three consecutive months. Upon introduction of new individual underlying strategies, the Investment Adviser will evaluate such strategies using the Exclusion Criteria. The Legacy Strategy's investments in private companies will not be replicated by the Enhanced Strategy unless and until such investments in private companies represent >12.5% of the Legacy Strategy's assets under management for three consecutive months. The target leverage for the Enhanced Strategy will be calculated at approximately 2x the leverage of the Legacy Strategy, adjusted for strategies excluded by virtue of the Exclusion Criteria. C. The Firm’s current clients are solely Funds; the Firm does not tailor its investment advisory services to individuals. D. The Firm does not participate in wrap‐fee programs. E. As of December 31, 2025, the Firm managed $4,872,933,070 in regulatory assets under management on a discretionary basis.

A-B. The specific manner in which the Firm calculates and deducts fees is set forth in the private offering memoranda for the Funds. Fees may be waived, rebated, or calculated differently at the sole discretion of the Firm, and in certain instances, more favorable arrangements are reflected in “side letters” with certain investors. A brief summary of the fees and fund terms is set forth below for Woodmont Investments Limited, J. Goldman, L.P., J. Goldman Enhanced, L.P. and Woodmont Investments Enhanced Limited (together, the “Feeder Funds”). Woodmont Investments Limited

J. Goldman, L.P.

J. Goldman Enhanced, L.P.

Woodmont Investments Enhanced Limited

Management Fee

Class A, B, C, D – 1%

Class A, C, E – 0% Class B, D – 1%

Class A – 1%

Class A – 1%

Advisor Expenses

Pass through of all expenses

Pass through of all expenses

Pass through of all expenses

Pass through of all expenses

Incentive Allocation

Class A – 20% on first 15% net annualized; 30% thereafter; quarterly crystallization Class B, C – 20% on first 15% net annualized; 30% thereafter; monthly crystallization Class D – 20% on first 15% net annualized; 30% thereafter; quarterly crystallization

Class A – 30%; quarterly crystallization Class B – 20% on first 15% net annualized; 30% thereafter; monthly crystallization Class C – 30%; annual crystallization Class D – 20% on first 15% net annualized; 30% thereafter; quarterly crystallization Class E – 30%; quarterly crystallization

Class A - 20% on first 15% net annualized; 30% thereafter; quarterly crystallization

Class A - 20% on first 15% net annualized; 30% thereafter; quarterly crystallization

C. In addition to fees, the Funds bear all costs, fees and expenses incurred in connection with their management and operation. As “pass through” entities, these expenses include the Adviser’s overhead. The Funds’ expenses include: (i) all costs, fees and expenses of the Funds directly related to the purchase, sale or retention of investments by the Funds (including, but not limited to, brokerage commissions, prime broker fees, initial and variation margin, interest and dividend expense, margins, option premiums, brokerage, floor, exchange, and clearinghouse commissions and fees, other transaction costs and expenses, advisory fees (including the Fund’s pro rata share of fees and expenses of a Fund’s advisory committee, if any), management fees, performance compensation, including the expenses of any third party investment adviser engaged to manage a portion of a Fund’s assets, transmission costs, and related expenses); (ii) all Federal, state and local taxes payable by the Funds; (iii) other expenses, including ordinary and extraordinary indemnification, legal (including, without limitation, costs associated with preparing and making regulatory filings, such as Forms 13D, 13F, 13G, 13H, Form PF, Form ADV and any other regulatory filings which may arise), accounting, auditing, recordkeeping and administration expenses (including costs associated with third-party administrators to the Funds), travel expenses, supplies, computer, corporate licensing, custodial and clerical expenses (including expenses incurred in preparing and transmitting reports and tax information to investors in the Funds and regulatory authorities and expenses for specialized administrative services), printing and duplication expenses, the expenses of the continuing offering of interests in the Funds (including expenses incurred in developing and maintaining investor relations and the marketing of the Funds), mailing expenses, filing fees and other regular or extraordinary fees and expenses associated with the operation of the Funds; (iv) all interest expenses of the Funds; and (v) all Adviser Expenses (as defined below) allocated by the Firm to the Funds. For additional information regarding brokerage expenses, please see Item 12, Brokerage Practices, below. The Funds may incur expenses associated with indemnification of the Firm and its affiliates, employees, and agents. To the extent that expenses of the Funds or Adviser Expenses are attributable to multiple Funds, such amounts will be allocated in accordance with the methodology utilized to allocate Adviser Expenses, as described below.

