Kryger Capital LLC: investment adviser

KCLLC has its registered office at Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda and operates from 3rd Floor, 141 Front Street, Hamilton, HM19 Bermuda. KCLLC is the 100% owner of Kryger Capital Limited (“KC”), a limited company incorporated in May 2020 in England and Wales, whose registered and operational office is at 8th Floor, 35 Dover Street, London, W1S 4NQ, United Kingdom. KCLLC and KC are collectively referred to as the “Firm” or “Kryger Capital”. The Investment Manager is owned by John Melsom, the sole member. Rahul Patel, Portfolio Manager / Head of Research and Trading and Stephen Hill, Chief Operating Officer and Compliance Officer sit on the Management Committee of the Investment Manager alongside John. KC has a Board of Directors. Please see Kryger Capital Corporate Structure below for ownership. KCLLC is licenced to conduct investment business by the Bermuda Monetary Authority (BMA) and has been reporting to the United State Securities Exchange Commission (“SEC”) as an Exempt Reporting Adviser (“ERA”) since February 2022. KC became authorised and regulated in December 2020 by the United Kingdom Financial Conduct Authority (“FCA”) as a full scope Alternative Investment Fund Manager (“AIFM”) and Collective Portfolio Management Investment Firm and has been reporting to the SEC as an ERA since 2021. KCLLC is an Exempt Commodity Trading Adviser (“CTA”) with the National Futures Association (“NFA”) and KC is an Exempt CTA and Exempt Commodity Pool Operator (“CPO”) with the NFA. KCLLC’ s licence under Section 17 of the BMA Investment Business Act 2003 permits KCLLC to manage investments, provide investment advice, dealing in investments, arranging deals in investments and the promotion of investments to funds affiliated with the Kryger Event Strategy. The AIFs managed are registered Overseas Funds pursuant to Section 5A(7) of the Investment Business Act 2003 in Bermuda. Under an Investment Manager Agreement, KCLLC has been appointed to manage the assets of the AIFs in the Kryger Event Strategy. Under a Management Agreement KCLLC relies on KC as AIFM and for risk management, and support services including compliance, operations and risk, fund accounting, finance, marketing and investor relations. KC has also been appointed to market the shares of the AIFs. Please see Kryger Capital Fund Structure for governance and structure. The Kryger Event Strategy follows an actively managed, global event-driven strategy, which John Melsom as the Chief Investment Officer (“CIO”) has refined with over 20 years of investing experience. The Kryger Event Strategy has a long-term track record of over 12 years with the Kryger Event Fund being incorporated in 2013. Senior personnel at the Firm have been actively working together for over 15 years. As Investment Manager, KCLLC subject to the supervision of the Board of Directors of the Kryger Event Strategy AIFs, makes decisions with respect to all purchases and sales of securities and other investment assets and related liabilities on behalf of the Funds and managed accounts and consistent with investment objectives, policies, and restrictions and in accordance with the Offering Memorandums and Management Agreements in place. The Firm does not, and will not, process client money transactions or otherwise handle client money or assets. Wrap Fee Programs The Firm does not participate in wrap fee programs.

Regulatory Assets Under Management As of 31 December 2025, the Firm managed approximately $1,425,976,421 in Regulatory Assets Under Management (RAUM) on a discretionary basis across its relevant Clients in the Kryger Event Strategy.

The Management Fees differ depending on the Share Class and the full details can be found in the Offering Memorandums for each Fund. Performance Fee The Investment Manager is also entitled to receive a Performance Fee from the AIFs calculated on a Shareby-Share basis so that each Share is charged a Performance Fee which equates precisely with that Share’s performance. This method of calculation ensures that (i) any Performance Fee paid to the Investment Manager is charged only to those Shares which have appreciated in value, (ii) all holders of Shares of the same Class have the same amount of capital per Share at risk in the Fund, and (iii) all Shares of the same Class have the same Net Asset Value per Share. The Performance Fee in respect of each Share is calculated in respect of each period of twelve months ending on 31 December in each year (a “Calculation Period”). The Performance Fee is deemed to accrue monthly as at each Valuation Day. For each Calculation Period the Performance Fee in respect of each share class is equal to an agreed percentage of the appreciation in the Net Asset Value per share during that Calculation Period above the Base Net Asset Value per share. The Base New Asset Value per share is the greater of the Net Asset Value per share of the relevant share class at the time of issue of that share and the highest Net Asset Value per share of that share class achieved as at the end of any previous Calculation Period (if any) during which such share was in issue. The Performance Fee in respect of each Calculation Period is calculated by reference to the Net Asset Value before deduction for any accrued Performance Fee. The Performance Fee is normally payable to the Investment Manager in arrears within 14 Business Days after the determination of the Net Asset Value of the Shares following the end of each Calculation Period. However, in the case of Shares redeemed during a Calculation Period, the accrued Performance Fee in respect of those Shares is payable within 14 Business Days following the determination of the Net Asset Value of the Shares with respect to the relevant Redemption Day. In the event of a partial redemption, Shares are treated as redeemed on a first in, first out basis. The Investment Manager may from time to time and at its sole discretion and out of its own resources decide to rebate to intermediaries and/or Shareholders part or all of the Investment Management Fee and/or Performance Fees. Any such rebates may be applied in paying up additional Shares to be issued to the Shareholder or may (at the discretion of the Investment Manager) be paid in cash. If the Investment Management Agreement is terminated before the end of any Calculation Period, the Performance Fee in respect of the then current Calculation Period will be calculated and paid as though the date of termination were the end of such Calculation Period. The Performance Fees differ depending on the Share Class and the full details can be found in the Offering Memorandums for each Fund.

