Dockside Platforms: investment adviser

Dockside will generally serve as the investment manager to each Dockside platform fund (each, a “Fund” and collectively, the “Private Funds”); and a Dockside-affiliated entity will generally serve as the general partner to each such Fund (the “General Partner”). Dockside also offers non-discretionary platform services to institutional investors, providing administrative support and daily oversight of operations, treasury management, and counterparty relationships (each, a “Platform Service Client” and together with the Private Funds, “Clients”). This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Funds are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933 and other applicable state, federal or non-U.S. laws. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. C. Availability of Customized Services for Individual Clients Our clients are the Private Funds and Platform Service Clients. Therefore, our services are tailored to the specific investment objectives and strategies as set forth in the applicable service agreement and/or governing documents of the Private Funds, such as a limited partnership agreement or private placement memorandum (collectively “Governing Documents”). D. Wrap Fee Programs We do not currently participate in any wrap fee programs. E. Assets Under Management As of December 31, 2025, Dockside manages approximately $9.1 billion in regulatory assets under management on a discretionary basis, and approximately $510 million in regulatory assets under management on a non-discretionary basis.

Organizational Expenses: expenses incurred in connection with the initial offer and sale of interests of a Fund, which include compliance, legal, accounting, auditing and other professional expenses, administration expenses, bank service fees and any other reasonable expenses related to the operations of the Fund.

Operating and Other Expenses: (i) legal, accounting, auditing, and other professional expenses (including regulatory reporting costs, internal and external compliance costs, and outsourced middle and back-office services provided by unaffiliated service providers), administration expenses, bank service fees, costs of any outside appraisers, experts or other consultants, expenses in connection with proposed transactions (including transactions that fail to close), any charges or expenses incurred in realizing assets or closing out positions to provide funds to meet any withdrawal request, and any other reasonable expenses related to the operation of a Fund; (ii) trading costs, including brokerage commissions, clearing fees, interest on margin accounts and other indebtedness, borrowing charges on securities sold short, research and data costs, custodial fees, bank service fees, regulatory fees, exchange fees, membership fees, debit financing fees, short stock financing fees, lending fees, custodial fees and other direct trading costs related to the operation of a Fund; (iii) use of Sub-advisers, including expenses related to due diligence (including on managers not selected by the General Partner for use by a Fund), on-boarding and continuing use of sub-advisers (including travel expenses), management fees and incentive fees; all as shall be determined by the General Partner in its sole discretion; (iv) Sub-adviser investment research services and expenses, (v) regulatory compliance (including anti-financial crime compliance) and any government and/or regulatory filings to the extent related to a Fund or the offering of interests in the Fund or the Fund’s investments (including regulatory filings of the General Partner but excluding any general filing obligations of the General Partner or the Adviser not strictly related to the Fund (e.g., expenses incurred in connection with the preparation of the Adviser’s Form ADV)) whether, for the avoidance of doubt, they are incurred once or on a periodic basis during the life of the Fund, (vi) fines and monetary penalties imposed by exchanges, markets, governmental agencies or self-regulatory organizations related to the operation or affairs of a Fund; (vii) costs, losses, damages and expenses relating to any warranties or indemnities given by the Fund in relation to any activity or investment, including where a claim has been made in respect of such warranties or indemnities; and (viii) expenses related to trading errors (pursuant to the General Partner’s trading error policy).

Extraordinary Expenses: extraordinary expenses; provided that a Fund shall not be responsible for any such extraordinary expenses resulting from a Covered Person’s Disabling Conduct (as defined

in a Fund’s Governing Documents). These include, without limitation, awards, judgements, settlement costs and legal fees and costs arising in connection with: (i) any demand, arbitration, litigation or governmental or self-regulatory organization investigation or enforcement action relating to a Fund or General Partner with respect to the management, operation or activities of the Fund, and (ii) any legal fees or related costs related to a Fund or General Partner’s investment activities related to the Fund. Shared Expenses Allocated Among Clients Dockside will allocate shared expenses incurred by multiple Clients in its discretion in a fair and equitable manner and according to metrics that it determines to be reasonable. Expenses for more than one Client generally will be allocated to the applicable Clients on a pro rata basis based on a good faith methodology including, without limitation: (i) the total assets invested by each such Client and/or (ii) a percentage of shared personnel’s time devoted to each entity. Dockside has a conflict of interest related to allocation of shared expenses among Clients, in that allocation decisions may be impacted by Private Fund fee structures (such as when one Client pays Dockside a performance fee that is higher than another Client’s fee). To mitigate this conflict, we have organized an Expense Committee that meets on a regular basis to make fair and equitable decisions regarding allocation of shared expenses among Clients.

