Algebris Investments (US) Inc.: investment adviser

Algebris UK’s office is located in London and Algebris Ireland’s office is located in Dublin, neither have any presence in the US. Algebris Ireland is the appointed investment manager of certain Algebris funds and has delegated investment advisory services to Algebris UK and Algebris US. Algebris UK provides investment advisory services to various pooled investment vehicles. Algebris UK has sub-delegated certain investment advisory services to Algebris US. Algebris provides investment advisory services to various pooled investment vehicles (the “Funds”) and other clients that are managed on a discretionary basis. Funds include UCITS and private funds and the other clients are separately managed investment mandates for institutional clients (“Clients”), together the “Advisory Clients”. The advisory relationship between each Client and Algebris and between each Fund and Algebris is governed by the respective investment management agreement (each, an “IMA”) between the Advisory Clients and the Company. As of December 31, 2025, Algebris UK provided continuous and regular supervisory or management services to approximately $35.2 billion of securities portfolios on a discretionary basis. As of December 31, 2025, Algebris US co-managed $6.9 billion of this on a discretionary basis.

a fee based on a share of capital gains on or capital appreciation of the assets under management) from each of its Advisory Clients. Algebris UK, however, retains the discretion to waive or reduce fees and expenses charged by Algebris UK to the Advisory Clients. A full description of all fees and expenses permitted to be charged to the Advisory Clients by Algebris UK is contained in the respective IMAs.

Algebris has mitigated this risk through the inclusion of a High Water Mark provision, and therefore, as a result, any losses, either realized or unrealized, would need be to be recouped in full before a performance fee could be recognized by Algebris UK. Algebris US recognizes that it is a fiduciary and as such must act in the best interests of the Advisory Clients.

Algebris has agreements with certain investors which modify the terms contained in the relevant governing documents of the Funds, but do not grant any preferential treatment with regard to fees, liquidity, or transparency to any investors. Subject to the discretion of Algebris to accept less, the minimum Fund investment ranges between EUR 500,000 and EUR 50 million, depending on the Fund and share class invested in. Although the Company has the authority to accept a lesser amount, the minimum investment for a separately managed account is generally US$100 million. Separately managed account Clients may place reasonable investment objectives or restrictions on the management of their accounts as agreed upon by Algebris. Such Clients may terminate their advisory service at any time in accordance with the provisions of the IMA.

These changes can significantly affect the short, medium, and/or long-term growth prospects, economic return, and risk profile of a company and thereby substantially impact its intrinsic value. As such, Algebris will typically seek to take long positions in equity and debt securities of companies exhibiting one or more of the following characteristics: 1. 2. 3. 4. 5. 6. 7. 8. 9.

Change in revenue growth prospects; Change in projected operating expenses; Change in balance sheet quality; Speculation regarding a possible sale, disposal, or acquisition; Change in execution capability and/or strategic direction due to a change in management; Change in capital discipline; Change in regulation; A change in overall risk appetite; or A change in valuation methodology.

Algebris seeks to take long positions in securities when it believes that the market price of a security is below its estimated intrinsic value. While Algebris focuses on its long positions, it may take a short position in securities (typically through derivatives) when the market price of a security is above its estimated intrinsic value. Algebris constructs broad-based portfolios, which are represented by companies in some or all of the following financial sub-sectors, but always dependent on any investment restrictions set out in the Funds offering documents or prospectus: banks, insurance companies, real estate investment trusts (“REITs”), asset managers, broker-dealers, diversified financial services providers, companies that derive a significant proportion of their total revenues as suppliers to financial services and real estate companies, and companies that depend on the provision of financial services for the sale of their core products. Algebris invests in a wide range of instruments, including, but not limited to listed and unlisted equities, debt securities (both investment and non-investment grade), promissory notes, GDRs and ADRs, options (including uncovered options), warrants, equity swaps, contract for differences, futures, credit derivatives and other derivative instruments. Derivatives may be used for investment as well as hedging purposes. On behalf of its Advisory Clients, Algebris may engage in short sales of securities through derivative structures and may also retain amounts in cash or cash-equivalents, as considered appropriate. Risk of Loss