The costs and expenses (including the fees and expenses of counsel and accountants) incurred by or on behalf of the Funds or by or on behalf of the General Partner in connection with a Fund’s formation and the offering and sale of its interests or shares shall be borne by the Fund. The Funds bear the portion of the Investment Adviser’s operational and ongoing expenses (“Adviser Expenses”) that are allocated by the Firm to the Funds as well as the Funds’ pro rata share of any such expenses allocated by or on behalf of each Master Fund in connection with its management and operation. Generally, Adviser Expenses will be paid directly to the relevant third party by the Master Funds or the Funds, as applicable; provided that under circumstances in which direct payment is not possible or is operationally cumbersome (e.g., in the case of contributions to profit sharing plans), the Funds and/or the Master Funds will reimburse the Firm and its affiliates for such Adviser Expenses and the Firm and its affiliates will ensure that such payments are made as expeditiously as possible, generally on the same business day as the relevant amounts are received from the Funds and/or the Master Funds. Adviser Expenses include: (i) all direct and indirect base compensation, discretionary, performance-based and signing bonuses and other compensation and benefits (including, but not limited to, medical, disability income insurance (e.g., directors and officers insurance, cybersecurity insurance, life insurance, contributions to profit sharing plans, expenses attributable to employees’ memberships in business associations and other benefits)), payroll taxes and other compensation expenses (including, but not limited to, severance, overtime, relocation expenses and referral fees) for all employees and consultants and expenses incurred in the course of the development and training of employees (including, without limitation, costs related to mentorship programs (including meals and travel), performance coaches and/or professional and educational speakers (including any programs or events that are off site and/or third-party sponsored)); (ii) all other overhead expenses, including: rent, insurance and technology (including, but not limited to, office space, clerical services, equipment (such as trading screens, software, market information charges and other computer and communications equipment)), licensing, maintenance and consultation services in connection with such equipment), trade publications, telephone, communications, meals, travel and entertainment (including, without limitation, in connection with any firm-sponsored off site events); (iii) all ordinary and extraordinary legal, compliance (including compensation for internal compliance personnel and expenses incurred to facilitate compliance with the rules of any self-regulatory organization or applicable law (including reporting obligations)), human resource-related, accounting, auditing, recordkeeping and administration expenses (including costs associated with regulatory compliance and preparing and making regulatory filings, such as Forms 13D, 13F, 13G, 13H, Form PF, Form ADV and any other regulatory filings which may arise), including, without limitation, expenses incurred in connection with regulatory exams, investigations (other than an investigation that results or has resulted in a court or governmental authority imposing a sanction for a violation of the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act") or the rules promulgated thereunder) and enforcement proceedings; and (iv) all other expenses as the Investment Adviser shall determine. The Adviser Expenses may be considered additional compensation payable by the Funds. The Adviser Expenses are expected to be substantial regardless of the performance of the Funds. Such expenses, including the Adviser Expenses, are determined without an “arms’ length” negotiation with any third party and may be significant. There is no limitation on the amount of expenses that may be charged to the Funds. The Investment Adviser will allocate shared Adviser Expenses among the Legacy Strategy and the Enhanced Strategy (and any addition funds formed in the future) in a manner that it determines, in its sole discretion, to be fair and equitable. In general, the Investment Adviser anticipates that

shared Adviser Expenses that are not disproportionately attributable to the activities of a particular Fund will be allocated on a pro rata basis in proportion to the gross deployed capital of the Funds, which shall be determined at such times that the Investment Adviser determines to be appropriate. The type of expense and the information available at the time of payment and/or accrual of such expenses may dictate the ratio of gross deployed capital used to allocate expenses. The Investment Adviser, in its sole discretion, may decide, from time to time to true-up allocations between Funds that may have varied because of incomplete information available at the time. In considering whether to allocate a shared expense to certain Funds or pro rata among all Funds, the Investment Adviser will consider factors such as whether the resource or services to which such shared expense relates might ultimately directly or indirectly benefit one or more Funds other than the initial beneficiary, whether such shared expense is de minimis in nature, and/or whether the expense or operational burden associated with determining and administering such allocation would likely be disproportionate relative to the actual shared expense to be allocated. Additionally, investors that choose to participate in “new issues,” as defined under the rules of the Financial Industry Regulatory Authority (“FINRA”), will absorb all expenses associated with participation in the new issues for which they receive an allocation. The expenses allocated in connection with new issues have typically been and are expected to be between approximately 1535% of the performance generated by new issues received, however, this number may vary significantly depending on the overall profitability of the Master Funds and the number of initial public offerings in which the Master Funds participated in a given year. D. The timing of the payment of management fees, which varies based on the Fund and share class in which the investor is invested, is specified in the offering memorandum for the relevant fund. Where Management Fees are paid in advance, investors are not permitted to redeem prior to the end of the period for which the Management Fee has been paid, and thus investors are not entitled to a refund of the Management Fee paid with respect to such period. Where Management Fees are paid in arrears, if there is a withdrawal or distribution from a capital account of an investor other than the last day of the period for which the Management Fee will be paid, the Management Fee payable by the Fund with respect to such capital account shall be prorated for any such partial period and debited to the capital account of such investor. E. Neither the Firm nor any of its supervised persons accepts compensation for the sale of securities or other investment products, including asset-based sales charges or service fees from the sale of mutual funds.

A. Methods of Analysis. The Investment Adviser’s investment decisions do not adhere rigidly to any particular investment management formula or system but rather rely on its knowledge and judgment. From time to time in its sole discretion, the Investment Adviser may refine or change its trading methods and strategies (including technical trading factors or analyses, models, securities and/or commodities traded, and/or money management principles utilized) without prior notice to or approval by the Funds. The Investment Adviser may seek to achieve each Master Funds’ investment objective, described above, in part, through quantitative or systematic trading programs. The Investment Adviser continuously implements and develops proprietary research and quantitative techniques in order to adjust or resize portfolio holdings in certain instruments.