The following table shows the standard management fee and performance fees of the AIFs within the Kryger Event Strategy: Alternative Investment Funds (“AIF”)

Fee Structure

Kryger Event Fund

Kryger Enhanced Fund

Class B Shares Management Fee 1.5% Performance Fee 20%, with high water mark

Class B Shares Management Fee 2.5% Performance Fee 20%, with high water mark

Manager Kryger Capital Limited acts as the “Manager” to the AIFs as detailed in the Fund Structure diagram and Item 4. KC is paid a fee for its services under the Management Agreement out of the fees and expenses payable to the Investment Manager under the Investment Management Agreement. The amount of the fee is agreed between the Investment Manager and the Investment Manager from time to time in accordance with the terms of the Management Agreement. Managed Accounts – Advisory Fees and Performance Fees The Investment Manager charges Advisory Fees and Performance Fees to Managed Accounts in much the same way it does to the AIFs. These fees may, however, be negotiated depending on the account size, the total investment by any individual investor across multiple products, the aggregate investment by related accounts, the complexity of any additional guidelines provided by the Client and other discretionary factors. Other Fees and Expenses The Master Fund pays the fees of the Administrator and the Prime Brokers and Custodians. The Fund pays the costs and expenses of (i) all transactions carried out by it or on its behalf and (ii) the administration of the Fund and indirectly bears its proportional share of the Master Fund’s operating and other expenses, including: (a) the charges and expenses of legal advisors and auditors, (b) brokers’ commissions (if any), borrowing charges on securities sold short and any issue or transfer taxes chargeable in connection with any securities transactions, (c) all taxes and corporate fees payable to governments or agencies, (d) Directors’ fees and expenses, (e) interest on borrowings, including borrowings from the Prime Brokers and Custodians, (f) fees and expenses incurred by the Manager or the Investment Manager in connection with the provision of their respective services pursuant to the Management Agreement and the Investment Management Agreement (as applicable, and including but not limited to software costs associated with portfolio systems, deal related legal costs, fund related legal costs, costs relating to trading, borrowing of cash and securities and other direct costs of trading), (g) communication expenses with respect to investor services and all expenses of meetings of Shareholders and of preparing, printing and distributing financial and other reports, proxy forms, prospectuses and similar documents, (h) the cost of insurance (if any) for the benefit of the Directors, (i) litigation and indemnification expenses and extraordinary expenses not incurred in the ordinary course of business, (j) the cost of obtaining and maintaining a listing of the Shares on any stock exchange, (k) the charges and expenses of the AIF Depositary and (l) other organisational and operating expenses. The Fund and the Master Fund will also meet their respective winding-up and liquidation costs. Other Expenses Aside from the Management, Advisory and Performance Fees, Clients will incur other fees or expenses. These expenses typically include, but not limited to, custodian fees, brokerage services, administration and other transaction fees. Research Fees The Firm has established, and controls, a Research Payment Account (“RPA”) to facilitate compliance with applicable regulatory requirements. The RPA is used to pay for investment research provided by research service providers as selected and pre-approved by the Firm. The methodology for the RPA is consistently applied to all Clients. The RPA is only funded by a specific research charge to the Firm’s Clients which is based on a research budget set by the Firm for the purpose of establishing the amount needed for third party

research in respect of investment services rendered to its Clients and is not linked to the volume or value of transactions executed on behalf of its Clients. Kryger Capital agrees with its Clients, in the investment management agreement or general terms of business the budgeted research charge and the frequency with which specific research charges will apply. Other Compensation Neither KCLLC, KC nor any of its officers, directors or employees accept additional compensation for the sale of securities or other services or other investment services or products.

Such fee arrangements also create an incentive to favour higher fee-paying Clients over others. The Firm has adopted policies and procedures that seek to: mitigate any such conflicts presented by its performance-based fee arrangements; to ensure that all Clients are treated fairly; and to prevent fee-related conflicts from influencing the allocation of investment opportunities among its Clients. The Firm’s Allocation Policy is designed to ensure that Clients’ accounts are treated equitably under all circumstances. The Investment Manager does not favour any Client or subset of Clients when it engages in side-by-side trading of the Managed Accounts and / or Private Funds.

The Chief Investment Officer does not follow a pre-defined geographic or industry exposure requirements and targets events that he believes have a high degree of certainty of completion. The Fund’s exposure to these events is increased as their outcomes become clearer; as such, the portfolio will typically be highly concentrated, with the majority of risk in the top ten strategies. Within the eventdriven universe, the Fund does not allocate capital in a fixed ratio across the sub-strategies, but rather allocates capital based on the best risk/reward opportunities.