Investing in securities involves the risk of loss that Advisory Clients should be prepared to bear. An investment in Algebris managed Funds and strategies should only be made after consultation with independent qualified sources of investment and tax advice. No guarantee or representation is made that the Funds and strategies managed by Algebris will be successful, and performance could be negatively impacted by a number of risks, including, but not limited to: 1. Liquidity – Certain markets may have a relatively low volume of trading. Securities of companies in such markets may also be less liquid and more volatile than securities of comparable companies elsewhere. 2. Legal and Political Risk – Many of the laws that govern private and foreign investment, equity securities transactions, and other contractual relationships in certain countries, particularly in developing countries, are new and largely untested. As a result, Advisory Clients may be subject to a number of unusual risks, including inadequate investor protection, contradictory legislation, incomplete, unclear and changing laws, ignorance or breaches of regulations on the part of other market participants, lack of established or effective avenues for legal redress, lack of standard practices and confidentiality customs characteristic of developed markets, and lack of enforcement of existing regulations. 3. Inflation and Deflation Risk – Inflation risk is the risk that the value of certain investments or income thereon will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of an Advisory Client’s investments can decline. Deflation risk is the risk that prices decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of portfolio companies in which the Advisory Client invests and may make defaults more likely, which may result in a decline in the value of the Advisory Client’s investments. High rates of inflation and rapid increases in the rate of inflation generally have a negative impact on financial markets and the broader economy. In an attempt to stabilize inflation, governments may impose wage and price controls or otherwise intervene in a country’s economy. Governmental efforts to curb inflation, including by increasing interest rates or reducing fiscal or monetary stimuli, often have negative effects on the level of economic activity. Persistently high levels of inflation could have a material and adverse impact on the Advisory Client’s investments and its aggregated returns. For example, if a portfolio company were unable to increase its revenue while the cost of relevant inputs was increasing, the portfolio company’s profitability would likely suffer. Likewise, to the extent a portfolio company has revenue streams that are slow or unable to adjust to changes in inflation, including by contractual arrangements or otherwise, the portfolio company could increase revenue by less than its expenses increase. Conversely, as inflation declines, a portfolio company may see its competitors’ costs stabilize sooner or more rapidly than its own. Additionally, because the preferred return is not linked to the rate of inflation, as the rate of inflation increases, the proportion of real returns (i.e., the nominal rate of return less the rate of inflation) treated as preferred return decreases and the proportion of real returns subject to performance-based compensation increases. There can be no assurance that high rates of inflation will not have a material adverse effect on the investments of the Advisory Client.

4. Derivatives – The Advisory Client accounts may make use of various derivative instruments, such as convertible securities, options, futures, forwards, and interest rate, credit default, total return, and equity swaps. The use of derivative instruments involves a variety of risks, including a high degree of leverage sometimes embedded in such instruments. The derivatives markets are frequently characterized by limited liquidity, which can make it difficult as well as costly to close out open positions in order either to realize gains or to limit losses. 5. Counterparty (Credit) Risk – Algebris may enter into transactions in OTC markets whereby the Advisory Clients will be exposed to the risk that the counterparty may default on its obligations to perform under the relevant contract. In the event of a bankruptcy or insolvency of a counterparty, Advisory Clients could experience delays in liquidating the position and may incur significant losses. 6. Regulatory Uncertainty – Any change in U.S. administration, including shifts in regulatory bodies like the SEC, can lead to revisions across existing law and regulations. Any such changes could significantly impact Algebris, the Advisory Clients and their investments year-over-year. Such changes that might have a material impact include, without limitation, changes to trade agreements, immigration policy, import and export regulations, tariffs and customs duties, energy regulations, income tax regulations and the federal tax code, and antitrust enforcement. Changes in federal policy are subject to further uncertainty, as changes could be implemented at regulatory agencies over time through policy and personnel changes, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic effects of potential changes to the current legal and regulatory framework affecting financial institutions currently remain uncertain. It is possible that future changes will adversely affect Algebris or the Advisory Clients’ operating environment and consequently their business, financial condition and results of operations. There can be no assurance that any changes in laws, regulations or governmental policy will not have an adverse impact on Algebris, the Advisory Clients or their investments, including the ability of the Advisory Clients to execute their investment objectives and to receive returns. 7. International Investing – Investing outside the United States may involve greater risks than investing in the United States. These risks include: (i) less publicly available information; (ii) varying levels of governmental regulation and supervision; and (iii) the difficulty of enforcing legal rights in a non-U.S. jurisdiction and uncertainties as to the status, interpretation, and application of laws. 8. Outbound Investment Regulation – In August 2023, the President of the United States issued an executive order setting forth a framework to implement outbound investment controls regulating U.S. investment in certain countries and companies deemed to be averse to U.S. national security and foreign policy interests. In October 2024, the U.S. Department of the Treasury issued a final rule to implement the executive order and establish an outbound investment security program (“OISP”), which became effective on January 2, 2025. OISP imposes notification requirements for, and certain prohibitions relating to, investments by “U.S. persons” as well as their “controlled foreign entities” into certain