D. Prepayment of Fees In general, Dockside’s fees are paid in arrears and Clients do not pay fees in advance.

Fund investors must also complete an investor questionnaire and must be able to represent that they do not fall into any of the categories outlined under Rule 506(d) of Regulation D. As a general matter, the minimum initial investment in Private Funds advised by Dockside is $50,000,000, which Dockside may waive in its discretion. Fund investors are required to complete and execute a subscription agreement that, among other things, requires the investor to represent that it meets applicable legal and suitability requirements of the relevant fund.

A Client’s assets will, generally, be allocated across various third-party asset managers (“Third-Party Managers”), as well as Walleye Capital LLC (together with the Third-Party Managers, the “Sub-advisers”). The investment strategies these Sub-advisers employ include, but are not limited to, long/short, equity active extension, quantitative long/short, statistical arbitrage, event driven (i.e., risk arbitrage and multi-event strategies), credit opportunities, credit long/short, CTA macro, and convertible arbitrage. The equity longshort Sub-advisers include sector generalists and sector specialists, including energy, industrials and materials, real estate, healthcare, technology, media and telecom (TMT), financials, European, Europe, the Middle East and Africa (EMEA), and artificial intelligence. The descriptions set forth in this Brochure of specific advisory services that we offer to Clients, and investment strategies pursued and investments made by us on behalf of our Clients, should not be understood to limit in any way our investment activities. We may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that we consider appropriate, subject to each Client’s investment objectives and guidelines. The investment strategies we pursue are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved. B. Material, Significant or Unusual Risks Relating to Investment Strategies The following is a summary of the material risks associated with the Adviser’s (and Sub-adviser’s, as applicable) core strategies. Investors in Private Funds advised by the Adviser must review the Governing Documents for a description of the risks associated with a Fund and its investment strategy, including other risks such as general economic risks, regulatory risks, operational risks (including cybersecurity risks), tax risks, and other risks related to the Fund(s). Risk of Loss. Investing in securities involves risk of loss that Clients should be prepared to bear. All investments in securities and other financial investments involves substantial risk of volatility arising from numerous factors that are beyond the control of the Adviser and investment managers utilized by the Adviser, including market conditions, changing domestic or international economic or political conditions, changes in tax laws and government regulation and other factors. Illiquid Investment. An investment in a privately offered commingled fund can be highly illiquid, is speculative and is not suitable for all investors. Investment in privately offered commingled funds is only intended for experienced and sophisticated investors that are willing to bear the high economic risks of the investment. Certain of these risks may include: loss of all or a substantial portion of the investment due to leveraging or other speculative practices; lack of liquidity (in that there may be no secondary market for the security and none expected to develop); volatility of returns; restrictions on transferring interests in the fund; potential lack of diversification and the resulting elevated risk; absence of information about valuations and

pricing; complex tax structures and delays in tax reporting; and less regulation and higher fees than other types of investments including mutual funds. Speculative Investment Strategies. Trading in financial instruments is highly speculative and subject to substantial risks, including a total loss of investment. Among other things, the prices of financial instruments can be highly volatile and subject to rapid and substantial fluctuations. Price movements for financial instruments may be influenced by, among other things:

company fundamentals; changes in interest rates; governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; weather and climate conditions; changing supply and demand relationships; money supply policies and available liquidity; changes in balances of payments and trade; currency devaluations and revaluations; rates of inflation or deflation; political and economic events; and changes in philosophies and emotions of market participants.

A trading method (regardless of the nature of the method) may not take account of all of these factors. Past Results. There can be no assurance, nor should it be assumed, that the future investment performance of the Fund will conform to any performance history of similar strategies of Dockside or that the Fund’s investments will avoid significant losses, including a total loss of investor capital. An investment in the Fund can lose value. Possible Positive Correlation with Stock and Bonds. One of the goals in incorporating a non-traditional investment such as the Fund into a portfolio is to provide a potentially valuable element of diversification. However, there can be no assurance, particularly during periods of market disruption and stress when the risk control benefits of diversification may be most important, that the Fund will, in fact, be non-or negatively correlated with a traditional portfolio of stocks and bonds. Counterparties and Brokers. The counterparties with which the trading entities trade or invest or that clear the trading entities trades may encounter financial difficulties and delay or default on their payment obligations. Any such default could result in material losses. Custody Risk. Dockside does not control the custodianship of their securities. The banks or brokerage firms selected to act as custodians may become insolvent, causing Clients to lose all or a portion of the funds or securities held by those custodians. Reliance on Corporate Management and Financial Reporting. Certain of the strategies implemented by the Fund rely on the financial information made available by the issuers in which the Fund invests. Dockside has no ability to independently verify the financial information disseminated by the issuers in which the Fund invests and is dependent upon the integrity of both the management of these issuers and the financial reporting process in general. Recent events have demonstrated the material losses that investors such as the Fund can incur as a result of corporate mismanagement, fraud and accounting irregularities. Competition; Potential Strategy Saturation. The Fund competes with numerous other private investment

