Aquatic Capital Management LLC (“Aquatic”) is a Delaware limited liability company that was formed on November 7, 2018, to provide asset management services to U.S. and foreign private funds that launched on May 1, 2021. Aquatic is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended. Aquatic is also registered as a commodity pool operator with the Commodity Futures Trading Commission (“CFTC”) under the Commodity Exchange Act, as amended, and is a member of National Futures Association (“NFA”) in such capacity. Aquatic is wholly owned and managed by Aquatic Holdings LP, a Delaware limited partnership (“Aquatic Holdings”), which is principally owned by trust vehicles established for the benefit of the family of Jonathan Graham (“Mr. Graham”). Aquatic Partners LLC, a Delaware limited liability company and an affiliate of Aquatic, serves as the general partner of the private investment funds that Aquatic advises. As of the date hereof, Aquatic intends exclusively to act as a discretionary investment adviser to private investment funds, which are grouped into two “master/feeder” structures (referred to herein as the “Nautilus Funds” and the “Argo Funds,” respectively). The Nautilus Fund family is comprised of an onshore feeder fund and a master fund, while the Argo Fund family consists of an onshore and offshore feeder fund as well as a master fund. Aquatic may advise other investment vehicles in the future. The strategies

employed for the benefit of the master funds are primarily implemented through “Trading Funds,” affiliated private investment funds for which Aquatic or an affiliate serves as an investment adviser. The Nautilus Funds, Argo Funds and Trading Funds are referred to herein collectively as the “Funds.” Aquatic has the flexibility to employ a broad array of investment strategies on behalf of the Funds that Aquatic determines are consistent with the Funds’ investment objectives, and Aquatic is not limited in terms of the types of securities it may invest on behalf of the Funds. The specific investment objectives and strategies utilized by the Funds vary to some extent between the two fund families, as further described below. See “Methods of Analysis, Investment Strategies and Risk of Loss.” As of the date on the cover, Aquatic managed approximately $5.54 billion in regulatory assets under management on a discretionary basis on behalf of the Funds (and no assets on a non-discretionary basis). All discussions of the Funds in this Brochure, including but not limited to their investments, the investment strategies used in managing the Funds, the fees and other costs associated with an investment in the Funds, and conflicts of interest faced by the Aquatic in connection with their management of the Funds, are qualified in their entirety by reference to each Fund’s respective confidential offering memorandum (if any) and governing documents (referred to collectively as the “Offering Documents”).