MOORE CAPITAL MANAGEMENT, LP

Moore Capital Management, LP (“Moore Capital Management”) is a Delaware limited partnership that, with its predecessor firm, has been in the investment management business since 1989. Moore Capital Management is principally owned indirectly by Louis Moore Bacon. Mr. Bacon also serves as Chairman and Chief Executive Officer of Moore Capital Management. Moore Capital Management, together with certain of its investment adviser affiliates (collectively, “Moore Group”), provides investment management services on a discretionary basis to U.S. and nonU.S. privately-offered investment funds sponsored by Moore Group (we refer to these funds collectively as the “Moore Funds”). This brochure, particularly Items 5, 6, and 8, provides information based on Moore Group’s management of the Moore Specialty Credit Fund III, LP, Moore Specialty Credit Master Fund III, LP, Moore Specialty Credit Fund III (Offshore), LP (together with Moore Specialty Credit Fund III, LP , the “Feeder Funds”) and Moore Specialty Credit Master Fund III (Offshore), LP (together with Moore Specialty Credit Master Fund III, LP, the “Master Funds”). We sometimes refer to the Feeder Funds and the Master Funds together as the “Fund.” Other Specialty Credit Funds managed by Moore Group are closed to new investors, and information specific to them is available in their respective governing documents (defined below). Moore Group generally effects the specialty credit strategies through a “master-feeder” fund structure whereby an “onshore” fund and an “offshore” fund invest substantially all of their assets as “feeder funds” into an offshore master fund and an onshore master fund. For convenience, we will sometimes refer to each feeder fund, and the master fund(s) in which it invests, as a “Specialty Credit Fund” and collectively as the “Specialty Credit Funds.” With respect to any particular investment, an onshore Specialty Credit Fund and an offshore Specialty Credit Fund will invest through the appropriate master fund depending upon the tax characteristics of the investment. Investors in either the onshore or offshore Specialty Credit Fund will share in the returns of both master funds. The General Partner expects that many of the Specialty Credit Funds’ investments will be made through special purpose vehicles owned by the master funds such that each investment will be owned by a distinct bankruptcy remote vehicle. The General Partner believes that this structure will allow the Specialty Credit Funds to finance their investments on a stand-alone basis without impacting other investments. Moore SC Fund GP III, LP, serves as the General Partner of the Fund, and Moore ABS Fund GP, LP and Moore SC Fund GP II, LP, serve as the General Partners of the other Specialty Credit Funds and will make all investment and disposition decisions for the Specialty Credit Funds. Each General Partner is an affiliate of Moore Capital Management. Each General Partner will delegate certain aspects of the management of the Specialty Credit Funds to Moore Capital Management, provided that the management and the conduct of the activities of the Specialty Credit Funds shall remain the ultimate responsibility of the respective General Partners, and all decisions relating to the selection and disposition of the Specialty Credit Funds’ investments shall be made exclusively by the respective General Partners. As of December 31, 2025, Moore Group had approximately $23,697,886,000 in regulatory assets under management, all managed on a discretionary basis.

Moore Group’s management of each Specialty Credit Fund, and the terms of any investor’s investment in a Specialty Credit Fund, are governed exclusively by the terms of that Specialty Credit Fund’s organizational documents, private offering memorandum or other disclosure documents, limited partnership agreement (if any), investment management agreement, and subscription agreement (the “governing documents”). All discussions in this brochure of the Specialty Credit Funds, their investments, the strategies Moore Group uses in managing the Specialty Credit Funds, and the fees associated with an investment in the Specialty Credit Funds are qualified in their entirety by reference to the Specialty Credit Funds’ governing documents. This brochure and the material contained herein is not meant to be, nor shall it be construed as, an offer or solicitation of an offer for the purchase or sale an interest in the Specialty Credit Funds. Information about Moore Group’s management of other private investment funds (“Other Funds”) is available in a separate brochure. The Specialty Credit Funds and Other Funds are sometimes referred to in this brochure collectively as the “Funds.”

