PPMC was formed by S. Donald Sussman in 1989. Mr. Sussman and Gregory Hayt are PPMC’s directors. PPMC is owned equally by Mr. Sussman, Mr. Hayt and 15 senior employees of PPMC, all of whom are listed in Schedule A of PPMC’s Form ADV Part 1A. Paloma Partners Advisors LP (“Paloma Advisors”), is a relying adviser with respect to PPMC’s investment adviser registration. Mr. Sussman owns and controls Paloma Advisors; additional information about Paloma Advisors is provided in Schedule R of PPMC’s Form ADV Part 1A. PPMC has a wholly-owned subsidiary, Paloma Switzerland GmbH, which maintains an office in Zurich, Switzerland. Paloma Switzerland GmbH provides investor relations and product development services to, and advice (without decision making authority) regarding the allocation of capital of the Paloma Fund, subject to the direction of, and the policies established, by PPMC. Paloma Switzerland GmbH is registered as an exempt reporting adviser with the SEC. References herein to “PPMC” include Paloma Switzerland GmbH, as applicable. PPMC and Paloma Advisors are collectively referred to herein as Paloma Management. Paloma Management provides discretionary investment advisory services to the Paloma Fund (defined below). Investors in the Paloma Fund cannot obtain services tailored to their specific needs. Paloma Management does not participate in wrap fee programs. As of December 31, 2022, Paloma Management advised $3,857,751,946 on a discretionary basis. Neither PPMC nor Paloma Advisors manage assets on a non-discretionary basis.
• THE PALOMA FUND The “Paloma Fund” is a multi-strategy hedge fund with a master–feeder structure including three feeder funds which invest all their investable assets in the master fund. The Paloma Fund seeks to achieve attractive long-term risk-adjusted returns through dynamic capital allocation among a changing set of investment strategies and Portfolio Managers. The investment program of the Paloma Fund is exclusively carried out through the master fund, Paloma International L.P., and other entities through which the master fund makes investments or enters into transactions (collectively, the “Master Fund”). There are no diversification requirements or material limitations on the strategies, investments, instruments, leverage, markets or countries in which the Paloma Fund may invest. Paloma Management has ultimate discretion and control over the Paloma Fund and its investments. Investment advice is provided to the Paloma Fund pursuant to the terms of each feeder fund’s

confidential private offering memorandum and other organizational and governing documents (collectively, “Fund Documentation”). Paloma Management’s responsibilities to the Paloma Fund include: the selection of Portfolio Managers and strategies, managing the Master Fund’s allocations and exposures across strategies and among Portfolio Managers, providing investment and credit risk management advice, and risk hedging. Portfolio Managers is the collective term used for Trading Teams, managers of Portfolio Funds and managers of other direct investments in public or private companies. Most of the Paloma Fund’s Portfolio Managers are Trading Teams. Trading Teams are investment teams that pursue investment strategies in the Master Fund. Trading Teams are either engaged as independent contractors or are employed by PPMC. Independent contractors are responsible for their own operations (e.g., compliance and registration(s), supervision of employees, hiring of personnel and information technology) but are subject to Paloma Management’s portfolio and risk management oversight. Descriptions of Trading Teams and their activities in this Brochure generally apply to all Trading Teams (regardless of whether or not a Trading Team is an independent contractor (“External Trading Team”) or PPMC employee (“Employee Trading Team”)) unless otherwise noted. The Paloma Fund also makes direct investments in public or private companies and Portfolio Funds. Portfolio Funds are generally passive investments in standalone, externally managed private investment funds. Additional information about the Paloma Fund’s entities is included in Section 7.B of Schedule D in PPMC’s Form ADV Part 1A. DISCLAIMER No guarantee or representation is made that the Paloma Fund’s investment program, including, without limitation, its investment objectives, diversification, strategies or risk monitoring processes, will be successful. The risk management process includes an effort to monitor and manage risk, but does not imply low risk. There may be risks which are not monitored or controlled and risks that may be greater than forecasted, especially in unusual market conditions. Nothing herein is intended to imply that the Paloma Fund’s investment strategy is “conservative”, “safe”, “risk free”, or “risk averse”. There can be no assurance that the Paloma Fund’s investment objective will be achieved or that its portfolio design and risk monitoring strategies will be successful. Investors may lose all or substantially all of their capital.