Risks The descriptions contained below provide a brief overview of certain risks related to the Firm’s investment strategies. They are not intended to serve as an exhaustive list, or a comprehensive description of all risks associated with the investment strategies or specific types of securities described herein. Investing in securities involves the risk of loss that clients should be prepared to bear. Past performance does not guarantee future results and there is no guarantee that the client’s investment objectives will be achieved. For more information about the risks of each of the Private Funds, please see their relevant Private Placement Memorandums and associated offering documents which should be requested from Kryger Capital. Such governing documents provide for a more complete understanding of the investment objectives and strategies applicable to their investments. The strategy is managed within certain risk guidelines including Deal Break Risk and Portfolio liquidity. In tandem with these guidelines various risk management concepts and performance statistics are monitored at a portfolio level as part of the investment management and risk monitoring process, and they include but are not limited to: Concentrations; Exposure analysis; Leverage; Correlations; Periodic stress testing and scenario analysis; Beta; Return P&L analysis/attribution; Volatility; Sharpe Ratio; and Sortino Ratio. Together this allows the total risk of the portfolio using this strategy to be measured and assessed. Margin and counterparty risk also form part of risk monitoring, measurement and assessment. RISK FACTORS Investment in the Kryger Event Strategy carries substantial risk and is suitable only for persons who can assume the risk of losing their entire investment. There can be no assurance that the Fund’s or the Master Fund’s investment objective will be achieved, and investment results may vary substantially over time. Investment in the Fund is not intended to be a complete investment programme for any investor. Prospective investors should carefully consider whether an investment in Shares is suitable for them in light of their circumstances and financial resources. The Feeder Funds invests all of their assets (to the extent not retained in cash) in the ordinary shares of the Master Funds and accordingly are not diversified. For the purpose of these RISK FACTORS the “Feeder Funds” and “Master Funds” can be seen on the following diagram as taken from the Fund Structure diagram above.

The nature of the Master Fund’s investments involves certain risks, and the Master Fund utilises investment techniques (such as leverage, short selling and the use of derivatives) which may carry additional risks. An investment in Shares therefore carries substantial risk and is suitable only for persons which can assume the risk of losing their entire investment. The Manager maintains a risk management policy agreed with the Directors of the Fund which is available on request. Prospective investors should consider, among others, the following factors before subscribing for Shares. Amortisation of Organisational Costs The Fund’s and the Master Fund’s financial statements are prepared in accordance with US Generally Accepted Accounting Principles. US GAAP only permits the amortisation of certain costs relating to the establishment of the Fund and the Master Fund. Notwithstanding this, the Directors may, at their absolute discretion resolve to amortise the organisational costs of the Fund and the Master Fund over a period of time and, this may result in a qualification in the auditor’s report. Availability of Investment Strategies The success of the Master Fund’s investment activities depends on the Investment Manager’s ability to identify overvalued and undervalued investment opportunities and to exploit price discrepancies in the financial markets, as well as to assess the import of news and events that may affect the financial markets. Identification and exploitation of the investment strategies to be pursued by the Master Fund involves a high degree of uncertainty. No assurance can be given that the Investment Manager will be able to locate suitable investment opportunities in which to deploy all of the Master Fund’s assets or to exploit discrepancies in the securities and derivatives markets. A reduction in money market liquidity or the pricing inefficiency of the markets in which the Master Fund seeks to invest, as well as other market factors, will reduce the scope for the Master Fund’s investment strategies. The Master Fund may be adversely affected by unforeseen events involving such matters as changes in interest rates or the credit status of an issuer, forced redemptions of securities or acquisition proposals, break-up of planned mergers, unexpected changes in relative value, short squeezes, inability to short stock or changes in tax treatment. Use of Estimates In calculating the Net Asset Value of the Fund and the Master Fund, and each Class Account, reliance may be placed on the use of estimates and assumptions. There is a risk that the Net Asset Value finalised using these estimations or assumptions may differ from actual values and accordingly that Net Asset Value may be overstated or understated, as the case may be. There is a risk that an investor may redeem on the basis of the Net Asset Value that is lower than the actual Net Asset Value. Similarly, an investor may overpay if the actual

