A. Caxton Associates LP (“Caxton Associates” or “Caxton”) is a New York-based trading and investment firm formed as the successor to Caxton Corporation, which was founded in 1983.by Mr. Bruce Kovner. Mr. Andrew E. Law is the Chairman and Chief Executive Officer of Caxton Associates and the sole shareholder of Canterbury Holdings Limited, which is the sole member of Canterbury Holdings (USA) LLC, the general partner of Caxton Associates. Mr. Andrew Law is the principal owner of Caxton Associates. Certain advisory services and trading activities are provided to Caxton Associates by Caxton Europe LLP (“Caxton Europe”), Caxton (Singapore) Pte. Ltd (“Caxton Singapore”), Caxton (Monaco) S.A.M. (“Caxton Monaco”) and Caxton Asset Management (DIFC) Ltd. (“Caxton Dubai”), each a subsidiary of Caxton Associates and “relying advisers” on Caxton’s Form ADV. Caxton Europe is an English limited liability partnership and investment adviser registered with the U.K. Financial Conduct Authority. Caxton Singapore is a Republic of Singapore private company limited by shares that has been issued a Capital Markets Services License by the Monetary Authority of Singapore. Caxton Monaco is a Monegasque joint stock company accredited by the Commission de Controle des Activites Financieres to provide certain financial services. Caxton Dubai is a private company limited by shares that has been issued a Financial Services License by the Dubai Financial Services Authority. See also Item 10 C for additional information regarding Caxton Europe, Caxton Singapore, Caxton Monaco and Caxton Dubai. B. Caxton Associates’ primary business is to manage client capital through (i) global macro strategies and (ii) other alternative investment strategies. Assets are managed via a broad mandate to trade in a variety of global markets and instruments. The investment and trading activities of Caxton’s global strategies are conducted pursuant to its investment advisory contractual arrangements with private funds organized offshore (the “Caxton Master Fund Clients”) that are made available through a master-feeder structure with the exception CX Intaglio Limited, which is a standalone private fund vehicle organized offshore. In addition, assets from Caxton International Limited, one of the Caxton Master Fund Clients, are allocated to certain subsidiary entities that are also Caxton Master Fund Clients for the purpose of investment and trading activities. Separate feeder funds (each a “feeder fund”) are each organized to permit investors the opportunity to participate in the investment and trading activities engaged in by the applicable Caxton Master Fund Clients (the Caxton Master Fund Clients, their respective feeder funds and subsidiaries, and any other potential clients are referenced herein as the “Caxton clients” or “clients”). Caxton may engage, through affiliates and special purpose vehicles, in public investments. The Caxton Master Fund Clients advised by Caxton are as follows:
• Caxton International Limited, a British Virgin Island Limited Company, is a diversified global macro fund, allocating assets to individual portfolio managers and investing in the strategies described below. o CX Macro Limited (“CX Macro”), a British Virgin Islands Limited Company, is a global macro fund where the substantial majority of the assets are managed by one portfolio manager using the strategies described below. o CX Global Advantage Limited (“CX Global Advantage”), a British Virgin Islands Limited Company, is a hedge fund focused on interest rate strategies, which allocates assets to several portfolio managers using the strategies described below. o CX Dynamis Limited (“CX Dynamis”), a British Virgin Islands Limited Company, is a hedge fund focused on interest rate products and volatility strategies, which allocates assets to several portfolio managers using the strategies described below. o CX Cadence Limited (“CX Cadence”), a British Virgin Islands Limited Company, is a hedge fund focused on quantitatively driven equity strategies using the strategies described below. o CX Intaglio Limited (“CX Intaglio”), a British Virgin Islands Limited Company, is a hedge fund focused on the strategies described below. 1. Global Macro Strategies (Caxton International and CX Macro) Caxton’s principal activity is trading in the international currency, financial, commodities, securities and derivatives markets. Caxton follows currencies on a worldwide basis. Caxton trades primarily in major international currencies but will also engage in substantial trading in “exotic” or other currencies. Currency positions are initiated and liquidated primarily in the interbank forward market as well as in the options and futures markets. The Caxton clients may also trade a wide variety of commodities, including, but not limited to, energy products, metals and agricultural products, through trading strategies involving futures, options and other