Moore Group’s fees are set forth in the respective Specialty Credit Fund’s governing documents and are explained in detail in the respective Specialty Credit Fund’s private offering memorandum. Moore Group does not have a fee schedule Management Fee. Moore Capital Management receives an annual management fee, payable by the Fund. During the investment period, each of the Master Funds will pay Moore Capital Management a management fee at an annual rate equal to 1.5% of the total capital contributions to such Master Fund as of the relevant payment date, payable quarterly in advance. After the investment period, the management fee will be equal to 1.5% of the cost basis of investments at the relevant payment date, payable quarterly in advance. For purposes of the management fee calculation, any indebtedness incurred by a Master Fund in lieu of a drawdown of capital commitments that is secured by remaining capital commitments shall be treated as capital contributions Notwithstanding the foregoing, the General Partner may afford particular limited partners more favorable terms with respect to management fees pursuant to a special management fee arrangement between such limited partner and the General Partner. It is expected that any amounts attributable to investment by Mr. Bacon, the General Partner, Moore Capital Management, their affiliates and certain related persons (including officers and employees of Moore Capital Management) will not be subject to the management fee. Organizational Expenses. The Fund will bear all costs and expenses directly or indirectly incurred in connection with the formation and organization of, and sale of interests in, the Fund and the General Partner or otherwise relating thereto, including without limitation the organizational costs and expenses of any intermediate entity through which a Feeder Fund invests in a Master Fund, as determined in good faith by the General Partner, including placement fees and out-of-pocket legal, accounting, printing, travel, filing fees and expenses, marketing expenses and the fees and expenses of meeting with actual or

potential limited partners, up to an amount not to exceed $1 million. Organizational expenses in excess of this amount will be paid by Moore Capital Management. Other Expenses. Moore Capital Management will pay all normal operating expenses incidental to the provision of the day-to-day administrative services to the Fund, including its own overhead. To the extent practicable, third-party costs will be charged to portfolio investments. Except to the extent paid by an issuer of a portfolio investment or any other person (except the General Partner, Moore Capital Management or their affiliates), the Fund will pay the fees, costs, expenses and liabilities that are incurred by or arise out of the operation and activities of the Fund, as determined by the General Partner in its sole discretion, including but not limited to: (a) the management fee; (b) the fees and expenses relating to consummated investments, unconsummated investments (including any broken-deal expenses, reverse break-up fees and expenses and costs that would have been allocable to co‐investors had such proposed transaction or investment been consummated, if the amount allocable to such co‐investors is not paid by such parties) and temporary investments, including (i) the investigation, evaluation, acquisition, holding, servicing, development and disposition thereof, and including any management fee or incentive or performance-based fee charged at the level of an investment, in each case to the extent that such fees and expenses are not reimbursed by an investment or other third person, (ii) any travel (including the cost of first class or business class commercial airfare and other air travel), car or ride sharing services, other modes of transportation, meals, lodging and entertainment, and other meals and entertainment relating to any of the foregoing, including in connection with consummated and unconsummated investment and disposition opportunities, (iii) the cost of third party servicers, if any, engaged by Moore Capital Management or the Fund to provide services in respect of the Fund’s investments, (iv) all costs incurred in connection with, related to, or arising from the performance of sponsor activities, including all costs of organizing, structuring, and underwriting securitization transactions or vehicles) and (v) expenses related to exiting investments, including sourcing, evaluating and executing sales of investments or senior or subordinate interests therein, securitizations, refinancings or secondary sales of investments (even if such disposition or exit is not consummated); (c) fees, costs and expenses relating to sourcing partners (including amounts paid to sourcing partners or fees and expenses incurred in establishing or entering into relationships with sourcing partners); (d) interest on and fees and expenses related to or arising from any indebtedness (including interest thereon) or financing or hedging activities of the Fund; (e) premiums for insurance protecting the Fund, any other related investment funds and any covered person from liabilities to third persons in connection with the Fund’s investment and other activities; (f) legal, custodial, administration, filing, auditing, accounting, regulatory and compliance expenses, including expenses associated with (i) the preparation of the Fund’s financial statements, tax returns and Schedule K-1s, as applicable, and the representation of the Fund or its respective partners by the “partnership representative”, as applicable, including expenses paid or incurred in connection therewith and other regulatory or other filings with national, state, provincial or local regulatory authorities in any country or territory, and (ii) the Fund’s compliance with any U.S. federal, state, local, non-U.S. or other law, rule or regulation including FATCA, preparation of Forms PF and PQR and U.S. Treasury forms in each case as relates specifically to the Fund and its Investments, but excluding, for the avoidance of doubt, the costs of the Manager’s general compliance with the Investment Advisers Act of 1940 (“Advisers Act”) (such as preparation and updating of Form ADV); (g) banking, trustee, consulting, prime brokerage and other professional expenses; (h) appraisal and valuation expenses; (i) expenses related to organizing persons through or in which investments may be made; (j) costs and expenses that are classified as extraordinary expenses under generally accepted accounting principles; (k) taxes and