value of the investment is lower than the Net Asset Value as calculated and at which they subscribed for Shares. Borrowing The Master Fund uses borrowings for the purpose of making investments and/or meeting redemptions. The use of borrowing creates special risks and may significantly increase the Fund’s or the Master Fund’s investment risk. Borrowing creates an opportunity for greater yield and total return but, at the same time, will increase the Fund’s and the Master Fund’s exposure to capital risk and interest costs. Any investment income and gains earned on investments made through the use of borrowings that are in excess of the interest costs associated therewith may cause the Net Asset Value of the Shares to increase more rapidly than would otherwise be the case. Conversely, where the associated interest costs are greater than such income and gains, the Net Asset Value of the Shares may decrease more rapidly than would otherwise be the case. Business Risk There can be no assurance that the Fund or the Master Fund will achieve their investment objective. Past performance should not be regarded as an indication of future performance. The investment results of the Fund and the Master Fund are reliant upon the success of the Investment Manager, whose historical performance should not be regarded as an indication of its likely future performance. Concentration of Investments The Fund invests all of its assets in ordinary shares of the Master Fund and is accordingly not diversified. Although it is the policy of the Master Fund to diversify its investment portfolio, the Master Fund may at certain times hold relatively few investments. The Master Fund could be subject to significant losses if it holds a large position in a particular investment that declines in value or is otherwise adversely affected, including default of the issuer. Counterparty Risk – Prime Brokers and Custodians In relation to the Master Fund's right to the return of assets equivalent to those of the Master Fund's investments and other assets all rights, title and interest in and to which has been transferred to a Prime Broker and Custodian or which a Prime Broker or Custodian borrows, lends, pledges, charges, rehypothecates, disposes of or otherwise uses for its own purposes, the Master Fund will rank as one of each Prime Broker and Custodian’s unsecured creditors and, in the event of the insolvency of the applicable Prime Broker and Custodian, the Master Fund might not be able to recover such equivalent assets in full. In addition, the Master Fund’s cash held with a Prime Broker and Custodian is not segregated from that Prime Broker and Custodian’s own cash and may be used by that Prime Broker and Custodian in the course of its business and the Master Fund ranks as an unsecured creditor in relation thereto. Counterparty Risk – Other Counterparties The Fund and the Master Fund are also subject to the risk of the inability of any counterparty other than the Prime Brokers and Custodians to perform with respect to transactions, whether due to insolvency, bankruptcy or other causes. Cross Class Liabilities The Fund has the power to issue Shares in classes. The Articles provide for the manner in which the liabilities are to be attributed across the various classes (liabilities are to be attributed to the specific class in respect of which the liability was incurred). However, the Fund is a single legal entity and there is no limited recourse protection for any class. Accordingly, all of the assets of the Fund will be available to meet all of its liabilities regardless of the class to which such assets or liabilities are attributable. In practice, cross-class liability is only expected to arise where liabilities referable to one class are in excess of the assets referable to such class and it is unable to meet all liabilities attributed to it. In such a case, the assets of the Fund attributable to other classes may be applied to cover such liability excess and the value of the contributing classes will be reduced as a result. Currency Exposure The Shares other than the EUR Shares, the GBP Shares and the JPY Shares are denominated US Dollars and the EUR Shares, the GBP Shares and the JPY Shares are denominated in Euros, Sterling and Japanese Yen, respectively. The Shares are issued and redeemed in those currencies. However, the Fund is denominated in

US Dollars. Accordingly, if a subscription relates to the EUR Shares, the GBP Shares or the JPY Shares it will be converted to the US Dollar equivalent by the Fund at the rate (whether official or otherwise) which the Directors in their absolute discretion deem applicable as at close of business on the relevant Subscription Day, having regard, among other things, to available exchange rates, any premium or discount which they consider may be relevant and to costs of exchange. If a redemption relates to the EUR Shares, the GBP Shares or the JPY Shares it will be converted from US Dollars to the Euro, Sterling or Japanese Yen, as applicable, equivalent by the Fund at the rate (whether official or otherwise) which the Directors in their absolute discretion deem applicable as at close of business on the relevant Valuation Day, having regard, among other things, to available exchange rates, any premium or discount which they consider may be relevant and to costs of exchange. Accordingly, the value of a subscription or redemption relating to the EUR Shares, the GBP Shares or the JPY Shares may be affected favourably or unfavourably by fluctuations in currency rates. Additionally, certain of the assets of the Master Fund may be invested in securities and other investments which are denominated in currencies other than US Dollars. Accordingly, the value of the Shares may be affected favourably or unfavourably by fluctuations in currency rates. The Investment Manager may seek to hedge the resulting foreign currency exposure of the Fund. However, the Fund is necessarily subject to foreign exchange risks. Prospective investors whose assets and liabilities are predominantly in other currencies should take into account the potential risk of loss arising from fluctuations in value between the US Dollar and such other currencies. Indemnification Under the Articles of the Fund and the Master Fund, the Fund Directors are entitled to be indemnified out of the Fund’s and the Master Fund’s assets against costs, losses and expenses which such Director may incur or become liable in connection with the execution of such Director’s duties. In addition, the Manager, the Investment Manager and the Administrator are entitled to be indemnified by the Fund and/or the Master Fund, as applicable, under the terms of their respective agreements for services with the Fund and/or the Master Fund, as applicable. These obligations could require the Fund and/or the Master Fund to make substantial indemnification payments. Debt Securities The Master Fund may invest in debt securities which may be unrated by a recognised credit-rating agency or below investment grade and which are subject to greater risk of loss of principal and interest than higherrated debt securities. The Master Fund 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. The Master Fund may invest in debt securities which are not protected by financial covenants or limitations on additional indebtedness. The Master Fund is, therefore, subject to credit, liquidity and interest rate risks. In addition, evaluating credit risk for debt securities involves uncertainty because credit rating agencies throughout the world have different standards, making comparison across countries difficult. Also, the market for credit spreads is often inefficient and illiquid, which can make it difficult to accurately calculate discounting spreads for valuing financial instruments. Derivatives The Master Fund may utilise both exchange-traded and over-the-counter derivatives, including, but not limited to, futures, forwards, swaps, options and contracts for differences, as part of its investment approach. These instruments can be highly volatile and expose investors to a high risk of loss. The low initial margin deposits normally required to establish a position in such instruments permit a high degree of leverage. As a result, depending on the type of instrument, a relatively small movement in the price of a contract may result in a profit or a loss which is high in proportion to the amount of funds actually placed as initial margin and may result in unquantifiable further loss exceeding any margin deposited. In addition, daily limits on price fluctuations and speculative position limits on exchanges may prevent prompt liquidation of positions resulting in potentially greater losses. Further when used for hedging purposes there may be an imperfect correlation between these instruments and the investments or market sectors being hedged. Transactions in over-the-counter contracts may involve additional risk as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk. Contractual asymmetries and inefficiencies can also increase risk, such as break clauses, whereby a counterparty can terminate a transaction on the basis of a certain reduction in Net Asset Value, incorrect collateral calls or delays in collateral recovery. The Master Fund may also sell covered and uncovered options on securities and other assets. To the extent that such options are uncovered, the Master Fund could incur an unlimited loss.

