LINDEN ADVISORS LP

Linden provides discretionary investment advisory services to a group of private investment funds within a master-feeder structure (the “Funds”) and to separately managed accounts (the “Accounts”; and, together with the Funds, the “Advisory Clients”). The Funds are open only to certain financially sophisticated and high net-worth individuals and entities, as more fully discussed in Item 7. We were founded in May 2003 by four members of the JP Morgan U.S. Arbitrage Desk, JP Morgan’s proprietary trading group focused on convertible and credit arbitrage strategies. The Funds began trading operations in August 2004. We have employees with skill sets in areas ranging from, among others, trading, fundamental and legal research, quantitative analysis, and operations and systems. The Funds consist of the following entities: o o o

The domestic feeder fund: Linden Investors LP, a Delaware limited partnership (the “Domestic Fund”); The international feeder fund: Linden International Ltd, a Bermuda exempted company (the “Offshore Fund”); and The master fund: Linden Capital L.P., a Bermuda exempted limited partnership (the “Master Fund”).

Our feeder funds are required to invest all of their capital (except for amounts set aside for fees, expenses and other costs) into the Master Fund. The principal owner of Linden is Siu Min (Joe) Wong, its Chief Executive Officer and Senior Portfolio Manager. The general partner of Linden is Linden Hld LLC, which is wholly-owned by Mr. Wong. Linden does not have any other principal owners. One of Linden’s affiliates, Linden GP LLC (the “General Partner”), is the general partner of the Domestic Fund and the Master Fund. Mr. Wong is the sole controlling person and an officer of the General Partner. Linden Advisors (HK) Limited (“Linden HK”), a Hong Kong entity which since January 2013 has held a Type 9 (Asset Management) License issued by the Hong Kong Securities and Futures Commission, has served as our subadvisor, providing discretionary trading and research services relating primarily to our Advisory Clients’ Asian and European positions. Linden HK is wholly owned by Linden Advisors (Cayman) Ltd., which is wholly owned by Linden Advisors Management LLC, a Delaware entity principally owned by Mr. Wong. The ultimate ownership of Linden and Linden HK is the same. Linden HK has an office at Suite 3201, Champion Tower, 3 Garden Road, Central, Hong Kong. We provide trading and advisory services to two Accounts, each of which is a separate pooled investment vehicle controlled and managed by a third-party manager. Each of the Accounts is a non-U.S. entity. We have broad and flexible investment authority in pursuing the investment programs of our Advisory Clients. The investment objectives and strategies of the Funds are set forth in their respective confidential private offering memoranda. The investment objectives and strategy of the Accounts have been individually negotiated by the holders of the Accounts and are set forth in agreements between us and such Account holders (the “Account Agreements”). We principally invest in our convertible strategy, credit strategy and SPAC strategy as part of a flexible multi-strategy investment approach.

We may also allocate assets to other strategies if we believe doing so will produce superior risk-adjusted returns. Our flexible, multi-strategy investment approach stresses inter-disciplinary cooperation and teamwork and aims to deliver market neutrality, capital preservation and positive risk-adjusted returns. The Funds have a diversified portfolio of more than 200 individual names. Exposure is spread across sectors, regions, maturities and other criteria. The Funds’ policy is, where feasible, to remain equity market neutral and interest rate neutral. With respect to the Funds, we neither tailor our advisory services to the individual needs of investors nor accept investor-imposed investment restrictions. With respect to the Accounts, however, the advisory services which we provide are tailored to the Account holder’s needs, and the details relating to such services are described in the Account Agreements. The strategies which we utilize for the Accounts, while similar to those which we utilize for the Funds, are also different in certain respects. The Accounts have imposed restrictions on investing in certain securities and types of securities. We may establish additional separately managed accounts or other investment vehicles in the future if we think it appropriate for a large or strategic investor. We do not participate in wrap fee programs. As of December 31, 2025, we had approximately $38,784,484,000 in regulatory assets under management, all of which is managed on a discretionary basis.

