Pine River Capital Management

Pine River Capital Management L.P. (“we,” “us,” or “Pine River”) is a Delaware limited partnership that commenced operations on May 4, 2002. Pine River’s general partner is Pine River Capital Management LLC (“PRCM LLC”). Brian Taylor, Pine River’s founder and Chief Executive Officer, is the Managing Member, President and majority owner of Pine River Capital Management LLC. Pine River Holdings L.P. is the majority owner of Pine River. Pine River provides investment management services on a discretionary basis to private pooled investment vehicles established by Pine River (“Pine River Funds”). In addition, Pine River also provides management services to separately managed accounts (“Managed Accounts”). Pine River Funds. The Pine River Funds are private entities that have been formed by Pine River to provide a means by which qualified, sophisticated investors may pursue alternative investment strategies. For each such entity, Pine River typically creates a master-feeder structure consisting of a master fund in the form of a Cayman Islands exempted company, and one or more feeder funds consisting of Cayman Islands exempted companies and Delaware limited partnerships. The feeder funds invest substantially all of their capital into the related master fund. The master fund conducts the investment activities. A related entity of Pine River, Pine River Domestic Management L.P. (“PRDM”) acts as the general partner of the onshore feeder funds and is listed on Pine River’s Form ADV Part 1A as a Relying Adviser. The Pine River Funds are managed according to the terms and investment objectives set forth in each entity’s governing documents. Pine River has sole discretion to manage the investment portfolios of the Pine River Funds as set forth in their Account Documents, it does not tailor its advisory services to the individual needs of Investors in the Pine River Funds, and Pine River Fund Investors generally may not impose restrictions on the Fund’s investment in certain securities and other financial instruments or certain types of securities and other financial instruments. Managed Accounts. The Managed Accounts may be private domestic or foreign accounts or entities to which Pine River provides investment advisory services subject to a subadvisory agreement whereby it has discretionary investment authority subject to investment guidelines and risk parameters set by the Managed Account client, and it may tailor its advisory services to the needs of the Client which owns the account and impose restrictions requested by the Client. The Managed Accounts have certain terms that differ from the terms of the Pine River Funds, including permitted investments, fees, liquidity rights, transparency rights and/or termination rights. The Pine River Funds and the Managed Accounts are referred to collectively in this Brochure as “Funds” or “Clients” and individually as a “Fund.” The individual investors in the Funds are referred to as “Investors”. Pine River manages assets for its Funds via various fixed income relative value absolute return strategies. Pine River’s advisory services to each Fund are subject to the specific investment objectives and restrictions set forth in the limited partnership agreement, confidential offering memorandum, investment management agreement, advisory agreement, subadvisory agreement, subscription materials and/or other governing documents (collectively, the “Account Documents”) applicable to such Fund. See Item 8: Methods of Analysis, Investment Strategies and Risk of Loss. All discussions of the Funds in this Brochure are qualified in their entirety by reference to each Fund’s respective Account Documents, which contain complete information regarding the investment objectives, investment restrictions and other information with respect to such Fund. Pine River does not participate in any wrap fee programs. As of December 31, 2025, Pine River had approximately $786 million of net assets under management, all of which were managed on a discretionary basis. Pine River does not manage any Fund assets on a non-discretionary basis.

Pine River does not have a general fee schedule. The compensation each Fund pays Pine River is set forth in each Fund’s Account Documents. Pine River, or an affiliate of Pine River, is compensated for its advisory services in some Pine River Funds based on a percentage of assets under management (“Management Fee”). Current Management Fees for active Pine River Funds which charge them are at a rate of 1.75% per annum of the NAV of the relevant Fund prior to deductions for incentive fees. Some Funds employ an expense pass-through model and do not pay a Management Fee to Pine River. Instead, each investor is generally subject to its pro rata share of passed through expenses as further described in the applicable Account Documents. Pine River, or an affiliate, is generally also compensated via performance-based fees or allocations (“Incentive Fee/Allocation”), which are between 10% and 20%, calculated as a percentage of the amount, if any, by which the NAV prior to deductions for incentive fees exceeds a high-water mark. The specific manner that Management Fees and Incentive Fees/Allocations are charged by Pine River is set forth in each Pine River Fund’s Account Documents. Management Fees are calculated and payable on a monthly basis in advance in accordance with Account Documents. The Incentive Fee/Allocation is typically accrued monthly; however, Investors generally do not pay the Incentive Allocation until fiscal year-end or, if an investor withdraws/redeems at any time other than at the end of a fiscal year, the withdrawing/redeeming investor will be responsible for any proportional accrued Incentive Fee/Allocation at the time of the withdrawal/redemption. Pine River Funds do not have pre-paid fees. Fees are calculated and deducted by the independent administrator of each Pine River Fund and then paid to Pine River. Fees due to Pine River are paid from Funds’ custodial accounts. Investors’ capital accounts are reduced by the amount of such fees. The specific fees charged by each Fund can be found in the Account Documents for that specific Fund. Pine River may negotiate fees with Investors in connection with factors such as being a founding Investor, meeting certain minimum investment amounts or Investors agreeing to be subject to longer investment periods. See discussion of Side Letters below. Employees and Pine River affiliates who invest in the Funds are not charged a Management Fee or an Incentive Fee/Allocation. Pine River Funds may invest in each other. Although no Pine River Fund currently invests in another Pine River Fund, in such cases, Pine River waives, adjusts, or offsets Management Fees and Incentive Fees/Allocations as necessary to avoid the layering or duplication of fees. Neither Pine River nor any of Pine River’s supervised persons receive transaction-based compensation in connection with the sale of securities or other investment products to the Funds. As compensation for the investment management services it provides to its Managed Accounts, the Managed Accounts pay Pine River a negotiated Management Fee and/or an Incentive Fee based on performance which is detailed in each Managed Account’s Account Documents. Side Letters Pine River has entered into agreements, also referred to as “side letters,” with certain Investors whereby such Investors receive terms and conditions more favorable than other Fund investors with respect to, for example, (1) fees (including reduced, waived or rebated Management Fees or Incentive Fees/Allocations); (2) expenses (including reduced, waived or rebated organizational expenses, operating expenses, and transactional costs); (3) access to more frequent and/or more detailed information regarding a Fund, its performance and finances, and investments, and (4) such other rights which Pine River may negotiate with Investors. The terms of such side letters are provided solely at Pine River’s discretion and may be based upon the size or timing of the Investor’s investment in a Fund (or in an affiliated entity), an agreement by the Investor to maintain its investment in the Funds for a certain period of time, or a similar or other type of commitment made by an Investor. Pine River will not, however, grant any Investor in a Pine River Fund preferential redemption rights, nor will it provide any Investor preferential access to information which Pine River believes to be material or offer such terms if it believes they will materially disadvantage other investors. To effect such waivers or modifications or the grant of any special or more favorable terms, the Funds