funds as well as other investors, many of which have resources substantially greater than any individual Fund. The amount of capital committed to “alternative investment strategies” has increased dramatically during recent years. The profit potential of the Fund may be materially reduced as a result of the “saturation” of the alternative investment field. Financing Arrangements; Availability of Credit. The use of leverage is integral to certain of Dockside’s strategies, and Clients depend on the availability of credit in order to finance their portfolio. There can be no assurance that Clients will be able to maintain adequate financing arrangements under all market circumstances. As a general matter, the banks and dealers that provide financing to Clients can apply essentially discretionary margin, haircut, financing, security and collateral valuation policies. Changes by banks and dealers in such policies, or the imposition of other credit limitations or restrictions, whether due to market circumstances or governmental, regulatory or judicial action, may result in large margin calls, loss of financing, forced liquidation of positions at disadvantageous prices, termination of swap and repurchase agreements and cross-defaults to agreements with other dealers. Any such adverse effects may be exacerbated in the event that such limitations or restrictions are imposed suddenly and/or by multiple market participants at or about the same time. The imposition of such limitations or restrictions could compel a Client to liquidate all or part of its portfolio at disadvantageous prices. Multiple-Strategy Approaches. The diversification of Dockside’s strategies may not be significant and, even if significant, may not provide meaningful risk control, while reducing a Client’s profit potential as a result of certain strategies being unprofitable while others are profitable. Certain of these strategies and markets may involve an unusually high degree of risk considered on a stand-alone basis, and combining multiple strategies inherently involves the opportunity cost of certain strategies’ losses offsetting the gains recognized by other strategies. Macro Strategies. Macro strategies are directional strategies that seek to profit from forecasting near- to medium-term price movements. The multitude of different factors which go into determining futures price levels makes any attempt at market forecasting inherently speculative and unexpected political, international, weather and other events can cause major losses for strategies even if they correctly identified “true value” in the positions taken. Multiple Levels of Expense. As with most multi-manager investment platforms, in addition to fees and compensation charged by the Adviser and its affiliates, and expenses at one or more Fund levels, the Portfolio Managers charge and/or impose fees (including management fees and performance-based compensation) and expenses. Portfolio Managers may charge fees directly or through an underlying fund which they and/or their affiliate manage (at which level, such fund will also bear its own expenses). The multiple levels of fees and expenses will reduce the overall profitability of the Fund. Investors in the Fund are subject to higher aggregate fees and expenses than if they were able to invest with such Portfolio Managers or Portfolio Investments directly. Model and Data Risk. Dockside relies on quantitative models and systems (both proprietary models developed by Dockside or affiliates and those supplied by third parties) and information and data supplied by third parties (collectively, “Models and Data”). Models and Data are used to construct sets of transactions and investments and to provide risk management insights and may be used to assist in hedging the investments. When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose Clients to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by Dockside are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data, the success of relying on such models may depend heavily on the accuracy and reliability of the historical data. All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model

