LMR Partners LLP

LMR Partners LLC is a Delaware limited liability company formed in 2017 (hereinafter “LMR US,” “we”, “us”, “our” or the “Firm”) with its principal place of business in New York, and which under an agreement between LMR US and the Manager (as defined below) has discretionary authority to trade on behalf of certain private pooled investment vehicles described herein (the “Funds” or the “Clients”) managed by the LMR Investment Group (as described below). The LMR Investment Group (“LMR”) consists of the following entities:

LMR Partners (Offshore) Limited – an exempted company incorporated under the laws of the Cayman Islands (“Manager”); LMR Partners LLP – a limited liability partnership in England and Wales regulated by the Financial Conduct Authority (“UK Investment Manager”); LMR Management Services Limited – a limited company incorporated in the United Kingdom and a Corporate Member of LMR Partners LLP; LMR Partners LLC – a Delaware limited liability company registered as an investment adviser with the Securities and Exchange Commission; LMR Partners Management Limited – General Partner; LMR Partners LP – Limited Partnership; LMR Partners Limited – a limited company in Hong Kong licensed by the Securities and Futures Commission of Hong Kong (“HK Investment Manager”); LMR Partners AG – incorporated in Switzerland and regulated by the Swiss Financial Market Supervisory Authority (“Swiss Investment Manager”); LMR Partners (DIFC) Limited – incorporated in United Arab Emirates and regulated by the Dubai Financial Services Authority (“Dubai Investment Manager”); LMR Partners (Ireland) Limited – incorporated in Ireland and authorized by the Central Bank of Ireland (“Ireland Investment Manager”); Cipher Capital LP – a Delaware limited partnership and a relying adviser of the Firm with the Securities and Exchange Commission ( “Cipher”); and Wabon Partners, LP – a Delaware limited partnership, a relying adviser of the Firm with the Securities and Exchange Commission (“Wabon” and collectively with Cipher the “Relying Advisers” and collectively further with the UK Investment Manager, LMR US, the HK Investment Manager, the Swiss Investment Manager, the Dubai Investment Manager, and the Ireland Investment Manager, the “Investment Managers”).

LMR US serves as a co-investment adviser, with discretionary trading authority, to six Fund Families that are available to external qualified investors on a private placement basis as described in the relevant offering documents. Each of these vehicles is a Cayman Islands exempted company. The subscribers in the Funds are hereafter collectively referred to as the “Investors” and the shares in the Funds are referred to as the “Shares”. We do not tailor our advisory services to the individual needs of any particular Investor. We may in the future provide investment advice to one or more additional Clients. We do not currently have any managed accounts. In connection with certain investment strategies, we may retain unaffiliated third-party investment managers (“External Managers”) to manage, on a discretionary basis, portions of the Funds' assets through separately managed account arrangements. External Managers would be selected where we believe that their expertise complements our investment program, enhances the Funds' access to specific markets or strategies, or provides investment capabilities not otherwise deployed by us. Although External Managers would exercise discretionary authority over the assets allocated to them, we would retain overall responsibility for the selection, monitoring, and termination of External Managers and for the oversight of assets managed by them. The descriptions set forth in this Brochure of specific advisory services that we offer to our Clients,

investment strategies pursued, and investments made by us on behalf of our Clients, should not be understood to limit in any way our investment activities. We may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that we consider appropriate, subject to each Client’s investment objectives and guidelines. We have full discretion to trade on behalf of our Clients and there are no material limitations on the instruments in which we may invest. The investment strategies we pursue are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved. Unless otherwise indicated, the discussion of the Firm’s advisory business in this Brochure also generally includes the advisory business of the Relying Advisers. We do not currently participate in any Wrap Fee Programs. As of December 31, 2025, we advised approximately $13.7 billion in assets under management, and approximately $139.77 billion in regulatory assets under management, all of which is managed on a discretionary basis. We do not manage assets on a non-discretionary basis. While much of this Brochure applies to all of our Funds, certain information applies to specific Funds only. Please closely review the applicable governing documents with respect to, among other things, the terms, conditions and risks of investing in a particular Fund. This brochure does not constitute an offer to sell or the solicitation of an offer to purchase any securities issued by any entities described here.

