A. The Advisory Firm Capital Fund Management S.A. (“we”, “us”, “our” or the “Firm”) provides discretionary investment management services to US and non-US clients from its offices in Paris, France. Founded in 1991, we are today registered with the US SEC as an investment adviser, with the US Commodity Futures Trading Commission (“CFTC”) as a commodity trading adviser (“CTA”) and commodity pool operator (“CPO”), and we are a member of the National Futures Association (“NFA”) in such capacity. In France, we are regulated by the Autorité des marchés financiers (“AMF”) as a UCITS portfolio management company in accordance with Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009, as amended. Today, the Firm has five wholly owned subsidiaries: Capital Fund Management International, Inc. (“CFMI”), CFM North America, Inc (“CFM NA”), CSysNet, CFM Corporate Member Limited and CFM Canada Limited (launched in December 2023). CFMI and CFM NA are both limited liability companies incorporated in Delaware, USA. CSysNet is a French corporation. CFM Corporate Member Limited is a limited company registered in England and Wales, which holds the majority stake in Capital Fund Management LLP (“CFM LLP”) and manages the operations of CFM LLP based on a broad power of attorney. CFM Canada Limited is a limited company incorporated in Canada. CFMI has offices in New York and contracts with us to interface with investors in investment funds we advise and maintains certain of the IT infrastructure we keep in the United States. In November 2021, CFMI filed as an exempt reporting adviser with the SEC, providing sub-advisory services to CFM SA relating to a small portion of the Stratus program (see below) – but this filing was terminated in November 2023 following the departure of the sole PM of CFMI. CFMI has also contracted with Foreside Financial Services LLC (“Foreside”), a SEC-registered broker-dealer and member of FINRA, for the purpose of registering certain employees of CFMI’s Investor Relations team as representatives of Foreside that are permitted to engage in marketing activities in the United States. CFM NA is the managing member/general partner of certain funds organized as Delaware limited liability companies or offshore partnerships that we advise. CFM NA is registered with the CFTC as a CPO and is a member of the NFA. CFM NA has delegated its powers and authority under the governing agreements to various service providers, including to us to act as an investment adviser and to CFM LLP to act as a private fund adviser. CSysNet acts as a purchaser of IT equipment for the Firm and its affiliates. CFM Corporate Member Limited has offices in London and manages the operations of CFM LLP based on a broad power of attorney. CFM LLP has offices in London and operates a branch office in Sydney. CFM LLP provides investment management services and is registered with the UK Financial Conduct Authority (“FCA”) as an Alternative Investment Fund Manager (“AIFM”) pursuant to Directive 2011/61/EU on Alternative Investment Fund Managers and has filed with the SEC as an exempt reporting adviser operating from outside the United States. For funds where CFM LLP acts as an AIFM, CFM SA will generally be appointed as a portfolio manager. CFM Canada Limited does not currently have office space and serves solely as a client representation office for Canadian investors. The principal owners of the Firm are Jean-Philippe Bouchaud (Chairman), Philippe Jordan, Marc Potters (CIO) and Jacques Saulière (CEO), all of whom are also board members and investment committee members of the Firm. We are a privately owned company, majority owned by the board members and staff. In January 2021, Dyal Europe Holdings Limited sold the minority stake it owned through a UK based vehicle to NGI Strategic Australia PTY Ltd, a fully owned subsidiary of the Australian Navigator group. The Firm and its subsidiaries employ approximately 307 staff in Paris, New York, London and Toronto, divided between Research, Data, Risk, Technology, Operations, Legal & Compliance, Administration and Investor Relations. The clients to whom we provide portfolio management services invest in accordance with our Stratus and CFM Cumulus (“CFM Cumulus”, formerly known as CFM Institutional Systematic Diversified (“CFM ISD”)) programs. All Stratus clients are organized as private funds. CFM Cumulus is available in a private fund format and as managed accounts (currently none). The Firm also operates four managed futures programs, Discus, CFM Institutional Systematic Trends (“CFM IST”), CFM Institutional Systematic Trends Equity Capped (“CFM ISTEC”) and CFM Systematic Global Macro (“CFM SGM”), whose clients are mainly organized as investment funds. Finally, the firm manages the CFM Quantitative Absolute Return (“CFM QUASAR”) program that leverages new environmental, social or governance data sets and predictors, and that is currently only available through a European UCITS fund. CFM IST, CFM ISTEC, CFM Cumulus and CFM SGM are also available as separate managed accounts for clients with account balances above US$200m. Stratus is currently closed for further investment from new subscribers but may occasionally accept subscriptions in order to replace redemptions. B. Advisory Services We use a systematic/quantitative approach to trading the financial markets. All of our strategies fall within what is often referred to as “alternative investments”. Stratus, Discus, CFM SGM and CFM Cumulus are “hedge fund” strategies that seek to capture “alpha”, i.e. returns that are skill-based and seeks to be uncorrelated with traditional market indices. CFM IST, CFM ISTEC and CFM QUASAR (collectively “CFM IS”) may be referred to as “absolute return” strategies that seek to follow more widely documented hedge fund strategies. The Firm primarily trades futures, foreign exchange, securities (equities, fixed income and exchange traded funds), options, credit default swaps, as well as derivatives on all of the foregoing underlyings, in leading financial centres in the US and internationally. Our strategies are global in nature and focus on trading in liquid financial instruments generally available on exchanges, electronic platforms or in certain cases liquid markets that are dealer focused. Such liquid instruments are generally “easy to value”. We also participate in OTC markets, where we trade privately negotiated options contracts and credit default swaps. The OTC activity remains small compared to the overall activity of the Firm. In addition, certain of our securities trades may be considered as OTC as they are financed

