DFN Management LLC. (“DFN” the “Adviser” or the “Firm”), a Delaware limited liability company, commenced operations in September of 2015. The Firm’s home office is located in Tampa, Florida. The Firm is primarily owned by Donald Flagg, Amol Nirgudkar and Nicholas Koen (the “Principals”). The Principals serve as Managing Members of the Firm. DFN provides investment advisory services to proprietary, private hedge funds that are offered to investors on a private placement basis (the “Funds”). DFN’s advisory business is currently focused on investing in two private hedge funds, the DFN Alpha 90/10 Fund LP and the DFN Alpha Advantage Fund LP. DFN generally provides investment management services through the Funds on a discretionary basis, where the Firm will serve as the general partner or manager for each of the Funds. The DFN Alpha 90/10 Fund LP’s active portfolio consists of about 10% of the total portfolio size. The active portion of the portfolio invests and trades primarily in SPX (S&P 500) or other large U.S. index options. SPX options are cash settled and are considered one of most liquid traded options on the U.S. market. DFN expects to use options on broad market indexes and volatility indexes to hedge portfolio risk from the above- mentioned holdings. The General Partner reserves the right to trade other securities and financial instruments, whether domestic or foreign, when the General Partner perceives that a favorable trading or investment opportunity exists. The Fund is expected to maintain approximately 90% of its portfolio balance invested in cash, cash equivalents, and highly liquid short-term instruments such as money market funds, U.S. Treasuries Bills, or equivalent ETF products. The Adviser may allocate a portion of such balance to longer term instruments, such as longer-term U.S. Treasuries or other fixed income investments, in circumstances deemed to be favorable. The DFN Alpha Advantage Fund LP invests and trades in options on U.S. indexes as mentioned

above. The fund primarily invests in both SPX and NDX index options. It also trades futures contracts on both the SPX and NDX (NASDAQ 100). DFN expects to use options on broad market indexes and volatility indexes to hedge portfolio risk. The General Partner reserves the right to trade other securities and financial instruments, whether domestic or foreign, when the General Partner perceives that a favorable trading or investment opportunity exists. The Advantage fund has a higher risk/return profile and is expected to maintain a much lower percentage of its portfolio balance in cash, cash equivalents and liquid instruments, relative to the DFN Alpha 90/10 Fund LP or place margin against its Treasury positions unlike the 90/10 Fund. DFN’s Funds are not registered under the Securities Act of 1933, as amended, nor registered under the Investment Company Act of 1940, as amended. Accordingly, interests in the Funds are offered exclusively to investors satisfying the applicable eligibility and suitability requirements in private placement transactions within the United States. No offer to sell interests in any Fund is made by the descriptions in this Brochure. Generally, only persons who are “accredited investors” (as such term is defined in Rule 501 of Regulation D under the Securities Act) may purchase interests in the Funds. DFN manages the day-to-day activities of the Funds, as well as the investment portfolios of the Funds. Their services are tailored specifically to each Fund. The Funds are not tailored to the individual needs and objectives of the beneficial owners of the Funds. DFN will ensure that investment objectives and guidelines of the Funds are adhered to by actively selecting investments and monitoring the existing investments. DFN may advise other clients and investment vehicles in the future. As of December 31, 2023, DFN managed approximately $155,429,716 in assets on a discretionary basis with no assets on a non-discretionary basis.