The fees applicable to each Fund are set forth in detail in each Fund’s offering documents and prospective investors should review those documents carefully. A brief summary of such fees paid by the Funds are provided below. Management Fees The Investment Managers receive a monthly Management Fee from some of the Funds equal to 1/12 of the applicable Fee multiplied by the Net Asset Value of the relevant series of Shares, before deduction of that month’s Management Fee or any accrued Performance Fees. Management Fees may vary for each Fund and are explained more fully in each Fund’s offering documents. Management Fees are prorated for partial periods. Performance Compensation The Investment Managers are generally entitled to receive a Performance Fee, if any, from the Funds payable annually in arrears in respect of each calendar year (a “Calculation Period”). The Performance Fee is equal to a percentage of the appreciation in the Net Asset Value of the relevant series of Shares during the Calculation Period above the Base Net Asset Value of that series of Shares. The “Base Net Asset Value” of a series of Shares is the greater of (i) the Net Asset Value of that series of Shares at the time of issue, and (ii) the highest Net Asset Value of that series of Shares achieved as at the end of any previous Calculation Period (if any) during which such series was in issue, adjusted appropriately in respect of any redemptions of Shares of that series. The Performance Fee in respect of each Calculation Period is calculated by reference to the Net Asset Value of each series of Shares before deduction of any accrued Performance Fee. The Performance Fee is payable to the Investment Managers in arrears within 15 Business Days of the end of each Calculation Period. However, in the case of Shares redeemed, exchanged or transferred during a Calculation Period, the accrued Performance Fee in respect of those Shares is payable within 15 Business Days of the date of redemption, exchange or transfer, as the case may be. In the event of a partial redemption, Shares will be redeemed on a “first-in-first-out” basis unless the redeeming Shareholder advises a Fund’s administrator otherwise in writing. Performance Fees may vary for each Client and are explained more fully in each Client’s offering documents. From time to time, the Investment Managers, at their sole discretion and out of their own resources, may decide to rebate to intermediaries and/or Investors part or all of the Management Fee and/or the Performance Fee. Any such rebates may be applied in paying up additional Shares to be issued to the Investor or may (at the discretion of the Investment Managers) be paid in cash. In the Investment Managers’ sole discretion, the Management Fees and/or the Performance Fees may be waived, reduced or calculated differently with respect to certain Investors. Expense Pass-Through Certain Funds, in lieu of, or in addition to, a Management Fee, have agreed to utilize a full or partial “cost pass through” (“CPT”) costs and expenses model with the Investment Managers. Broadly speaking, this means that certain Funds are responsible for their own expenses, as well as for some or all of the Investment Managers’ expenses (including compensation of personnel). Pass-Through Expenses are fully disclosed within each Fund’s offering documents. These generally fall into two categories: (i) transactions carried out by the Fund or on their behalf, and (ii) expenses related to the administration of the Fund. Administration expenses may include, without limitation and subject to applicable law, the following: (a) personnel costs, such as base salaries, variable compensation, employment related costs, recruitment costs, or termination payments; (b) overhead costs, such as rent, business rates, or service charges; (c) hardware expenses, as well as depreciation and amortization such as costs of purchasing or leasing equipment; (d) data and research charges, as well as market data or licensing fees; (e) software-related expenses; (f) travel expenses, such as business, investment or sales and marketing-related travel; (g) sales and marketing fees paid to third parties; (h) professional expenses paid to service providers, including but

not limited to: finance, payroll and tax, as well as legal, compliance, or related business advisory expenses; (i) training and personnel development; (j) insurance expenses, including director and officer premiums; (k) certain compliance and regulatory costs, including regulatory filings; and (l) taxes, including corporation taxes, and other forms of entity level taxes paid to local/regional governments. These other fees and expenses, as well as dealing commissions and other non-monetary benefits, payable by the Funds are charged at normal commercial rates. Feeder funds bear their proportionate share of any fees, charges, and expenses incurred by the related master fund through their investment therein (which, in the absence of any other feeder fund or other investor in such master fund, will be all of them). Certain costs are excluded from pass-through to the Funds. Such exclusions are determined by the Investment Managers in their sole discretion and include, without limitation: Office artwork; Private business travel exceeding the value of an equivalent first-class commercial fare; Settlements with regulators, censures or penalties; Personal expenses of the Firm’s partners (e.g., entertainment, charitable contributions, or other non-business-related expenditures); and Depreciation charged on assets that were already allocated to one or more Fund(s) when purchased. There is no maximum amount of fees, charges, and expenses that will be borne (directly or indirectly) by Investors of a Fund, and the aggregate amount will depend on a number of factors, including without limitation portfolio turnover, the level of borrowings, the value of short sales and the operational and organizational requirements of a Fund. As a result, the Funds may be subject to material expenses, and these expenses will impact the performance of the Funds. Prospective Investors should carefully consider the offering of a Fund in its entirety, including the different types and aggregate amount of expenses expected to be paid and/or indirectly borne by the Fund as described further in its offering documents. Costs and Expenses Allocation Policy The policies, procedures and methodologies for incurring, accruing, allocating and charging all costs and expenses of the Investment Managers are set out in the LMR Partners Costs and Expenses Allocation Policy (“Expense Allocation Policy”). The Investment Managers have the sole discretion to determine whether or not a fee, cost, or expense constitutes an expense eligible to be expensed to the Fund. The Investment Managers seek to allocate expenses among Clients in a manner that they consider to be fair and equitable under the circumstances, based on certain estimates and assumptions that they believe to be reasonable and appropriate, and in a manner consistent with each Client’s applicable governing document. Because the Investment Managers and their affiliates have an economic incentive to allocate more expenses to a Fund operating under a Full CPT model (where they will be ultimately indirectly borne by investors instead of the Investment Managers) than to Clients that have limitations on the amount and kind of expenses that can be assessed against them and, indirectly, their investors, the Investment Managers face a conflict between their own economic interests and the economic interests of certain Clients. Accordingly, the Investment Managers will seek to allocate client-specific and shared expenses in accordance with the Expense Allocation Policy, which is intended to create, to the extent practical, a framework for effective mitigation of such conflicts. However, it may not be possible to fully or partially mitigate each such conflict, and such conflicts may not necessarily be resolved in favor of a Fund. While it is generally not possible to precisely determine the portion of a shared resource that was utilized for the benefit of a particular product, account or project, the methodologies utilized in the LMR Expense Allocation Policy are intended to establish a reasonable basis for approximating such utilization. Under the Expense Allocation Policy, it is expected that expenses will be allocated in accordance with one or more of the following methodologies: (a)