may, but are not required to, create additional classes, sub-classes, tranches or series of interests for certain investors without providing notice to, or receiving consent from, the investors. Expenses The expenses associated with an investment in the Funds vary depending on the Fund, and each Fund’s Account Documents describe them in detail. Subject to those documents, Funds are typically responsible for expenses that are trade related (“Trade Expenses”), administrative and operating expenses (“Fund-Specific Expenses”) and their share of certain ongoing expenses of Pine River and its affiliates that are not attributable to a specific Fund (“Ongoing Expenses”). Additionally, certain Funds also pass-through ongoing investment manager operating and overhead expenses (“Investment Manager Expenses”) and/or front office compensation related expenses (“Front Office Expenses”) in lieu of being charged a Management Fee. Since all of the categories above may not be applicable to all Funds, Investors should review their particular Account Documents for a fuller description of which expenses apply to the fund or funds in which they are invested. Managed Accounts are responsible for negotiated expenses as detailed in their respective investment management agreement. Trade Expenses are a Fund’s ongoing direct investment expenses, which typically include brokerage commissions, mark-ups, mark-downs, spreads, other transactional costs, trade-specific external legal expenses and other thirdparty fees and expenses incurred in connection with the evaluation of prospective transactions, trade-related travel and due diligence costs and expenses, interest expense, fees and costs incurred with respect to securing access to markets, investments and investment opportunities, custody costs and expenses and clearing costs and expenses. Trade Expenses with respect to the Pine River Funds are typically incurred at the master fund level. Trade expenses incurred for the benefit of more than one Pine River Fund will be allocated by Pine River on what it believes to be a fair and equitable basis among such Clients. Fund-Specific Expenses typically include, as applicable:

third-party legal, valuation, audit and tax preparation expenses; other professional fees, administrator fees, director fees, registered office expenses and taxes; regulatory expenses incurred in connection with the Funds’ ongoing compliance with any laws, rules or regulations currently in effect or adopted in the future, including any FACTA and CRS related expenses and fees of AML officers; expenses incurred by the Fund’s “partnership representative”; remuneration at market rates for Directors who are not affiliated with Pine River and reimbursement of all out-of-pocket expenses properly incurred by the Directors in connection with their performance of services to the fund; all expenses incurred in connection with any threatened, pending or anticipated litigation, examination or proceeding or as a result of the Fund’s obligation to indemnify the General Partner, Pine River, its affiliates, the administrator and certain other parties against losses, liabilities and expenses incurred in connection with the performance of their duties on behalf of, or the provision of services to, the Funds; and all expenses incurred in connection with the liquidation of the Fund.

Fund-Specific Expenses applicable to more than one Pine River Fund are allocated in a fair and equitable manner among such Clients taking into account factors Pine River determines are relevant, which may include average margin usage, the amount of time spent on a Fund, and relative gross asset values of the relevant Funds. Ongoing Expenses typically include:

insurance (including a portion of the premiums for any directors’ and officers’ and/or errors and omissions coverage purchased by Pine River or its affiliates that would offset some portion of a Fund’s indemnity obligations), and may include premiums for an ERISA fidelity bond; research expenses;

Bloomberg access and similar information technology services, information technology costs and telecommunications costs; Pine River or its affiliates’ computer software costs; and other fees and expenses incurred by Pine River or its affiliates that are determined by Pine River, acting in good faith, to be attributable to the Funds.

Ongoing Expenses are allocated in a fair and equitable manner among Clients, which may include via average margin usage, the amount of time spent on a Fund, and relative gross asset value of the relevant Funds. Investment Manager Expenses are ongoing investment manager operating and overhead expenses, which typically include:

all expenses in connection with all employees and partners of Pine River and its affiliates who are non-trading personnel, including, all base compensation, partner draws, allocations, and guaranteed payments, bonuses (including supplemental, retention, discretionary and formulaic bonuses of any kind), and all employee benefits (including, but not limited to, healthcare contributions, premiums and claims, payroll, withholding and similar taxes, workers’ compensation contributions, 401(k) and similar retirement or savings plan contributions and administration fees, professional dues and professional-development related expenses, the costs of industry conferences, tuition and commuter reimbursement plans, and certain employee perks); expenses relating to personnel recruiting and severance arrangements of Pine River regardless as to whether the Investment Manager gains a non-disparagement and non-solicitation benefit, as well as potentially other benefits, from employees executing such severance arrangements, separate from any benefits the Fund may receive, if any, including the hiring, on-boarding, and termination of employees (such as recruitment fees and retainers paid, internal referral payments, fees and expenses relating to participation at industry-related and professional conferences, professional organization fees, and events, certain up-front compensation, sign-on bonuses, relocation expenses, buy-out payments payable to employees and other compensation plans, and legal expenses related to hiring, counseling, and terminating employees); Pine River’s expenses relating to its professional service providers including legal, compliance, administrative, accounting, auditing, valuation, tax compliance, and consulting expenses and fees; fees or expenses relating to consultants retained by Pine River for investment and non-investment purposes, including public relations, information technology, management, and other consultants retained by Pine River to improve or further its business; expenses relating to furniture and fixtures (such as office furnishings but excluding artwork) and the rent and facility expenses of Pine River, including leasehold improvements, operating expenses, real estate taxes, security deposits, fees, utilities, repairs and maintenance, insurance, and collateral letters of credit; non-investment-related travel (including by the employees of Pine River between its offices), business entertainment, meals, occupancy expenses incurred by Pine River, including commercial air travel expenses; Pine River’s direct and indirect general operating and administrative expenses, including but not limited to director’s and officer’s errors and omissions insurance expenses, employment practices liability insurance expenses, ERISA bonding costs, publications and subscriptions expenses, office supplies and postage expenses and expenses relating to its general operating assets and development of Pine River’s technological and operational capabilities (both hardware and software, as well as services and licenses, proprietary and third party licenses, systems and software), including but not limited to contact relationship management systems, cybersecurity expenses, disaster recovery related and edata warehousing expenses, data licenses, software licenses, trading platform fees and costs, trading and position lifecycle systems and licenses, software development expenses, business continuity expenses, remote working related expenses, and human resources tools; legal and compliance systems and licenses, including but not limited to fees and expenses associated with preparing and submitting regulatory filings and compliance related expenses (e.g., expenses relating to the preparation and filing of Pine River’s SEC Form ADV and Form PF, NFA Form CTA-PR and the expenses relating to Pine River’s registration as a trading advisor and membership in NFA); expenses relating to the preparation of Pine River’s (or its affiliates’) tax filings;

expenses related to marketing of the Fund, attending and participating in industry conferences, and performing investor relations services; and any sales and use taxes and government filing fees to which Pine River and its affiliates are subject.

