The Firm is a limited partnership, formed under the laws of the State of Delaware and established in business in May 2010. The Firm’s principal place of business is in New York, NY. The Firm’s also operates a branch office in Miami, FL. The general partner of the Firm is Capula Management US LLC (“CMUS”), a Delaware limited liability company. CMUS is a wholly-owned subsidiary of Capula Management Limited (“CML” or the “Manager”), a company incorporated under Cayman Islands company law and an affiliate of the Firm. CML and its subsidiaries are referred to herein as the “Capula group”. Rania Perry supervises the Firm’s principal office in New York, NY and the Firm’s branch office in Miami, FL, and is supported by trading, strategy, risk, compliance, finance, technology, human resources and operations teams. The Firm currently provides discretionary investment advisory services for the Capula group in the United States in respect of a portion of the assets (the “GRV Account”) of Capula Global Relative Value Master Fund Limited (the “GRV Master Fund”), a portion of the assets (the “TRF Account”) of Capula Tail Risk Master Fund Limited (“TR Master Fund”), a portion of the assets (the “EFI Account”) of Capula Enhanced Fixed Income Master Fund Limited (the “EFI Master Fund”), a portion of the assets (the “VOL Account”) of Capula Volatility Opportunities Master Fund Limited (the “VOL Master Fund”), a portion of the assets (the “TMA Account”) of Capula Tactical Macro Master Fund Limited (“TMA Master Fund”), a portion of the assets (the “MS Account”) of Capula Multi Strategy Master Fund Limited (“MS Master Fund”), a portion of the assets (the “HHS Account”) of Capula Hybrid Hedge Strategy Master Fund Limited (“HHS Master Fund”) and a portion of the assets (“Managed Account”) of an unaffiliated non-US separately managed account client (the “SMA”). Also, the Firm has been appointed as a discretionary investment adviser in respect of a portion of the assets (the “TR III Account”) of Capula TRF III LP (the “TRF III Feeder”), a Delaware limited partnership. Each of the TR Master Fund, the GRV Master Fund, VOL Master Fund, the TMA Master Fund, the HHS Master Fund, the MS Master Fund and the EFI Master Fund (each, a “Master Fund”, and collectively, the “Master Funds”) is an exempted company incorporated with limited liability in the Cayman Islands that operates as the master fund within a master-feeder structure. The Master Funds, the TRF III Feeder and the SMA (collectively, “Clients”, and each, a “Client”) are the Firm’s only clients. The TR Account, the GRV Account, the EFI Account, the VOL Account, the TMA Account, the MSF Account, the HHS Account, the TR III Account and the Managed Account are referred to herein, each, as a “Client Account”, and collectively, as the “Client Accounts”. The GRV Master Fund and its feeder funds are collectively referred to herein as the “GRV Fund”; the TR Master Fund and its feeder funds are collectively referred to herein as the “TR Fund”; the VOL Master Fund and its feeder fund are collectively referred to herein as the “VOL Fund”, the TMA Master Fund and its feeder funds are collectively referred to herein as the “TMA Fund”; the MSF Master Fund and its feeder funds are collectively referred to herein as the “MS Fund”, the HHS Master Fund and its feeder funds are collectively referred to herein as the “HHS Fund” and the EFI Master Fund and its feeder fund are collectively referred to herein as the “EFI Fund”. The GRV Fund, the TR Fund, the VOL Fund, the TMA Fund, the MS Fund, the HHS Fund and the EFI Fund are referred to herein, each, as a “Fund” and collectively, as the “Funds”. Each Fund has appointed CML as its manager. Pursuant to an investment management agreement, CML has appointed Capula Investment Management LLP (“CIM”), a limited liability partnership established under the laws of England and Wales and an affiliate of the Firm, to act as investment manager for each Fund. Pursuant to a separate investment management agreement (the “SMA IMA”), the beneficial owner of the SMA has appointed CIM to act as investment manager to the SMA. The Firm is an affiliate of CIM, which is an Exempt Reporting Adviser with the SEC, a commodity pool operator registered with the Commodity Futures Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”), and is authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. Pursuant to an investment advisory agreement (the “IAA”), CIM has appointed the Firm to act as investment adviser on a discretionary basis in relation to the Client Accounts. CML wholly owns CMUS. CML is controlled by Yan Huo. Yan Huo and 25 other current Capula group principals – one of whom acts as a director of the Firm’s general partner, CMUS – own 74% of each of CML and CIM. Three external, strategic investors are invested, directly or indirectly, in both CML and CIM: Affiliated Managers Group, Inc., The Dai-ichi Life Insurance Company Limited and Tokai Tokyo Global Investments Pte Ltd These external investors have passive investments in CML and CIM with no investment management rights and no board or management representation. The Firm may utilize the research, operational, risk management, information technology and other capabilities of CIM in providing services to its clients. Types of Advisory Business The Firm is a member of a group of affiliated entities that together comprise the Capula group, a global investment management organization. The Firm employs a combination of relative value, macro, tail risk and volatility strategies that primarily seek to benefit from pricing anomalies in