Expenses which are incurred for a specific Fund will be allocated to that Fund;

(b)

Certain shared expenses will be allocated pro rata among relevant Funds based on one or more specified metric(s), including, but not limited to:

(i) (ii) (iii) (iv) (v) (c)

Relative allocated risk capital 1; Relative trading volumes; Actual or estimated usage of a specific service or product Certain other objective and/or subjective criteria; and/or Any combination of the foregoing selected by Investment Managers.

Certain shared expenses will be allocated based on the Funds for which profits and losses are generated.

The Investment Managers may, in their sole and absolute discretion, bear any of the above expenses on behalf of the Funds, provided that no such election shall obligate them to continue to do so. The Expense Allocation Policy may be amended by the Investment Managers at any time in their sole discretion. Other Types of Fees or Expenses Other expenses may also be borne by the Funds as set forth in the offering documents or relevant investment management agreements. Neither the Investment Managers nor their employees accept compensation, including sales charges or service fees, from any person for the sale of securities or other investment products. In addition, there are limitations and caps on certain categories of expenses, all as discussed in the Funds’ offering documents.

“Risk capital” refers to the notional capital allocation assigned to each trading book.

The descriptions set forth in this Brochure of specific advisory services that we offer to Clients, investment strategies pursued, and investments made by us on behalf of our Clients, should not be understood to limit our investment activities in any way. We may offer any advisory services, engage in any investment strategy, and make any investment, including any not described in this Brochure, that we consider appropriate, subject to each Client’s investment objectives and guidelines. We have full discretion to trade on behalf of our Clients and there are no material limitations on the instruments in which we may invest. The investment strategies we pursue are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved. As a result, an investor could lose all or a substantial amount of their investment. The following summary identifies the material risks related to our significant investment strategies and should be carefully evaluated before making an investment with us; however, the following does not purport to identify all possible risks of an investment with us or provide a full description of the identified risks. Investors and potential Investors in the Funds should refer to the offering documents for the relevant Fund for a further discussion of the applicable risks. Investment Objective The following is a summary of the investment strategies and methods of analysis employed by us on behalf of our Clients. Certain Clients pursue only some of these investment strategies. Our investment objective is to seek to achieve capital appreciation with an absolute return focus. We aim to achieve this objective by investing in securities and other financial instruments on a global basis. Investment Philosophy Our investment philosophy is to exploit relative value opportunities across a range of asset classes, regions, and horizons with a view to building a diversified investment portfolio with a low correlation between separate strategies and achieving absolute returns with a low correlation to markets. Investment Strategies – Multi-Strategy We deploy capital across a diverse selection of mostly market-neutral investment strategies spanning a variety of asset classes, regions, and horizons. We aim to balance capital across sub-strategies focused on exploiting inefficiencies within fixed income, equities, credit, volatility, and risk arbitrage / event driven markets. Each of these divisions or asset classes is overseen by a dedicated Product Head. Sub-strategies within the Funds are run by expert portfolio managers and trading teams, with each of these groups working independently, effecting investments for their own separate investment portfolio. Trading teams managing separate sub-strategies may be led by one or more lead portfolio managers and work collaboratively within their team on investments for such portfolio. Such collaborative teams and their portfolios are, however, functionally segregated from other portfolio managers and trading teams. All portfolio managers and trading teams are overseen by a formal Risk Committee comprised of Product Heads and a Chief Risk Officer. As a result of the functional segregation of portfolio managers and trading teams and as an inherent facet of our multi-strategy approach, such teams may take opposing positions in the same investments or securities, notwithstanding that such trading positions have been effected for the same overall portfolio. Investment Strategies – Global Fixed Income We take discretionary views on a range of factors in global fixed income markets and related products, adopting a relative value approach to portfolio construction. We believe that a disciplined search for value, combined with a focus on quality and liquidity factors in fixed income markets, can lead to superior riskadjusted returns with minimal risk and drawdowns. We target specific catalysts such as central bank actions, auctions, seasonals, economic data, and contract expiries to realize value in our positions. We