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Investing in securities involves risk of loss that clients should be prepared to bear. Pine River employs certain trading techniques, as described in this section, which may increase the risk of investment loss. As a result, an investor could lose all or a substantial amount of their investment. Investment Strategies Each Pine River Fund pursues an investment strategy described in its Account Documents, as summarized below. In each case, the following summaries are not intended to be a complete statement of the investment strategies and related risks of the applicable Pine River Funds. Investors should review the full Account Documents for a given Fund for a complete statement of the strategy and risks relating to such Fund. The terms of the Pine River Funds’ Account Documents supersede the disclosures contained in this Brochure. Investment Strategy and Objective of Pine River Multi-Strategy Fund The investment objective of the Pine River Multi-Strategy Master Fund Ltd., Pine River Multi-Strategy Fund Ltd. and Pine River Multi-Strategy Fund L.P. (the “Multi-Strategy Funds”) is to generate superior, risk adjusted returns by implementing a relative value fixed-income multi-strategy approach, including investing and trading in bonds and related markets, mortgage-backed securities, and other liquid fixed-income investments and related financial instruments. Pine River will implement a fixed-income multi-strategy framework, including a relative value strategy utilizing (i) market neutral inflation related securities, (ii) global sovereign bonds, (iii) agency mortgages, and (iv) municipal bonds, as well as other liquid fixed-income strategies. The Multi-Strategy Funds invest in strategies that seek to be profitable regardless of whether broader market indices rise or fall. Such strategies include the use of market judgment and/or mathematical or statistical techniques to identify perceived mispricings of securities, the price movements of which are significantly correlated, and to capture the value inherent in those mispricings by trading long and short positions in those securities. Investment Strategy and Objective of Pine River Municipal Fund Pine River Municipal Master Fund Ltd., Pine River Municipal Fund Series, a Series of Pine River Precision Fund LLC and Pine River Precision Fund SPC for the account of Pine River Municipal Fund S.P. (the “Municipal Funds”) pursue a relative value, absolute return strategy and seek to generate superior risk-adjusted returns by identifying and capturing opportunities within the United States municipal bond market and related markets, which Pine River views as fragmented, inefficient and retail dominated. The Municipal Funds intend to focus on what Pine River perceives to be diversified, high quality bonds. Pine River uses a dynamic hedging strategy that seeks to hedge the Master Fund’s investments against movements in interest rates. The hedging strategy may use a variety of instruments including U.S. Treasury bonds, U.S. Treasury futures, Libor swaps and swaptions, Municipal Market Data Rate Locks, municipal bond exchange traded fund shorts and options, and other viable rate or credit hedges. No hedging strategy can guard against all risks or eliminate entirely the risks it seeks to limit and there can be no assurance that Pine River will identify all risks that can or should be hedged, or that it will successfully hedge against the risks it does identify.

LIQUIDITY RISK Illiquidity of Shares Investments in the Pine River Funds are illiquid and should only be acquired by Investors able to commit their funds for an indefinite period. Investors are not permitted to transfer their interests without the consent of the applicable Pine River Fund and Investors should not expect a Pine River Fund to grant such consent. There is currently no market for interests in the Pine River Funds, and none is expected to develop. Investors in the Pine River Funds are subject to different redemption or withdrawal limitations, which, as set forth in the Fund Account Documents, often include notice requirements, monthly or quarterly liquidity, lock-up periods, and investor gates. Additionally, the Funds have broad authority to suspend redemptions or withdrawals and the payment of redemption or withdrawal proceeds under certain circumstances. In such an event, Investors may remain invested in a Fund indefinitely. As a result of these limitations, Investors may not be able to liquidate their investments in the Funds at will. STRATEGY RISKS No Formal Diversification Policies Pine River is not restricted as to the percentage of a Fund’s assets that may be invested in any particular geographic location, issuer, industry, instrument, market or strategy and the Funds do not have any fixed guidelines for diversifying their portfolio. Therefore, the Funds’ portfolios could be relatively concentrated in certain types of securities and issuers. As a result, the Funds’ investment portfolios are subject to more rapid changes in value than if they were more diversified. Mortgage-Backed Securities and Asset-Backed Securities Investing in residential mortgage-backed securities (“MBSs”) involves certain additional risks and special considerations, including the risk of principal prepayment and defaults as well as the risk of investing in real estate. MBSs generally provide for the payment of interest and principal on the MBSs on a frequent basis, and there exists the possibility, particularly with respect to residential MBSs, that principal may be prepaid at any time due to, among other reasons, prepayments on the underlying mortgage loans or other assets. As a result of prepayments, the Funds may be required to reinvest assets at an inopportune time, which may expose the Funds to a lower rate of return. The rate of prepayments on underlying mortgages affects the price and volatility of an MBS and may shorten or extend the effective maturity from what was anticipated. Further, different types of MBSs are subject to varying degrees of prepayment risk. The rate of principal payments on mortgage loans is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the availability of alternative financing and homeowner mobility. Finally, the risks of investing in such instruments reflect the risks of investing in real estate securing the underlying loans, including the effect of local and other economic conditions, the ability of tenants to make payments, and the ability to attract and retain tenants. Increasing rates of delinquencies, foreclosures and other losses on mortgages could, in turn, adversely affect certain securities in which the Funds may invest. Asset-backed securities (“ABSs”) are subject to interest rate risk and, to a lesser degree, prepayment risk. ABSs are subject to additional risks in that they generally do not have the benefit of a security interest in the related collateral. Each type of ABS also entails unique risks depending on the assets involved, and the legal structure used. For example, credit card receivables are generally unsecured, and the debtors are entitled to the protection of state and federal consumer credit laws, many of which give debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. In addition, insurance and reinsurance receivables, which may include workers’ compensation claims, relate to companies that are highly regulated, which regulations may be subject to change based on public policy. ABSs typically experience credit risk. For example, there is an increasing supply of subordinated securities rated lower than AA (down to B or first loss) and senior securities that may be rated lower