prices” will often differ substantially from market prices. In addition, Dockside relies on its staff to properly operate and maintain its computer and communications systems upon which the trading systems rely. Execution and operation of Dockside’s computer and communications systems is subject to human error. Any failure, inaccuracy or delay in implementing any Dockside or affiliates computer and communications systems and executing the trading entities’ transactions will impair its ability to identify profit opportunities and benefit from them. It could also result in decisions to undertake transactions based on inaccurate or incomplete information. This could cause substantial losses to a Client. In addition, the cost of data and technology infrastructure is subject to change and increases in prices for data and technology infrastructure necessary to implement investment and trading strategies could negatively impact Client returns and/or the ability of Dockside to implement such strategies. Intellectual Property Infringement/Misappropriation. Third parties may obtain and use Dockside’s or any of its affiliates’ intellectual property or technology, including its trade secrets and trading program software, without permission. Any unauthorized use or misappropriation of Dockside’s or an affiliate’s trade secrets, proprietary software and other technology could adversely affect its competitive advantage. Proprietary software and other technology are becoming increasingly easy to duplicate, particularly as employees with proprietary knowledge leave the owner or licensed user of that software or other technology. Dockside and its affiliates may have difficulty monitoring unauthorized uses of its proprietary software and other technology. The precautions they have taken may not prevent misappropriation or infringement of its proprietary software and other technology. Also, third parties may independently develop proprietary software and other technology similar to that of Dockside or an affiliate or claim that Dockside or an affiliate has violated their intellectual property rights, including their copyrights, trademark rights, trade names, trade secrets and patent rights. As a result, Dockside or an affiliate may have to litigate in the future to protect its trade secrets, determine the validity and scope of other parties’ proprietary rights, defend itself against claims that it has infringed or otherwise violated other parties’ rights, or defend itself against claims that its rights are invalid. Any litigation of this type, even if Dockside or affiliate is successful and regardless of the merits, may result in significant costs, divert its resources from a Client, or require it to change its proprietary software and other technology or enter into royalty or licensing agreements. Certain Risks Associated with Cybersecurity. Investment advisers, including Dockside, and Dockside’s key third party service providers must rely in part on digital and network technologies (collectively, “Cyber Networks”) to conduct their businesses. Such Cyber Networks might in some circumstances be at risk of cyber-attacks that could potentially seek unauthorized access to digital systems for purposes such as misappropriating personal data or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks might potentially be carried out by persons using techniques that could range from efforts to electronically circumvent network security or overwhelm websites to intelligence gathering and social engineering functions aimed at obtaining information necessary to gain access. Dockside maintains a cybersecurity policy, cybersecurity committee and certain technical and physical safeguards intended to protect the confidentiality of its internal data. Nevertheless, cyber incidents could potentially occur, and might in some circumstances result in unauthorized access to sensitive information about Dockside or its Clients as Dockside does not directly control the cyber security systems of issuers or key third-party service providers. Trading in International Markets. The risk of loss in trading securities and derivatives on markets outside of the U.S. can be substantial. Participation in non-U.S. markets involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or foreign securities market. Some of these nonU.S. markets, in contrast to U.S. markets, are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a transaction—not of the exchange or clearing house. In these kinds of markets, Clients will be subject to the risk of bankruptcy, insolvency, payment failure or other failures or refusals to perform by the counterparty. Moreover, many of these non-U.S. markets are unregulated, which means that Clients may have no or limited recourse in the

event of such a failure or refusal. Some non-U.S. markets present additional risk because they are not subject to the same degree of regulation as their U.S. counterparts. Neither the SEC nor the Commodity Futures Trading Commission (“CFTC”) or any domestic exchange regulates activities of foreign boards of trade or securities markets outside of the U.S., including the execution, delivery and clearing of transactions, nor has the power to compel enforcement of the rules of a foreign board of trade or exchange or of any applicable non-U.S. laws. Additionally, trading on non-U.S. markets is subject to the risks presented by exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability. An adverse development with respect to any of these variables could reduce the profit or increase the loss earned on trades in the affected international markets. Some non-U.S. markets also may be in a more developmental stage so that prior price histories may not be indicative of current price dynamics. In addition, a Client may not have the same access to certain positions on foreign markets as do local traders, and the historical market data on which Dockside bases its strategies may not be as reliable or accessible as it is in the U.S. Short Sales. The Sub-Advisers (and Dockside with respect to its discretionary mandates) will routinely “sell securities short.” A short sale is effected by selling a security which is not owned, or selling a security which is owned but which does not deliver upon consummation of the sale. In order to make delivery to the buyer of a security sold short, a seller must borrow the security. In so doing, it incurs the obligation to replace that security, whatever its price may be, at the time it is required to deliver it to the lender. The seller must also pay to the lender of the security any dividends or interest payable on the security during the borrowing period and may have to pay a premium to borrow the security. This obligation must, unless the seller then owns or has the right to obtain, without payment, securities identical to those sold short, be collateralized by a deposit of cash or marketable securities with the lender. Short selling is subject to a theoretically unlimited risk of loss because there is no limit on how much the price of a security may appreciate before the short position is closed out. There can be no assurance that the security necessary to cover the short position will be available for purchase. In addition, purchasing securities to close out the short position can itself cause the price of the relevant securities to rise further, thereby increasing the loss incurred. Furthermore, Dockside may prematurely be forced to close out a short position if a counterparty from which the Client borrowed securities demands their return, resulting in a loss on what might otherwise have been a profitable position. Investment strategies utilized by Dockside may be negatively impacted if short sales are banned or suspended by U.S. or foreign regulators in response to market disruptions. Market Risks in General. The Sub-Adviser’s (and Dockside with respect to its discretionary mandates) strategies are each subject to certain dimensions of market risk: directional price movements, deviations from historical pricing relationships, changes in the regulatory environment, changes in market volatility, “flights to quality,” “credit squeezes,” among other possible events. The particular or general types of market conditions in which the Fund may incur losses or experience unexpected performance volatility cannot be predicted. Trading Errors. While Dockside will attempt to correct trading errors as soon as they are discovered, Dockside will not be liable or responsible for poor executions, erroneous orders, rogue algorithms or trading errors. Dockside will only be responsible if (i) the error results from the actions of Dockside or its affiliates that would be deemed to violate the standard of care required under applicable law, or (ii) Dockside determines that it is appropriate to charge a Third-Party Manager for the costs and expenses of the error pursuant to the terms and conditions of the investment management agreement with such Third-Party Manager. Model Errors. Dockside’s quantitative modeling process is complex and involves market data, statistical estimates, numerous research inputs, modeling, and proprietary algorithms. Although Dockside attempts to employ individuals skilled in these responsibilities and to provide appropriate levels of oversight, there is a