believe that our focus on quality and liquidity factors will allow us to outperform in stressed market environments. Investment Strategies – Convertible & Capital Structure Arbitrage We target returns on a predefined time horizon through fair value convergence and asymmetric implementation of catalyst driven trades. The strategy aims to capture mispricing within a predefined time frame, through “cheapness extraction.” Material, Significant or Unusual Risks Relating to Investment Strategies and Risks Associated with Particular Types of Securities or Sectors The Risk Committee has adopted risk policies for the Funds, which include, inter alia, concentration, liquidity and stop-loss limits relevant to that Fund’s trading strategy. However, as with any investment, the Funds’ investment strategies have the potential for complete loss of capital. We have created a Risk Policy to express our core risk management philosophy through a set of procedures and limits. The Risk Policy represents the minimum set of risk limits applicable to a given Fund and seeks to ensure risk discipline throughout the investment process. All rules and risk limits for the Funds are agreed between the Risk Committee and the Portfolio Managers on a periodic basis. The risk limit framework has been designed to capture the risks and exposures of the portfolio whilst retaining sufficient flexibility for the Funds to dynamically adapt to ever-changing market conditions. The Risk Committee is responsible for ensuring that the Funds are trading within the risk parameters set out in the Risk Policy. The Risk Committee meets on a bi-weekly basis to review:

Market Risk Exposures

Counterparty Risk Exposures

Liquidity & Initial Margin

Performance

Capital Allocation

Risk Limits

Risk Model & Methodology Updates

New Product Approvals

Risk of Loss Factors Risk management and portfolio construction are core to our investment philosophy. We believe that monitoring Value at Risk alone is not sufficient, and therefore we monitor the portfolio continually for exposures to a range of factors, including single assets, single factors, and total portfolio size. We consider liquidity of the Fund to be important and generally aim to construct the portfolio such that investments can be implemented and unwound with minimal market impact. Borrowing and Leverage We may employ leverage in circumstances where we deem it appropriate to do so in pursuit of the relevant Fund's investment objective, philosophy, and strategies. Leverage may be obtained by borrowing funds from brokerage firms, banks and other financial institutions, including through margin lending agreements, collateralized borrowing and securities lending, and through the use of futures, forwards, contracts, options and other derivative instruments, and non-fully funded instruments. In each case, leverage may be obtained on a secured or unsecured, and collateralized or uncollateralized basis. Leverage obtained through borrowing is obtained from the relevant lender; leverage obtained through the use of derivatives and other non-fully funded instruments is obtained from the relevant counterparty. The use of leverage creates special risks and may significantly increase investment risk. Leverage creates

an opportunity for greater yield and total return but, at the same time, will increase exposure to capital risk and interest costs. Any investment income and gains earned on investments made through the use of leverage that are in excess of the associated interest costs may cause the Net Asset Value of the Shares to increase more rapidly than would otherwise be the case. Conversely, where the associated interest costs are greater than such income and gains, the Net Asset Value of the Shares may decrease more rapidly than would otherwise be the case. Below Investment Grade Securities We may invest in “high yield” debt securities that are rated below “investment grade” by various credit rating agencies (or in comparison to other non-rated instruments). They are subject to uncertainties and are exposed to adverse business, financial, or market conditions which could lead to the issuer’s inability to make timely interest and principal payments. The market values of such securities tend to be more sensitive to individual corporate developments and general economic conditions than those of higherrated securities. Collateral and Asset Re-use Arrangements Our collateral and asset re-use arrangements vary according to the identity of the trading counterparty or broker. We may from time to time be required to deliver collateral to our trading counterparties or brokers (including, but not limited to, the prime brokers and custodians) under the terms of the relevant agreements (including, but not limited to, ISDA master agreements, global master securities lending agreements, credit support documentation or securities lending, repurchase, foreign exchange or futures clearing agreements) by posting initial margin or variation margin on a daily mark-to-market basis. We may deliver such collateral by way of title transfer or by way of security interest (and in certain circumstances may grant a right of re-use of such collateral) to a trading counterparty or broker. The treatment of such collateral varies according to the type of transaction and where it is traded. There are generally no restrictions on the re-use of collateral by trading counterparties and brokers. Investment through Other Vehicles We may invest in other funds or vehicles which are managed or co-managed by the Manager, one or more Investment Managers or one of their affiliates, or by an unaffiliated third-party. Any fund or vehicle in which we may invest may be open-ended or closed-ended, listed or unlisted, and may employ leverage. Subject to the arrangements relating to the management fee and performance fee for funds and vehicles managed by the Manager, one or more Investment Managers or one of their affiliates, the Fund will be subject to the costs and expenses of operating any such fund or vehicle. To implement our investment strategy in an efficient manner we may invest indirectly through trading subsidiaries where it is considered that this would be commercially or tax efficient or provide a practicable means of access to a particular security. Availability of Investment Strategies Our success depends on our ability to identify overvalued and undervalued investment opportunities and to exploit price discrepancies in the financial markets, as well as to assess the import of data that may affect financial markets. Identification and exploitation of the investment strategies involves a high degree of uncertainty. No assurance can be given that we will be able to locate suitable investment opportunities in which to deploy assets or to exploit discrepancies in the securities and derivatives markets. A reduction in liquidity or the pricing inefficiency of the markets in which we seek to invest, as well as other market factors, will reduce the scope for our investment strategies.