than AAA, as well. There is also the possibility that recoveries on repossessed collateral may not be available to support payments on these securities because of the inability to perfect a security interest in such collateral. Relative Value Strategies The Funds frequently pursue relative value strategies by taking long positions in securities believed to be undervalued and short positions in securities believed to be overvalued. Relative value strategies seek to reduce exposure to the risk of overall market price movements, but in pursuing such strategies a Fund remains exposed to the risks of disruptions in historical price relationships, the restricted availability of credit and the obsolescence of its valuation models. Mispricings, even if correctly identified, may not be corrected by the market within the time frame within which the Funds maintain their positions. Even pure “riskless” arbitrage can result in significant losses if the arbitrage is not able to be sustained until expiration and the Funds rarely engage in true arbitrage as opposed to relative value trading, which is inherently a higher-risk strategy. In the event that the perceived mispricings underlying such trading positions fail to converge toward, or diverge further from, Pine River’s expectations, a Fund may incur losses. Directional Trading Certain positions taken by the Funds may be designed to profit from forecasting absolute price movements in a particular instrument. Predicting future prices is inherently uncertain and the losses incurred, if the market moves against a position, may not be hedged. The speculative aspect of attempting to predict absolute price movements is generally perceived to exceed that involved in attempting to predict relative price fluctuations. Further, to the extent the Funds engage in directional trading, they become less market neutral. Spread or Arbitrage Trading Some components of some Funds’ trading operations involve spreads and arbitrage trades between two or more positions. Arbitrage strategies attempt to take advantage of perceived price discrepancies of identical or similar financial instruments, on different markets or in different forms. To the extent the price relationships between such positions remain constant, no gain or loss on the positions will be recognized; to the extent that the requisite elements of an arbitrage strategy are not properly analyzed, or unexpected events or price movements intervene, the high degree of leverage typically applied may increase the Funds’ losses. Hedging Strategies The Funds employ various hedging strategies in an effort to minimize certain risks. There can be no assurance that Pine River will identify all risks that can or should be hedged, or that it will successfully hedge against the risks it does identify. Pine River is not obligated to utilize hedging strategies, and Pine River may choose to only partially hedge positions (or not at all). Further, Pine River may determine it is economically unattractive, or otherwise undesirable, to hedge against certain risks and instead may rely on diversification among instruments, strategies and markets to offset such risks. Long/Short Equity Strategies The success of long/short investment strategies depends on Pine River’s ability to identify and purchase financial instruments that are undervalued and identify and sell short financial instruments that are overvalued. There are no assurances that such opportunities will be successfully recognized or acquired. In the event that the perceived opportunities underlying a Fund’s positions fail to converge toward, or diverge further from values expected by Pine River, the Fund may incur a loss. In the event of market disruptions, significant losses can be incurred which may force the Fund to close out one or more positions. Furthermore, the valuation models used to determine whether a position presents an attractive opportunity may become outdated and inaccurate as market conditions change.

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Pine River provides investment advisory services to private funds, which are pooled investment vehicles. Pine River also provides advisory services to other Clients, including separately managed accounts. Investors in the Pine River Funds may include high net worth individuals, family offices, other private investment funds, fund of funds, investment companies, trusts, estates, charitable institutions, sovereign wealth funds, endowments, municipalities, corporate pensions and profit-sharing plans, and other institutional clients. Interests in the Pine River Funds are offered pursuant to the U.S. Securities Act of 1933 (as amended, the “Securities Act”) and are not registered as investment companies. As a result, Pine River limits investors in the Pine River Funds to a limited number of “accredited investors” as defined in Regulation D under the Securities Act, and to “qualified purchasers” (or “knowledgeable employees”) as defined in the Advisers Act. Investors and prospective investors in each Pine River Fund should refer to the Account Documents of such Pine River Fund for complete information on

minimum investment and other requirements for participation in such Pine River Fund. The current minimum initial investment in the Pine River Funds is $1,000,000, however Pine River may waive this minimum in its discretion. Investment in a Managed Account is available only to the Investor or group of Investors for whom the Managed Account was established. An Investor in a Managed Account is subject to the criteria and limitations set forth in the governing documents for the applicable Managed Account.

As set forth in Item 5 – Fees and Compensation, Pine River has entered into Incentive Fee/Allocation arrangements with certain Clients that are paid to an affiliate of Pine River. Such fees are performance-based. The calculation of performance compensation, if any, paid by each Fund to Pine River and/or its affiliates is described in the Fund’s Account Documents. Performance-based fee arrangements create an incentive for Pine River to recommend investments that are riskier or more speculative than those that it might recommend under a flat fee arrangement. Performance-based fee arrangements also create an incentive to favor higher fee paying Clients over other Clients in the allocation of investment opportunities. Performance-based compensation for Managed Accounts may be negotiated on a case-by-case basis, and Pine River may, in its sole discretion, and from time to time elect to waive, in whole or in part, the Incentive Fee/Allocation with respect to any Fund or Investor. In valuing Clients’ assets to calculate Incentive Fees/Allocations, Pine River includes realized and unrealized gains and losses. Pine River may have an incentive to inflate the value of Fund assets. Pine River’s calculation and payment of Incentive Fees/Allocations complies with the requirements of Rule 205-3 under the Investment Advisers Act of 1940 (the “Advisers Act”). Pine River has differing compensation arrangements with respect to its Funds, which creates potential conflicts of interest between Funds with respect to allocation of investment opportunities. Pine River’s Funds are generally organized as master-feeder structures. In connection with this structure, all trading is done by the master fund. The feeder funds typically invest all their assets into the master fund. Investors typically invest their capital into the feeder funds. Some feeder funds have more than one share class, and therefore, Management Fees and/or Incentive Allocations will be higher (or lower) for different share classes. In addition, different Funds often have different Management Fees and/or Incentive Fees/Allocations. Pine River has adopted controls to identify and mitigate performance-based fee conflicts of interest. These include policies and procedures related to the allocation and valuation of investments, an internal Valuation Committee and valuation services provided by each Fund’s respective administrator. If Pine River determines that an investment or trading opportunity is appropriate for more than one Fund, then Pine River allocates such investment or trading opportunity among Funds in a manner that Pine River determines, exercising its judgment in good faith, to be fair and equitable over time, taking into consideration all allocations among such Funds taken as a whole. Pine River is not required to provide every opportunity to every Fund, or to allocate opportunities on a pre-determined basis. Pine River believes conflicts related to performance-based fees are mitigated by its investment allocation procedures and its disciplined investment process. (See also, Item 12 – Brokerage Practices)