other governmental charges, fees and duties payable by the Fund, including charges and fees related to tax compliance and tax administration; (l) damages; (m) expenses associated with the Fund’s administration and reporting, including any partners’ meeting and the costs of reporting to the partners of the Fund and to governmental authorities with respect to such partners, the Fund or the Fund’s activities and investments; (n) costs of winding up and liquidating the Fund; (o) all annual registration fees and registered office fees and expenses; (p) expenses of market data services, analytical tools and related software systems; (q) expenses incurred in connection with the Fund’s Investor Advisory Committee, including meetings thereof; (r) costs of fulfilling the bonding requirement under ERISA (as defined below), if applicable; and (s) organizational expenses. The Fund pays brokerage commissions on its transactions at rates negotiated for it by Moore Capital Management. The Fund pays all fees and expenses incurred in relation to consummated investments, unconsummated investments (including any broken-deal expenses, reverse break-up fees and expenses and costs that would have been allocable to co‐investors had such proposed transaction or investment been consummated, if the amount allocable to such co‐investors is not paid by such parties) and temporary investments. A detailed list of such fees and expenses is set out in the Fund’s governing documents. Each Feeder Fund indirectly pays its pro rata share of the transaction costs of the Master Fund(s) in which it invests. Please see Item 12, for more information about Moore Group’s brokerage practices. In addition, to the extent the Feeder Funds and/or the Master Funds, on the one hand, and Moore Capital Management, the General Partner and/or other funds, vehicles and/or accounts managed by Moore Capital Management or an affiliate, on the other hand, incur costs or expenses that are applicable to more than one of them, Moore Capital Management and/or the General Partner will allocate such expenses among the Feeder Funds and/or the Master Funds and such other persons in a manner that Moore Capital Management and/or General Partner determines to be fair and reasonable, notwithstanding its interest in the outcome. Termination. The Fund’s investment management agreement may be terminated by the Fund or by Moore Group without penalty upon written notice. An investment management agreement may not be assigned by a party without the prior written consent of the other party or parties. Transfer and Withdrawal. Limited partners generally may not sell, transfer or pledge their interests in the Fund except as permitted by the applicable partnership agreement and with the consent of the General Partner. Limited partners generally may not voluntarily withdraw from the Feeder Funds. Portfolio Company Fees. Moore Group may charge portfolio investment directors’ fees, transaction fees, investment banking fees, monitoring fees, advisory fees, break-up fees and other similar fees. An amount equal to 100% of all such fees paid by portfolio companies that are received by Moore Group, net of any unreimbursed expenses incurred by Moore Group in connection with unconsummated transactions, will be applied to reduce the management fee otherwise payable to Moore Capital Management. Management fee reductions will be carried forward if necessary. All such fees will be allocated among the Master Funds and any related co-investing entities on the basis of capital committed by each to the relevant investment.

Each Specialty Credit Fund is managed in accordance with the investment objectives and strategies disclosed in its private offering memorandum and other governing documents. Investors and prospective investors in a Specialty Credit Fund should consult that Specialty Credit Fund’s private offering memorandum to see which methods of analysis, investment strategies and risks are most relevant to it. Because the other Specialty Credit Funds are closed to new investors, the following discussion focuses on methods of analysis, investment strategies and risk of loss pertinent to the Fund. Investment Objective The Fund has been established by the General Partner to capitalize on the Moore Specialty Credit (“MSC”) Team’s experience investing in consumer finance, small business and commercial finance, housing finance, and other assets in the private asset backed finance space since 2016. The Fund’s primary investment objective is to achieve attractive, risk-adjusted returns on capital through a combination of current income to the Fund and capital appreciation and realized profits, while minimizing the risk of loss of principal. The Fund will seek to do this by taking what the General Partner believes is an opportunistic and relative value approach to investing across the private asset backed and specialty finance markets using the investment team’s core competency in structuring, credit asset modeling, sourcing, and capital markets experience and knowledge. The Fund will primarily invest in US assets but may also invest opportunistically in non-US assets in (i) the United Kingdom, Europe and Canada and (ii) in an amount up to 10% of total capital commitments, in issuers organized and operating principally outside the United States, the United Kingdom, Europe and Canada. There can be no assurance that the Fund will achieve its investment objective or generate positive returns. Past performance is not indicative of future results. Investment Strategy Portfolio Allocation, Diversification, Targeting and Structuring The investment team believes that the Fund’s target specialty credit sectors offer much needed diversification to prospective investors’ portfolios. Since the Global Financial Crisis, credit extended from traditional sources such as banks and other financial institutions declined dramatically. This contraction provided an opportunity to private specialty lenders, notably in the corporate credit space, that flourished and attracted large amounts of institutional capital. In the investment team’s opinion, the inclusion of private asset backed finance including consumer, small business and commercial, as well as housing finance related credit risk, among others, provides much needed diversification to investors overall portfolios. Investment Process. The following is a general description of the investment team’s investment process. These steps are not necessarily followed in connection with each investment, and the process is continually evolving. In making an investment in the Fund, investors should understand that they are entrusting the