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We provide discretionary investment advice to private investment pools, as described in Item 4 above. However, we may in the future provide investment advice to one or more additional Clients. Generally, the minimum initial investment in the Funds is $1,000,000 USD. However, the Manager or the Investment Managers may, in their discretion, accept smaller initial investments from time to time.

We and our investment personnel provide investment management services to multiple portfolios for multiple Clients and are entitled to be paid performance-based compensation by such Clients. Such performance-based compensation may create an incentive for us to make investments that are riskier or more speculative than would be the case in the absence of such performance-based compensation arrangements. In addition, certain Clients may have higher management fees or more favorable performance-based compensation arrangements than other Clients or have management fees or performance-based compensation arrangements providing for payment to us at different times or over different time intervals. When we and our investment personnel manage more than one Client, a potential exists for one Client to be favored over another Client. We and our investment personnel have a greater incentive to favor Clients that pay us (and indirectly our investment personnel) higher fees, performancebased compensation, or compensation that is paid at different times or over different time intervals. We employ a wide range of investment objectives and strategies for our Clients. These differing objectives and strategies raise potential conflicts of interest. Certain Clients have investment objectives and investment strategies similar to, or overlapping with, those of other Clients and certain other Clients have investment objectives and strategies that are dissimilar to other Clients. While it is anticipated that the Clients will trade pari-passu with respect to some of their investments, even if a Client has investment objectives, programs or strategies that are similar to those of another Client, we may give advice or take action with respect to the investments held by, and transactions of, one Client that differs from the advice given or the timing or nature of any action taken with respect to the investments held by, and transactions of, the other Client. Such differences might result from various factors deemed relevant by us on a caseby-case basis, including, without limitation, investment objectives, strategies, guidelines, restrictions, risk tolerances, tax status, and other criteria. For example, we may buy a security for one Client while selling that same security for another Client. In addition, we may cause one Client to buy a particular security “long” and another Client to sell that same security short. When we cause our Clients to take opposite positions with respect to a particular security or investment, actions taken by us for one set of Clients may disadvantage other sets of Clients. If a particular investment is suitable for multiple Clients, we will seek to allocate the available investment among these Clients in a manner which we believe is fair and equitable under the circumstances. In general, such allocations will be made using a pre-determined pro-rata allocation methodology based on various relevant factors including, without limitation, relative assets under management or allocated risk capital. However, pro rata allocation may not be possible or appropriate in all instances, and allocations may differ for a variety of reasons including: (i) the investment strategy, including any sector concentrations; (ii) the amount of capital available for investment and the amount of capital allocated by the account to this type of investment; (iii) the investment objectives, guidelines, or restrictions of a Client; (iv) the current composition of a Client; (v) the need to ramp up or rebalance a portfolio; (vi) risk management considerations and operational constraints; (vii) the need to avoid a de minimis allocation to one or more Clients; (viii) the need for cash to satisfy redemption requests or other obligations; (ix) tax considerations; and (x) the need to bring a Client in compliance with its investment guidelines. When a particular Client is in the process of ramping up its investment and trading strategies, we may allocate a greater portion — or the entirety — of an investment opportunity to that Client, even if the opportunity may also be suitable for other Clients. As a result, other Clients may receive reduced or no allocation of such investments. The allocation of investment opportunities among Clients may give rise to conflicts of interest, and such conflicts may not always be resolved in a manner that is advantageous to a particular Client. If an investment opportunity is available in limited quantities, we may have an incentive to allocate such opportunity to one Client over others for various reasons including, for example, where our compensationbased incentive is significantly greater with respect to one Client than another. This may lead to fewer, and less attractive, opportunities for certain Clients. We seek to mitigate such potential conflicts by relying on our internal allocation procedures that seek to ensure that Clients are treated equitably over time. When appropriate, we may, but are not required to, aggregate Client orders to achieve more efficient execution or to provide for equitable treatment among Clients, provided that such aggregation is consistent with our regulatory obligations and the terms of our investment advisory agreement with each Client for which trades are being aggregated.