These programs may make trading decisions that differ from, or are contrary to, the Investment Adviser’s existing strategy. The Investment Adviser is not limited in the investment strategies, instruments or markets that it may employ, and may invest in other markets and pursue other investment strategies opportunistically. No assurance can be made that this objective will be achieved. The Investment Adviser selects investment securities based primarily on the following factors: (i) research including in-house and third-party market research which is reviewed daily, with a focus on fundamental analysis, (ii) relative strength with a view of the overall market, either long or short, on the basis of which high capitalization stocks, or group of stocks, are selected depending on their market activities, (iii) volume and price changes where the volume of shares traded in connection with a significant price change may indicate a profitable trading opportunity and (iv) interactions with a large number of research analysts, salesman and traders from major brokerage firms, industry experts and representatives of publicly traded companies which help the Investment Adviser stay abreast of new developments and may result in opportunistic securities purchases. In addition, the Firm has investment discretion with respect to the assets of the Funds and may, in its discretion, from time-to-time delegate investment discretion over some or all of the Funds’ assets to an unaffiliated third-party investment manager. Under such circumstances, such Master Fund would incur management fees from the third-party managers that are in addition to the Management Fees charged by the Firm. Additional details concerning the investment program of each Fund are detailed in such Fund’s offering documents. Investing in securities inherently involves the risk of loss that investors should be prepared to bear. B. Investment strategy. The Firm’s primary investment strategy involves the frequent trading of securities, which incurs substantial brokerage commissions and expenses related to trading that can substantially increase taxes and diminish investment returns. The Firm’s investment strategy entails many risks, the most significant of which are summarized in response to Item C., below. Investors a r e encouraged to carefully review the more detailed description of risks that is contained in the private offering memorandum for the relevant Fund to which they have subscribed. Each Master Fund has the authority to borrow, trade on margin, utilize derivatives and otherwise obtain leverage from brokers, banks and others on a secured or unsecured basis. Each Master Fund may utilize leverage to the extent deemed appropriate by the Investment Adviser, and the amount of leverage utilized by a Master Fund may be significant. The Investment Adviser expects the Enhanced Master Fund to initially employ leverage of approximately 2.0 times the leverage employed by the Legacy Master Fund and will target a leverage ratio for the Enhanced Master Fund of approximately 2.0 times the leverage employed by the Legacy Master Fund in connection with its trading activities. However, the Master Funds have no pre-determined limitation on the amount of leverage to be deployed in connection with each Master Fund’s investment program. In the event this changes, the overall leverage of each Master Fund will depend on the investment strategies employed by such Master Fund and specific market opportunities.

No restrictions have been imposed on the collateral and asset reuse arrangements that the Funds may employ as a means of reducing the cost of any counterparty providing leverage to the Funds. The Funds may impose restrictions from time to time. Each Master Fund may borrow for cash management purposes, such as to satisfy withdrawal requests. To facilitate such borrowings, the Master Funds may, among other things, enter into a credit facility with a service provider to such Master Fund or a thirdparty credit institution. C. Risk factors. Investing in securities involves the risk of loss, including the potential loss of principal invested, which investors should be prepared to bear. Significant risks associated with the Firm’s securities trading and investment strategies implemented by the Firm through investments in the Master Funds are described below. Investors are encouraged to carefully review the more detailed description of risks that is contained in the private offering memorandum for the relevant Fund to which they invest. Risk of Loss. No guarantee or representation is made that the Master Funds’ investment programs, including, without limitation, the Master Funds’ investment objectives, diversification strategies or risk monitoring goals, 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. Past investment results of a Master Fund and the Investment Adviser (or investments otherwise made by the investment professionals of the Investment Adviser) are not necessarily indicative of their future performance. Risks Relating to Private Investment Funds Generally Systemic Risk

Systemic risk is the risk of broad financial system stress or collapse triggered by the default of one or more financial institutions, which results in a series of defaults by other interdependent financial institutions. Financial intermediaries, such as clearinghouses, banks, securities firms and exchanges with which the Master Funds interacts, as well as the Master Funds, are all subject to systemic risk. A systemic failure could have material adverse consequences on the Master Funds and on the markets for the Securities in which the Master Funds seeks to invest. Risks Relating to Management Operating History

Prospective investors should not rely on the operating history of the Legacy Strategy to evaluate their investment. There can be no assurance that the Master Funds will achieve results comparable to those achieved in the past. Dependence on the Investment Manager

The success of the Funds is dependent upon the ability of the Investment Adviser to manage each Master Fund and effectively implement the Master Funds’ investment programs. The Funds’ governing documents do not permit investors to participate in the management and affairs of the Funds. If the Funds or any of the Other Accounts were to incur substantial losses or were subject to an unusually high level of withdrawal or redemption, the revenues of the

