Shaolin Capital Management LLC

Shaolin Capital Management LLC (“SCM,” “we” or “us”) is a limited liability company formed in Delaware on November 30, 2018, which is 53% owned by David Puritz and 47% owned by Michael Jester. As described below, SCM is responsible for providing investment advisory services to certain private investment funds, generally structured as limited partnerships or exempted companies. SCM advises Shaolin Capital Partners Master Fund, Ltd. (the “Master Fund”) and two feeder funds, Shaolin Capital Partners Onshore Fund, L.P. and Shaolin Capital Partners International Fund, Ltd. (each, a “Feeder Fund” and together with the Master Fund, the “Funds”), which invest all or substantially all of their assets into the Master Fund. In addition, SCM is a sub-advisor for third-party private funds. (together with the Funds, the “Advisory Clients”). The investment objectives and strategy of each Feeder Fund are set forth in a confidential private offering memorandum provided to each investor. Any restrictions on investments are contained in the investment management agreement between SCM and the Funds, but no investor in a Feeder Fund may impose additional restrictions. SCM does not participate in any wrap fee programs. As of December 31, 2024, SCM manages approximately $ 4,364,921,865 of regulatory assets under management on a discretionary basis. SCM does not manage any advisory client assets on a nondiscretionary basis.

The specific manner in which SCM will charge fees with respect to the Funds is set forth in the applicable Feeder Fund’s private offering memorandum. The Master Fund (and, indirectly, the Feeder Funds) will pay a management fee to SCM, calculated and payable monthly in arrears, equal to 1.5% per annum of the net assets of the Funds. In addition, the Funds make an incentive allocation to TigerStyle, LLC, the general partner or sponsor of the Funds (the “Sponsor”), as applicable equal to 20% of the net profit in each investor’s capital account, subject to a high-water mark. As compensation for the services it will provide to the Private Funds, SCM will be entitled to an annual management fee that is typically calculated and paid monthly in arrears, subject to the terms of SCM’s agreement with the investors. In addition, SCM is entitled to performance-based compensation, which typically, is equal to a portion of the distributions of net profit attributable to the Private Funds, subject to the terms of SCM’s agreement with the investors. SCM and the Sponsor reserve the right, in their sole discretion, to reduce or waive the management fee or incentive allocation, respectively, for current or prospective investors. Each Feeder Fund will bear its operating, offering and investment-related expenses and its pro rata share of the expenses of the Master Fund, including, without limitation, legal expenses, internal and external accounting, research fees and expenses (including subscription costs, quotation services, data fees, and research related travel), audit and tax preparation expenses, any taxes, filing fees, Fund-related insurance costs (including D&O and E&O insurance), directors’

fees and expenses, administrator and custody fees and expenses, brokerage commissions, borrowing charges (including interest on borrowings). In no event shall the Feeder Funds bear, or be responsible for, any expenses, excluding management fee and investment expenses, in a fiscal year that exceed an annual rate of 0.50% of the average monthly trading level for the Feeder Funds during such fiscal year (the “Expense Cap”). Each Fund shall reimburse SCM and its affiliates for any such operating, offering and investmentrelated expenses incurred by SCM or its affiliates on behalf of such Fund. Overall fees may vary by Advisory Client and are determined in accordance with the applicable governing documents of such Advisory Client.

SCM will pursue the specific investment objectives and strategies of each Advisory Client as set out in the Advisory Client’s governing documents. Each Advisory Client’s investment objective is to generate consistent, high quality risk-adjusted returns throughout the investment cycle on behalf of investors. The Advisory Clients seek to combine a value- oriented strategy with non-correlated, asymmetric return profiles. Each Advisory Client has a flexible mandate across asset classes and capital structures and may invest both long and short across a variety of public, private, and over-the-counter instruments. These include, but are not limited to, corporate and convertible bonds, preferreds, loans, credit derivatives, equity derivatives, equities (including “new issues”), exchange-traded funds (“ETFs”), asset-backed securities, swaps, futures, indices, interest rate products, municipals, real estate assets, and currencies, among others. Convexity, the unifying characteristic of each Advisory Client’s trade construction, supports both capital preservation and risk adjusted return. Each investment begins with a value-oriented thematic framework in concert with rigorous fundamental and technical research. Prudent security selection generates convex risk profiles. Time, duration, catalysts, liquidity, ownership, political risk, regulatory environment, and tax implications may be key investment considerations. Each Advisory Client may make investments that are less liquid than readily marketable securities and/or may be long-term in nature. SCM will base its assessment of these investments on potential risk and return, considering differences in both liquidity and duration, amongst other variables. Capital allocation may be highly dynamic and portfolio bias will change with market conditions. Each Advisory Client has a global mandate with a preference towards developed markets with strong corporate governance and rule of law. However, there are no limitations on geographic exposure or investment concentration. A Advisory Client may at times be concentrated in investments, companies, industries, asset classes, and/or geographic areas. The investment strategies in which each Advisory Client invests are intended to span a wide range of markets, asset classes, and risk metrics. Investing in securities involves risk of loss that investors should be prepared to bear. The private offering memorandum of each Feeder Fund includes a detailed discussion of the risk factors associated with investing in a Feeder Fund. SCM implements each Feeder Fund’s investment strategies through the Master Fund, as each Feeder Fund is a feeder fund in a master-feeder arrangement with the Master Fund. All trading activities take place at the Master Fund level, but since the Feeder Funds invest all of their assets in the Master Fund, each of the risks applicable to the Master Fund flow through to the Feeder Funds. Please see below for a discussion of some of the material risks related to the investment strategies of SCM. This list of risk factors is not a complete explanation of the risks involved.