Our fee structure for the Class A and B interests of the Domestic Fund and Class A and B shares of the Offshore Fund consists of (1) an annualized 1.25% management fee and (2) a 15% incentive/performance fee on a high water mark basis and subject to a “soft hurdle”. Our fee structure (a) for the Class C and D interests/shares is the same as above, except that the management fee is an annualized 2.0% rather than 1.25%, and (b) for the Class E and F interests/shares is the same as for Class A and B, except that the incentive/performance fee is 20% (with soft hurdle) rather than 15% (with soft hurdle). Linden receives the incentive fees paid by the Offshore Fund and the General Partner receives the performance allocation from the Domestic Fund. The relevant private offering memorandum provides further details regarding our fee structure. Prior to January 1, 2024, our feeder funds had a “hard hurdle”, where annual incentive compensation was based only on the portion of gains that exceeded the aggregate of the high water mark and the hurdle. Starting January 1, 2024, the feeder funds’ annual incentive compensation has been calculated using a “soft hurdle”, where the incentive compensation is based on the entire amount by which gains exceed the high water mark as long as the fund’s net rate of return matches or exceeds the hurdle rate (such compensation to be limited to the extent necessary to ensure that net investor returns don’t fall below the hurdle rate). This hurdle rate is based on the one-month U.S. Treasury Bill Rate. With respect to each class of shares/interests, at the beginning of each month, we withdraw from each of the Domestic Fund and Offshore Fund a management fee equal to 1/12th of 1.25% (2.0% in the case of Class C and D shares/interests) of the aggregate net asset value attributable to the management fee-paying investors, and a pro rata portion of the management fee is automatically charged to the account of each such investor. In addition, subject to a high water mark loss carry-forward provision and a soft hurdle, an incentive fee of 15% (20% in the case of Class E and F shares/interests) of the net appreciation of the account of each feepaying investor is charged to and automatically deducted from such account at the end of each fiscal year and upon any interim withdrawal of capital by, or other distribution of funds to, the investor. Such net appreciation of an account generally takes into account both realized gains and losses and unrealized appreciation and depreciation of securities held in the applicable fund’s portfolio. Generally, any net depreciation of an investor’s account in a fiscal year is carried forward so that no incentive fee is charged to such investor unless the losses have been recouped, subject to certain adjustments, as more fully described in the applicable fund’s offering memorandum. We reserve the right to impose different fees on future investments. With the consent of the investor, we have the right to waive fees or impose different fees or otherwise modify the fee arrangements of an existing investor. It should be noted that Linden’s employees and affiliates invest in the Funds and generally do not pay management fees or performance fees. With respect to the Accounts, we receive the type of fees that are substantially similar to the type paid by the Funds (i.e., fees based on assets under management and performance), and the method for compensation is set forth in the applicable Account Agreement. Each Account Agreement was individually negotiated and contains terms that are different from those applicable to Fund investors. The Account holder is generally billed quarterly for fees based on assets under management and is generally billed annually for fees (when applicable) based on performance.

We deduct fees from investor assets in the Funds. Investors in the Funds (“Investors”) do not have the ability to choose to be billed directly for fees. Management Fees are generally deducted monthly in advance and performance-based fees (if applicable) are generally deducted annually. The Funds are responsible for, among other things, brokerage and transaction costs. Please refer to Item 12. The Funds compensate the Administrator for such customary fees for its services as we negotiate from time-to-time. The Administrator is also entitled to certain miscellaneous fees and reimbursement from the assets of the Funds for all out-of-pocket expenses incurred by the Administrator for the benefit of the Funds. The Offshore Fund compensates members of its board of directors, except for the member who is affiliated with Linden, for their services and also reimburses the members of the board for reasonable expenses incurred on behalf of the Offshore Fund or in carrying out their obligations to the fund. One of these board members is also a member of our Bermuda law firm, Wakefield Quin, which may give rise to a conflict of interest given that the interests of the Bermuda law firm in providing services to us or the Funds may not always be aligned with the interests of the Investors. The Funds bear their own organizational, operating and other expenses of any nature related to the business of the Funds. The feeder funds’ costs include, but are not limited to, the fees and expenses of auditors and legal advisors (and to Linden in connection with the performance of its activities on behalf of the feeder funds or the Master Fund as applicable), administrative fees and expenses, “partnership representative” expenses for the Domestic Feeder, accounting expenses, expenses relating to offering documents and regulatory reports and statements, tax-related expenses, including expenses associated with the preparation of tax information and documentation (e.g., for U.S. investors, and for investors in select foreign countries), governmental fees in the U.S., Bermuda and other foreign countries, foreign tax agent fees, fees of consultants and professionals relating to regulatory filings, expenses relating to the Offshore Fund’s Board of Directors (including background search expenses), and extraordinary expenses, as well as the feeder funds’ pro rata share of the expenses of the Master Fund. The expenses of the Master Fund include the categories of expenses stated above (other than expenses relating to the Board of Directors) and also include, but are not limited to, brokerage and custodial fees and expenses and other costs of trading, pricing/valuation expenses, expenses and consultant fees relating to portfolio positions (including fees of expert networks), fees to third-party providers of portfolio management systems and proxy management services, interest expense, insurance expenses, "partnership representative" expenses and investment-related expenses of Linden (to the extent they relate to the management of the Master Fund, including professional fees). Investors bear a pro rata share of fund expenses. It is critical that Investors and the Account holders refer to the relevant confidential private offering memorandum, Account Agreements, and other governing documents for a complete understanding of how Linden is compensated for its advisory services and the fees they will pay. The information contained herein is a summary only and is qualified in its entirety by the relevant fund governing documents.