Emerging Markets If the Master Fund invests in securities of companies incorporated in or whose principal operations are in emerging markets or in securities issued by governments or governmental agencies of emerging market countries, additional risks may be encountered. These may include: Currency Risk: the currencies in which investments are denominated may be unstable, may be subject to significant depreciation and may not be freely convertible. Country Risk: the value of the Master Fund’s assets may be affected by political, legal, economic and fiscal uncertainties. Existing laws and regulations may not be consistently applied. Market Characteristics: emerging markets are still in the early stages of their development, have less volume, are less liquid and experience greater volatility than more established markets and are not highly regulated. Settlement of transactions may be subject to delay and administrative uncertainties. Political and legal risks: emerging markets carry a higher degree of political risk than developed markets or regulations can impede repatriation of investment capital or earnings. It may be difficult to obtain and enforce a judgement in certain emerging markets in which assets of the Master Fund have been invested. Custody Risk: custodians are not able to offer the level of service and safe-keeping, settlement and administration of securities that is customary in more developed markets and there is a risk that the Master Fund will not be recognised as the owner of securities held on its behalf by a sub-custodian. Disclosure: less complete and reliable fiscal and other information may be available to investors. Risks of SPACs The Master Fund may invest a portion of its assets in Special Purpose Acquisition Companies (“SPACs”). A SPAC is a company with no commercial operations that is formed strictly to raise capital through an initial public offering for the purpose of acquiring an existing company. SPACs are a blank check company with no operating history. Therefore, the SPACs ability to commence operations is dependent upon obtaining financing through the public offering of its securities. Since a SPAC does not have an operating history, the Master Fund will have no basis upon which to evaluate such SPAC’s ability to achieve its business objective, which is to consummate an initial business combination. Generally, at the time of investment by the Master Fund, the SPAC will have not conducted any substantive discussions and will have no plans, arrangements or understandings with any prospective acquisition candidates. A SPAC will not generate any revenues until, at the earliest, after the consummation of a business combination. It is not guaranteed that the Master Fund, as a shareholder in the SPAC, will have the right to vote on a proposed business combination. At the time of the Master Fund’s investment in a SPAC, the Master Fund will not be provided with an opportunity to evaluate the specific merits or risks of one or more target businesses. Because the board of directors of a SPAC may consummate an initial business combination without seeking shareholder approval, public shareholders may not have the right or opportunity to vote on the business combination. Accordingly, the Master Fund’s only opportunity to affect the investment decision regarding a potential business combination may be limited to exercising its redemption rights within the period of time set forth in the tender offer documents in which the SPAC describes the initial business combination. The SPAC could seek to deviate from the acquisition criteria or guidelines disclosed in its prospectus. For example, a SPAC may anticipate acquiring a target business with a consistent historical financial performance. However, the SPAC will not be obligated to do so and may determine to merge with or acquire a company with no operating history if the terms of the transaction. In such event, many of the acquisition criteria and guidelines set forth in such SPAC’s prospectus would no longer be applicable. Accordingly, the Master Fund may be making an investment in a SPAC without any basis on which to evaluate the potential target business such SPAC may acquire. Additionally, for a number of reasons, including the inability of the SPAC to complete an initial business combination within a set timeframe, an initial business combination may not be successful. If a SPAC’s initial business combination is unsuccessful, the Master Fund would not receive its pro rata portion of the trust account until the SPAC liquidates the trust account. If the Master Fund is in need of immediate liquidity, the Master Fund could attempt to sell its stock in the open market; however, at such time the SPAC’s stock may trade at a discount to the pro rata amount per share in the trust account. In either situation, the Master Fund may suffer a material loss on its investment or lose the benefit of funds

