A. General Description of Advisory Firm. Key Square, an investment advisory firm organized in 2015 under the laws of the State of Delaware, provides discretionary investment advisory services to clients that include current and future funds and managed accounts (collectively, the “Clients”). Key Square is headquartered in Greenwich, CT, with offices in Charleston, South Carolina and London, United Kingdom. Key Square is ultimately controlled by Mr. Scott Bessent. B. Description of Advisory Services. Key Square currently manages assets for various clients, including, but not limited to, the following commingled funds: 1
• Key Square Master Fund LP, a Cayman Island exempted limited partnership (“Master Fund I”), Key Square Partners LP, a Delaware limited partnership, and Key Square International Fund Ltd, a Cayman Islands exempted limited company (together, “Fund I”); and
• Key Square Master Fund II LP, a Cayman Island exempted limited partnership (“Master Fund II”), Key Square Partners II LP, a Delaware limited partnership, and Key Square International Fund II Ltd, a Cayman Islands exempted limited company (“Fund II” and together, with Fund I, each a “Fund” and collectively, the “Funds”). Key Square Fund General Partner I LP (“General Partner I”) is the general partner of Key Square Partners LP and Key Square Master Fund LP. Key Square Fund General Partner II LP (“General Partner II”) is the general partner of Key Square Partners II LP and Key Square Master Fund II LP. Furthermore, Key Square Capital Management LLC is the investment manager of the Master Funds. Key Square currently applies a multidisciplinary approach to investing and may pursue multiple investment strategies including, without limitation: multi-asset global macro; long/short equities; investing in commodity and commodity-related industries; high yield, credit and distressed credit; event-driven/special situations investing; and relative value investing. Key Square’s investment objective is to achieve superior risk-adjusted returns over the medium to long term by seeking capital appreciation through a multi-asset global macro strategy, without being limited by pre- defined strategies with respect to each Client. In some cases, there are no limitations on the markets or types of instruments in which an Investment Manager (as defined below) may pursue investments deemed by it to have the most attractive risk-reward characteristics for each Client. The Investment Manager utilizes the services of any sub-advisor or similar consultant (including the Sub-Advisor (as defined in Item 10 below)) to provide non-binding (i.e., with no authority to either bind Clients or make investment decisions) research-related or other advice, operational due diligence or on- going monitoring of investments, trade execution, accounting and operational and other outsourced 1 In addition to its current and future commingled structures, Key Square currently does, and may in the future, manage separate dedicated bespoke vehicles, single trading subsidiaries and/or managed accounts. services. Please see Item 10 (Other Financial Industry Activities and Affiliations) below for additional information associated with the Service Provider. Key Square’s investment strategies are more fully described

in the offering documents for each Fund and will be available in the offering documents or agreements for any other current or future Client. Please see Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) below for a more detailed description of the investment strategies pursued and types of investments made by Key Square. The descriptions set forth in this Brochure of specific advisory services that Key Square offers to Clients, and investment strategies pursued, and investments made by Key Square on behalf of its Clients, should not be understood to limit in any way Key Square’s investment activities. Key Square may offer any advisory services, engage in any investment strategy and make any investment, even if not described in this Brochure, that Key Square considers appropriate, subject to each Client’s investment objectives and guidelines. Not all of the strategies described in this Brochure may be used at the same time or in the same proportions, and Key Square may add, suspend, eliminate or modify investment strategies at its discretion. The investment strategies Key Square pursues are speculative and entail substantial risks. Investors 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. C. Availability of Tailored Services for Clients. As mentioned above, Key Square’s investment advice is subject to investment objective and guidelines of each Client, as set forth in the offering documents and/or constituent documents of such Client, as applicable. With respect to the Funds, Key Square’s advice is not subject to modification by investors, other than certain investors who currently have and may in the future have more favorable rights not afforded to other investors such as (i) greater information than may be provided to other investors, including greater transparency into a Client’s portfolio; (ii) different liquidity rights; (iii) different fee and/or allocation terms; (iv) different transfer rights; (v) risk, tax or other reporting and/or (vi) different portfolios. The terms of Clients (other than the Funds) in some cases, currently are, or may in the future be, individually negotiated and provide better terms than those offered to investors in the Funds, including, but not limited to, lower management and performance-based compensation, different liquidity, leverage, expenses, loss carry forward, high water mark, liability, indemnity, risk and/or compliance restrictions, tax reporting, co-investment, most favored nation and information rights (including better transparency with respect to the holdings of each Client) relative to other investors. Some Clients have overlapping strategies to other Clients, and some do not and may not in the future. D. Wrap Fee Programs. Key Square does not participate in wrap fee arrangements. E. Assets under Management.
As of December 31, 2023, Key Square had approximately $577 million in regulatory assets under management. In addition to managing assets for its Clients and advising its non-discretionary sub- advisory relationship, Key Square has a consulting relationship with a third-party family office/endowment that has approximately $11 billion of assets under management.