Investment Adviser may decline substantially. Such losses and/or withdrawals may impair the Investment Adviser’s ability to provide the same level of service to the Funds as it would otherwise be able to provide and to continue operations. The loss of the services of the Investment Adviser could have a material adverse effect on the Funds and the investors’ investments therein. Dependence on Service Providers and Employees

The Funds are dependent upon their counterparties and the third-party service providers disclosed in the Funds' governing documents, including the Investment Adviser, the Administrator, the Prime Brokers, the custodians, Legal Counsel and the Auditors and any other service provider described therein (the "Service Providers") as well as employees of the Investment Adviser. Errors are inherent in the business and operations of any business, and although the Investment Adviser will adopt measures to prevent and detect errors by, and misconduct of, its own employees as well as counterparties and Service Providers, and transact with counterparties and Service Providers it believes to be reliable, such measures may not be effective in all cases. Errors or misconduct could have a material adverse effect on the Funds and the investors’ investments therein. Employee misconduct may include, among others, binding the Funds to transactions that exceed authorized limits or present unacceptable risks, unauthorized trading activities or concealing unsuccessful trading activities (which, in either case, may result in unknown and unmanaged risk or losses), and failure to adhere to policies and procedures established by the Investment Adviser. Losses could also result from actions taken by Service Providers, including from the failure to recognize trades and the misappropriation of assets, including situations where Service Providers may act as directors, trust companies or in a similar capacity that give such Service Providers signing authority over certain Funds’ assets. In addition, it is possible that employees and Service Providers will improperly use or disclose confidential information of the Funds, which could result in litigation or serious financial harm, including limiting the Funds’ business prospects or future marketing activities. No assurance can be given that measures adopted to prevent and detect misconduct will be effective. In addition, without any misconduct, employees and Service Providers may make errors that cause significant losses to the Funds and their investors, including, among others, with respect to the calculation of net asset value, the handling of assets and wiring of withdrawal proceeds, the handling of personal information, the negotiation of contracts, the maintenance of data or the safeguarding of one or more of the Investment Adviser’s systems. The Funds have no employees, and the Funds are reliant on the performance of the Service Providers. Each investor’s relationship in respect of its investment is with the Funds only. Accordingly, absent a direct contractual relationship between the investor and the relevant Service Provider, no investor will have any contractual claim against any Service Provider for any reason related to its services to the Funds. Instead, the proper plaintiff in an action in respect of which a wrongdoing is alleged to have been committed against the Funds, as the case may be, by the relevant Service Provider is, prima facie, the Funds, as the case may be. The Funds, as applicable, may, even when it is apparent that a Service Provider has made an error, determine not to pursue legal remedies against such Service Provider.

Banking Relationships

The Investment Adviser and the Funds will hold cash and, with respect to the Master Funds, other assets in accounts with one or more banks, custodians or depository or credit institutions (collectively, "Banking Institutions"), which may include both U.S. and nonU.S. Banking Institutions from time to time. The Master Funds may also enter into credit facilities and have other relationships with Banking Institutions as disclosed to in Funds’ private offering memorandum. The distress, impairment, or failure of, or a lack of investor or customer confidence in, any of such Banking Institutions may limit the ability of each of the Investment Adviser and the Funds to access, transfer or otherwise deal with its assets, draw upon a credit facility, or rely upon any of such other relationships, in a timely manner or at all, and may result in other market volatility and disruption, including by affecting other Banking Institutions. All of the foregoing could have a negative impact on the Funds. For example, in such a scenario, the Master Funds could be forced to delay or forgo an investment or a distribution, including in connection with a withdrawal, or generate cash to fund such investment or distribution from other sources (including by disposing of other investments or making other borrowings) in a manner that it would not have otherwise considered desirable. Furthermore, in the event of the failure of a Banking Institution, access to a depository account with that institution could be restricted and U.S. Federal Deposit Insurance Corporation ("FDIC") protection may not be available for balances in excess of amounts insured by the FDIC (and similar considerations may apply to Banking Institutions in other jurisdictions not subject to FDIC protection). In such a case, the Investment Adviser and the Funds, as applicable, may not recover all or a portion of such excess uninsured amounts and could instead have an unsecured or other type of impaired claim against the Banking Institution (alongside other unsecured or impaired creditors). The Investment Adviser does not expect to be in a position to reliably identify in advance all potential solvency or stress concerns with respect to its, or the Funds’ banking relationships, and there can be no assurance that the Investment Adviser, or the Funds will be able to easily establish alternative relationships with and transfer assets to other Banking Institutions in the event a Banking Institution comes under stress or fails. Retention and Motivation of Key Employees

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The Firm provides portfolio management services to pooled investment vehicles that are exempt from registration under the Investment Company Act. In general, the minimum initial investment in a Fund managed by the Firm is $500,000, depending on the fund and share class in which the investor invests. The amount of the minimum initial investment may be waived at any time, or in the future increased or decreased, at the discretion of the Firm.