Risk of Loss Due to the Bankruptcy or Failure of Counterparties, Brokers and Exchanges. While care is taken in selecting brokers or dealers who will maintain custody of certain of the assets of each Advisory Client, there is a residual risk that any of such brokers or dealers could become insolvent. The Advisory Clients will assume the credit risk associated with placing their funds and

securities with prime brokers, and the failure or bankruptcy of the prime brokers could have a material adverse impact on the Advisory Clients. Under certain circumstances, such as the inability of another client of the prime brokers or the prime brokers themselves to satisfy substantial deficiencies in such other client’s account, the Advisory Clients may be subject to a risk of loss of those funds on deposit with the prime brokers. It is expected that all securities and other assets deposited with brokers or dealers will be clearly identified as being assets of the applicable Advisory Client and hence such equity should not be exposed to a credit risk with regard to such parties. However, it may not always be possible to achieve this and an Advisory Client may only be able to recover a pro rata portion of its assets on deposit with a broker or dealer in the event of an insolvency of such party.

New Issues. Each Advisory Client may invest in “new issues” as that term is defined in Rule 5130 of the Conduct Rules of the Financial Industry Regulatory Authority. To the extent that a potential investor is “restricted” under Rule 5130, an investment in a Fund may not yield the performance results that may be achieved by those investors that are not restricted. Any investor who does not provide sufficient information to show that such investor is not restricted will be presumed to be restricted. Fixed Income Obligations. Fixed income obligations are subject to the risk of an issuer’s ability to meet principal and interest payments on the obligation (i.e., credit risk), and may also be subject to price volatility due to factors, such as interest rate sensitivity, duration, market perception of the creditworthiness of the issuer, general market liquidity, and issue level liquidity. Changes in interest rates may cause a decline in the market value of an investment. With bonds and other fixed income securities, a rise in interest rates typically causes a fall in values, while a fall in interest rates typically causes a rise in values. The risk of bonds can vary significantly depending upon factors such as the issuer and maturity. For example, the issuer of a security or the counterparty to a contract may default or otherwise become unable to honor a financial obligation. The bonds of some companies may be riskier than the stocks of others. Convertible and Hybrid Securities. Convertible and hybrid securities may provide higher yields than the underlying equity securities, but generally offer lower yields than non-convertible securities of similar quality. The value of convertible securities fluctuates in relation to changes in interest rates (like bonds), issuer credit risk, movements in the underlying common stock, and volatility (like options), in addition to other factors. The risk of convertible and hybrid securities can vary significantly depending upon factors such as the issuer and maturity, general market liquidity and issuer level liquidity, among others. Asset-Backed Securities. Each Advisory Client may invest in asset-backed securities, including, but not limited to, interests in pools of receivables, loans, assets, leases, and mortgages (i.e., mortgage- backed securities). These securities may be in the form of pass-through instruments or asset- backed obligations. The securities, many of which are issued by nongovernmental entities and carry no direct or indirect government guarantee, present certain risks primarily because these securities may not have the benefit of a security interest in the related collateral.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) imposed significant changes to the legal and regulatory framework applicable to the asset-backed securities markets and securitizations, directing various federal regulators to engage in rulemaking actions aimed at dramatically reforming regulation of U.S financial markets. While many of the rulemakings required by the Dodd-Frank Act have been finalized and are either effective or pending effectiveness, others remain to be finalized or even proposed. Further, many of the rules that have been finalized have been subject to modification or interpretation since their effective date, often times in order to clear up ambiguities present in the final rules. Debt Securities. Each Advisory Client may invest in unrated, low grade, or defaulted debt securities which are subject to greater risk of loss of principal and interest than higher-rated debt securities. Each Advisory Client may invest in debt securities which rank junior to other outstanding securities and obligations of the issuer, all or a significant portion of which may be secured on substantially all of that issuer’s assets. Each Advisory Client may invest in debt securities which are not protected by financial covenants or limitations on additional indebtedness. Low grade, unrated, and defaulted debt securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates and credit markets. Investors should be aware that ratings are relative and subjective and are not absolute standards of quality. Subsequent to its purchase by an Advisory Client, an issue of securities may cease to be rated or its rating may be reduced. Neither event will require sale of such securities by an Advisory Client, although SCM will consider such event in its determination of whether such Advisory