investment team to identify and implement appropriate investment strategies and techniques in respect of the Fund, including with respect to the due diligence, execution and monetization of investments.

Research and Sourcing The investment team believes that the Fund will derive competitive advantages from the prior experience and investment activities of the investment team, as well as Moore Capital Management broadly. The investment team takes a top-down approach in some cases to help identify opportunities in the private asset backed market to actively pursue. Asset Due Diligence A large part of the investment process of the Fund involves the analysis of the creditworthiness and expected performance of the borrowers as well as the collateral packages associated with the loans, receivables and assets which the investment team ultimately invests in. Originator/Operating Partner Due Diligence The investment team spends a great deal of time researching the underwriting standards of the originators from which it purchases assets or whom it lends to. The team works to ensure that the originators processes are robust and meet its high standards for borrower qualification and operational durability. Data Collection Data and data collection methods are a critical part of the process of analysis when underwriting an investment. Loan and Cashflow Modeling The investment team has developed a rigorous investment process that incorporates the most critical factors in assessing the future performance of an investment and asset, leveraging Moore Group’s proprietary modeling and analytic tool, and cash flow forecasting engine. Structuring A critical part of the investment team’s process is the structuring of a transaction. Structuring on the investment side can be as important, if not more important, than many other factors in the process both on the asset purchase and financing side of a transaction. Financing As it relates to the financing of an investment, a core part of the investment strategy for the Fund is seeking durable forms of financing for the Fund’s investment when necessary.

Assessment of Relative Value, Risk Reward and Recreation Value Assessing the relative value and overall risk reward is a critical part of the investment process. Investment Memorandum Process During the sourcing and evaluation process the investment team develops differing stages of pipeline and investment memoranda detail. Investment Decisions All transactions require the approval of the Head of the Specialty Credit Team, though decisions are expected to be made in consensus-driven portfolio and pipeline discussion meetings, happening at least on a weekly basis, in which the various members of the investment team are present. Surveillance The investment team also meets as needed to review the existing portfolios in order to review existing performance, manage at-risk investments and discuss potential exit strategies for existing transactions. Realization and Exit In general, the Fund’s strategy is constructed as a buy-and-hold. However, the investment team will evaluate each investment on a case-by-case basis as part of the investment team review and surveillance process. CERTAIN RISK FACTORS AND POTENTIAL CONFLICTS OF INTEREST An investment in the Fund involves a significant degree of risk, relating both to the types of investments contemplated by the Master Funds as well as the Master Funds’ ability to achieve their investment objectives. Before purchasing an interest in the Fund, prospective investors should carefully consider the following risk factors, as well as the other information provided in the Fund’s private placement memorandum and other governing documents. There can be no assurance that the Fund’s investment objectives will be achieved or that an investor will receive a return of its capital. As such, an investor in the Fund should have the ability to sustain the loss of its entire investment in the Fund. The following discussion does not purport to be an exhaustive explanation of all of the risks and significant considerations involved in a purchase of an interest in the Fund, and prospective investors must rely on their own examination of, and their own ability to evaluate, the nature of an investment in the Fund, including all of the risks involved in making such an investment. Prospective investors are urged to read the private placement memorandum its entirety, and each prospective investor should consult with such prospective investor’s own advisors and legal counsel before purchasing an interest in the Fund.