With regards to performance-based fees, the Firm or the General Partner, an affiliate of the Firm, is entitled to receive an incentive fee or incentive allocation from the Funds (the “Incentive Amount”). The Incentive Amount for each class of investor is summarized above and described in detail in the offering memoranda for the Funds. The General Partner may, in its sole discretion, reduce, waive, or calculate differently the Incentive Amount with respect to any or all investors, as it may designate. Such fees may also be subject to individualized negotiation. With regards to side-by-side management, the Firm does not manage investment vehicles that are not charged an Incentive Amount, and therefore does not on this basis face conflicts of interest in

the allocation of limited investment opportunities between Funds. The Firm manages the Legacy Strategy and the Enhanced Strategy, each of which are arranged in a “master-feeder” structure. Investors invest their capital into Feeder Funds and the Feeder Funds typically invest all of their assets into a Master Fund. Each Master Fund then invests all of its investable assets pursuant to that Master Fund’s investment strategy. Under this structure, all trading and investing is done at the Master Fund level. Certain Feeder Funds within a particular Master Feeder structure charge fees that are higher (or lower) than the other Feeder Funds in the same master-feeder structure. In addition, Feeder Funds may have more than one share class or investment option, and therefore, management fees and/or Incentive Allocations will be higher (or lower) for one share class or investment option than the other share classes or investment options. Because of the different Incentive Allocations charged by the Feeder Funds, there are inherent incentives to favor the Feeder Funds that are responsible for a higher Incentive Allocation. However, because the trading takes place at the Master Fund level and ownership of the portfolio investments are directly attributed to each Master Fund, the Firm is able to allocate the profit and loss of the assets to each specific investor in proportion to their ownership percentage of the Master Fund’s total assets, thereby, mitigating the incentive to favor the Feeder Funds with the higher Incentive Allocation. The Firm’s trade order aggregation and allocation process is also intended to mitigate the inherent incentive to favor a fund structure (for example, one that charges higher fees) over another fund structure (one that charges lower fees). Generally, when the Firm purchases securities for more than one Master Fund, trade execution will take place at an aggregated level across both Master Funds. A trade allocation schedule will be determined, generally no more frequently than monthly, which specifies how orders will be allocated among each Master Fund. An aggregated order may be allocated on a basis different from that specified in the trade allocation schedule if both Master Funds receive fair and equitable treatment and the reason for the different allocation is approved by the CFO, COO/GC, or CCO. In routine instances, such as when a Master Fund is attempting to avoid odd-lots or when a pro rata allocation would result in a de minimis allocation to a Master Fund, approval is not required. Reasons for allocating on a basis different from those specified in the trade allocation schedule may include, but are not limited to, a Master Fund’s investment guidelines and restrictions, risk parameters, liquidity requirements, portfolio exposure, permitted or available counterparties, hedging, tax or legal reasons. The Firm will follow best execution guidelines at the aggregate level consistent with its duty to obtain best execution and the terms of the investment guidelines and restrictions of each Fund. No Fund managed by the Firm will be favored over any other Fund managed by the Firm; generally, each Fund that participates in an aggregated order will participate at the average price for all of the transactions in that security on a given business day, with transaction costs shared pro rata based on each applicable Fund's participation in the transaction. The allocation will be determined in advance before entering an order that is to be allocated among multiple funds. However, there may be instances where allocations between different internal accounts are adjusted after-the-fact and therefore, could impact rounding between funds. If an order that is to be allocated among multiple funds is partially filled, it will generally be allocated pro rata in proportion to the size of the orders placed for each applicable Fund to the extent practicable. Notwithstanding the foregoing, an aggregated order may be allocated on a different basis if all relevant Funds receive fair and equitable treatment. Reasons for allocating on a basis different are specified in the Firm’s Allocation Policy and may include, but are not limited to, a Fund's investment guidelines and restrictions, available cash, liquidity requirements, tax or legal reasons and to avoid odd-lots or in