Client should continue to hold the securities. The market value of securities in lower-rated categories is more volatile than that of higher quality securities. In addition, an Advisory Client may have difficulty disposing of certain of these securities because there may be a thin trading market. The lack of a liquid secondary market for certain securities may have an adverse impact on the Advisory Clients’ ability to dispose of such securities and may make it more difficult for the Advisory Clients to obtain accurate market quotations for purposes of valuing the assets held by such Client and calculating its respective net asset value. Equity Investments. The investment portfolio of each Advisory Client may include long and short positions in public and private equity (including preferred equity) securities of U.S. and non-U.S. companies. Equity securities fluctuate in value in response to many factors, including, among others, the activities and financial condition of individual companies, the business market in which individual companies compete, industry market conditions, interest rates and general economic environments. In addition, events such as the domestic and international political environments, terrorism and natural disasters, may be unforeseeable and contribute to market volatility in ways that may adversely affect the Advisory Clients. Each Advisory Client, along with any affiliated funds, may on occasion acquire (i) more than 5% of a class of securities of a single issuer which would require the filing of a Schedule 13D or 13G statement with the SEC or (ii) more than 10% of a class of securities of a single issuer which would impose certain limitations on an Advisory Client’s ability to trade in such securities, including the restrictions of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accumulation of such a significant position in the shares of a single issuer could lead to litigation or disputes in the event that SCM desires to influence the issuer. SCM may also seek to challenge the management of a portfolio company through a proxy contest. Such litigation or a proxy contest may result in substantial expense to the Advisory Clients. In addition, senior personnel of SCM may serve on the board of directors of one or more companies in which the Advisory Clients invest. As a result, SCM would

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SCM provides investment advisory services to pooled investment vehicles, private funds and separately managed accounts. In the future, it may also provide such services to high net worth individuals and families, corporate pension and profit-sharing plans, charitable institutions, foundations, endowments, municipalities, registered mutual funds, private investment funds, trust programs, sovereign funds, foreign funds such as UCITs and SICAVs, and other U.S. and international institutions. The minimum subscription amount for each Feeder Fund is $1,000,000. The Sponsor, an affiliate of SCM, may waive the minimum account or subscription requirements at its sole discretion.

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

SCM is affiliated with TigerStyle, LLC, the general partner of Shaolin Capital Partners Onshore Fund, L.P., and the sponsor of Shaolin Capital Partners International Fund, Ltd. and the Master Fund. SCM serves as the investment manager to the Funds. SCM’s affiliates and employees also invest directly in the Funds. It should be noted that investments in the Funds made by such parties generally are not subject to the management fees or performance-based fees described in Item 5 above. The advisor invests client’s assets in entities associated with investors in its private investment vehicles.

SCM has adopted a Code of Ethics for all supervised persons of the firm describing its high standard of business conduct, and fiduciary duty to its Advisory Clients. The Code of Ethics includes provisions relating to the confidentiality of client information, a prohibition on insider trading, a prohibition of rumor mongering, restrictions on the acceptance of significant gifts and the reporting of certain gifts and business entertainment items, and personal securities trading procedures, among other things. All supervised persons at SCM must acknowledge the terms of the Code of Ethics annually, and upon any amendment. SCM anticipates that, in appropriate circumstances, consistent with its Advisory Clients’ investment objectives, it will cause accounts over which SCM has management authority to effect, and will recommend to investment Advisory Clients or prospective Advisory Clients, the purchase or sale of securities in which SCM, its affiliates and/or Advisory Clients, directly or indirectly, have a position of interest. SCM’s employees and persons associated with SCM are required to follow SCM’s Code of Ethics. The Code of Ethics is designed to assure that the personal securities transactions, activities and interests of the employees of SCM will not interfere with (i) making decisions in the best interest of advisory clients and (ii) implementing such decisions while, at the same time, allowing employees to invest for their own accounts. Under SCM’s Code of Ethics, certain classes of securities have been designated as exempt transactions, based upon a determination that these would materially not interfere with the best interest of SCM’s Advisory Clients. In addition, the Code of Ethics requires pre-clearance of any single-name personal securities transactions, including initial public offerings, and investments in private placements. As required by Rule 204A-1 of the Advisers Act, SCM’s Access Persons must provide SCM’ Chief Compliance Officer with a list of their personal accounts and an initial