expected in connection with the SPAC’s redemption until the SPAC liquidates or the Master Fund is able to sell its stock in the open market. Forward Foreign Exchange Contracts The Master Fund may enter into forward foreign exchange contracts. A forward foreign exchange contract is a contractually binding obligation to purchase or sell a particular currency at a specified date in the future Forward foreign exchange contracts are not uniform as to the quantity or time at which a currency is to be delivered and are not traded on exchanges. Rather, they are individually negotiated transactions. Forward foreign exchange contracts are effected through a trading system known as the interbank market. It is not a market with a specific location but rather a network of participants electronically linked. Documentation of transactions generally consists of an exchange of telex or facsimile messages. There is no limitation as to daily price movements on this market and in exceptional circumstances there have been periods during which certain banks have refused to quote prices for forward foreign exchange contracts or have quoted prices with an unusually wide spread between the price at which the bank is prepared to buy and that at which it is prepared to sell. Transactions in forward foreign exchange contracts are not regulated by any regulatory authority nor are they guaranteed by an exchange or clearing house. The Master Fund is subject to the risk of the inability or refusal of its counterparties to perform with respect to such contracts. Any such default would eliminate any profit potential and compel the Master Fund to cover its commitments for resale or repurchase, if any, at the then current market price. These events could result in significant losses. Illiquidity There is currently no active secondary market for the Shares, and it is not expected that such a market will develop. Investment Management Risk The investment performance of the Fund and the Master Fund is substantially dependent on the services of certain key individuals at the Investment Manager. In the event of the death, incapacity, departure, insolvency or withdrawal of any one or more of these individuals, the performance of the Fund and the Master Fund may be adversely affected. Leverage When deemed appropriate, the Master Fund may employ leverage including, without limitation, through borrowing securities and other instruments, entering into derivative transactions and through borrowing cash. The Master Fund has set a maximum level of leverage of 2000 percent in accordance with the gross method as set out in AIFMD and a maximum level of leverage of 2000 percent in accordance with the commitment method as set out in AIFMD. While leverage presents opportunities for increasing the Master Fund’s total return, it has the effect of potentially increasing losses as well. Changes in market values, interest rates or other factors affecting the value of investment assets may produce a relatively greater profit or loss in a leveraged position. Accordingly, any event that adversely affects the value of an investment by the Master Fund would be magnified to the extent the Master Fund is leveraged. The cumulative effect of the use of leverage by the Master Fund in a market that moves adversely to the Master Fund’s investments could result in a substantial loss to the Master Fund that would be greater than if the Master Fund was not leveraged. Liquidity and Market Characteristics In some circumstances, investments may be relatively illiquid making it difficult to acquire or dispose of them at the prices quoted on the various exchanges. Accordingly, the Master Fund’s ability to respond to market movements may be impaired and the Master Fund may experience adverse price movements upon liquidation of its investments. Settlement of transactions may be subject to delay and administrative uncertainties. Market Liquidity and Leverage The Master Fund may be adversely affected by a decrease in market liquidity for the instruments in which it invests which may impair the Master Fund’s ability to adjust its positions. The size of the Master Fund’s positions may magnify the effect of a decrease in market liquidity for such instruments. Changes in overall market leverage, deleveraging as a consequence of a decision by any of the Prime Brokers and Custodians, or other counterparties with which the Master Fund enters into repurchase/reverse repurchase agreements or derivative transactions, to reduce the level of leverage available, or the liquidation by other market participants of the same or similar positions, may also adversely affect the Master Fund’s portfolio.

Net Asset Value Considerations The Net Asset Value per Share is expected to fluctuate over time with the performance of the Master Fund’s investments. A Shareholder may not fully recover his initial investment when he chooses to redeem his Shares or upon compulsory redemption if the Net Asset Value per Share at the time of such redemption for the relevant Shares is less than the Subscription Price paid by such Shareholder plus any applicable Equalisation Credit or if there remain any unamortised costs and expenses of establishing the Fund and the Master Fund. Price Fluctuations It should be remembered that the value of Shares and the income (if any) derived from them can go down as well as up. Profit Sharing In addition to receiving an Investment Management Fee, the Investment Manager may also receive a Performance Fee based on the appreciation in the Net Asset Value per Share and accordingly the Performance Fee will increase with regard to unrealised appreciation, as well as realised gains. Accordingly, a Performance Fee may be paid on unrealised gains which may subsequently never be realised. The Performance Fee may create an incentive for the Investment Manager to make investments for the Master Fund which are riskier than would be the case in the absence of a fee based on the performance of the Master Fund. Regulatory Risks of Hedge Funds The regulatory environment for hedge funds is evolving, and changes therein may adversely affect the ability of the Fund and the Master Fund to obtain the leverage they might otherwise obtain or to pursue their investment strategies. In addition, the regulatory or tax environment for derivative and related instruments is evolving and may be subject to modification by government or judicial action which may adversely affect the value of the investments held by the Master Fund. The effect of any future regulatory or tax change on the Fund and the Master Fund is impossible to predict. Segregation of Assets The Association of Financial Markets in Europe and prime brokers have interpreted the AIFMD in such a way that prime brokers do not segregate assets received from alternative investment fund clients from assets received from non-alternative investment fund clients. Currently, when the AIF Assets are transferred to the Prime Brokers and Custodians, such Prime Broker and Custodian does not segregate the AIF Assets from other client assets, including non-alternative investment fund assets. There is a risk that the European Securities and Markets Authority or such other regulator, may determine that prime brokers are incorrect in not segregating alternative investment fund clients assets from non-alternative investment fund client assets. If such a determination were to be made, the Fund would require that the AIF Assets held by such Prime Broker and Custodian be returned to the Fund immediately, which may incur losses for the Fund. The Fund could also be exposed to the risk of loss should such Prime Broker and Custodian default on its obligation to return the AIF Assets, particularly as there may be practical or timing problems associated with enforcing the Fund’s rights to its AIF Assets in these circumstances. Short Selling The Master Fund intends to engage in short selling. A short sale involves the sale of a security that the Master Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. In order to deliver to the buyer, the Master Fund must borrow the security and later purchase the security to return to the lender. A short sale involves a risk of a theoretically unlimited increase in the market price of the security. Short selling allows the investor to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. The extent to which the Master Fund engages in short sales will depend upon the investment strategy and the opportunities available. A short sale creates the risk of theoretically unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost to the Master Fund of buying those securities to cover the short position. There can be no assurance that the Master Fund will be able to maintain the ability to repurchase securities in the open market to return to the lender. There also can be no assurance that the securities necessary to cover a short position will be available for purchase at or near prices quoted in the market. Purchasing securities to close out a short position can itself cause the price