Linden principally invests in its convertible strategy, credit strategy and SPAC strategy as part of a flexible multi-strategy investment approach. In connection with the advisory services provided to the Funds, there is no one ideal "mix" of strategies; rather, Linden endeavors to allocate resources among the various strategies in response to changing market opportunities and in an effort to construct a diversified portfolio. In addition, Linden may allocate assets to other strategies if it believes doing so will produce superior risk-adjusted returns. There can be no assurances that the Funds will achieve their investment objective. In connection with the advisory services provided to the Accounts, Linden generally focuses on a subset of the strategies set forth below, employing some (but not all) of the strategies utilized in connection with its management of the Funds. As feeder funds, the Domestic Fund and the Offshore Fund invest all of their capital (except for amounts set aside for fees, expenses and other costs) into the Master Fund and do not utilize the strategies described in this section. Such strategies are utilized for investments made by the Master Fund and the Accounts. Convertible Strategy Linden closely tracks the universe of global convertible securities through proprietary models to identify investment opportunities. Linden utilizes three sub strategies to take advantage of current opportunities in the convertible marketplace. The first sub-strategy is classic convertible arbitrage, capturing mis-priced equity volatilities through convertible bonds or creating so called “synthetic put” hedged convertible positions. The second sub-strategy focuses on mis-priced credit opportunities in the convertible market. Linden seeks to obtain long/short credit exposure to convertible issuers due to the undervaluation/overvaluation of the convertible bonds relative to other parts of the issuer capital structure or comparable companies in the same industry or sector. The third sub-strategy focuses on potential event driven or catalyst driven opportunities, such as company buybacks, tender offers, debt-for-equity swaps and restructurings. When considering the relative valuation of convertible securities, Linden uses a proprietary mathematical model to analyze such factors as: (i) the level of equity volatility, (ii) the credit worthiness of the issuer, (iii) interest rates, and (iv) dividends. Linden then performs an extensive, bottomup fundamental review of the individual company, the sector and the industry as a whole. This fundamental analysis may also include a detailed capital structure analysis as well as a legal analysis of various convertible bonds, corporate bonds, and other fixed income issues. In addition, Linden actively participates in public tender offers and exchanges, and has pursued, and will in the future continue to pursue, bi-lateral transactions with issuers to maximize the value of its investments. Credit Strategy Linden combines quantitative analytical tools with fundamental research to monitor specific issuers and spot potential mispricing among either securities within an issuer’s capital structure or within an industry or a sector. Linden puts emphasis on identifying event driven/catalyst trades resulting from, for example, mergers, acquisitions, reorganizations, covenant violations or balance sheet restructurings. Linden performs both a fundamental and legal analysis on the potential impact of an event catalyst on a particular security’s price. In addition to traditional arbitrage opportunities, Linden also makes directional trades based on undervaluation / overvaluation of certain securities relative to other parts of the issuer capital structure, or

comparable companies in similar sectors or industries. As part of the research process, Linden maintains regular dialogue with company management via conference calls, participation in industry conferences, inperson meetings and on-site visits. Final investment decisions are ultimately based on the particular risks and rewards of each situation. SPAC Strategy Linden is active in the primary and secondary markets for special purpose acquisition company ("SPAC") equity and units (which combine equity shares with whole or fractional warrants). Linden monitors regulatory filings and participates in meetings with management and brokers to identify SPAC issuers that it deems likely to identify and consummate mergers, acquisitions or other business combination transactions (hereafter “Transactions”) with one or more operating companies. As part of this assessment, Linden will consider the experience of the management team, as well as its prior SPAC and other Transaction experience, the SPAC’s sector focus, the amount of assets held in the SPAC’s trust, and the size and structure of a potential Transaction. Linden may trade throughout the SPAC’s life cycle, from its IPO to the announcement and consummation of a Transaction and in the combined operating company thereafter. Linden typically seeks to reduce its equity exposure as the business combination approaches in order to manage downside risk and recycle funds towards new deals, although it may maintain some or all of its positions in order to preserve upside potential. If the SPAC fails to consummate a Transaction, the shares of the SPAC will be redeemed for $10 per share (plus accrued interest), and any warrants or rights to the SPAC’s securities that we hold will become worthless. METHODS OF ANALYSIS Linden employs both quantitative analytics and fundamental research in implementing its investment strategies. Linden’s quantitative research team works with credit analysts and portfolio managers to screen potential investment candidates in all three main trading strategies. Linden then applies a research process to understand such investment-target's business model and to analyze risks associated with the underlying assumptions in the model. Linden analysts undertake assessments of a company’s financials, including, but not limited to, profitability, liquidity, debt to equity ratios, and discounted cash flows. Such financial analysis may be supplemented by meetings with management, review of regulatory filings, attendance of investor presentations and dialogue with outside research analysts on the sell- and buy-side. Linden also considers a number of macro-economic factors in its analysis, including interest rates, credit environment, rating agency announcements and market sentiment. Such quantitative and qualitative assessments are weighed against risk/reward of various investment options to express Linden’s investment view. MATERIAL RISKS Financial Model Risk Most, if not all, of the Advisory Clients’ investments and investment strategies require the use of quantitative and qualitative valuation models developed by Linden or third-parties. As market dynamics (for example, due to changed market conditions and participants) shift over time, a previously highly successful model often becomes outdated or inaccurate, perhaps without Linden recognizing the change before significant losses are incurred. Linden’s model risk extends to the valuation of investments, most of which will be made on the basis of internal Linden models in the absence of any readily determinable market value. The valuations so determined may differ materially from realizable values.