entities that have both a nexus to China and that involve semiconductors and microelectronics, quantum information technologies or artificial intelligence. On February 21, 2025, the President of the United States signed a National Security Presidential Memorandum entitled “America First Investment Policy,” which indicates that the OISP restrictions may be expanded to cover biotechnology, hypersonic, aerospace, advanced manufacturing and directed energy, among other sectors, and it is likely that the number of targeted sectors will expand over the life of a Fund. The OISP restrictions could limit the universe of prospective investments available to a Fund, making it more difficult to deploy capital and/or identify buyers for investments on exit. Any failure to comply with OISP could result in significant legal and monetary penalties and/or adverse reputational and other consequences. 9. CFIUS and National Security Clearance Considerations – Certain investments by a Fund that involve the acquisition of, or investment in, a U.S. business (including a U.S. subsidiary of a portfolio company domiciled outside of the United States) or U.S. assets are expected to be subject to or require review and approval by the U.S. Committee on Foreign Investment in the United States (“CFIUS”) depending on, among other factors, the structure, beneficial ownership and control of interests in the Advisory Client and the nature of the U.S. business. CFIUS reform legislation (the Foreign Investment Risk Review Modernization Act) and related regulations empower CFIUS to scrutinize more closely investments in U.S. “sensitive personal data,” “critical infrastructure” and “critical technology” companies, including investments involving non-U.S. limited partners or co-investors that may be deemed “non-passive.” Certain transactions involving non-U.S. persons and U.S. “critical technology” companies, as well as sovereign investments in “critical technology,” infrastructure or data businesses, can be subject to mandatory pre-closing notification requirements, and monetary penalties may attach to a party’s failure to file such a notification. In addition, non-U.S. countries are increasingly taking action to strengthen their own foreign investment clearance (“FIC”) regimes, and as a result, certain investments by an Advisory Client could likewise be subject to review by non-U.S. FIC regimes if the investments are perceived to implicate national security policy priorities. CFIUS and other FIC regulatory practices are evolving rapidly, and CFIUS and other FIC regulators have substantial discretion in deciding how to interpret, apply and enforce the relevant regulations. Any review and approval of an Advisory Client investment by CFIUS or another FIC regulator could have outsized impacts on transaction certainty, timing, feasibility and cost, among other things. In the event that CFIUS or another FIC regulator reviews one or more of the Advisory Client’s proposed or existing investments, it may seek to impose limitations on or prohibit such investments, and there can be no assurances that the Advisory Client will be able to proceed with, or maintain, such investments on terms acceptable to the Advisory Client. Such limitations or restrictions could adversely affect an Advisory Client’s performance with respect to such investments (if consummated) and thus the Advisory Client’s performance as a whole. Failure to submit required CFIUS filings could result in significant financial penalties for each transaction party, as well as reputational damage and potential legal restrictions on future investments. In addition, CFIUS is actively pursuing