A prospective investor should only invest in the Fund as part of an overall investment strategy and only if the investor is able to withstand a total loss of its investment in the Fund. Prospective investors should not construe the performance of earlier investments by Moore Capital Management or any of the other investment funds managed by Moore Capital Management as providing any assurances regarding the future performance of the Fund. The fact that any of the risk factors listed below failed to occur in the past, or occurred but did not have a material adverse effect on Moore Capital Management or any of the investment funds managed by Moore Capital Management, should in no way be considered an indication that such risk factor(s) will not occur in the context of the Fund or, if they occur, that they will not have a material adverse effect on the Fund. GENERAL RISKS RELATING TO AN INVESTMENT IN THE FUND No Assurance of Achieving Investment Objectives; Risk of Loss Moore Capital Management cannot provide any assurance that it will be able to select, make and/or realize investments. There is no assurance that the Fund will be able to generate returns for its limited partners or that the returns will be commensurate with the risk of investing in the types of assets and transactions described in the Fund’s private placement memorandum. There can be no assurance that the Fund’s investment objectives will be met or that limited partners will receive a return of all their capital commitments. Therefore, a limited partner should only invest in the Fund if the limited partner can withstand a total loss of its investment. Uncertainty of Targets There can be no assurance that the target return of the Fund will be achieved. In considering the target return, prospective investors should bear in mind that such targeted performance is not a guarantee, projection or prediction and is not indicative of future results of the Fund. Actual net returns in any given year may be lower than the target return. Even if the target return is met, actual returns to investors may be lower due to expenses, taxes, structuring considerations and other factors. In addition, the target return may be adjusted at the discretion of Moore Capital Management without notice to investors in light of available investment opportunities or changing market conditions. Moore Capital Management believes that the target return for the Fund is reasonable based on a combination of factors, including the investment team’s general experience and the assessment of prevailing market conditions and investment opportunities. There are, however, numerous assumptions that factor into the target return that may not be consistent with future market conditions and that may significantly affect actual investment results. Such assumptions include, but are not limited to: (i) Moore Capital Management’s ability to adequately assess the risk and return potential of investments; (ii) the availability of suitable investment opportunities; and (iii) various measurements and parameters relating to Moore Capital Management’s expected outlook for certain global and local economies, markets and asset classes. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in calculating the target return have been stated or fully considered. Prospective investors reviewing the target return contained herein must make their own determination as to the reasonableness of the assumptions and

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Moore Group provides investment advice to the Specialty Credit Funds based on each Specialty Credit Fund’s particular investment objectives and policies as described in the Specialty Credit Fund’s private offering documents. Investors in the Specialty Credit Funds may include high net worth individuals, trusts, pension and profit sharing plans, charitable organizations, and corporations and other institutional investors. Certain Specialty Credit Funds may not be available to U.S. investors, or may limit the number and/or type of U.S. investors they will accept. A Specialty Credit Fund that accepts U.S. investors will require that any U.S. investor certify that they are an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended, and a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940. The Specialty Credit Funds also may impose qualification requirements with respect to non-U.S. investors. Investors in the Specialty Credit Funds generally are required to meet certain conditions. The minimum capital commitment for a limited partner in the Specialty Credit Funds is $10 million, although the General Partner may accept capital commitments of lesser amounts in its discretion. A Specialty Credit Fund may require investors to meet other qualifications as well, such as net worth, investment sophistication, and country of residence as well as completing the required subscription agreement. Interests in certain Specialty Credit Funds may not be available to investors in certain markets. In addition, Moore Group provides investment research services to third party investment managers. The provision of investment research services is generally limited to investment managers that previously were affiliated with Moore Group.

The net proceeds attributable to the disposition of a portfolio investment, distributions in kind of securities, and any dividends, interest or other income received with respect to a portfolio investment,

are distributed first to all partners participating in the portfolio investment (unless the General Partner elects to reinvest them, as provided in the Fund’s governing documents) in an amount equal to such partners’ aggregate capital contributions plus a preferred return. After that, the General Partner will receive a carried interest in the amount of 20% of the excess of (i) the cumulative distributions made to such partner and to the General Partner in respect of such partner over (ii) the capital contributions of such partner, plus 20% of the amount of any distributions above that. Notwithstanding the foregoing, the General Partner may afford particular limited partners more favorable terms with respect to carried interest arrangements pursuant to a special arrangement between such limited partner and the General Partner. No carried interest will be assessed relative to the capital commitments of the General Partner or with respect to certain investments by persons affiliated with or controlled by Moore Capital Management, including Mr. Bacon. Moore Group does not currently manage any funds or other accounts that pay only a management fee. However, Moore Group may, in its discretion, manage other funds or accounts with higher or lower fees, and different fee structures, than the Fund.