External Research Sources Third party research providers play a role in Linden’s generation of investment ideas. As a general matter, Linden conducts what it believes is an appropriate level of due diligence on third party research providers. Linden reduces risk by utilizing many different pieces of information in connection with making investment decisions. Convertible Arbitrage Strategy Linden attempts to earn profits for Advisory Clients from pricing anomalies between a convertible security and the equity securities or other instruments underlying such convertible security. However, Linden cannot ensure that settlement of transactions for the securities making up the convertible arbitrage position will be at the desired or expected market prices. Accordingly, the Advisory Clients may incur unexpected losses on each trade of a multiple trade arbitrage position. The Advisory Clients will incur transaction costs on each trade. In implementing the convertible arbitrage strategy, Linden may execute more trades than with certain other investment strategies and, accordingly, the Advisory Clients may incur greater transaction costs. A convertible arbitrage strategy may have greater exposure to interest rate risks than other investment strategies because convertible securities are generally far more sensitive to changes in interest rates than are the securities into which they may be converted (generally common stock). To the extent a particular convertible arbitrage position is not fully hedged and the amount borrowed to purchase a convertible security exceeds the proceeds realized and deposited with the prime or clearing broker from the short sale of the corresponding related security, the Advisory Client’s aggregate cost of borrowed funds may exceed the sum of convertible security dividend or interest income. This risk is exacerbated if interest rates increase following the establishment of a convertible arbitrage position. In addition, if interest rates change in an anomalous manner (e.g., short-term rates increase while long-term rates decline), the analysis made by Linden prior to the establishment of a particular convertible arbitrage position may no longer be valid, with the result that the price of the convertible security and related security may not move as initially anticipated, thus exposing the Advisory Client to unanticipated losses. Capital Structure Convertible Arbitrage Strategy The success of the capital structure convertible arbitrage strategy will depend on Linden’s ability to identify and exploit the perceived mispricing in the convertible market relative to other parts of the issuer’s capital structure or comparable companies in the same industry or sector (e.g., convertible senior debt and preferred stock relative to each other). Capturing such mispricings by isolating the most under- or over-valued securities within an issuer’s capital structure involves uncertainty, and, in the event that the perceived pricing inefficiencies underlying an issuer’s securities were to fail to materialize as expected by Linden, the Advisory Clients could incur a loss. Credit Strategy The Advisory Clients invest in the credit markets, attempting to take advantage of undervalued securities as well as relative mispricings. The identification of attractive investment opportunities in disrupted credit markets is difficult and involves a significant degree of uncertainty. The credit markets are, in general, highly susceptible to interest-rate movements, government interference, economic news, and investor sentiment. There was significant volatility in the credit markets in 2007-2009. During periods of “credit squeezes” or “flights to quality,” the market for credit instruments (other than certain sovereign debt instruments) can become substantially reduced. This poses a particular risk that leveraged credit instrument positions held by the Advisory Clients may need to be sold at discounts to fair value in order to meet margin calls. At the same time, the dealers may correspondingly reduce the value of outstanding positions, resulting

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We provide investment advisory services to pooled investment vehicles operating as private investment funds and to separately managed accounts. When we deem appropriate for a large or strategic investor, we may in the future establish additional separately managed accounts or other investment vehicles, which could be subject to terms and fees that are different from the terms and fees currently applicable to the Funds and the Accounts. Agreements with separately managed accounts are individually negotiated and generally are subject to significant account minimums. Each Investor must meet certain eligibility provisions: interests/shares in our feeder funds are generally offered to (A) U.S. Investors who are (i) accredited investors within the meaning of Regulation D of the Securities Act of 1933, as amended (“Accredited Investors”) and (ii) qualified purchasers within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended (“Qualified Purchasers”) and (B) non-U.S. Investors. Investments in the Funds are subject to a minimum investment of $5,000,000 per Investor, subject to waiver at our discretion. The Account Agreements were individually negotiated and, as a general matter, any separately managed account arrangements are subject to a significant minimum investment. With respect to Accounts, the Account holder may be subject to less stringent liquidity restrictions by contract than are investors in the Funds. Further, while the agreement between Linden and the holder of any such Account may limit the ability of such holder to terminate the agreement, such holder always has the ability to assume control over the Account and to liquidate positions in the Account on a nearly realtime basis. In the case of a large Account, such liquidations could have an adverse effect on the Funds. In addition, the holder of an Account has an inherent ability to see all positions in the Account. Accordingly, Linden's advising an Account pursuing the same or substantially the same strategies as the Master Fund involves some of the same risks as having an investor in the Funds with more immediate transparency and liquidity.