of the securities to rise further, thereby exacerbating the loss. Another risk is that the short seller may be forced to unwind a short sale at a disadvantageous time. For example, although a short seller may attempt to mitigate losses by replacing the securities sold short before the market price has increased significantly, under adverse market conditions the short seller might have to sell portfolio securities that the short seller otherwise would have retained, in order to finance the replacement of securities sold short. In addition, a lender may call back a security at a time when the market for such security is illiquid or additional securities are not available to borrow, forcing the short seller to cover the short sale (by repurchasing the underlying security) at a price that results in a significant loss. Certain traders, from time to time, may attempt to profit by forcing short sellers to cover their short positions. In certain cases, the Master Fund may wish to establish a short position in a particular security and may find it difficult if not impossible to do so because of a limited supply of the security available for borrowing. In these cases, the cost to the Master Fund to borrow the security (if, in fact, the Master Fund is able to do so) may be substantial. Short selling in certain markets may be subject to materially more restrictive regulations, or as a practical matter be materially more difficult to do, than it is in the US and other developed markets. Since the 2008 “financial crisis”, regulators in Europe, the US and elsewhere have materially increased the regulations on short selling. Transaction Costs The Master Fund’s investment approach may involve a high level of trading and turnover of the Master Fund’s investments which may generate substantial transaction costs which are borne by the Master Fund. Undervalued/Overvalued Securities One of the key objectives of the Master Fund is to identify and invest in undervalued and overvalued securities (“mis-valued securities”). The identification of investment opportunities in mis-valued securities is a difficult task, and there can be no assurance that such opportunities will be successfully recognised. While purchases of undervalued securities and short sales of overvalued securities offer opportunities for aboveaverage capital appreciation, these investments involve a high degree of financial risk and can result in substantial losses. Returns generated from the Master Fund's investments may not adequately compensate for the business and financial risks assumed. The Master Fund may make certain speculative investments in securities which the Investment Manager believes to be mis-valued; however, there can be no assurance that the securities purchased and sold will in fact be mis-valued. In addition, the Master Fund may be required to maintain positions in such securities for a substantial period of time before realising their anticipated value. During this period, a portion of the Master Fund's capital may be committed to the securities, thus possibly preventing the Master Fund from investing in other opportunities. In addition, the Master Fund may finance any such purchases with borrowed funds and thus will have to pay interest on such funds during such waiting period. Trade Errors Trade errors are unintentional mistakes which occur during the execution phase of trading and result in the placing of a different trade to one that was instructed. The Manager and the Investment Manager have put in place systems and controls which are designed to reduce the occurrence and impact of trade errors and monitors the adequacy and effectiveness of those systems and controls. However, neither the Manager nor the Investment Manager can guarantee that the manual and automated execution processes which they have devised and implemented will be error free. The possibility of trade errors occurring is an inherent risk in the trading strategies implemented by the Master Fund. Gains and losses arising from trade errors may be substantial, due to the value of incorrect trades that may be placed, and due to the risk, that some trade errors may remain undetected for a period of time or may not be detected at all. Any gains resulting from trade errors will be retained by the Master Fund and any trade error losses will be borne by the Master Fund, save in all respects as otherwise provided under the Investment Management Agreement and/or the Investment Manager’s trade error policy. The foregoing list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective shareholders should read this entire PPM and consult with their own legal, tax and financial advisors before deciding to invest in the Fund.

For more information about the risks of each of the Private Funds, please see their relevant offering documents from Kryger Capital.