holding report within 10 days of becoming an Access Person. SCM also requires its Access Persons to report their securities transactions on a quarterly basis thereafter and disclose their securities holdings on an annual basis. Certain affiliated accounts may trade in the same securities with client accounts on an aggregated basis when consistent with SCM’s obligation of best execution. In such circumstances, the affiliated and client accounts will share commission costs equally and receive securities at a total average price. SCM will retain records of the trade (specifying each participating account) and its allocation, which will be completed prior to the entry of the aggregated order. SCM’s Advisory Clients or prospective Advisory Clients may request a copy of SCM’s Code of Ethics by contacting Anthony Giraulo at anthony.giraulo@shaolincapital.com It is SCM’s policy that SCM will not execute any principal or agency cross securities transactions for Advisory Client accounts. SCM will also not cross trades between Advisory Client accounts. Principal transactions are generally defined as transactions where an adviser, acting as principal for its own account or the account of an affiliated broker-dealer, buys from or sells any security to any Advisory Client. A principal transaction may also be deemed to have occurred if a security is crossed between an affiliated hedge fund and another Advisory Client account. An agency cross transaction is defined as a transaction where a person acts as an investment adviser in relation to a transaction in which the investment adviser, or any person controlled by or under common control with the investment adviser, acts as broker for both the advisory client and for another person on the other side of the transaction. Agency cross transactions may arise where an adviser is dually registered as a broker- dealer or has an affiliated broker-dealer.

Each Advisory Client has granted the authority to SCM to buy and sell securities in its judgment. The limitations, if any, on this authority are detailed at the time that the authority is granted. For both purchases and sales of securities, SCM will attempt to maintain trading relationships with dealers that SCM believes will provide the best availability of securities and the best execution over time. In general, SCM will apply the same criteria with respect to all Advisory Clients in assessing the quality and cost of trade execution and will not, unless directed by an Advisory Client, make intentional distinctions in the way trades are executed among different Advisory Clients’ accounts. With respect to SCM’s selection of broker-dealers to execute Advisory Client transactions, it is important to note that the corporate bond market operates largely on an over-the-counter basis, and different dealers will generally have different inventories of bonds. Since SCM’s investment approach utilizes in-depth research on specific bonds, two distinct bonds will rarely be perceived as “fungible”. Therefore, SCM will, by necessity, make corporate bond purchases from dealers who have the desired bonds available for purchase or, in the case of sales, who make a market in the bond in question (although large government securities dealers may have a substantial inventory of U.S. government securities). In circumstances in which purchases or sales can be affected with more than one dealer, the selection will be driven almost exclusively by the best price. Another (though generally less important) factor will be the dealer’s history in promptly and accurately processing transactions.

Soft Dollar. Soft dollar arrangements arise when an investment adviser obtains research and brokerage services from a broker-dealer (or from a third party to whom the adviser directs payments) in exchange for client brokerage commissions. These arrangements allow the adviser to receive certain products or services that it might otherwise purchase directly. While SCM is obligated to seek the best execution for client transactions, the use of soft dollar arrangements creates a potential conflict of interest because it provides an incentive to direct trades to brokers that provide research and services beneficial to SCM rather than solely based on the most favorable execution terms for clients. SCM intends to enter into soft dollar arrangements in accordance with Section 28(e) of the Securities Exchange Act of 1934. This means SCM may direct client trades to brokers that provide eligible research and brokerage services and, in return, may pay higher commissions than those charged by brokers that do not provide such services. SCM evaluates whether the commissions paid are reasonable in relation to the value of research and brokerage services received, consistent with its fiduciary duty. Products and services obtained through soft dollars must directly benefit SCM’s investment. SCM acknowledges the potential conflicts of interest associated with soft dollar arrangements, including: • Incentive to Direct Trades Based on Soft Dollar Benefits – SCM may have an incentive to direct transactions to brokers providing research and brokerage services rather than choosing brokers purely based on execution quality and cost. • Research May Not Directly Benefit a Specific Client – The research acquired through soft dollar arrangements is used to inform investment decisions across multiple client accounts, which means that the commissions of one client may help pay for research that benefits another. • Potential for Higher Trading Costs – Clients may pay higher commissions than they would with brokers that do not provide soft dollar benefits. To mitigate these conflicts, SCM: • Conducts periodic best execution reviews to ensure client transactions are executed at competitive rates and in their best interest. • Limits soft dollar arrangements to services that qualify under Section 28(e) and directly enhance investment decision-making or trade execution. • Allocates mixed-use products or services in good faith.