As described in Item 5 above, we or our affiliate may receive performance-based compensation from the Funds and the Accounts. All Advisory Clients are subject to performance-based fees. We (or our affiliate) have received, and will continue to receive, performance-based compensation. This creates a potential conflict of interest in that we may be incentivized to effectuate larger and more risky transactions than would be the case in the absence of such form of compensation. Performance-based fees are calculated on a basis that includes both realized and unrealized appreciation of Advisory Client assets, and this may result in an allocation of performance fees which is greater than an allocation based solely on realized gains. Investors are provided with clear disclosure as to how performance-based compensation is charged with respect to a particular fund and the risks associated with such performance-based compensation prior to making an investment. We recognize that we are a fiduciary and as such must act in the best interests of the Advisory Clients. Further, we recognize that we must treat all Advisory Clients fairly and must refrain from favoring one Advisory Client’s interests over another’s.

Neither Linden nor its management persons are registered or have an application pending to register as a broker-dealer or registered representative of a broker-dealer. Neither Linden nor its management persons are registered or have an application pending to register as a futures commission merchant, commodity pool operator, commodity trading advisor, or an associated person of the foregoing entities. Linden serves as the investment manager to the Funds. Linden’s affiliates and employees also invest directly in the Funds. It should be noted that investments in the Funds made by such parties generally are not subject to the management fees or performance-based fees described in Item 5 above. As previously noted in Item 4 above, the General Partner is the general partner of the Domestic Fund and the Master Fund.

Linden has adopted a Code of Ethics (the “Code”) which is designed to meet the requirements of Rule 204A-1 of the Investment Advisers Act of 1940 (the “Advisers Act”). The Code applies to Linden’s Access Persons (which term includes all employees of Linden) and sets forth a standard of business conduct that takes into account Linden’s status as a fiduciary and requires Access Persons to place the interests of Advisory Clients above their own interests. The Code requires Access Persons to comply with applicable federal securities laws. Further, Access Persons are required to promptly bring violations of the Code to the attention of Saul Ahn, Linden’s General Counsel/Chief Compliance Officer. All Access Persons are provided with a copy of the Code and are periodically required to acknowledge receipt of the Code. The Code incorporates the following general principles that all Access Persons are expected to uphold: 1. Access Persons will not create a conflict of interest between the Access Person’s own interest and the responsibility of the Access Person to Linden or Advisory Clients. 2. Access Persons will not use their position with Linden for improper personal or private gain to themselves, their family or other persons. Improper use includes the use of nonpublic information or the use of one’s position with Linden to obtain gifts, discounts or other preferred arrangements from existing or potential service providers, Investors or counterparties. 3. Access Persons’ personal securities transactions will be executed and reported in compliance with this Code and any other applicable federal securities regulations. 4. Access Persons who are or become aware of a violation of the Code, including their own violation, are required to report it on a confidential basis to the Chief Compliance Officer or his/her designee. 5. Retaliation against Access Persons reporting violations of the Code will not be tolerated. 6. Access Persons will periodically acknowledge their understanding of and compliance with the Code. As required by Rule 204A-1 of the Advisers Act, Linden’s Access Persons must provide Linden’ Chief Compliance Officer with a list of their personal accounts and an initial holdings report within 10 days of becoming an Access Person. Linden also requires its Access Persons to report their securities transactions on a quarterly basis thereafter and disclose their securities holdings on an annual basis. Linden restricts the personal trading of its Access Persons. Pursuant to the Code, many personal securities transactions, including transactions in IPOs and limited offerings, must be pre-cleared with the Chief Compliance Officer. Linden maintains a Restricted List and Access Persons are generally prohibited from trading the securities of issuers on the Restricted List. This list generally includes any issuers for which Linden has come into contact with material non-public information. The Code of Ethics also includes insider trading policies and procedures that are designed to prevent the improper use of material, non-public information. Such insider trading policies and procedures prohibit Linden and its personnel from trading for Advisory Clients or themselves, or recommend trading, in securities of a company while in possession of material, non-public information about the company, and from disclosing such information to any person not entitled to receive it.