Pine River is registered as a commodity trading advisor with the U.S. Commodity Futures Trading Commission (“CFTC”). In June 2026, the CFTC accepted Pine River’s withdrawal as a Commodity Pool Operator in reliance on CFTC letter No-Action Letter No. 25-50. Pine River is also a member of the National Futures Association (the “NFA”). In connection with Pine River’s CFTC registration, certain of its employees are registered associated persons and/or listed principals of Pine River. Registration with the CFTC and membership with the NFA do not imply any level of skill or training. Pine River Domestic Management L.P. (“PRDM”), a Delaware limited partnership, is a related entity and Relying Adviser of Pine River and serves as the General Partner to Pine River’s onshore feeder funds. PRDM is under common control with Pine River and shares the same offices. Pine River has arrangements that are material to its advisory business with PRDM. These arrangements do not alter Pine River’s status as the chief investment manager for all of the Funds. In addition, Pine River and certain Funds have entered into agreements with Pine River’s affiliate, Pine River Performance L.P., pursuant to which Pine River Performance L.P. receives all Incentive Fees/Allocations earned by Pine River in respect of such Funds. Neither Pine River nor any of its directors, officers, or principals is registered as a broker-dealer, a representative of a broker dealer, or a futures commission merchant, and no related applications are pending. Pine River does not recommend or select other investment advisers for the Funds and does not have other business relationships with other investment advisers that create a material conflict of interest.

Code of Ethics Pine River has adopted a Code of Ethics (the “Code”) in accordance with Rule 204A-1 under the Advisers Act. Among other things, the Code sets forth a standard of business conduct expected of all Pine River’s employees, requires

employees to comply with federal securities laws, prohibits employees from acting or behaving in any manner or engaging in any activity that would give rise to a breach of a fiduciary duty owed to any Fund, and prohibits employees from placing their interests or Pine River’s before the interest of a Fund. The Code contains policies and procedures designed to prevent insider trading and market manipulation and contains policies and procedures related to personal trading, receipt of gifts, political contributions, outside employment and business activities, maintenance of brokerage accounts, service provider conflicts and other matters. Pine River provides the Code and any material amendments to employees at least annually, and obtains written acknowledgements that such employees received, understand and agree to abide by the Code. These policies and procedures are one element in Pine River’s program to mitigate potential conflicts of interest. A copy of Pine River’s Code of Ethics is available to any investor or prospective investor upon request at the contact details listed on the cover page of this brochure. Personal Trading Pine River’s personal trading policies, which are included in its Code, permit employees to invest for their personal accounts, subject to certain guidelines and restrictions. Pine River employees may invest, and in the past have invested, in the same securities as the Funds, which presents potential conflicts of interest with the Funds. The personal trading restrictions, preclearance requirements and reporting requirements contained in the Code are intended to reduce such conflicts of interest. Among other restrictions, no employee may engage in a personal transaction in a security or other financial instrument if the transaction would disadvantage a Fund, personal trades may not be timed to precede an order of the same or similar securities that Pine River places for a Fund, and buying or selling securities based on material non-public information is prohibited. Subject to the restrictions set forth in the Code, employees can trade for their personal accounts in a manner that is not inconsistent with Pine River’s fiduciary duties to its Clients. Upon hire and periodically thereafter, employees are required to provide certain personal securities holdings reports that reflect their current holdings in accounts over which they have a direct or indirect beneficial interest as well as to periodically provide reports of transactions in such accounts. Employees are required to preclear all a) transactions in securities (as defined in Advisers Act Section 202(a)(18) and except as excluded by the Code) in their personal accounts and b) personal transactions involving initial public offerings, limited offerings or private placement securities. Pine River’s Compliance Department monitors personal trading activity, and Pine River may decline to grant a personal trade preclearance, particularly if the transaction appears to pose a conflict of internet or otherwise appears improper. Pine River maintains a restricted list which contains the names of companies for which Pine River may be in possession of material non-public information, or to which it has other confidentiality obligations. Trading in the securities of an issuer on the restricted list is prohibited absent Compliance Department approval. Preclearance requests by Portfolio Managers are subject to additional scrutiny and they generally are not permitted to invest in positions in their personal accounts that are identical to positions held in the portfolios they manage for a Fund. Such a situation could provide an incentive for a Portfolio Manager to trade in a way that would be advantageous to him or her personally, but which might not be advantageous to the Fund. Allocation of Investment Strategies Across Funds Certain Pine River personnel implement investment strategies on behalf of multiple Funds and may have incentives to favor certain Funds over others because performance-based compensation is calculated separately for each Fund. The differing investment objectives of such Funds may result in a decision to sell or hold all of a portion of an investment on behalf of a Fund at different times as such investment or portion thereof is being sold or held by other Funds. See additional discussion of Trade Allocation in Item 12 – Brokerage Practices, below.

Cross Trades and Principal Trades In limited circumstances, when Pine River, exercising its judgment in good faith, determines that a cross trade is mutually beneficial to each of the Funds involved and is fair and equitable, it may effect cross trades between Funds provided this is consistent with Fund Account Documents and only to the extent permitted by applicable law including ERISA. Whenever possible, Pine River will effect a cross trade at or with reference to the market price of the securities involved, and may effect such cross trade via a broker-dealer or other third-party market participant. In effecting a cross trade, Pine River will not intentionally favor one party to the transaction over the other, however in hindsight a cross trade may appear to have favored one party over the other. Pine River and its affiliates will not receive commissions or otherwise profit from cross trades. When consistent with Fund Account Documents, Pine River may enter into “principal transactions” with the Funds within the meaning of Section 206(3) of the Advisers Act in which Pine River acts as principal for its own account with respect to the sale of a security to or purchase of a security from a Fund (any such transaction, a “Principal Trade”). Pine River may effect Principal Trades between itself and a Funds when, exercising its judgment in good faith, it determines that a Principal Trade is beneficial to the Fund, and is fair and equitable. In certain cases, a Client of Pine River may be deemed to be a proprietary account of Pine River for Principal Trade purposes. Whenever possible, Pine River will effect a Principal Trade at or with reference to the market price of the securities involved, and may effect such Principal Trade via a broker-dealer or other third-party market participant. In effecting a Principal Trade, Pine River may not intentionally favor itself over a Fund. Principal Trades will only be done in accordance with the Advisers Act and ERISA. Pine River has policies and procedures reasonably designed to address the conflicts which arise in the context of cross trades and Principal Trades and to comply with the applicable requirements of the Advisers Act. Pine River’s Chief Compliance Officer is required to approve all Principal Trades and cross trades in advance. Notwithstanding the foregoing, every cross trade and Principal Trade involves a potential conflict of interest among the parties to the transaction and Pine River. In any Principal Trade, Pine River will have a conflict between acting in its own best interests and assisting its Clients by selling or purchasing a particular security. In any cross trade, Pine River will have a potentially conflicting division of loyalties and responsibilities regarding both Clients that are parties to a particular cross trade. For the avoidance of doubt, any inadvertent or unintentional executions of orders in different Funds in the same security in the marketplace will not be considered cross trades. Allocation of Expenses Among Funds As discussed at greater length in Item 4 – Advisory Business, above, Pine River manages multiple Funds. It seeks to allocate expenses incurred in connection with the provision of investment management services in a manner it believes to be fair and reasonable under the circumstances based on certain estimates and assumptions. However, such estimates and assumptions may be imprecise and may result in a Fund bearing a larger portion of such expenses than if they were calculated in a different manner. The allocation of expenses is determined in accordance with expense allocation policies and related procedures that are intended to create, to the extent practical, a framework for effective mitigation of conflicts related to the allocation of expenses. In determining whether certain expenses should be borne by one or more Funds, Pine River will have a conflict of interest. This conflict will be particularly acute when determining whether an expense should be borne by one or more Funds or borne by Pine River. Pine River can give no assurance that any conflicts of interest associated with such allocation will be resolved in a manner that does not harm the Funds economically or that benefits the Funds appropriately. Expenses related to a Fund are generally borne pro rata by the Funds in the same master-feeder structure, but a particular expense may be allocated differently if Pine River determines that it would be fair and reasonable to do so and expenses that are shared by multiple Funds will be allocated across such funds pursuant to Pine River’s expense allocation policy and procedures.