transactions that were not notified of it and may ask questions regarding, or impose restrictions or mitigation on, transactions post-closing. Certain Advisory Client investors are expected to be non-U.S. investors, and in the aggregate, could comprise a substantial portion of the Advisory Client’s commitments, which increases the risk that Advisory Client investments could be subject to review by CFIUS. To the extent that restrictions are reasonably likely to be imposed on an investment by the Advisory Client due to the non-U.S. status of a limited partner or group of limited partners or other related CFIUS or FIC considerations, the General Partner is permitted to restrict such limited partner’s or group’s ability to participate in any investment and further, if applicable, restrict such limited partner’s or group’s rights to participate in or vote on certain decisions of the relevant advisory committee with respect to such investment. However, there can be no assurance that any such restrictions will allow the Advisory Client to maintain, or proceed with, any investment on terms acceptable to the Advisory Client. Additionally, an Advisory Client is permitted to invest in portfolio companies that have previously taken capital from, or may in the future take capital from, third-party investors that are considered “foreign persons” for CFIUS purposes. In certain cases, notifications to CFIUS in connections with such third-party investments may be mandatory, and failure to make a notification could result in the imposition of fines or penalties on the investor and/or the portfolio company. In the event that CFIUS reviews such investors’ investments in portfolio companies, CFIUS may impose limitations or restrictions on the investors or the companies, which could adversely impact such companies’ performance and thus the performance of the Advisory Client as a whole. 10. International Conflicts and Geopolitical Events – Wars and other international conflicts, such as the US’ military operations in Iran and surrounding countries, the Israeli Palestinian conflict and the ongoing military conflict between Russia and Ukraine, have caused disruption to global financial systems, trade and transport, among other things. In response, multiple other countries have put in place sanctions and other severe restrictions or prohibitions on certain of the countries involved, as well as related individuals and businesses. The ultimate impact of these conflicts (and other geopolitical events, including national referenda, elections, interest rates, political movements, humanitarian crises, national and international policy changes, actual or perceived trade wars, import or export controls, executive orders, laws, legal systems and regulatory regimes) and their effect on global economic and commercial activity and conditions, and on the operations, financial condition and performance of the Advisory Clients or any particular industry, business or investee country and the duration and severity of those effects, is impossible to predict. These matters may have a significant adverse impact and result in significant losses to the Funds. This impact may include reductions in revenue and growth, unexpected operational losses and liabilities, supply chain disruptions and reductions in the availability of capital. It may also limit the ability of an Advisory Client to source, diligence and execute new investments and to manage, finance and exit investments in the future. Developing and further governmental actions (military or otherwise) may cause additional disruption and constrain or alter existing financial, legal and regulatory frameworks and systems in ways that are adverse to the investment strategy which any Advisory Client intends to pursue, all

of which could adversely affect the Advisory Client’s ability to fulfill its investment objectives. 11. Emerging and Frontier Markets – An investment in emerging and frontier market securities involves a greater degree of risk than an investment in securities of issuers based in developed countries. Among other things, emerging and frontier market securities investments may carry the risks of less publicly available information, more volatile markets, less strict securities market regulation, less favorable tax provisions, and a greater likelihood of severe inflation, unstable currency, war, and expropriation of personal property than investments in securities of issuers based in developed countries. 12. Short Sales – Short selling involves selling securities which are not owned by the short seller and borrowing them for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. A short sale creates the risk of a theoretically unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost of Advisory Clients of buying those securities to cover the short position. 13. CoCo Bonds – Several Advisory Client accounts may be invested in contingent convertible securities ('CoCos'). CoCos have unique risks, for example, due to equity conversion or principal write-down features which are tailored to the issuing entity and its regulatory requirements, which means the market value of CoCos may fluctuate. 14. Custody Risk –Algebris’ Advisory Clients may incur a loss on securities and cash held in custody in the event of a custodian’s or sub-custodian’s insolvency, negligence, fraud, poor administration, or inadequate recordkeeping. Generally, deposits maintained at a bank do not become part of a failed bank’s estate however, the operations of Algebris US could be impacted by the bank’s insolvency in that there may be a delay in access to liquidity, trade settlement, delivery of securities, etc. Establishing multiple custodial relationships could mitigate custodial risk in the event of a bank failure. 15. Force Majeure – Algebris US’s strategies and investments on behalf of its Advisory Clients may be affected by force majeure events (i.e., events beyond Algebris US’s control, including acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern such as COVID-19, war, terrorism and labor strikes). Some force majeure events could adversely affect Algebris US’s ability to perform its obligations until it is able to remedy the force majeure event. In addition, the losses to Advisory Clients resulting from such force majeure event could be considerable. Certain force majeure events (such as war and other international conflicts, such as the IsraeliHamas conflict and the ongoing military conflict between Russia and Ukraine, or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity, or in any of the countries where Algebris US may invest specifically on behalf of its Advisory Clients. Additionally, major governmental intervention into industry, including the nationalization of an industry, could result in a loss to Advisory Clients. Any one or any combination of the foregoing may therefore adversely affect performance.