In addition, the Code of Ethics seeks to ensure the protection of nonpublic information about the activities of the Advisory Clients. Investors or prospective Investors may obtain a copy of Linden’s Code of Ethics by contacting the Chief Compliance Officer at (646) 840-3500. While Linden has the right to sell a security to or purchase any security from one of the Funds (i.e., engage in a principal transaction), it has never exercised such a right, and will not exercise such a right, except where the value exchanged is de minimis or necessary for administrative or compliance purposes. As explained in Item 10 above, Linden serves as the investment manager to the Funds. Linden (in the case of the Offshore Fund) and the General Partner (in the case of the Domestic Fund) have financial ownership interests in the Funds and receive a Management Fee and, in some cases, performance-based compensation for their services. Linden’s affiliates and employees also invest directly in the Funds, and such investments generally are not subject to the Management Fees or performance-based compensation. The fact that Linden and its affiliates (including the General Partner) and employees have a financial ownership interest in the Funds creates a potential conflict in that it could cause Linden to make different investment decisions than if such parties did not have such a financial ownership interest. The Management Fee is payable without regard to the overall success or income earned by the Funds and therefore may create an incentive on the part of Linden to raise or otherwise increase assets under management to a higher level than would be the case if Linden were receiving a lower or no Management Fee. Performance-based compensation may create an incentive for Linden to make investments that are riskier or more speculative (or less risky and less speculative) than in the absence of such a performance-based compensation. In addition, Linden’s employees have purchased, and may continue to purchase, for their personal accounts, securities that may also be owned by the Advisory Clients. Such potential conflicts are addressed by the personal securities transaction pre-clearance and holding requirements described in this Item. Linden also addresses these potential conflicts through regular monitoring of the Advisory Client portfolios for consistency with Advisory Client objectives, strategies, and target capacity. Further, Linden carefully considers the risks involved in any investments and Linden provides extensive disclosure to Advisory Clients regarding the potential risks that come with an investment with Linden. The Code requires Access Persons to place the interests of Advisory Clients and Investors over their own or those of Linden, and all Access Persons are required to acknowledge their receipt and understanding of the Code of Ethics. As previously noted, Linden’s affiliates and employees invest directly in the Funds, which investments generally are not subject to the management fees or performance-based fees or allocations described herein and may have preferential liquidity rights. Access Persons of Linden have also bought, sold and otherwise invested in securities that Linden has also recommended to Advisory Clients, and they may continue to do so in the future. Linden seeks to monitor the potential conflicts of interests within the firm as it relates to Access Person personal trading (including investments in the Funds). Linden requires each of its Access Persons to pre-clear certain personal securities transactions. In reviewing pre-clearance requests, the Chief Compliance Officer, or his designee, considers all the facts and circumstances related to the contemplated trade, including whether any of the Advisory Clients hold, recently held or may hold the relevant security. Such pre-clearance requests are only approved by the Chief Compliance Officer, or his designee, after careful consideration to the attendant conflicts of interests (if any). Access Persons are generally prohibited from trading any security on the same day that the Access Persons knew such security was traded or would be traded on behalf of an Advisory Client.

Linden also maintains policies and procedures to prevent insider trading that are designed to prevent the misuse of material, non-public information. Among other things, such policies and procedures seek to control and monitor the flow of inside information to and within Linden, as well as prevent trading based on inside information. Accordingly, Linden may not have access to inside information that other market participants or counterparties are eligible to receive. Notwithstanding such policies and procedures, there have been cases where Linden either received inside information due to its various activities on behalf of itself or the Advisory Clients or was restricted in acting for the Advisory Clients (and such cases will likely continue to arise), resulting in limited liquidity or the inability to use such information for the benefit of certain clients in specific securities. Linden seeks to minimize those cases whenever possible, consistent with applicable law and its insider trading policies, but there can be no assurance that such efforts will be successful and that such restrictions will not occur.

Linden has full discretionary authority to manage the Advisory Clients, including authority to make decisions with respect to which securities are bought and sold, the amount and price of those securities, the brokers or dealers to be used for a particular transaction, and commissions or markups and markdowns paid. Linden’s authority is limited by its own internal policies and procedures and each Advisory Client’s investment guidelines. Linden recognizes its duty to obtain best execution in effecting transactions on behalf of the Advisory Clients. In selecting brokers or dealers to execute transactions and negotiating their commission rates, Linden considers one or more of such factors as price, execution capability, broker’s responsiveness to Linden, its primary market access, financial responsibility and, if applicable, the value of research it provides. Linden may also consider other similar items which result in an overall favorable outcome for its Advisory Clients. Linden does not utilize “soft dollar” arrangements. If in the future it utilizes soft dollar arrangements, it will amend its Form ADV as appropriate. From time-to-time, Representatives of Linden (or its affiliates) speak at conferences and programs for investors interested in investing in hedge funds which are sponsored by prime brokers. These conferences and programs may be a means by which Linden (and its affiliates) can be introduced to potential investors. Prime brokers generally are not compensated by Linden (or its affiliates), the Funds or potential investors for providing such "capital introduction" opportunities. In addition, prime brokers may provide financing and other services to the Funds and Linden (and its affiliates). The provision of these opportunities, introductions to potential investors and any additional services by a prime broker may influence Linden in deciding whether to use the services of such prime broker in connection with the activities of the Funds. Linden recognizes that it may have an incentive to favor broker-dealers that provide capital introduction services to Linden or refer Investors. Linden receives asset-based fees and accordingly would receive a financial benefit from the increase in assets under management that result from capital introduction services and Investor referrals. Similarly, Linden receives performance-based compensation and accordingly could receive a larger performance-based fee in any given profit period as a result of an increase in assets under management that results from capital introduction services and Investor referrals. The potential for higher fees presents a potential conflict in that Linden has an incentive to favor broker-dealers that provide services that have a direct impact on fees even if those broker-dealers rate unfavorably in other categories that are part of Linden’s best execution analysis. Linden addresses this potential conflict through its thorough best execution review process, which requires that key Linden individuals look at a broker-dealer’s performance in a wide variety of categories. Such reviews allow Linden to determine when broker-dealers that outperform in capital introduction and Investor referrals under perform in other areas. In such situations, Linden may provide heightened scrutiny to a relationship with a broker-dealer. Linden does not have directed brokerage arrangements. Linden manages private funds, either directly or via a master-feeder structure, and also manages separately managed accounts. Linden recognizes that it has a responsibility to allocate transactions in a fair and equitable manner. Upon determination to buy or sell the same security on behalf of more than one Advisory Client (based upon the investment mandates of such Advisory Clients), Linden will generally aggregate trades when it believes that to do so will allow it to obtain best execution and to negotiate more favorable commission rates or other transaction costs than might have otherwise been paid had such orders been paid independently. When Linden aggregates orders, all Advisory Clients are treated in a fair and equitable manner. In determining which Advisory Clients are eligible to participate in a particular transaction, Linden considers the relative amounts of capital available for new investments, relative exposure to short-term