The Investment Manager has established procedures intended to limit conflicts of interest in cases where the Investment Manager, a related person or any of its employees, buys or sells securities recommended by the Investment Manager to its Clients. Generally accepted principles are that employees may invest their money but should avoid “trading”. The policy is that employees must avoid investments in any positions that may lead to the accusation of front running Clients or improperly gaining from a Clients’ activities. The generally accepted principles are that specific stocks traded by the Investment Manager on behalf of its Clients should be avoided by all staff, whereas positions in instruments such as indices would be considered reasonable. As discussed, Kryger Capital has adopted a Code of Ethics governing personal trading by its personnel. Among other requirements, the Code of Ethics requires personnel who have access to Clients’ portfolio information or Kryger Capital’s non-public recommendations to report their personal securities transactions and holdings to Kryger Capital. Statements of investment holdings must be disclosed by all individuals upon joining the Firm, and thereafter on an annual basis. These statements must come directly to the Compliance Team from the brokerage firm or equivalent and not via the individual. Only brokerage firms that will provide

a copy of all transactions and statements in this way may be used and these are reconciled by the Compliance Team. All transactions must be pre-approved by the Compliance Team. Generally, the approval will be good for 24 hours only and will then lapse and fresh approval required. Employees are required to avoid transactions in any asset where there may be a perception of impropriety, typically where transacting in any position held by the Private Funds or other Clients, though exceptions for certain positions (e.g. indices) may be granted with approval by the Compliance Team. Principal Transactions To the extent that Cross Trades may be viewed as principal transactions (as such term is used under the Advisers Act) due to the ownership interest in a fund by the general partner or otherwise, the Firm or its personnel, will comply with the requirements of Section 206(3) of the Advisers Act for any principal transactions. Please refer to the offering documents for the Funds for further information regarding consent mechanisms for principal transactions. Conflicts of Interest Created by Contemporaneous Trading Investment advisers that manage accounts for multiple clients have a number of obligations governing their allocation of orders and their ability to aggregate trades across clients. The Firm has multiple Clients that are investing in the same securities, therefore KC will allocate investment opportunities to those Clients on a fair and equitable basis, to the extent that is practical and in accordance with Clients’ applicable investment strategies, over a period of time. As mentioned in Item 12, the Firm has an “Allocation and Aggregation” policy designed to allocate investment opportunities among Clients in a fair and equitable manner.

The Firm will also consider the quality of broker-dealer firms with which it seeks to execute Clients’ orders, the adequacy of lines of communication, timelines of reports of order execution, the capacity to accommodate unusual trading volume and the preservation of client anonymity, among other factors. All broker-dealers must be pre-approved by the Compliance Team before engaging. As per Item 5, the Firm engages with certain, approved, research service providers. The Firm does not engage in soft-dollar arrangements.

The Firm does not accept clients who require it to execute transactions through a specified broker-dealer. Securities transactions in investment advisory accounts are normally implemented on a consistent basis across accounts. To accomplish this, subject to the Firm's duty of best execution, orders are aggregated (bunched) and allocated fairly. In addition to considerations of equity, bunching avoids placing competing orders, improves order management, and may, because of larger order size, permit some degree of price improvement relative to a series of individually placed orders. Trade Errors Kryger Capital makes and implements investment decisions for its Clients consistent with its fiduciary duty. However, trades may occasionally be incorrectly executed due to technical issues or due to keystroke, typographic or inadvertent drafting errors, or other human error at the time of entry or execution of a trade. Any trading errors that occur will be reviewed on a case-by-case basis and allocated accordingly between the relevant Client account(s) or the investment manager dependent upon and in accordance with the applicable investment management agreement or offering memorandum. Cross Trading Cross trading gives rise for potential conflicts of interest between Kryger Capital’s Clients. However, Kryger Capital considers it to be in the best interest of its Clients to engage when it is beneficial for both Clients that take part. Accordingly, Kryger Capital may engage in cross trades provided that such trades are conducted in accordance with its cross trading policy which sets out that: • the cross trade is in the best interest of each Client; • the cross trade must be consistent with the investment policies of each Client participating in the transaction; and • the cross trade may only be undertaken in securities that are actively traded in agency or dealer markets. Aggregation and Allocation When the Firm determines that an investment opportunity is appropriate for more than one Client account, the Firm may aggregate (“bunch”) orders to purchase or sell the same security. Aggregation is used when the Firm believes it will be advantageous to Clients to trade as a block rather than as separate, individual orders. Block trades are allocated on a fair and equitable basis over time, taking into account factors such as account size, available cash, investment objectives or restrictions, existing positions, and risk tolerances. The Firm maintains written trade allocation and aggregation procedures designed to ensure that no Client is systematically advantaged or disadvantaged over another. Research As per Item 5, the Firm controls a Research Payment Account for its Clients. The allocation of a Firm’s research budget must be subject to appropriate controls and senior management oversight to ensure it is managed and used in the best interests of the Firm’s Clients. The Firm’s procedures for using third party research addresses the extent to which research purchased through an RPA may benefit clients’ portfolios, including, where relevant, by taking into account investment strategies applicable to various types of portfolios, and the approach the Firm will take to allocate such costs fairly to its Clients.

Kryger Capital has adopted Proxy Voting Policies and procedures pursuant to Rule 206(4)-6 of the Advisers Act designed to ensure that proxies are voted prudently and solely in the best interest of its Clients. Kryger Capital operates a policy of exercising proxy votes for clients as permitted within Client agreements. Voting is undertaken at all times in the best interests of Clients and for their benefit.