We may face certain conflicts of interest in connection with the use of External Managers. External Managers may also manage capital for one or more other clients, including other investment funds or accounts, and may face conflicts in allocating investment opportunities between those clients and the Funds. We may have limited visibility into such conflicts or the allocation practices of External Managers. In addition, External Managers may receive performance-based compensation in respect of assets allocated to them by the Funds, which may create an incentive for External Managers to make investment decisions that are riskier or more speculative than those they might otherwise make in the absence of such compensation. We will seek to monitor External Manager arrangements for conflicts of interest, but there can be no assurance that all such conflicts will be identified or resolved in a manner favorable to the Funds. A Fund may invest in other funds, vehicles or accounts (“Vehicles”) which are managed or co-managed by the Manager, one or more of the Investment Managers, one of their affiliates, or an unaffiliated third-party manager, including Vehicles that are managed by third parties or affiliates in which the Manager or an Investment Manager has taken an economic interest or with whom the Manager or an Investment Manager has entered into fee sharing arrangements. Consequently, the Manager or the relevant Investment Manager may have a potential conflict of interest in such circumstances as allocating capital to such a Vehicle would benefit them financially.

As noted under Item 4 above, the Relying Advisers conduct a single advisory business with LMR US and rely upon its investment adviser registration under an umbrella registration. LMR US and Wabon are both registered with the CFTC as commodity pool operators (“CPOs”) and are members of the National Futures Association (the “NFA”). In connection with this registration, certain of our employees are registered as “Associated Persons” and “Principals” of these entities. We may, in the future, evaluate whether to rely on applicable CFTC staff no-action relief, exemptions, or other regulatory relief that could permit us to withdraw from CPO registration if available and appropriate. Any such change could reduce or eliminate certain CFTC/NFA compliance, reporting and oversight obligations applicable to us in our capacity as a CPO. If we pursue this approach, we would do so only after assessing its applicability to our business and Clients, and any change could affect the regulatory framework under which certain advisory activities are conducted. Neither LMR US nor its management persons are registered as broker-dealers, and they do not have an application pending to register with the SEC as a broker-dealer or registered representative of a brokerdealer. We do not recommend or select other investment advisers for our Clients. Subject to applicable law, the Manager, the Investment Managers and a Fund may, in their sole discretion, negotiate and enter into agreements or arrangements (“Side Arrangements”) with certain Investors including, without limitation, those deemed to involve a significant or strategic relationship, that will result in different terms of an investment in a Fund than the terms applicable to other Investors. As a result of such Side Arrangements, certain Investors may receive additional or different information, reporting, and/or other benefits which other Investors will not receive. Such information and reporting may provide the recipient greater insights into a Fund’s activities than is included in standard reports to Investors, thereby enhancing the recipient’s ability to make investment decisions with respect to a Fund and with respect to the investment of its own assets. Except as described in the offering documents of a Fund or as required by law or regulation, none of the Manager, the Investment Managers or a Fund is required to notify any or all of the other Investors of any such Side Arrangements or any of the rights and/or terms or provisions thereof, nor are the Manager, the Investment Managers, or a Fund required to offer such additional and/or different rights and/or terms to any or all of the other Investors. As a result, Investors that have entered into Side Arrangements may be able to act on additional information (for example, to request redemptions) that other Investors do not receive.

Code of Ethics LMR has adopted a “Code of Ethics” that establishes the high standard of conduct that we expect of our employees and procedures regarding our employees’ personal trading of securities. Our employees are required to certify their adherence to the terms set forth in the Code of Ethics upon commencement of employment and at least annually thereafter. Employees are required to provide quarterly certifications of compliance with certain Code of Ethics provisions. The foundation of our Code of Ethics is based upon the following underlying fiduciary principles:

Employees must at all times place the interests of Clients first; Employees must ensure that all personal securities transactions are consistent with the Code of Ethics; and Employees should not take inappropriate advantage of their position at the Firm.