market trends, the respective investment programs and portfolio positions of the Advisory Clients, and other factors. Such considerations may result in allocations of certain investments among the Advisory Clients on other than a pari passu basis. In some cases, where mandates are not clear, the allocation of trades among the Accounts and the Master Fund may require us to exercise some level of discretion, which could put us in a conflicted situation. Trading is reviewed periodically to the extent deemed necessary by the Chief Compliance Officer to ensure that Advisory Clients are not systematically disadvantaged by our allocation policy.

Linden has entered into, and in the future may enter into, contractual agreements with individuals and organizations (hereafter referred to as “Agents”) that solicit clients for Linden. While specific terms of each agreement may differ, generally an Agent’s compensation is based upon the value of assets of the referred investors who invest in the Funds or is based upon the management and/or incentive fee paid by such investors. The Agent's compensation, unless otherwise disclosed to the investor, will not increase the referred investor's fees beyond that which the investor would otherwise pay for investing in the Funds.

There are no legal or disciplinary events to report that are material to a client’s or prospective client’s evaluation of our advisory business or the integrity of our management.

The Advisory Client portfolios are under continuous review by Mr. Siu Min (Joe) Wong, who, as Senior Portfolio Manager, has overall responsibility for selecting investments for the Advisory Clients and who also has responsibility for the convertible strategy portfolio. Portfolio managers assist Mr. Wong with respect to each of the convertible, credit and SPAC strategies, and help determine whether security positions should be maintained or modified in view of market conditions. The portfolios are under continuous review by these individuals with regard to investment policy, the suitability of the investments used to meet policy objectives, and the investment objectives of the Advisory Clients. The portfolios are reviewed frequently to evaluate and assess, among other things, investment performance, sensitivity to market changes, and whether they continue to meet certain established investment criteria and guidelines of the Advisory Clients. In addition, the Chief Financial Officer and Chief Risk Officer periodically review portfolio positions. While there are no set factors that trigger review of portfolios and no procedures that determine the sequence in which portfolios will be reviewed, the individuals described in the preceding paragraph generally review the portfolios in the event of the realization of certain events that drive a contemplated or actual trade or the occurrence of certain other market movements which materially impact the underlying investments of the portfolios. In addition, Linden’s Chief Risk Officer periodically reviews trade policies and procedures to ensure they represent Linden’s current practices and Advisory Client investment guidelines and are in conformity with applicable law and regulations. Investors receive account balance statements as soon as practicable after the end of each calendar month. Investors also receive monthly risk reports and quarterly commentary letters. As soon as practicable after the end of each fiscal year, Investors receive a report that includes the following information: (i) the audited balance sheet and income statement of their respective Fund; (ii) the Investor’s closing account balance; (iii) the percentage change in the net asset value of the respective Fund during the latest fiscal year; and (iv) for Investors in the Domestic Fund, a copy of Schedule K-1 to the Domestic Fund’s federal information tax return for the preceding year. Certain Investors may receive additional information and reporting, which may affect their decision to request a withdrawal or redemption. In addition, Linden’s personnel may participate in monthly portfolio reviews with Investors at Linden’s discretion, which are attended by appropriate members of Linden’s investment staff. The Accounts receive on a periodic basis information related to investment activity, investment strategy, performance attribution, and risks in the portfolio. It should be noted that the Account holders have significantly greater transparency with respect to the respective Account portfolios than Investors have with respect to the Fund portfolios.

Linden (with respect to the Offshore Fund and Master Fund) and the General Partner (with respect to the Domestic Fund and Master Fund) are deemed to have custody by virtue of their status as investment manager or general partner, respectively. Linden maintains the assets of the Funds in accounts with “qualified custodians” pursuant to Rule 206(4)-2 under the Advisers Act. To ensure compliance with Rule 206(4)-2 under the Advisers Act, Linden will provide all Investors with the applicable audited financial statements of the Funds, prepared by an independent accounting firm that is registered with and subject to review by the Public Company Accounting Oversight Board, in accordance with U.S. Generally Accepted Accounting Principles, within 120 days of the end of the Funds’ respective fiscal years (i.e., generally by April 30). Investors should carefully review the audited financial statements of the Funds. Linden is of the view that it does not have custody of the Accounts’ funds or securities.