In light of internal Moore Group restructuring, many Moore Capital Management employees are now employed by its affiliate Moore Capital Management, LLC (“MCM LLC”). MCM LLC provides services to Moore Capital Management. Moore Capital Management also serves as investment adviser and may serve as commodity trading advisor to the Moore Funds. In addition, Mr. Bacon is a registered commodity trading advisor, and certain of our management persons are registered as associated persons or listed as principals of Moore Capital Management and/or one or more of the affiliated commodity trading advisors or commodity pool operators listed below. Moore SC Fund GP III, LP is an affiliate of Moore Capital Management. It serves as General Partner of the Fund and receives any carried interest distributed by the Fund. Moore ABS Fund GP, LP is an affiliate of Moore Capital Management. It serves as General Partner for one of the other Specialty Credit Funds and receives any carried interest distributed by such Specialty Credit Funds.

Moore SC Fund GP II, LP is an affiliate of Moore Capital Management. It serves as General Partner for one of the other Specialty Credit Funds and receives any carried interest distributed by such Specialty Credit Fund. Certain of Moore Group’s related persons are registered commodity pool operators and/or commodity trading advisors. These entities are the following:  

Moore Capital Advisors, L.L.C. (“MCA”), the general partner of Moore Capital Management, is a registered commodity pool operator and commodity trading advisor. Moore Financial Services, Inc., a related person of Moore Group, is a registered commodity pool operator.

General. Moore Group seeks to provide fair and equitable treatment to all of its Funds and, as described below, has personal account dealing policies and procedures in place as well as other policies and procedures designed to minimize potential conflicts of interest. Nonetheless, Moore Group and its affiliates and their principals and employees (collectively, the “Moore Group Parties”) may invest for their own accounts. When any of the Moore Group Parties invests for their proprietary accounts, they may or may not invest in parallel with the Funds. Any of the Moore Group Parties at times may invest their proprietary accounts by employing different investment strategies, investing in private equities, effecting a different number of contracts, utilizing a different degree of leverage, testing new markets, conducting experimental investments to test new methods or variations of basic investment methods and strategies, and by using markets which any of the Moore Group Parties judge to be too illiquid or volatile for investment by the Funds. Moreover, any of the Moore Group Parties at times may take positions in their proprietary accounts that are the same as or the opposite of those taken by the Moore Group on behalf of the Funds, including the account of the Fund or one of the other Specialty Credit Funds. When any of the Moore Group Parties place the same or similar orders at or about the same time for the Funds and proprietary accounts, Fund orders generally will be filled first, except for Side by Side Accounts as defined in applicable offering documents. The difference in timing of orders, however, may result in some accounts, including proprietary accounts, receiving better prices than other accounts. Although the Moore Group Parties do not seek preferential brokerage commission rates for proprietary investments, it is possible that proprietary investments may be charged brokerage commission rates that are lower than the rates that the Funds normally will be charged by their brokers. In light of the foregoing, proprietary accounts may produce investment results that are different from those experienced by the Funds. Code of Ethics. Moore Group has adopted a Code of Ethics and Conflicts of Interest Policy which states that each of our employees shall place the interests of the Funds first. Employees are permitted to invest in securities and other investment products for their own accounts, but may not use their knowledge of the Funds’ portfolio transactions to benefit themselves.

We do not impose a set limit on the amount of trading employees may conduct for their own accounts, but we require employees to refrain from excessive trading. Employees are required to hold personal investments for a minimum of thirty calendar days, subject to certain limited exceptions. Our Code of Ethics requires employees to disclose all personal investments upon hire and at least annually thereafter, report all personal securities transactions at least quarterly, disclose all personal investment accounts, and maintain their personal investment accounts with designated broker-dealer firms. Exceptions may be made for accounts for which the employee does not maintain investment control or participate in the investment decisions. Employees generally must arrange for their brokers to send us duplicate trade confirmations and account statements for their transactions, and must separately report on a quarterly basis any transaction for which a duplicate confirmation was not sent, or which does not appear on an account statement. Employees’ personal securities transactions generally must be approved in advance, subject to certain limited exceptions. Employees are prohibited from acquiring any securities in an initial public offering, while securities may be acquired in a secondary public offering with prior approval. Employees must obtain prior approval before acquiring any security in a private placement or investing in a private investment fund. Our Code of Ethics requires employees to obtain prior approval to engage in certain outside business activities (such as serving as a director of a company). The Code of Ethics also prohibits employees from accepting gifts of material value from vendors, service providers, and counterparties. Employees are allowed to participate in customary business entertainment with broker-dealers, counterparties, and other persons with whom Moore Group, its affiliates or the Funds do business. Participation in such events may be viewed as causing a conflict of interest for Moore Group in selecting broker-dealers or other service providers. However, our Code of Ethics requires employees to comply with certain requirements which are intended to protect against such conflicts. Existing or prospective clients may obtain a copy of Moore Group’s Code of Ethics upon written request directed to Chief Compliance Officer, Moore Capital Management, LP, 11 Times Square, New York, NY 10036. Parallel Vehicles. For legal, regulatory, tax or other considerations of particular limited partners, the General Partner or its affiliates may form one or more investment funds that will co-invest on a sideby-side basis with the Feeder Funds directly or indirectly through the Master Funds (“Parallel Vehicles”). Subject to the legal, tax, regulatory or other considerations that were the basis for forming a Parallel Vehicle, the Feeder Funds and each Parallel Vehicle will generally co-invest in each investment on substantially the same terms and on a contemporaneous basis. The economic terms of each Parallel Vehicle may vary based on a variety of factors including but not limited to, the particular legal, tax, regulatory or similar needs of the Parallel Vehicle or one or more Parallel Vehicle investors. For a variety of reasons, including but not limited to applicable U.S. or non-U.S. regulatory, tax and other legal considerations, it may be determined that certain Investments or investment structures are for the benefit of one or more Funds (but not necessarily all Parallel Vehicles), or that different investment structures are appropriate for one or more Funds (but not necessarily all Parallel Vehicles) or conversely that different investment structures are appropriate for one or more Parallel Vehicles (but not necessarily all Funds). As a result of the foregoing, the performance of the Funds and Parallel Vehicles may differ.