possibility that mistakes will be made in programming, as well as technical issues that could arise in computer hardware or software. These errors could adversely affect a Client’s returns and cause losses. Electronic Trading and Order Routing Systems. Dockside intends to trade on electronic trading and order routing systems for a portion of its order flow. Transactions using an electronic system are subject to the rules and regulations of the exchanges offering the system or listing the contract. Characteristics of electronic trading and order routing systems vary widely among the different electronic systems with respect to order matching procedures, opening and closing procedures and prices, error trade policies and trading limitations or requirements. There are also differences regarding qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system. Each of these matters may present different risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying response times and security. In the case of internet-based systems, there may be additional risks related to service providers and the receipt and monitoring of electronic mail. Trading through an electronic trading or order routing system is also subject to risks associated with system or component failure. In the event of system or component failure, it is possible that for a certain time period, it might not be possible to enter new orders, execute existing orders or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority, or the sending of erroneous orders. Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. Exchanges offering an electronic trading or order routing system and listing the contract may have adopted rules to limit their liability, the liability of futures brokers and software and communication system vendors and the amount that may be collected for system failures and delays. These limitations of liability provisions vary among the exchanges. Strategy Risk. There can be no assurance that what is perceived by Dockside as an investment opportunity will not, in fact, result in substantial losses due to one or more of a wide variety of factors. From time to time, the economic viability of an entire strategy may deteriorate, due to an excessive concentration of investors implementing the same approach or general economic events that disrupt the source of profits which the strategy seeks to exploit. Dockside can only be successful if the General Partner is able to invest successfully, and there can be no assurance that this will be the case. C. Risks Associated With Particular Types of Securities We do not limit our recommendations to Clients to a particular type of investment instrument. Given the broad discretion we have in managing our Client portfolios, below is a non-exclusive list of certain risks related to securities and other instruments that may be utilized within our Client portfolios: Derivatives Generally. Dockside has discretion to use a variety of derivatives to implement its investment strategies. The pricing of derivatives is uncertain, variable and based primarily on theoretical models, the outputs of which may vary substantially from the prices actually recognized in the market. The market for many types of derivatives is comparatively illiquid and inefficient, creating the potential for substantial mispricing, as well as sustained deviations between theoretical and market value. Options. Dockside has discretion to make extensive use of listed options on single stocks and stock indices (including volatility indices) for Client’s portfolios. These activities involve risks that can be substantial, depending on the circumstances. Options trading is highly specialized and is subject to risks that are in addition to the risks generally associated with trading derivatives. If a Client purchases a put or a call option, the Client may lose the entire premium paid. If a Client writes or sells a put or call option, the Client’s loss is potentially unlimited. For example, the seller of an uncovered call option is subject to the risk that the price of the underlying security will increase, thereby subjecting the seller to significant losses. Also, option