Investors in some Funds with an expense pass-through arrangement generally bear all expenses incurred by or allocated to such Funds while investors in other Funds generally bear more limited expenses in addition to an assetbased fee. See Item 5 – Fees and Compensation, above, for more information, and more detailed information regarding the fees and expenses paid by Funds is described in their respective Account Documents. Trade Errors Although Pine River strives to ensure that trades are executed in a timely and accurate manner, while trading on behalf of the Funds Pine River’s personnel may make trade errors, which may result in losses or gains. Examples of trade errors include 1) trades that should not have occurred (e.g., trades that are not legally permitted, not within the Fund’s mandate or not authorized by the Funds’ governing documents); 2) trades that were erroneously entered into (e.g., incorrect security, quantity, price, terms or allocation); or 3) trades that should have occurred but did not (e.g., an order was erroneously not placed). Pine River has in place policies and procedures reasonably designed to prevent, identify, resolve and document trade errors. In general, in accordance with Pine River’s trade error policy and Fund Account Documents, Pine River will not be liable to the Funds for any act or omission, absent bad faith, gross negligence, willful misconduct or fraud by Pine River, and the Funds will bear the cost of any resulting losses from trade errors made by Pine River. As a result of these provisions, Pine River has a conflict of interest when determining whether losses resulting from a trade error will be borne by a Fund, since any loss not borne by a Fund will be borne by Pine River. In determining whether it has satisfied the standard of care, Pine River may consider both the circumstances of the specific trade error at issue, and the overall context of the control and compliance environment of Pine River as it relates to trading activity. Investors should assume that trade errors and other errors will occur from time to time and that, to the extent permitted by applicable law and under the Fund’s Account Documents, the Fund will be responsible for any resulting loss, even if such losses result from the negligence (but not gross negligence) of Pine River’s personnel. Pine River reviews trade errors to assess whether actions can be taken to prevent errors of a similar nature. Trades implemented as a result of faulty analysis and trades that are properly executed but result in losses and errors committed by other people (including brokers and custodians) are generally not considered trade errors. Under limited circumstances, such as a misallocation of trades, a trade error in one of the Funds may be corrected through the reallocation or transfer of a position to another Fund or account managed by Pine River. Pine River will make such a reallocation or transfer only if (i) it represents an appropriate investment decision on behalf of each Fund or account involved, (ii) the reallocation or transfer does not cause a loss to the transferee Fund or account, and (iii) Pine River’s Chief Compliance Officer has determined that the reallocation or transfer is permissible by law and consistent with the fiduciary duties owed by Pine River to all Funds and accounts involved. Participation or Interest in Client Transactions Pine River, its affiliates, and/or its employees (each an “Affiliated Party”) have investments in certain Pine River Funds through a number of channels, including through deferred compensation arrangements. As a result, they have an interest in investments that Pine River also recommends to investors. This creates an incentive to favor Pine River Funds with Affiliated Party ownership relative to those with little or no such ownership. Additionally, subject to the procedures generally described in “Personal Trading” above, Pine River employees may purchase interests in the same securities and instruments that are held or traded by the Funds. Consequently, there is a possibility that such employees:

might benefit from market activity by the Funds in respect of positions they both hold; and may hold positions in their personal accounts which are potentially in conflict with positions held by the Funds.

Pine River has adopted policies and procedures that are guided by the principle that Pine River has fiduciary duties and obligations to the Funds and aims to effect this principle by establishing a process by which employees can trade for their personal accounts only in a manner that is consistent with Pine River’s fiduciary duties to its Clients.

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Subject to each Pine River Fund’s investment objectives, policies and strategies, Pine River has complete discretionary authority to select the brokers or dealers it will use in connection with transactions for the Pine River Funds, and investors are not permitted to direct Pine River to use a particular broker or dealer to execute portfolio transactions. However, in accordance with the terms of their Account Documents, Managed Accounts may require that some or all of their transactions be executed with certain permitted brokers, dealers or other counterparties. Research Services Including Soft Dollars Pine River may receive research or brokerage services in connection with a Fund’s securities transactions. Pine River will only use “soft dollars” to pay for research and brokerage products that it reasonably believes are within the safe harbor created by Section 28(e) of the U.S. Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”). Currently Pine River does not have any formal soft dollar arrangements. Services Pine River could receive from such broker-dealers may include information on the United States and international economies, particular industries, groups of securities, business sectors, individual companies, statistical, technical and quantitative details about markets, accounting and tax law interpretations and opinions, political developments, legal developments affecting the securities markets, credit analysis, risk measurement analysis, performance analysis, and analysis of corporate ethics and responsibility issues. If Pine River obtains soft dollar services they may benefit multiple Funds, including those whose commissions were not used to purchase the services. Certain Funds may not generate any soft dollar services but could still benefit from the soft dollar services. Research is received primarily in the form of written reports, telephone contacts, e-mails, facsimiles, personal meetings, research seminars, and access to computer databases. In some instances, research services may be generated by third parties and provided to Pine River by or through broker-dealers. Soft dollar arrangements provide an incentive to select a broker-dealer based on its interest in receiving research or brokerage services, rather than best execution for its Clients. Additionally, if Pine River uses Fund brokerage commissions to obtain research or other products or services it will receive a benefit since it did not have to pay for the research, product or services. Pine River does not enter into agreements with brokers exchanging specific amounts of business for research services. But Pine River may consider, in making a decision relative to best price and execution, the value of research services it receives from particular broker-dealers. Except for services that would be a Fund expense or as otherwise described in the applicable Fund documents, Pine River does not intend to use “soft dollars” other than to obtain research and brokerage services within the meaning of Section 28(e) of the Securities Exchange Act.