Moore Group has complete discretion to determine, subject to each Specialty Credit Fund’s disclosed investment objectives, policies and strategies, the securities to be purchased or sold and in what amounts, the broker-dealers and other financial intermediaries to use in effecting transactions for the Specialty Credit Funds, and the commission rates to be paid for such transactions. A more detailed discussion of how we make use of this authority follows. Brokerage Transactions and Use of Soft Dollars. Moore Group is solely responsible for selecting the commodities and securities broker or dealer used in each transaction that we institute for a Specialty Credit Fund and negotiating the fees to be paid by the Specialty Credit Fund to the broker-dealer in connection with such transactions. Consistent with Moore’s objective to obtain efficient executions, Moore Group considers the following factors generally in seeking best execution for transactions: research provided, market liquidity, order size, the trading characteristics of the security involved, the trader’s familiarity with the security, the difficulty of executing the trade, the ability of the broker to provide efficient execution at a favorable price, and the general record of the broker for prompt, competent, and reliable service in all aspects of order processing, execution, and settlement. In allocating a Specialty Credit Fund’s portfolio transactions to broker-dealers, Moore Group may consider placing orders with broker-dealers who, among other things, provide or pay for research and brokerage services (including, but not limited to, written information and analyses concerning specific security or commodity interests, issuers or sectors; market, financial or economic data, studies or forecasts; financial publications that are not mass-marketed; statistics or pricing services, as well as discussions with research personnel; software; clearance, settlement and short-term custody services; communication services related to the execution, clearing and settlement of securities transactions; and consulting services utilized in connection with investment strategy) in consideration of commissions, fees, charges or other remuneration arising from the Specialty Credit portfolio transactions. Accordingly, a Specialty Credit Fund may be deemed to be paying for research and brokerage services with “soft” or “client commission” dollars or credits, through commission sharing agreements, or otherwise. Moore Group intends that its brokerage allocation practices and policies (including arrangements whereby brokers provide research and/or brokerage services to us for soft dollars) will satisfy the conditions and requirements necessary to fall within the safe harbor created by Section 28(e) of the Securities Exchange Act of 1934, as amended, which confers certain protections on money managers who use portfolio commissions from their customers’ accounts to obtain research and brokerage services. The safe harbor provides that certain conduct is not deemed a violation of law or a breach of fiduciary duty, for example, and relieves a money manager from the obligation of justifying commission payments for research and brokerage services on an account- by-account basis. Each investor, by signing a Specialty Credit Fund’s subscription agreement, consents to our obtaining such research and brokerage services from brokers in consideration of commissions, fees, charges or other remuneration generated by the execution of the Fund’s portfolio transactions. Moore Group may use such research and brokerage services in connection with the management of any or all of the accounts that it manages, including the other Moore Funds, and its own proprietary investment activities. Obtaining research from brokers with commissions involves a conflict of

interest in that we may have an incentive to cause the Specialty Credit Funds to trade with certain brokers in order to obtain such research so that the Specialty Credit Funds pay for the research, rather than us. In addition, executing trades with certain brokers in order to obtain research may conflict with our duty to seek best execution. We have adopted procedures intended to ensure that we use soft dollars to obtain research and brokerage services in accordance with applicable law. Aggregating Orders. Moore Capital Management expects that transactions will be separately effected for each Fund. However, if a portfolio manager deems an investment in a security, future or currency to be appropriate for more than one Fund over which he or she exercises trading authority, we may aggregate the orders into a single bulk order, provided that the aggregation of the order is consistent with seeking best execution. Allocation of Investments (including New Issues). Please see the section entitled “Allocation of Investment Opportunities” under Item 8, above. It is expected that the Specialty Credit Funds will not invest in new issues, including initial public offerings.