Participation or Interest in Client Transactions Purchase and sale transactions (including swaps) may be effected between the Clients subject to the following guidelines: (i) such transactions will be in the best interest of all Clients, (ii) effected for cash consideration, at the current market price of the particular securities, and (iii) no brokerage commission or similar fee will be paid to the Investment Managers or any of their affiliates in connection with any such transaction. The Investment Managers expect to use a broker to execute these trades in the market but may arrange for internal cross trades directly between the relevant Clients depending on the particular circumstances. The Investment Managers are not paid any additional fee or other compensation (including broker-dealer commissions or mark-ups), in connection with these trades. The Investment Managers do not generally expect to engage in principal transactions — that is, transactions in which the Investment Managers buy securities from, or sell securities to, the Funds for their own account. To the extent the Investment Managers do engage in any such principal transactions, they will comply with the requirements of Section 206(3) of the Investment Advisers Act of 1940, as amended, which requires, among other things, that the Investment Managers provide written disclosure to, and obtain consent from, the relevant Client prior to the completion of any such transaction. LMR may solicit qualified Investors to invest in a Fund. LMR could be considered to have recommended an investment in the Fund as suitable for an Investor as a result of the relationship between LMR and the Fund. LMR will inform each Investor of its relationship with a Fund prior to the Investor’s investment, but does not intend to advise Investors as to the appropriateness of the investment and will not receive any compensation for doing so or for selling interests in a Fund (except to the extent that LMR receives Management Fees and Performance Fees from all Investors). LMR discloses potential conflicts of interest to Investors in a Fund’s offering documents. These materials are delivered to Investors prior to their investment and Investors are given the opportunity to ask questions and seek answers regarding, among other things, potential conflicts involving the Firm, its affiliates, or the executive officers of the foregoing. Personal Securities Trading LMR US’s policy regarding personal securities trading by employees (the “Personal Trading Policy”) constrains the ability of personnel to engage in personal securities trading. Under the Personal Trading Policy, employees, their spouses, immediate family members, and other dependents, are required to direct their brokers, or directly provide, duplicate copies of personal discretionary brokerage account statements to the compliance team, which are used to monitor compliance with the Personal Trading Policy. Employees must obtain pre-approval from the compliance team before: (i) effecting any personal trades in covered securities; (ii) engaging in any outside business activities that may present a conflict with the employees’ duties at the Firm; or (iii) making any private investments, other than investments in Client

accounts. We will provide a copy of our Code of Ethics policy to our Investors, or any prospective Investor or Client, upon request.

We are authorized to determine the broker-dealer to be used for executing securities transactions for the Funds. The Funds’ securities and other assets are held in securities accounts at our prime brokers that are qualified custodians. Best Execution We have a duty to obtain best execution for our Clients and accordingly have adopted a Best Execution Policy, which sets forth the criteria considered when selecting a broker-dealer. In fulfilling this obligation, we will take all sufficient steps to achieve the best possible result for each Client, taking into account the following factors:

Price; Costs; Speed; Likelihood of execution and settlement, including the creditworthiness of the venue and the quality of any related clearing and settlement facilities; Size and nature of the order, including whether it is to be executed on a regulated market or over-thecounter; Liquidity of the relevant market; and Any other consideration relevant to the execution of the order, including whether the executing broker is providing services to us beyond merely trade execution.

These factors will be considered and prioritized in light of the following execution criteria:

Investment objectives and policy; Risks specific to the Client; Characteristics of the order; Characteristics of the financial instruments or other assets that are the subject of the order; and Characteristics of the broker-dealers and/or execution venues to which that order can be directed.

In selecting broker-dealers, we are not required to solicit competitive bids and do not have an obligation to seek the lowest available commission cost. We may select a broker-dealer that charges commissions in excess of those that another broker-dealer might have charged for effecting the same transaction, provided that we make a good faith determination that the amount of the commission is reasonable in relation to the value of the brokerage and research services received, viewed in terms of either the specific transaction or our overall responsibility to our Clients. We may also consider, in selecting broker-dealers, the provision of additional services such as research, capital introduction, marketing assistance, general market commentary, economic and industry information, trading advice, issuer commentary, technical data, investment recommendations, and the arrangement of meetings with issuer management. The provision of such services by a broker-dealer creates a potential conflict of interest, as it may create an incentive for us to select that broker-dealer on the basis of services received rather than solely on the basis of execution quality. We manage this conflict through the oversight procedures set forth in our Best Execution Policy. Any research or other services provided by a broker-dealer may benefit one or more Clients, and such benefits may not be proportionate to the commission dollars generated by each Client. Neither LMR nor any related person receives Client referrals from any broker-dealer or third party. Soft Dollars We do not currently utilize soft dollars generated by Fund trading activities to acquire brokerage or research services or products. In the event we determine to utilize soft dollars in the future, any such arrangements will be structured to fall within the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934, as amended, and in accordance with prevailing SEC guidance regarding the scope

and application of that safe harbor.

We do not receive economic benefits from non-Clients for providing investment advice and other advisory services. Neither we nor any of our related persons directly or indirectly compensates any person who is not a supervised person, including placement agents, for Client referrals.

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

Our portfolio managers and investment professionals continuously monitor and analyze the transactions, positions, and investment levels of the Funds to ensure that they conform to the investment objectives and guidelines that are stated in the relevant Fund’s offering documents. In these reviews, we pay particular attention to any changes in investment fundamentals, overall risk management, and changes in the markets that may affect price levels. Account Reporting We perform various periodic reviews of each Fund’s portfolio in conjunction with the Fund’s administrators. We will distribute annual audited financial statements with respect to the previous fiscal year to all Investors within 120 days of the relevant Fund’s fiscal year end. We also may distribute other interim reports to Investors as described in a Fund’s offering documents.