Best Price and Execution and Selection of Broker-Dealers Pine River’s ability to determine the securities to be bought or sold, the amount to be bought or sold, and the broker to be used is set forth in each Fund’s Account Documents. In selecting brokers, dealers, and futures commissions merchants to effect transactions in financial instruments, Pine River considers factors such as general ability to obtain best execution, price, and the brokers and dealers’ facilities, reliability, credit quality, and financial responsibility. In selecting or recommending broker-dealers and other financial intermediaries to effect portfolio transactions, the Advisers may cause a Fund to enter into arrangements pursuant to which the Fund pays transaction costs in an amount greater than would be incurred if another broker-dealer or other financial intermediary were used. Pine River’s general policy with respect to selecting brokers and paying commissions is to seek the best price and execution for all portfolio transactions considering the services received. In selecting brokers or dealers to execute transactions for its Clients, Pine River is not required to solicit competitive bids or to seek the lowest available commission cost. Pine River considers the full range and quality of the brokerage services available when choosing a broker for a particular transaction. When choosing a broker Pine River may consider a variety of factors including:

the price of the security, the commission rate, the size of the order, the reliability, responsiveness, integrity, financial condition, general execution and operational capabilities of competing brokers and dealers, the complexity of a particular transaction in terms of both execution and settlement, the expertise in the specific securities or sectors in which Pine River seeks to trade, the level and type of business done with a firm over a period of time, research relating to a certain transaction, the extent to which the broker or dealer has capital at risk in the transaction, rates quoted by brokers and dealers, rates which other institutional investors are paying based upon publicly available information, arbitrage skills, and capable floor brokers and traders.

The applicability of specific factors will vary depending upon the nature of the transaction, the market in which it is effected, and the extent to which it is possible to select among multiple brokers or dealers capable of effecting the transaction. Pine River has not and does not intend to enter into any arrangement requiring it or its Clients to allocate either a stated dollar amount or stated percentage of its brokerage business to any broker. Pine River does not consider Fund investor referrals in selecting or recommending brokers or dealers. Pine River has discretionary authority to select brokers and dealers, and Pine River Fund investors are not permitted to direct Pine River to select a particular broker or dealer to execute transactions on behalf of the Funds. Pine River is not responsible for the acts or omissions of any broker or dealer selected by it in good faith. Allocation of Investment Opportunities Pine River advises multiple Funds with similar investment strategies and investments, which creates conflicts of interest in, among other things, allocating investment opportunities. If an investment opportunity is appropriate for more than one Fund, Pine River determines in its sole discretion, and in a manner it believes to be fair and equitable over time, which Funds participate in the opportunity and to what extent which could include, for instance, allocating

pro rata, random allocation, or risk-based allocation. Pine River makes good faith allocation decisions to the Funds on a pro rata or non-pro rata basis based on relevant factors in an effort to construct balanced investment portfolios for each Fund that will provide appropriate risk adjusted returns to the Investors. These factors may include any combination of the following considerations: (a) current and prospective Fund liquidity, (b) investment strategies and guidelines, (c) regulatory or tax considerations, (d) current exposure to investments of a similar nature, (e) size of the available opportunity, (f) characteristics of the securities involved, (g) liquidity of the markets in which the securities trade, (h) internal risk policies, (i) relative risk and VAR profiles and targets of the participating Funds, (i) brokerage and trading agreements established for the participating Funds, (j) assigned long market value or leverage and (k) any other factors relevant to the Funds and investment opportunity. Such inputs are subject to change, including intra-day, in the discretion of Pine River. The foregoing list is not intended to be exclusive, and investments may be allocated on a non-pro rata basis due to other considerations that Pine River may determine from time to time. Strategy capital allocations are derived from free cash requirements, margin utilization levels, risk/volatility restrictions, and the current opportunity set. The investment teams allocate trades among Funds based on each Fund’s margin target or its distance from margin or risk/volatility targets, or other similar metric, taking into consideration the binding constraints of each Fund. Trades may be allocated on a pro-rata or sequential basis. For some strategies, Pine River will implement differing leverage levels by Fund, based on its good faith judgement and Fund investment mandates, and will allocate trades in such strategies based on each Fund’s distance from its leveraged target. Given the nature of fixed income trading, trades are generally allocated when entered into Pine River’s Broadridge order management system. Trade allocations are monitored by the risk and compliance teams to ensure compliance with investment and risk guidelines. Pine River is not required to provide every opportunity to every Client, or to allocate opportunities on a predetermined basis and there can be no guarantee that a Fund will participate in any particular investment opportunity on an equal or pro rata basis with other Funds. In general, where an investment opportunity is not allocated to a Fund, the net result will be to provide the other Funds (and their investors) with all of the benefits (and risks) of that opportunity and, as a result, the returns realized by any such other Fund may differ from those of the others. When launching a new Fund or taking in significant subscription flows, Pine River expects to allocate a larger portion to such portfolio during such ramp up period, with existing Funds receiving potentially less than they otherwise would have. Pine River seeks to make all allocations of investment opportunities in a fair and equitable manner, and will not favor or disfavor, consistently or consciously, any Fund in relation to any other Funds. Further, Pine River will not allocate investment opportunities based, in whole or in part, on (i) the relative fee structure or amount of fees paid by any Fund, or (ii) the profitability of any Funds. From time to time Pine River may identify specific trading and investment opportunities (“Tactical Opportunities”) that it believes: (i) may be of particular interest to one or more single investor funds or accounts that Pine River manages (including the Funds) (each, a “Tactical Investor”); and (ii) are unsuitable – either qualitatively or quantitatively – for other funds and accounts managed by Pine River (“Non-Tactical Clients”). From time to time Pine River may give one or more Tactical Investors the opportunity to invest more capital into a Tactical Opportunity than would ordinarily be the case based on Pine River’s routine trade allocation policy. Pine River will permit a Tactical Investor to make such an oversized allocation only if and when Pine River determines that doing so will not be prejudicial to, or reduce the investment capacity which might otherwise be used by, Non-Tactical Clients. Aggregation of Trade Orders Pine River is permitted to aggregate orders of more than one Fund. Pine River may bunch trades when it determines, exercising its judgment in good faith, that bunching a trade is fair and equitable and will improve trade execution or otherwise benefit (or not be harmful to) the Funds participating in the trade. When allocating bunched trades among Funds, Pine River will ensure that: (a) each Fund is treated fairly with respect to priority of executing orders; (b) trades are allocated on a timely basis; (c) transaction prices and execution costs are averaged and allocated pro rata