cases when a pro rata allocation would result in a de minimis allocation to one or more Funds. Each Fund's assets will be deposited with one or more custodians and the Fund's assets will not be held collectively any longer than is necessary to settle the purchase or sale in question; cash or securities held collectively for Funds will be delivered to the custodian as soon as practicable following settlement. Swap positions are held in an omnibus account in the name of the ISDA counterparty consistent with industry standards. The Firm will receive no additional compensation of any kind as a result of an aggregated order. With respect to allocations of limited investment opportunities, such as privately placed securities and initial public offerings of securities, the Firm will determine which Funds are eligible to participate in those opportunities. Limited investment opportunities will generally be allocated among all eligible Funds in proportion to their relative capital balances/target ratios between Master Funds in accordance with the procedures set forth above. Funds without sufficient available capital will not participate. In certain circumstances, the Firm may give added weight to those Funds whose investment programs are responsible for obtaining the investment opportunity when allocating limited investment opportunities. Individual investment advice and treatment will be accorded to each Master Fund. As described in response to Item 11.D. below, from time to time, the Firm’s Employees trade in securities that are recommended to clients. The Investment Adviser may determine that it would be in the best interests of the Funds to transfer a security from one Fund to another Fund (each such transfer, a “Cross Trade”) for a variety of reasons, including, without limitation, tax purposes, liquidity purposes, to rebalance the portfolios of the Funds, including but not limited to, maintaining target leverage ratios between the Funds, to facilitate the creation or elimination of a Fund, to facilitate the creation or elimination of a new strategy in one or more Funds, or to reduce transaction costs that may arise in an open market transaction. If the Investment Adviser decides to engage in a Cross Trade, the Investment Adviser will determine that the trade is in the best interest of both Funds involved and take steps to ensure that the transaction is consistent with the Investment Adviser’s duty to seek best execution for each of those Funds. The Investment Adviser may execute Cross Trades, if at all, with the assistance of a broker-dealer that executes and books the transaction at the close of the market on the day of the transaction. A cross transaction between Funds may occur as an “internal cross”, where the Investment Adviser instructs the custodian for the Funds to book the transaction at the price determined in accordance with the Firm’s Valuation Policy. If the Investment Adviser effects an internal cross, the Investment Adviser will not receive any fee in connection with the completion of the transaction. The Investment Adviser may determine that it would be in the best interest of the one or more of the Funds to maintain the target ratio by either executing Cross Trades between one or more Funds, going out into the market to buy or sell securities, or a combination of both. The Enhanced Strategy follows an investment strategy similar to the investment strategy of the Legacy Strategy. The Enhanced Strategy will seek to replicate the portfolio of the Legacy Strategy, subject to certain exclusions, and will target enhanced returns by investing on a significantly higher leverage basis than the Legacy Strategy. As a result, the relevant Master Funds will generally trade pari-passu, with most trades being split based on a fixed target ratio. The Firm generally conducts rebalances monthly between the Legacy Strategy and the Enhanced Strategy to maintain the target ratio. The Investment Adviser engages in Cross Trades from time to time to rebalance the Legacy Strategy’s portfolio based on subscriptions and withdrawals or any other reason as determined in the sole discretion of the Investment Adviser.

Side Letters. The Firm has entered into agreements (“Side Letters”) on behalf of the Funds with certain investors that will result in different terms of an investment than the terms applicable to other investors. As a result of such Side Letters, certain investors receive additional benefits such as more favorable fee arrangements or liquidity terms that other investors will not receive. In particular, fees are waived for investments in the Funds made by employees of the Firm. Except as required by law, in general, the Firm will not be required to notify any or all of the other investors of any such Side Letters or any of the rights and/or terms or provisions thereof, nor will the Firm be required to offer such additional and/or different rights and/or terms to any or all of the other investors. The Firm discloses, for risk evaluation purposes, risk reports and certain information concerning portfolio composition, in response to requests from certain investors and prospective investors. The Firm will provide this information to such entities as it chooses in its sole discretion and may refuse to provide this information to any such entity at any time. In addition, in the course of conducting due diligence, investors may request information pertaining to their investments and pertaining to the Firm and its affiliates (either verbally or in writing), including information that is not generally made available to all investors. The Firm may respond to such requests without providing relevant information to all other investors and will generally be under no obligation to update any such information. The Firm is generally available to receive reasonable requests from investors about their investments in the Funds. However, the Firm reserves the right to determine, in its sole discretion, what information is appropriate to provide in response to inquiries from investors.

A. Neither the Firm nor any of its management persons is registered, or has an application pending to register, as a broker‐dealer or a registered representative of a broker‐dealer. B. The Firm claims an exemption from registration with the CFTC as a CPO pursuant to CFTC Rule 4.13(a)(3) and, accordingly, is not subject to certain regulatory requirements with respect to the Funds it manages that would otherwise be applicable absent such an exemption. In accordance with such exemption, at all times, the Master Funds (or the feeder funds, through the Master Funds) establishes a commodity interest or security futures position, either (a) the aggregate initial margin and premiums required to establish such positions will not exceed 5% of the liquidation value of the feeder fund’s or each Master Funds’ portfolios respectively; or (b) the aggregate net notional value of such positions will not exceed 100% of the liquidation value of the feeder fund’s or each Master Funds’ portfolios, respectively. The Firm also serves as the commodity trading advisor (“CTA”) with respect to each of the Funds. The Firm is not, and is not required to be, registered with the CFTC as a CTA with respect to any of the Funds pursuant to one or more exemptions from such registration. C. As described above, the Firm serves as the Investment Adviser to affiliated pooled investment vehicles which are managed through two master-feeder structures.