prices tend to decline over time as options near their exercise dates. This “time decay” must be offset by other factors, such as increased volatility, or options positions will decline in value. Futures Contracts. Clients will buy and sell futures contracts, including futures contracts on equity indices. Futures prices can be highly volatile. Because of the low margin deposits normally required in futures trading, an extremely high degree of leverage is typical. The amount of margin funds necessary to be deposited with a bank or broker to enter into a futures contract is typically about 2% to 10% of the total value of the contract (and may even be zero). As a result of this leveraging, even a small movement in the price of a contract can cause major losses. Any purchase or sale of a futures contract may result in losses that substantially exceed the amount invested in the contract. Equities. Equities invested in by a Client may involve substantial risks and may be subject to wide and sudden fluctuations in market value, with a resulting fluctuation in the amount of profits and losses. There are no absolute restrictions regarding the size or operating experience of the companies in which the Client may invest. Foreign Exchange. The prices of assets held by a Client may be sensitive to foreign exchange-rate fluctuations; such fluctuations could cause the U.S. dollar value of long and short positions to move in unanticipated directions. A Client may invest in financial instruments denominated in non-U.S. currencies. Such investments are subject to the risk that the value of a particular currency will change in relation to the U.S. Dollar, which is the base currency. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. Non-U.S. Securities. Clients may trade in securities of companies domiciled or operating in one or more non-U.S. countries. Investing in these securities involves considerations and possible risks not typically involved in investing in securities of companies domiciled and operating in the U.S., including instability of certain non-U.S. governments, the possibility of expropriation, limitations on the use or removal of funds or other assets, changes in governmental administration or economic or monetary policy (in the U.S. or abroad) or changed circumstances in dealings between nations. The application of non-U.S. tax laws (e.g., the imposition of withholding taxes on dividend or interest payments, income taxes and excise taxes) or confiscatory taxation may also affect a Client investment in non-U.S. securities. Clients may incur higher expenses from investments in non-U.S. securities than from investment in U.S. securities because of the costs that must be incurred in connection with conversions between various currencies and because non-U.S. brokerage commissions may be higher than commissions in the US. Non-U.S. securities markets also may be less liquid, more volatile and less subject to governmental supervision than in the U.S. Client investments in non-U.S. countries could be adversely affected by other factors not present in the U.S., including lack of uniform accounting, auditing and financial reporting standards and potential difficulties in enforcing contractual obligations. Convertible Securities. Clients may invest in convertible securities, which are subject to certain types of risks. Because convertible securities have characteristics of both equity and debt securities they are exposed to certain additional risks. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. A convertible security’s market value also tends to reflect the market price of the common stock of the issuing company, particularly when the stock price is greater than the convertible security’s conversion price (i.e., the predetermined price or exchange ratio at which the convertible security can be converted or exchanged for the underlying common stock). Convertible securities are also exposed to credit risk. Due to their potential for capital appreciation, convertible securities generally offer lower interest or dividend yields than nonconvertible debt securities of similar credit quality. Mandatory convertible securities are a subset of convertible securities. The conversion of such securities is not optional, and the conversion price at maturity is based solely upon the market price

of the underlying common stock, which may be significantly less than par or the price (above or below par) paid. Mandatory convertible securities generally are subject to a greater risk of loss of value than securities convertible at the option of the holder. Swaps. A Client may take advantage of opportunities in the area of swaps, options on various underlying instruments and swaptions. Investment in swaps involve the exchange by the Client with another party of all or a portion of their respective interests or commitments. Use of swaps may subject the Client to risk of default by the counterparty. If there is a default by the counterparty to such a transaction, the Client will have contractual remedies pursuant to the agreements to the transaction. The Client may enter into currency, interest rate, total return or other swaps which may be surrogates for other instruments such as currency forwards, interest rate options and equity instruments and indices on the foregoing. The value of such instruments generally depends upon changes in volatility, price movements in the underlying assets and counterparty risk. Virtual Currencies and Virtual Currency Derivatives. A Client may enter into virtual currency and virtual currency derivatives transactions, and may buy, sell and hold securities and commodities based on virtual currencies and virtual currency derivatives. Such instruments present several unique risks for the Fund. For example, these instruments may experience significant price volatility and, with respect to virtual currency derivatives, the initial margin may be set as a percentage of the value of a particular contract, which means that margin requirements for long positions can increase if the price of the contract rises. In addition, some brokers may pose restrictions on customer trading activity in virtual currency derivatives, such as requiring additional margin, imposing position limits, prohibiting naked shorting or prohibiting give-in transactions. The rules of certain exchanges impose trading halts that may restrict the Client’s ability to exit a position during a period of high volatility. In addition, as securities and commodities based on virtual currencies and virtual currency derivatives are based on the value of virtual currencies, additional risks may impact the value of the instrument, including those that relate to unique features, price volatility, valuation and liquidity, custody, cybersecurity, technology, opaque and unregulated spot markets, transaction fees, defaults and losses by exchanges, custodians or brokers, and a changing and uncertain tax and regulatory environment. Leverage. Dockside expects to utilize substantial leverage in investing Client assets, including through engaging in trading on margin by borrowing funds, pledging securities as collateral, and through instruments with embedded leverage such as derivatives (e.g., options, futures, and swaps). Losses incurred on a Client’s leveraged investments increase in direct proportion to the degree of leverage employed. Clients may also incur interest expense on the borrowings used to leverage its positions. To the extent the assets of Clients have been leveraged through borrowings, the purchase of securities on margin or otherwise, the interest expense and other costs and premiums incurred in relation thereto may not be recovered. If gains earned by the Client’s portfolio fail to cover such costs, the Net Asset Value of the Client portfolio may decrease faster than if there had been no borrowings. Dockside also expects to engage in certain hedging strategies in both long and short investments, including through the use of equities, equity options, equity and sector indices, credit, currencies, futures and other marketable securities. Strategies employed by Dockside also require frequent trading, resulting in substantial brokerage commissions and other transaction fees and expenses. The brokerage and commission expenses of Clients, as a percentage of net asset value, generally will substantially exceed those of many other private investment funds. These expenses must be offset by investment gains in order for a Client to be profitable.