Rule 206(4)-2 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) (and certain related rules and regulations under the Advisers Act) imposes certain obligations on registered investment advisers that have custody or possession of any Funds or securities in which any Client has any beneficial interest (“Custody Rule”). An investment adviser is deemed to have custody or possession of Client funds or securities if the adviser directly or indirectly holds Client funds or securities or has the authority to obtain possession of them. We intend to comply with the Custody Rule, for all funds advised by LMR US, by meeting the conditions of the pooled vehicle annual audit provision. Upon completion of the relevant Fund’s annual audit by an independent auditor registered with, and subject to inspection by, the Public Company Accounting Oversight Board (PCAOB), we will distribute the Fund’s audited financials to Investors within 120 days of the Fund’s fiscal year end.

We have full discretionary authority over the Funds, including authority to make decisions with respect to which securities to be bought and sold, as well as the amount and price of those securities, in accordance with the investment management agreements with the Funds. Our investment decisions and advice with respect to the Fund are subject to the Fund’s investment objectives and guidelines, as set forth in the applicable offering documents. Please refer to Item 5 for more information on our investment allocation and related procedures. We may, in our sole discretion, offer co-investment opportunities in a Client investment to certain Investors, third parties, or members of the Investment Managers and/or their affiliates. When offering a co-investment opportunity to a particular third-party, we may consider a variety of factors, including, but not limited to, whether: (i) the co-investor may provide strategic value to the Investment Managers or Clients in relation to, among other things, legal, tax and regulatory matters, based on the Investment Managers’ prior experience with the co-investor (if any); and (ii) such third-party has previously expressed an interest in participating in co-investment opportunities. In each case, the terms relating to the coinvestor’s acquisition of such Client investment will be no more favorable than the terms offered to a Client with respect to its acquisition of the same Client investment made concurrently. We and/or our affiliates may permit employees, consultants or partners to “co-invest” alongside Clients in certain investments in an effort to further align their interests with those of Investors. As a result of their participation in these co-investments, third-party co-investors may not be able to invest as much in a particular limited capacity investment as would be the case if such persons were not permitted to co-invest in these opportunities. Further, such co-investments are expected to be made in certain transactions but not all transactions as determined on a case-by-case basis, and accordingly, we and/or our affiliates may have an incentive to concentrate such capital in transactions that we view as most favorable. Co-investment opportunities may be effected through limited partnerships, exempted companies or other entities formed to effect such co-investments (“Co-Investment Funds”). Management fees and incentive compensation arrangements imposed upon a Co-Investment Fund or another co-investor in a Client investment may, in our sole discretion, vary from the Management Fee and the Performance Fee payable by the Investors. We will be entitled to retain all of the management fees and incentive compensation that we receive from any such Co-Investment Funds and neither the Clients nor any Investor will have any economic interest in such management fees or incentive compensation.

Pursuant to the Advisers Act’s Proxy Voting Rule, we have adopted proxy voting policies and procedures (the “Proxy Voting Policy”). The general policy is to vote proxy proposals, amendments, consents, or resolutions (collectively, “Proxies”) in line with management recommendations. Clients may not direct our vote in a particular solicitation. We may refrain from voting Proxies where we believe the voting of a given proxy to be irrelevant to the investment decision, where the costs associated with voting outweigh the anticipated benefits to our Clients, where we determine that doing so would be in the best interests of our Clients, or where voting is otherwise impractical or unnecessary for any other reason. Accordingly, we may not vote proxies in connection with quantitative or systematic strategies, which involve a high volume of trading and short holding periods, as the success of such strategies does not depend on the outcome of proxy contests and the potential benefits would be outweighed by the associated costs. We retain the right to vote proxies in connection with such strategies in the future should this determination change. We may also abstain from voting specific proxies for non-quantitative strategies where we determine that doing so would be in the best interests of our Clients. Conflicts of interest may arise between our interests and those of our Clients, or between the interests of two different Clients. If we determine that we may have, or be perceived to have, a conflict of interest when voting Proxies, we will vote in accordance with our Proxy Voting Policy, which addresses such conflicts. Clients may obtain a copy of our Proxy Voting Policy by written request to compliance@lmrpartners.com. We will generally participate in class action claims on behalf of our Clients when we determine, in our sole discretion, that doing so would be in the best interest of such Clients. We utilize a third-party service provider to assist in class action claim filings and settlement processing.

We are not required to include a balance sheet for our most recent fiscal year, are not aware of any financial condition reasonably likely to impair our ability to meet contractual commitments to Clients and have not been the subject of a bankruptcy petition at any time during the past ten years.