synthetically as swaps. Such swaps (foreign exchange forwards, options, credit default swaps and equity swaps) held by our private fund clients are all valued based on quotes from central counterparties, electronic platforms, brokers or by service providers appointed by a third-party administrator for the purposes of determining the applicable private fund’s NAV. The investment strategies of, and other material information about, each private fund are set forth in each private fund’s offering documents provided to investors in such fund at or prior to their investment. We have invested significant resources in developing our proprietary technology platform for trading decisions, execution, post-trade processing and risk management. We carry out materially all of our trading electronically on exchanges or electronic platforms either through direct market access through brokers or through exchange memberships. Only a small share of our trading is carried out manually in the OTC markets over electronic screens, chat, email and/or telephone. Our systems support straight-through processing of substantially all post- trade activity. Our own in-house IT engineers develop and maintain all core software we use to operate our business and trading. C. Tailoring of Advisory Services We currently manage seven trading programs: Stratus, Discus, CFM SGM, CFM Cumulus, CFM IST, CFM ISTEC and CFM QUASAR. Stratus is a quantitative trading program providing exposure to our “hedge fund” strategies including directional trading, intraday trading, directional volatility, statistical equity arbitrage and statistical volatility arbitrage. Stratus trades futures, foreign exchange, sovereign debt as well as equities, listed options, credit default swaps and derivatives on all of the foregoing. Stratus is included in our regulatory assets under management (“RAUM”) as well as in our Form PF. Stratus is closed for investment, and accepts subscriptions only in order to replace redemptions. Discus is a managed futures program focusing on directional trading in futures and foreign exchange and does not invest in securities. Discus has been reopened for subscriptions as of June 2019. As Discus does not include securities in its portfolios, we have excluded this program from our RAUM. We report, however, commodity pools trading in accordance with Discus on Form PF on a voluntary basis. CFM SGM was launched in September 2020 and is a global macro futures program with defensive overlay which uses similar inputs as discretionary macro strategies but employs a systematic process to generate and implement signals. The program leverages decades of research on Discus, especially research on macroeconomic data. CFM ISD was launched in January 2014. A review of the program took place between 2022 and 2024 and it consequently changed its name to CFM Cumulus. It is an absolute return multi-strategy program comprised of equities and futures strategies with a defensive overlay. CFM Cumulus trades futures, foreign exchange, as well as equities, credit default indices and derivatives on all of the foregoing. Since the beginning of 2015, private funds trading in accordance with CFM ISD/Cumulus are included in our RAUM and reported on Form PF. CFM IST was launched in January 2013 and is a managed futures program focusing on trend following by trading futures and foreign exchange. CFM IST does not include securities in its portfolios and is therefore not included in our RAUM. We report, however, commodity pools that trade in accordance with CFM IST on Form PF on a voluntary basis. CFM ISTEC is a managed futures program focusing on trend following by trading futures and foreign exchange. The program is different from CFM IST in that its equity beta exposure is to be capped at zero relative to the beta of a portfolio of global equity indices. CFM IST does not include securities in its portfolios and will therefore not be included in our RAUM. We will, however, report commodity pools that trade in accordance with CFM ISTEC on Form PF on a voluntary basis. CFM QUASAR was launched in December 2020 and is an absolute return program which aims to deliver positive returns over the long term benefiting from carbon transition. The program invests in long/short equities strategies across global developed markets and is currently only offered in UCITS format. We generally implement our trading programs in a similar manner for all investors. For the Stratus master fund, there are private feeder funds available for US and non-US investors (also available to certain tax-exempt US investors). The Discus master fund has one private feeder fund available for non-US investors and one feeder fund established for US investors. The CFM IST master fund is currently fed by two private feeder funds established for non-US investors and one feeder fund established for US investors. The CFM SGM master fund is currently fed by a private feeder fund established for non-US investor. The CFM ISTEC master fund is currently fed by two private feeder funds established for non-US investors and one feeder fund established for US investors. Certain of the feeder funds established for non-US investors may also accept investment from tax exempt US investors. Depending on the structure, the feeder funds may offer shares or partnership interests to investors. For convenience, these are both referred to herein as “interests”. Our client feeder funds generally offer both US$ and EUR interests in order to allow investors to choose base currency. Certain feeders also offer interests denominated in AUD, CAD, GBP and/or JPY. In addition to the private funds and commodity pools discussed above, the Firm also advises certain non-US funds that do not accept US investors such as UCITS funds. Such non-US funds are not included as a part of our RAUM and are excluded from Form PF. As 31 December 2023 we do not advise any separately managed accounts that trade securities. We sub-advise one third-party UCITS fund, as well as one third-party multi-manager investment company. Neither of these two trade securities. D. Wrap fee programs We do not participate in any wrap fee programs. E. Assets Under Management As of December 31, 2023, we managed total client assets of US$12,278m in leveraged equity corresponding to US$8,691m in net assets. Our RAUM, which only includes portfolios available to US Persons that trade securities, comprises a total leveraged equity of US$10,178m corresponding to net assets of US$7,047m. The above figures are reported in accordance with US GAAP. We managed all of this RAUM on a discretionary basis.