In accepting WC’s settlement offer, the CFTC recognized the cooperation of WC with the Division of Enforcement’s investigation of the matter. The CFTC also acknowledged WC’s proposed remediation steps in connection with the matter. The CFTC press release and order related to this action can be found here: https://www.cftc.gov/PressRoom/PressReleases/8637-22.

Deephaven Data Labs (“DDL”) is a data management systems provider that provides data management software and services. The use of affiliated service providers by Dockside on behalf of Clients presents various conflicts of interest including conflicts associated with the selection, retention, and evaluation of the service provider; however, Dockside shall bear all expenses incurred in connection with the utilization of such affiliated service providers including, but not limited to, DDL. Dockside and affiliates of Dockside serves as the General Partner to certain Private Funds. Each such General Partner is exempt from registration with the CFTC as commodity pool operators as the Private Funds do not meet the definition of a “commodity pool” as defined by the CFTC. As well, Dockside is exempt from registration with the CFTC as a commodity trading adviser.

The Code requires compliance with all applicable laws and sets forth our policies and procedures for our personnel (and, in some cases, certain family members) on (i) personal securities trading, (ii) gifts and entertainment, (iii) service on boards of directors and other outside activities, and (iv) conflicts of interest generally. All of our supervised persons receive training with respect to the Code upon commencement of employment and at least annually thereafter, including with respect to the prohibitions on insider trading. Fund Investors may request a copy of the Code by contacting Dockside at the address or telephone number listed on the first page of this Brochure. Supervised persons are generally prohibited from establishing new positions in “reportable securities” in a personal trading account or otherwise. The term “reportable securities” is broadly defined in the Code and

covers, among other things, equity and debt securities of public companies, including, but not limited to, initial public offerings, private investments in public equity (i.e., PIPEs), and options on single-name securities. A supervised person who has positions in reportable securities that were established prior to joining Dockside (i.e. “grandfathered positions”) must receive compliance approval in order to reduce or close such positions. All of the foregoing transactions by our supervised persons are subject to review and supervision of the Dockside Compliance Department in order to mitigate any material conflicts that may arise as a result of such personal investments. Investment advisers that manage accounts for multiple clients also have a number of obligations and limitations regarding their ability to effect transfers of securities from one client to another (each a “Cross Transaction”). To the extent that we determine that it would be in the best interests of certain clients to engage in a Cross Transaction (which can happen for a variety of reasons, including tax purposes, liquidity purposes, to rebalance client portfolios, or to reduce transaction costs that may arise in an open market transaction), any expenses will be allocated equitably in the discretion of Dockside between the applicable Clients. We (including our affiliates and personnel) do not engage in “Principal Transactions” with Clients (i.e. purchase or sell any securities from or to the Private Funds). To the extent that Cross Transactions may be deemed Principal Transactions (as such term is used under the Advisers Act), we will comply with the requirements of Section 206(3) of the Advisers Act. To the extent that we engage in any such deemed Principal Transactions, we will obtain approval from the applicable Client and/or from an independent Client representative to the extent permitted under the Fund Governing Documents. Neither the Adviser nor a Portfolio Manager (as applicable) will take brokerage commissions or otherwise be specially compensated for effecting Cross Transactions or deemed Principal Transactions. The Adviser and each Portfolio Manager (as applicable) intends that such transactions will, to the best of its ability, reflect the market value of the security or other instrument being purchased or sold, and the transaction will be subject to the Adviser’s or the Portfolio Manager’s duty of best execution, as applicable. Prior to effecting any such transaction, the Adviser or the Portfolio Managers (as applicable) will make a good faith determination that the transaction is in the best interests of the Private Fund. All such transactions will be approved by the Adviser’s compliance department.

Portfolio transactions for the Private Funds will be allocated to brokers on the basis of best execution and in consideration of relevant factors, including, but not limited to, price quotes; the size of the transaction; the nature of the market for the security; the timing of the transaction; the difficulty of execution; the broker or dealer’s expertise in the relevant market or sector; the extent to which the broker or dealer makes a market in the security or has access to such market; the broker or dealer’s skill in positioning the relevant market; the broker or dealer’s facilities, reliability, promptness and financial stability; the broker or dealer’s reputation for diligence and integrity (including in correcting errors); confidentiality considerations; the quality and usefulness of research products and services and investment ideas presented by the broker or dealer; and other factors deemed appropriate by the Sub-adviser or Dockside, as applicable.