Linden has discretionary authority to manage the securities accounts of the Advisory Clients. Linden is authorized to make purchase and sale decisions for the Advisory Clients. As explained in Item 8 above, each Fund’s investment strategy is set forth in detail in such fund’s offering memorandum. Investors do not have the ability to impose limitations on Linden’s discretionary authority. Prospective Investors are provided with an offering memorandum prior to their investment and are encouraged to carefully review the offering memorandum, along with all other relevant offering materials, and to be sure that the proposed investment is consistent with their investment goals and tolerance for risk. Prospective Investors should also consult with their legal, tax, or other advisors prior to making any investment. Prospective Investors must also execute a subscription agreement, in which they make various representations, including representations regarding their suitability to invest in a high-risk investment pool. Each of the holders of the Accounts has delegated Linden with authority to trade the Account. Each of the Accounts has placed certain restrictions on Linden’s trading and investment discretion.

Except with respect to certain matters relating to the Accounts, Linden has authority to vote proxies related to securities owned by the Advisory Clients. Linden understands and appreciates the importance of proxy voting. Linden votes proxies in the best interests of Advisory Clients and Investors (as applicable) and in accordance with its policies and procedures for voting proxies. The general policy is to vote proxy proposals, amendments, consents or resolutions relating to client securities in a manner that serves the best interests of the Advisory Clients, as determined by Linden in its discretion, taking into account the following factors: (i) the impact on the value of the investments; (ii) the anticipated associated costs and benefits; (iii) the continued or increased availability of portfolio information; and (iv) industry and business practices. In limited circumstances, Linden will refrain from voting proxies where it believes that voting would be inappropriate taking into consideration the cost of voting the proxy and the anticipated benefit to the Advisory Clients. Linden’s Advisory Clients and Investors (as applicable) may obtain information about how Linden voted proxies and a copy of Linden’s proxy voting policies and procedures upon request by contacting the General Counsel/Chief Compliance Officer at sahn@lindenlp.com or (646)-840-3500. The Account holders may elect to be responsible for voting the proxies related to their account.

Linden is not currently aware of any financial condition that is reasonably likely to impair its ability to meet contractual commitments to its Advisory Clients.

CLIENT PRIVACY NOTICE Your privacy is very important to us. This privacy notice sets forth our policies with respect to nonpublic personal information of our current, prospective and former investors (henceforth “investors” or “you”). These policies apply to individuals and individual retirement accounts only and may be changed at any time, provided a notice of such change is given to you. We may obtain personal information about you, such as your address, telephone number, e-mail address, social security or other identification numbers, account numbers, assets and income information, (i) in the Fund's Subscription Agreement and related documents, (ii) in correspondence and communications with you, (iii) from unaffiliated firms who assist Linden in servicing your account, or (iv) through transactions in the Fund. Regarding visitors to our website, we do not use cookies or otherwise obtain any user information. Linden may use personal information about you (i) to provide advisory services, (ii) to communicate information to/with you about your account, (iii) to provide you with information about Linden’s products and services, and (iv) to respond to any correspondence we receive from you. We may disclose any of this personal information to our affiliates and to unaffiliated firms who need this information to assist Linden in servicing your account, such as, (i) administrators, (ii) attorneys, (iii) accountants, (iv) compliance consultants and (v) auditors. We may also disclose any of this personal information to companies that perform marketing on our behalf or to other financial institutions with whom we have joint marketing agreements and as permitted by law or at your request or with your consent. It may be necessary, under anti-money laundering and similar laws, to disclose information about investors. We seek to carefully safeguard your private information and, to that end, restrict access to nonpublic personal information about you to those employees and other persons who need to know the information to enable the Fund to provide services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information. For purposes of the European Union General Data Protection Regulation, the controller is Linden Advisors LP, which is located at 590 Madison Ave., 32nd Floor, New York, NY 10022. The information Linden collects from you will be processed and stored at a destination outside of the European Economic Area. By submitting your personal information to Linden or by agreeing to provide this information to Linden, you agree to this storing and processing. For purposes of the Bermuda Personal Information Protection Act (2016) (“PIPA”), the Privacy Officer is Saul Ahn. Under PIPA, “personal information” includes information about current and former Linden employees that is used or shared in Bermuda. Linden’s policies with respect to this information are the same as described above. Linden may obtain information about employees through (i) employment agreements, (ii) other onboarding documents, or (iii) review of correspondence and communication. For California residents, in the preceding twelve months, we may have disclosed personal information of the type and in the manner described above. We have not sold any personal information in the preceding twelve months. We will also release information about you if you direct us to do so, if compelled to do so by law or in connection with any government or self-regulatory organization request or investigation. To request this information or to request that such information is not used for any particular purposes, you can contact us at:

Compliance Department Linden Advisors LP 590 Madison Avenue, 32nd Floor New York, NY 10022