the government bond, government bond futures, interest rate swap, currency, corporate bond, equity and major derivatives markets. The Firm provides discretionary advisory services to the relevant Clients in respect of their respective Client Accounts. The Firm actively manages the relevant Client Accounts, using a combination of relative value, macro, tail risk and volatility strategies. The Firm trades in a proprietary trading style with a short term orientation. In employing its investment strategies on behalf of the Client Accounts, the Firm seeks to structure a diversified investment portfolio, subject to pre-defined limits. The Firm invests primarily in the most liquid G7 markets. The Firm structures the Client Accounts’ portfolios to comprise long and/or short positions. The Firm has the flexibility to move between strategies and markets as it perceives opportunities to arise and aims to profit from opportunities in financial assets in the major markets using a wide range of trading and investment instruments, including, but not limited to, debt securities and obligations (which may be below investment grade and rated or unrated), listed and unlisted equities, equity-linked securities and equity indices, collective investment schemes (which may be open- ended or closed-ended, listed or unlisted and/or may employ leverage), currencies, physical commodities (including bullion), futures, options, warrants, swaps and other derivative instruments. Derivative instruments may be exchange-traded or over-the-counter. The Firm’s investment approach for certain Master Funds includes the use of significant leverage as appropriate given market liquidity conditions prevailing. The Firm’s investment approach for other Clients may also include the use of leverage. The Firm uses risk control techniques to seek to protect the capital of each Client Account. The Firm also provides discretionary investment advisory services in relation to the Client’s trade financing, which involves investing in repurchase agreements. The discretionary investment advisory services provided by the Firm to each Client are intended to comport with such Client’s investment objectives, approach and restrictions, which are more fully described in the relevant Fund’s offering documents and the SMA IMA, as applicable. See Item 8 of this Brochure for further details regarding the Firm’s investment strategies and methods of analysis. In relation to each Fund, this Brochure refers to select information from the Fund’s offering documents, but does not provide all the information which a prospective investor would require prior to making an investment in the Fund. Any potential investment in the relevant Fund should be evaluated solely on the basis of the information and representations contained in the Fund’s offering and subscription documents. Where the context requires, certain disclosures herein relate solely to the relevant Fund’s feeder funds. This Brochure generally includes information about the Firm and its relationships with its affiliates and its clients. While much of this Brochure applies to all of the Firm’s affiliates and clients, certain information included herein applies to a specific client or affiliate only. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Funds are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended (the "Securities Act"), and other exemptions of similar import under US state laws and the laws of other jurisdictions where any offering may be made. The securities of the Funds are generally offered on a private placement basis to (a) non-US Persons in accordance with Regulation S of the Securities Act, and subject to certain other conditions, which are fully set forth in the offering documents for the Fund and (b) on a private placement basis, pursuant to Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), to US Persons who are "accredited investors" as defined under the Securities Act and "qualified purchasers" as defined under the Investment Company Act, and subject to certain other conditions, which are set forth in the offering documents for the Funds. Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an offer to buy the securities of the Funds. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. Assets Under Management As at December 31, 2023, the Firm managed on a discretionary basis $101,117.59 million in client assets, which represents the sum of a portion of each Client’s gross asset value attributable to the Firm. Margining, cash management and foreign exchange hedging for each Client is conducted with respect to the Client’s entire portfolio and cannot be attributed to any particular segregated portion thereof, such as the Client Account. Accordingly, the value of the Firm’s discretionary client assets noted above is calculated by first determining the value of each Client Account’s gross assets (“Account GAV”) and then adding up the Account GAVs for all Client Accounts of the Firm. The Account GAV for each Client Account is calculated by first determining the percentage of the relevant Client’s total net assets that is managed by the Firm and then multiplying the Client’s total gross assets by such percentage.