16. Key Man Risk – As the owners and managing members of Algebris, who direct all activities and operations of Algebris, are critical to the Company’s management of Advisory Clients and the Company, any disruption in their leadership could significantly impact the Company's performance and Advisory Client relationships. Accordingly, any succession plan implemented by Algebris or any termination of an Advisory Client’s agreement with Algebris after the departure of Mr. Davide Serra would not affect the maintenance of Advisory Client assets at the relevant custodian in the name of the Advisory Client. 17. Artificial Intelligence – The emergence of recent technology developments in artificial intelligence and machine learning such as OpenAI and ChatGPT (collectively, “Machine Learning Technology”) can pose risks to Algebris, Advisory Clients, and their investments. While Algebris prohibits the use of Machine Learning Technology in substantial business activities, the Company is nonetheless exposed to the risks of Machine Learning Technology from any uses of Machine Learning Technology that may be undertaken by Algebris employees in contravention of the Company’s restriction, or by third-party service providers, any counterparties to Advisory Clients, or their underlying investments, whether or not known to Algebris. Use of Machine Learning Technology involves the risk of inaccuracies or errors in the data utilized by Machine Learning Technology, may directly or indirectly create security or data risks, and may increase trademark, licensing, and copyright risks. Machine Learning Technology continues to develop rapidly, and it is impossible to predict the future risks that may arise from such developments. 18. Cybersecurity Threats – Algebris, the Advisory Clients’ service providers and other market participants increasingly depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect the Advisory Clients and their Investors, despite the efforts of Algebris’ and the Advisory Clients’ service providers to adopt technologies, processes and practices intended to mitigate these risks and protect the security of their computer systems, software, networks and other technology assets, as well as the confidentiality, integrity and availability of information belonging to the Advisory Clients and its Investors. The use of internet or cloud-based programs, technologies, and data storage applications generally heighten these risks. The use of any such applications could subject Algebris or the relevant Advisory Client, to substantial losses, including losses relating to misappropriation of assets, intellectual property, or confidential information; corruption, deletion, or destruction of data; physical damage and repairs to systems; reputational harm; financial losses from remedial actions; and/or disruption of operations. Third parties, including activist, criminal, nation-state, or terrorist actors, may also attempt fraudulently to induce portfolio companies or their personnel to disclose sensitive information (including passwords) in order to gain access to data, accounts, funds, or other assets, or otherwise to inflict harm. 19. Business Continuity and Disaster Recovery – Algebris’ business operations could become vulnerable to disruption in the case of catastrophic events such as fires, natural disaster (e.g., tornadoes, floods, hurricanes, and earthquakes), epidemics and pandemics (as further detailed below), terrorist attacks or other circumstances resulting in property damage,

network interruption and / or prolonged power outages. Although Algebris has implemented various measures to manage risks relating to these types of events, there can be no assurances that all contingencies are planned for. If such business operations are disrupted or suspended for extended periods of time, the Advisory Clients will be adversely affected. Algebris has developed and tested a Business Continuity Plan (“BCP”) to provide protocols in emergency situations. These procedures are designed to limit disruption in services and maintain efficient and effective operations. Algebris has performed comprehensive Company‐wide business continuity and disaster recovery testing which has proven that Algebris has a well-defined plan and its controls and policies are effective. This list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in connection with the Company’s investment or the management of Advisory Clients. In addition, prospective clients should be aware that, as the market develops and changes over time, investments on behalf of client accounts may be subject to additional and different risks. Past performance is no guarantee of future results, and any historical returns, expected returns, or probability projections may not reflect actual future performance. Fund Investors (underlying investors in the Funds) should refer to Fund offering documents for a complete description of the risks involved in a Fund investment.

Algebris Investments (Asia) PTE Ltd (“Algebris Asia”) is under common ownership with Algebris US, Algebris UK and Algebris Ireland. Algebris Asia is a Licensed Fund Management Company with the Monetary Authority of Singapore. It provides research and advisory services to Algebris UK pursuant to a written sub-advisory agreement. Algebris Asia does not provide services to anyone other than Algebris UK. All fees paid to Algebris Asia are paid by Algebris UK directly and not by any Advisory Clients. Group Service Providers Algebris Investments (Ireland) Limited has established a branch in Milan. Algebris Investments (Ireland) Limited – Milan Branch is under common ownership with Algebris US, Algebris UK and Algebris Ireland. It provides investment management services to certain Algebris Private Funds. It also undertakes marketing activities in Italy and provides recommendations to Algebris UK. Algebris Investments K.K. is based in Tokyo and undertakes marketing activities in Japan.