derivatives, and potentially other commodity interests, in markets worldwide. Caxton engages in a broad range of fixed income, securities, commodities and derivatives trading, including U.S. and non-U.S. equity and debt securities (including options, warrants and other rights with respect thereto and new issue securities) on both a fundamental basis and separately on the basis of computerized trading programs. Caxton also trades U.S. and non-U.S. government securities with related financing through repurchase and reverse repurchase agreements and other financing arrangements (which may be used for other trading instruments as well). Caxton may engage in securities lending on behalf of the Caxton clients by loaning securities in the Caxton clients’ portfolios to qualified brokers and dealers. Caxton also pursues strategies involving interest rate and other swap agreements, futures, and other derivative products both for purposes of profit objectives as well as risk management. Trading may include fundamental long/short equity strategies and top-down, “macro” trading. Caxton’s trading activities may also include credit strategies, as well as relative value strategies involving some or all of the following: U.S. and non-U.S. government securities; mortgage-backed, asset-backed and related securities; corporate debt and equity securities; as well as convertibles, warrants, options and other derivatives and instruments. Caxton’s global macro trading strategies may involve quantitative trading systems. Caxton, in its sole discretion, may and usually does, invest for its clients on a leveraged basis. Additionally, Caxton reserves the right, in its sole discretion, to delegate a portion of its trading activities to sub-advisors (including affiliates) with similar or unique trading strategies and/or financial products. The Caxton clients may also invest in other private investment funds managed or advised by Caxton or an affiliate, related party or third party as described in the applicable feeder fund’s Explanatory Memorandum or Private Placement Memorandum (“Memorandum”). 2. CX Global Advantage Strategies CX Global Advantage currently engages in three core trading strategies primarily, but not exclusively, involving interest rate and interest rate-sensitive instruments: (1) systematic directional trading, (2) discretionary trading and (3) relative value trading. The allocation to these strategies will fluctuate with market opportunity. As market conditions evolve, one or more of the foregoing strategies may temporarily or on a long-term basis be excluded from CX Global Advantage’s trading activities and other strategies may be incorporated. 3. CX Dynamis Strategies CX Dynamis currently engages in four core trading strategies primarily involving interest rate and interest rate-sensitive instruments: (1) directional, (2) volatility, (3) relative value and (4) systematic trading. The allocation to these strategies will fluctuate with market opportunity. As market conditions evolve, one or more of the foregoing strategies may temporarily or on a long-term basis be excluded from the CX Dynamis’ trading activities and other strategies may be incorporated. 4. CX Cadence Strategies CX Cadence currently engages in eight core trading strategies primarily involving equities: (1) climate, (2) machine learning, (3) temporal, (4) tail risk, (5) relative value (6) spatial, (7) trend and (8) fundamental. The allocation to these strategies will fluctuate with the market opportunity. As market conditions evolve, one or more of the foregoing strategies may be excluded from the CX Cadence’s trading activities and other strategies may be incorporated. 5. CX Intaglio Strategy CX Intaglio’s trading activities focus on fundamental investing in primarily equity and equity-related securities, globally, which are identified by Caxton. CX Intaglio, however, has a broad mandate to select the instruments and markets in which the CX Intaglio may invest. Instruments will include but are not limited to, listed equities, exchange-traded funds, options, warrants and other exchange-traded and OTC derivative instruments, including but not limited to contracts for difference. CX Intaglio may take both long and, via derivative and physically, short positions. C. Caxton has a broad mandate to select the financial instruments and markets in which the Caxton clients may invest, as well as the investment techniques it will use. For certain other clients, the mandate is narrower and more specialized. Generally, each client’s investment mandate is described in its Memorandum, investment guidelines or contractual documents. D. Caxton does not participate in wrap fee programs. E. Caxton manages assets on a discretionary basis only. As of December 31, 2024, Caxton Associates and its relying advisers had approximately $25,576,448,898 in Regulatory Assets Under Management (as such term is defined in Part 1 of Form ADV). See Item 10 for further information about Caxton’s affiliates.