Trading A. The Firm has adopted a Code of Ethics pursuant to Rule 204A-1 of the Advisers Act which is available to any Fund or investor upon request to the Firm’s Compliance Department. The Code of Ethics sets forth standards that Employees are required to uphold and contains policies and procedures that are relevant to ethical conduct and the avoidance of conflicts of interest, such as insider trading and personal securities transactions. On a quarterly basis, Employees are required to certify that they have complied, and will continue to comply, with the provisions of the Code of Ethics. B. The Firm generally does not recommend to clients securities in which the Firm or its related persons have a material financial interest. As described in response to Item 11.D. below, from time to time, the Firm’s Employees trade in securities that are recommended to clients. C. The Firm does not engage in proprietary trading and manages its trading of affiliated investment vehicles through use of two “master-feeder” structures. As described in response to Item 11.D. below, from time to time, the Firm’s Employees trade in securities that are recommended to clients. D. The Firm’s Code of Ethics prohibits front running client trades and requires the Firm’s Employees to report their personal securities holdings and transactions to the Firm for compliance review. In addition, the Firm generally prohibits “opening” transactions in publicly-traded individual stocks and individual options, and generally permits personal securities transactions in publicly-traded individual stocks and individual options only to dispose of pre-existing positions or in transactions in managed accounts over which the

Employee has no direct or indirect influence or control. The Code of Ethics requires Employees to obtain preapproval before investing in a private investment.

A. The Firm has complete discretion in deciding which brokers-dealers each Master Fund will use, and in negotiating the rates of compensation the Master Funds will pay. Each Master Fund’s securities transactions can be expected to generate a substantial amount of brokerage commissions and other compensation, all of which the Funds, not the Firm, will be obligated to pay. In consideration of the Firm’s duties to the Funds, the Firm has implemented policies and procedures designed to ensure the appropriateness of broker-dealer selection and the reasonableness of broker-dealer compensation. Each broker-dealer that the Firm selects must be approved by the Compliance Department and the Firm’s Trade Oversight Committee and be placed upon the list of approved broker-dealers that the Compliance Department maintains. In addition, the rate, amount, and allocation of broker-dealer compensation is reviewed by the Firm’s Trade Oversight Committee on a quarterly basis. The Firm selects broker-dealers on the basis of best execution, meaning that the Firm believes the selected broker-dealers will assist the Firm in its efforts to maximize the value of the securities portfolio. The Firm is not required to consider any particular criteria, and generally considers a variety of factors, which may include quality of execution, reputation, financial strength and stability, block trading and block positioning capabilities, willingness and ability to execute difficult transactions, willingness and ability to provide liquidity and/or commit capital, access to underwritten offerings and secondary markets, ongoing reliability, overall costs of a trade including commissions, mark‐ups, mark‐downs or spreads and other current transaction costs, nature of the security and the available market makers, desired timing of the transaction, size of the trade, confidentiality of trading activity, market intelligence, idea generation, availability of stocks to borrow for short sales, sourcing of and provision of research or brokerage services, and other similar services. The Master Funds may pay for research and execution services with client securities transactions, known as “soft dollars,” or “Commission Sharing Arrangements.” The use of client transactions to obtain research or other products or services is a benefit to the Firm because the Firm does not have to pay for them. The Firm generally uses soft dollars to pay for research or brokerage products or services within the meaning of the safe harbor created by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Section 28(e) of the Exchange Act recognizes the potential conflict of interest involved in this activity but protects investment managers such as the Firm from claims that the activity involves a breach of fiduciary duty to advisory clients, even if the brokerage commission paid are higher than the lowest available, provided that the value of the commissions paid is reasonable in light of the value of the research and brokerage products received. The Firm generally considers the amount and nature of research, execution, and other services provided by brokers as well as the extent to which such services are relied on and attempts to allocate a portion of the brokerage business of the Master Funds on the basis of that consideration. A broker is not precluded from receiving business because it does not provide research and brokerage services beyond execution services. However, relationships with brokerage firms that provide soft dollar services to the Firm may potentially influence the Firm’s judgment in the allocation of brokerage business and create a conflict of interest to the

extent it could influence the Firm’s judgement in using the services of those brokers to execute each Master Fund’s brokerage transactions. The Firm believes that such allocation of brokerage business will help the Fund to obtain research and execution capabilities. However, each Master Fund’s trades executed through these brokers or dealers, or any other brokerage firm may or may not be at the best or lower price otherwise available. The Firm may cause clients to incur greater costs for execution of securities transactions than those charged by other broker-dealers in exchange for the soft dollar benefits described above. The Firm’s “masterfeeder” structures ensure that each Fund receives benefits from the research products and services received that are proportional to the client securities transactions that were expended. Research products and services paid through soft dollars and Commission Sharing Arrangements include, but are not limited to, proprietary research on companies and industry sectors, independent research, corporate access, and attendance at conferences. The Firm’s process for overseeing the use of soft dollars and Commission Sharing Arrangements is summarized as follows. All services which a portfolio manager, analyst, or trader of the Firm wishes to pay for through a soft dollar and Commission Sharing Arrangement are submitted to the Compliance Department for approval. The CCO or their designee ensures that the products or services are eligible to be paid through Commission Sharing Arrangements with soft dollar brokers under the Firm’s policies and procedures and the provisions of Section 28(e) of the Exchange Act. The CCO also reviews all soft dollar and Commission Sharing Arrangements and oversees the Firm’s administration of its policies and procedures concerning the use of soft dollars. The Firm does not consider Investor referrals from third parties when selecting or recommending broker‐dealers to execute securities transactions. The Firm does not currently engage in directed brokerage arrangements. From time to time, the Firm’s prime brokers provide assistance in areas such as management consulting and selection of third-party service providers. This presents a potential conflict of interest in that it could incentivize the Firm to select prime brokers who offer consulting services over those who do not. However, the Firm does not believe that these services are a material consideration in its selection process and further always remains mindful of its fiduciary duties to the Funds.