Our Code of Ethics and Conflicts of Interest Policy generally prohibits employees from accepting gifts, favors or other inducements from counterparties or service providers, excepting certain common business courtesies. Moore Group does not compensate any person for referrals of clients. However, we pay cash compensation to certain financial intermediaries that, acting as placement agents for certain Funds, solicit investors on behalf of those Funds. Each arrangement is subject to a written agreement between Moore Group and the intermediary, and provides for us to pay to the intermediary a fee, which may vary on a case by case basis.

Not applicable.

Moore Capital Management monitors and reviews each Specialty Credit Fund continuously. Numerous groups are involved in this process. These groups include, but are not limited to: our portfolio managers, who monitor and review positions and risk on a daily basis; our Daily Valuation Group, whose work supports our senior management and portfolio managers in trading and risk management decisions; our Operations Department, which is responsible for trade support (matching and validation), confirmations, settlements, and position reconciliation on a daily basis; our Treasury Group, which is responsible for daily cash and liquidity management, collateral management, and other matters; our Financial Reporting Group, which is responsible for allocating profits and losses among the Specialty Credit Funds, and calculating and accruing the management fees and carried interest, among other things; and our Legal and Compliance Group, whose work supports the investment management personnel and monitors regulatory risks, among other things. Each investor in a Specialty Credit Fund will receive annual audited financial statements of the feeder fund in which it has an interest, as well as its underlying master funds, and quarterly progress reports on each investment of the Specialty Credit Funds. U.S. federal income tax information will be provided annually. See also “Surveillance” in Item 8, above.

The Specialty Credit Funds’ funds and securities are held by qualified custodians. As noted in Item 13, above, Specialty Credit Fund investors receive annual financial statements audited by an independent public accounting firm for the Specialty Credit Funds in which they have invested.

Moore Group exercises discretion in managing the investments of each Specialty Credit Fund, based on the Specialty Credit Fund’s particular investment objectives, policies and strategies disclosed in its private offering documents. For more information, please see Item 4, above.

Moore Group has adopted written Proxy Voting Policies and Procedures intended to satisfy the requirements of Rule 206(4)-6 under the Investment Advisers Act of 1940. Following is a summary of the major provisions: Moore Group is responsible for voting all proxies relating to securities held by the Specialty Credit Funds; In deciding how to vote a proxy, we attempt to consider all factors that could affect the value of the investment and will try to enhance the value of the affected Specialty Credit Fund’s portfolio by voting each proxy in a manner intended to maximize the company’s stock price; We have retained Institutional Shareholder Services (“ISS”), an independent expert on proxy voting and corporate governance, in order to facilitate the proxy voting process and avoid conflicts of interest that may arise; We generally will vote proxies in a manner consistent with ISS’s policy guidelines and proxy voting recommendations, except as specifically provided in our Proxy Voting Policies and Procedures. If a portfolio manager wants to have a proxy voted contrary to ISS’s recommendation, Compliance approval is required; In cases where ISS is unable to make a voting recommendation, our Chief Compliance Officer will evaluate the proxy to determine whether we have a material conflict of interest relating to the vote. If the Chief Compliance Officer determines that there is no material conflict of interest, we will vote in the best interest of the affected Specialty Credit Fund. In cases where we have a material conflict of interest, we follow procedures intended to provide reasonable assurance that it will vote in the best interests of the affected Specialty Credit Fund; and The Specialty Credit Funds may invest in non-U.S. securities. The laws and regulations governing shareholder rights and voting procedures differ around the world, and in certain countries, the requirements, restrictions or costs involved with voting may outweigh any benefit that the Specialty Credit Funds would receive by voting the proxies involved. In such cases, we may decide it is in the best interests of the Specialty Credit Funds not to vote the applicable proxies.

Investors in a Specialty Credit Fund may obtain copies of our Proxy Voting Policies and Procedures and information regarding how the Specialty Credit Fund’s proxies were voted by submitting a written request to Moore Group.

Information required by this item is not applicable to Moore Group.