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Pine River does not receive economic benefits for providing investment advice or other advisory services from anyone other than its Funds. Pine River uses the services of a non-affiliated placement agent to offer interests in certain of its Funds and to enter into advisory relationships and it may use placement agents in the future. These arrangements typically provide for payment of a portion of the subscription amount or ongoing payments based on a percentage of the compensation Pine River earns from certain funds or accounts that are attributable to the interests of an investor in such Funds introduced by the placement agent. Depending on the terms contained in Fund Account Documents, any such fees will either be incurred by Pine River, or the Fund will reimburse Pine River for such fees (and in neither case will such fees result in a net increase in expense to any Investor). Pine River periodically participates in conferences, programs and other capital introduction services sponsored by brokerage firms or banks that provide custodial, financing or execution services to the Funds. These conferences and capital introduction programs are generally incidental to other brokerage related services and may be a means by which Pine River can be introduced to qualified institutions that are potential Investors in the Funds. While these types of introductory services may influence Pine River in evaluating whether to use the brokerage firm or bank in connection with transaction execution, financing, custody or other activities of the Funds, neither Pine River nor the Funds compensates brokerage firms directly or through any “soft dollar” execution arrangements for introduction services.

There are no legal or disciplinary events which Pine River believes are material to any investor’s or prospective investor’s evaluation of Pine River’s advisory business or the integrity of its management.

Pine River performs various daily, weekly, monthly, quarterly and periodic reviews of each Fund. Such reviews are conducted in the ordinary course by the members of Pine River’s management team, portfolio managers, and risk, accounting and compliance personnel. Pine River has established a risk management committee, appointed a chief risk officer, and implemented a risk management policy in order to formalize risk management controls and ensure appropriate independence for its risk management function. Pine River’s investment and risk management personnel, including its Chief Investment Officer and Chief Risk Officer, monitor the Funds on a continuous basis to assess systemic, portfolio-level and position-specific risks. Pine River uses both proprietary and commerciallylicensed computer systems to assist in monitoring, analyzing and managing the risks inherent in the Funds’ investments. Pine River may modify any of its risk management techniques at any time. Account reviews may also be triggered by unusual activity or special circumstances.

The Funds have an independent administrator which reviews security valuations on a monthly basis and reconciles positions and cash details directly with the custodians on a daily basis. Pine River has also engaged an independent public accounting firm to conduct annual audits of the Funds. As part of the annual audit process, the accounting firm independently verifies investment valuations and positions in the Funds and confirms the Funds’ ownership of investments. Investors in each Fund receive written reports as described in their applicable Account Documents. For Pine River Funds, these reports generally include account statements and transparency reports on a monthly basis, a quarterly investor letter, annual tax information including Schedule K-1 and K-3as relevant, and annual audited financial statements. Pine River may distribute additional reports to investors from time to time in its sole discretion. The type and frequency of reporting for Managed Accounts varies based on the terms set forth in their Account Documents.

Pine River does not serve as the qualified custodian of any of the assets owned by the Funds and does not maintain physical custody of any certificated securities or cash owned by the Funds. However, Pine River is deemed to have constructive custody of the assets of each Fund as a result of its position as an affiliate of the general partner (or equivalent control person) of each Fund, or because Pine River has the ability to withdraw advisory fees directly from Fund accounts. The cash and securities owned by the Funds are held by qualified custodians. Fund investors receive annual financial statements audited by an independent public accounting firm that is registered and examined by the Public Company Accounting Oversight Board for the Funds in which they have invested. The Funds’ Investors also receive account statements from the relevant Fund’s administrator on a monthly basis that include the Fund’s performance and the Investor’s NAV after the end of each reporting period. Investors should carefully review all account statements and other communications they receive from the Fund’s administrator.

Pine River exercises full discretion in managing the investments in each Fund, based on the Fund’s particular investment objectives, policies and strategies disclosed in its Account Documents. By entering into investment

management agreements with Pine River, Clients give Pine River complete authority to manage their assets in accordance with the investment objectives and program of the relevant Fund. Certain Managed Accounts can impose restrictions on investing in certain securities or types of securities and may negotiate other terms with Pine River. Managed Account restrictions and terms are formalized in advisory agreements with Pine River.

Proxy Voting Procedures and Guidelines Pine River has adopted written proxy voting guidelines and procedures designed to be consistent with Rule 206(4)6 of the Advisers Act. To the extent Pine River has been delegated proxy voting authority on behalf of a Fund, it shall vote, or refrain from voting, all proxies with respect to securities held in such Funds in accordance with these guidelines and procedures. In voting proxies for the Funds, Pine River’s goal is to act prudently and in the best economic interest of the Funds, and accordingly of Investors. In its discretion, Pine River may choose not to vote on a particular proxy if it determines that not voting is in the best interest of the relevant Fund. If a proxy relates to an issuer with respect to which Pine River has a conflict of interest, it will not vote the proxy on behalf of a Fund until it either has determined that the conflict of interest is not material, or it has agreed on and implemented a method for resolving the conflict of interest. Pine River may, but does not currently, engage service providers to assist in the administration of its proxy voting responsibilities. When a Fund has authorized Pine River to vote proxies on its behalf, Pine River generally will not accept instructions from the Fund or an Investor regarding how to vote proxies. Fund investors may obtain Pine River’s proxy voting policies and procedures and information about how Pine River voted their Fund’s proxies upon request by contacting us at the address or telephone number listed on the first page of this Brochure. Class Actions In addition to voting proxies, Pine River may participate in class action lawsuits involving issuers in which the Funds held positions during the relevant class period. Pine River engages a third party to track securities class actions and file proofs of claim on behalf of the Funds. Such third party collects fees based on a percentage of the recovery. The Funds absorb this cost by receiving a reduced settlement amount when a third party is used. Any recovery amounts will be distributed to the applicable Funds in proportion to their holdings at the time the recovery amounts are received.

Pine River is not aware of any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to the Funds, and it has not been the subject of a bankruptcy proceeding in the past 10 years.