A. No one other than the Firm’s Funds provides an economic benefit to the Firm for providing investment advice or other advisory services. B. The Firm does not compensate any person for referrals.

In the past ten years, there have been no legal or disciplinary events involving either the Firm or any of its management persons that are material to the Firm’s advisory business.

A. The Firm’s Investment Personnel review actual and potential portfolio investments during weekly Investment Committee meetings. In addition, Investment Personnel generally memorialize the investment thesis for and their assessment of the holdings in their portfolio in weekly reports. Compliance checks in the Firm’s trade order management system screen for certain investment restrictions. B. The Investment Committee reviews each Master Fund’s holdings on a periodic basis. Additionally, the Investment Committee, with the assistance of other members of the Firm’s Senior Investment Personnel and the Firm’s Director of Risk, regularly supervises all trading activity and monitors for associated risk with the assistance of reports created by the Director

of Risk. The CEO retains ultimate authority for all investment decisions. Risk assessment messages are circulated when any securities position needs increased observation or attention. C. Investors are provided with written information regarding their accounts in the form of monthly statements reflecting the net asset value of their investment and annual audited financial statements for the Funds, which are distributed by the Funds’ Administrator. These reports are distributed electronically to investors.

The Firm has legal custody of funds or securities of the Funds in the sense of having the authority to access such funds and securities. The Firm uses qualified custodians to hold its securities, funds and other assets. Those custodians send reports to the Master Funds on a monthly basis, and make electronic reports available daily, which are used to internally reconcile with the Funds’ Administrator. The Master Funds’ qualified custodians do not send reports directly to investors in the Funds; however, the Administrator sends monthly net asset value statements to investors. Additionally, the Funds are subject to an annual audit by independent accountants. Investors should carefully review the monthly net asset value statements and annual audited financial statements they receive.

The Firm accepts discretionary authority to manage securities on behalf of its Funds through the investment management agreements with such Funds. This discretionary authority has no limitations.

A. The Firm exercises proxy voting authority for the Master Funds. The Firm’s Compliance Department is responsible for overseeing and monitoring all proxy votes to ensure that such votes adhere to the Firm’s proxy voting policy and procedures. The Firm’s general policy is to vote proxy proposals, amendments, consents or resolutions relating to Master Funds’ securities, including interests in private investment funds, if any (collectively, “proxies”), in a manner that serves the best interests of the Funds that the Firm manages, as the Firm determines in its discretion, taking into account relevant factors, including, but not limited to, the impact on the value of the securities; the anticipated costs and benefits associated with the proposal; the effect on liquidity; and customary industry and business practices. The Firm retains discretion to abstain from voting any proxy if it determines that the cost of voting a proxy exceeds the expected benefit to its clients. For routine matters, the Firm will vote in accordance with the recommendation of the company’s management, directors, general partners, managing members or trustees (collectively, the “Management”), as applicable, unless, in the Firm’s opinion, such

recommendation is not in the best interests of the Funds. For non‐routine matters, the Firm will generally vote in accordance with the recommendation of the company’s Management; however, such proxies related to non‐routine matters may be voted otherwise on a case‐by‐case basis when in the best interests of the Funds, as determined by the investment staff whose responsibilities include coverage of the sector for which the proxies are being voted. At times, conflicts may arise between the interests of the Funds and the interests of the Firm or its affiliates. In the event the Firm determines that it has or may be perceived to have a conflict of interest with respect to voting a proxy (such as an Employee’s status as an officer, director or controlling shareholder with respect to a personal investment; or an investor’s status as an officer, director or controlling shareholder with respect to a Fund position), the Firm will address matters involving such conflicts of interest as follows: •

If a proxy proposal is addressed by the Firm’s policies, such as in routine matters to vote with Management, the Firm will vote in accordance with such policies;

•

If the proxy proposal is not addressed by the Firm’s policies, or requires a case-by-case determination, and the Firm determines that the expected benefit from voting exceeds the cost to the Fund, the Firm will at that time seek and vote in accordance with the recommendation of an independent proxy advisory service. The Firm will memorialize the rationale for of the decisions concerning such vote in writing.

Investors may obtain information from the Firm on how it voted with respect to their Fund’s securities as well as the Firm’s proxy voting policies and procedures by contacting the Firm’s Compliance Department. The Firm retains a litigation recovery service, Battea Class Action Services (“Battea”) to recover proceeds from class action lawsuits on behalf of the Funds. A portion of the class action proceeds recovered on behalf of the Funds is remitted to Battea.

A. The Firm does not require or solicit prepayment six months or more in advance of more than $1,200 in fees per Fund, and therefore has not included a balance sheet. B. The Firm is not aware of any conditions that are reasonably likely to impair the Firm’s ability to meet contractual commitments to the Funds. C. The Firm has never been the subject of a bankruptcy petition.