SCM has entered into, and in the future may enter into, contractual agreements with individuals and organizations (hereafter referred to as “Agents”) that solicit Advisory Clients for SCM. While specific terms of each agreement may differ, generally an Agent’s compensation is based upon the value of assets of the referred investors who invest in the Funds or is based upon the management and/or incentive fee paid by such investors. The Agent's compensation, unless otherwise disclosed to the investor, will not increase the referred investor's fees beyond that which the investor would otherwise pay for investing in the Funds. Historically, SCM maintained an Agent relationship with Perkins Fund Marketing, L.L.C. and Blue Sands Securities LLC. SCM does not currently accept new investors from Perkins. Currently, SCM pays Perkins a trailing portion of the advisory fees collected from the prior investors introduced through this legacy arrangement.

None of SCM, any Advisory Client, or any employees, members, principals or associated persons of SCM have been or are under any disciplinary action or proceeding.

The Advisory Client portfolios are under continuous review by David Puritz and Michael Jester. The portfolios are under continuous review by these individuals with regard to investment policy, the suitability of the investments used to meet policy objectives, and the investment objectives of the Advisory Clients. The portfolios are reviewed frequently to evaluate and assess, among other things, investment performance, sensitivity to market changes, and whether they continue to meet certain established investment criteria and guidelines of the SCM provides a newsletter to investors in the Feeder Funds which may contain performance and attribution information about the applicable Feeder Fund. Investors in the Feeder Funds receive statements of their interest in the Feeder Funds directly from the administrator on a monthly basis.

SCM is deemed to have custody by virtue of their status as investment manager. SCM maintains the assets of the Funds in accounts with a “qualified custodian” pursuant to Rule 206(4)-2 under the Advisers Act. SCM has established prime brokerage arrangements for the Funds with Barclays Capital Inc., BNP Paribas Prime Brokerage Inc., Goldman Sachs, and Wells Fargo Prime Services. To ensure compliance with Rule 206(4)-2 under the Advisers Act, SCM will provide all Investors with the applicable audited financial statements of the Funds, prepared by an independent accounting firm that is registered with and subject to review by the Public Company Accounting Oversight Board, in accordance with U.S. Generally Accepted Accounting Principles, within 90 days of the end of the Funds’ respective fiscal years (i.e., generally by March 30). Investors should carefully review the audited financial statements of the Funds.

SCM has discretionary authority to manage the assets of the Advisory Clients. The discretionary authority is set forth the investment management agreement executed by each Advisory Client at the outset of the advisory relationship. When selecting securities and determining amounts, SCM observes the investment policies, limitations and restrictions of the Advisory Clients that it advises. Investment guidelines and restrictions must be provided to SCM in writing.

SCM, as a matter of policy and as a fiduciary to the Advisory Clients, will be responsible for voting proxies for portfolio securities consistent with the best economic interests of SCM’s Advisory Clients. SCM maintains written policies and procedures as to the handling, research, voting and recording of proxies. SCM’s policies and procedures include the responsibility to monitor corporate actions, receive and vote proxies and maintain relevant records. Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised.

SCM will vote proxies in the best interests of each particular Advisory Client. SCM’s policy is to vote all proxies for a specific issuer in the same way for each Advisory Client absent some qualifying restrictions or a material conflict of interest. SCM will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and the selection of auditors, absent conflicts of interest (e.g., an auditor’s provision of non-audit services). SCM will generally vote against proposals that cause board members to become entrenched or to cause unequal voting rights. In the event that the Chief Compliance Officer of SCM determines that a conflict of interest exists between SCM and any Advisory Client, SCM will abstain from voting any such proxy. In reviewing proposals, SCM may also consider the opinions of management, the effects on management, the effects on shareholder value and the issuer’s business practices. In the event that an Advisory Client has provided specific parameters regarding proxy voting, the instructions of such Client will be followed. Investors in the Feeder Funds may request information on how specific proxies were voted.

Not applicable.