The commissions charged by brokers that we select may be higher or lower than those charged by other broker-dealers. The Private Funds may pay a commission to a broker that is higher than another qualified broker-dealer might charge to effect the same transaction when we determine, in good faith, that the commission is reasonable in relation to the value of the brokerage and research services that we receive. In seeking best execution for the Private Funds, the determinative factor is not the lowest possible cost, but whether the transaction represents the best qualitative execution, taking into consideration the full range of the broker’s services. The Sub-advisers or Dockside, as applicable, need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost or spread. Trade Errors Although Dockside exercises due care in making and implementing investment decisions directly on behalf of Clients, supervised persons may, from time to time, make errors with respect to trades made on behalf of Clients. Dockside has established order handling processes and procedures designed to reduce the likelihood of trade errors and, in its sole discretion, will determine what constitutes a trade error. Pursuant to the Fund Governing Documents, the Private Funds will be responsible for losses resulting from trade errors, except to the extent such losses result from Dockside’s bad faith, gross negligence, willful misconduct, fraud, criminal conduct or the material breach of the applicable investment management agreement. Dockside may also determine that it is appropriate to charge a Third-Party Manager for the costs and expenses of the error in accordance with the Investment Management Agreement with such Third-Party Manager. In all cases, gains from trade errors, if any, will be retained by the Private Funds, as applicable. Research and Soft Dollar Benefits Generally, the Adviser expects to use soft dollars, and engage Portfolio Managers whose use of soft dollars will be, within Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Section 28(e) establishes a safe harbor (the “Section 28(e) safe harbor” or “safe harbor”) allowing investment managers to use client funds, by way of commission dollars, to purchase certain “brokerage and research services.” Dockside may therefore pay higher commission prices for the purchase or sale of securities to receive research or other products or services other than execution from a broker-dealer and/or a third-party in connection with Client securities transactions. Research products and services provided by brokers through which portfolio transactions are executed, settled and cleared include research reports on particular industries and companies, economic surveys and analyses, recommendations as to specific securities, access to management and other products and services providing lawful and appropriate assistance to Dockside in the performance of its investment decision-making responsibilities. Dockside may participate in “commission sharing arrangements” pursuant to which Dockside may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or commission credits to another firm that provides research and other products to Dockside. Dockside excludes from use under these arrangements those products and services that are not eligible under Section 28(e). When Dockside uses client brokerage commissions (or markups or markdowns) to obtain research or other products or services, Dockside receives a benefit because it does not have to produce or pay for such products or services. Dockside may have an incentive to select or recommend a broker-dealer based on Dockside’s interest in receiving research or other products or services, rather than on its Clients’ interest in receiving most favorable execution. The Adviser’s brokerage committee considers the amount and nature of research and research services provided by broker-dealers. The extent to which commission rates charged by brokers reflect the value of brokerage and research received cannot be readily determined. Although the commission rates charged by

such brokers are generally deemed to not specifically reflect such additional benefits, the commission rates charged by such brokers may be higher or lower than other brokers. Also, consistent with Section 28(e), research products or services obtained with “soft dollars” generated by one or more Clients may be used by the Adviser to service one or more other Clients, including Clients that may not have paid for the soft dollar benefits. The Adviser does not seek to allocate soft dollar benefits to Client accounts in proportion to the soft dollar credits the Client accounts generate. Where a product or service obtained with soft dollars provides both research and non-research assistance to the Adviser (i.e., a “mixed use” item), the Adviser will make a good faith allocation of the cost which may be paid for with soft dollars. In making good faith allocations of costs between administrative benefits and research and brokerage services, a conflict of interest may exist by reason of the Adviser’s allocation of the costs of such benefits and services between those that primarily benefit the Adviser and those that primarily benefit the Clients. Client Referrals and Directed Brokerage From time to time, Dockside personnel may speak at conferences for potential investors interested in investing in hedge funds which are sponsored by broker-dealers that act as prime brokers and execution brokers to the Private Funds. These conferences may be a means by which Dockside can be introduced to potential investors in the Private Funds. Currently, neither Dockside nor the Private Funds compensate the brokers for organizing these “capital introduction” events or for investments ultimately made by prospective investors attending such events. Dockside does not believe that it pays any additional fees or higher commissions as a result of any introductions. However, Dockside may have an incentive to select or use a broker-dealer based on Dockside or an affiliate receiving Fund Investor referrals from that counterparty. Dockside allocates portfolio transactions to brokers on the basis of best execution and does not generally consider whether we might receive Client referrals from such brokers. We do not recommend, request or require that a Client direct us to execute transactions through a specified broker-dealer.