Employees may not take inappropriate advantage of their position at Algebris; and 4. Information about Advisory Clients, portfolio holdings, and investment recommendations must be kept confidential. In all cases, Advisory Clients’ interests are paramount and take priority over employees’ interests. Employees must not affect transactions that could give rise to an actual or perceived conflict between their own interests and that of an Advisory Client. The Code of Ethics governs personal trading activities by employees and their immediate family members. Specifically, the Code of Ethics requires employees to pre-clear certain personal securities transactions, provide confirmation of all personal trades as soon as possible after execution and provide initial and annual security holdings reports.

The Compliance Department monitors employees’ personal trading activity to ensure that transactions have been executed in accordance with the Code of Ethics and relevant rules and regulations. A copy of the Company’s Code of Ethics is available to current and prospective Advisory Clients upon request. Participation or Interest in Advisory Client Transactions Algebris, its employees, and other related entities may have an ownership interest in certain Funds in which other Funds may invest (e.g., feeder funds will invest in a master fund for which an affiliate of Algebris serves as managing member). Algebris may engage in principal trades from time to time. The interests of Advisory Clients take precedence over those of Algebris. The Company has adopted policies and procedures to ensure that neither Algebris nor its employees front run Advisory Clients or otherwise engage in activities that would or could be perceived as market abuse. Investing Conflicts Algebris, on behalf of its Advisory Clients, may make investments in different parts of the capital structure of the same company across different Funds. For example, a Client may invest in debt securities issued by a company in which another Client has an equity interest. In this and other cases, there may be an apparent or actual conflict between the interests of different Algebris Advisory Clients. Algebris has policies and procedures in place to mitigate this and other potential conflicts of interest (or the appearance thereof).

With the exception of minor non-monetary benefits, Algebris does not accept any research from broker-dealers with whom it has a trading relationship that has not been paid for by Algebris. Algebris does not have any active commission sharing arrangements in place with broker-dealers. At all times, the brokerdealers are subject to the requirement to provide Algebris’ Advisory Clients with the best execution results in line with the Algebris Order Execution Policy.

Trade Aggregation Orders for the same security entered on behalf of more than one Advisory Clients will usually be aggregated (i.e., blocked or bunched) as this is deemed to be in the best interests of all participating Advisory Clients. Subsequent orders for the same security entered during the same trading day may be aggregated with any previously unfilled orders. Subsequent orders for the same security for the same account(s) will not be aggregated with any previously filled orders. All Advisory Clients participating in an aggregated order shall receive the average price and pay a pro rata portion of transaction costs. Algebris has a fair allocation policy for allocating trades across the various Advisory Clients. The Company’s Order Management System has a pre-coded, third-party allocation algorithm that auto allocates executed trades to the relevant Advisory Clients. The algorithm allocates trade fills continuously, as trades get executed, giving priority to the account that has received the least percentage of its target quantity. This way fills are distributed in proportion (pro rata) to the desired allocation at the time the order was generated. Note that, as the fills get allocated immediately, partially and fully filled trades get the same treatment. Fair allocation and best execution across funds are reviewed periodically as part of the compliance monitoring program. Cross transactions As a result of subscriptions or redemptions and the changes in the value of the assets of the various Funds or accounts managed by Algebris, the Company may adjust, to the extent practicable, the exposure levels in the respective Advisory Client accounts which may follow the same, or similar, investment strategies to instruments in their respective portfolio in order to maintain the exposures deemed most appropriate by Algebris. Such adjustments may be affected by purchases and sales in the market or by a transfer from one or more Advisory Client accounts to other Advisory Client accounts (a "Cross-Transaction"). A Cross-Transaction may be affected if Algebris determines the transaction to be in the best interests (and consistent with the investment program, risk management and other relevant considerations) of the affected Advisory Clients. Generally, the relevant asset will be transferred at a price equal to its market price on the transfer date. Cross-Transactions are reviewed periodically as part of the compliance monitoring program.

Advisory Clients will receive a variety of reports on a regular basis, depending on the Fund being managed by Algebris. Such reports include monthly Factsheets and net asset value reports, quarterly account statements, and annual financial statements. Fund Investors receive statements on a quarterly/monthly basis by their respective custodians

Voting decisions are to be made on a case by case basis following an assessment of the matter at hand and after taking into consideration its likely effect on the performance of the investments and relevant Advisory Client. Algebris also takes into account where relevant long-term sustainability considerations of each issuer when deciding to vote. Algebris has contracted with a third-party service provider to assist in administering their proxy voting policy. Please refer to Algebris’ Voting Policy for further information, which is available, upon request.