Elequin Capital LP

ITEM 5 - Fees and Compensation

In lieu of paying Elequin an asset-based management fee, each Trading Fund generally will bear its pro rata
share of all operating and overhead expenses incurred by Elequin and/or its respective affiliates (such
expenses, “Elequin Overhead and IT Expenses”). In addition, Elequin Holdings will be responsible for (and
allocate pro rata to its Members) expenses directly attributable to its operations (e.g., audit and legal fees).
The Elequin Overhead and IT Expenses include, but are not limited to, salaries and benefits for their
employees, principals, members, partners and consultants (except employee bonuses); information and
technology related expenses (e.g., fees, expenses and upgrade costs related to hardware, data, infrastructure,
software and software development, API development, systems engineering, development and operation,
development of analytical programs, risk management programs, trading tools, quote and order logic and
management programs, information technology and data security programs and other systems designed to
manage and control cyber security risk, hedging tools, connectivity, data, data hosting, and other similar
items); and overhead expenses (e.g., rent, utilities, supplies, administrative services and other similar items).
Each Trading Fund will reimburse Elequin and/or its affiliates for the Elequin Overhead and IT Expenses
for its pro rata share of such expenses regardless of whether such Trading Fund has realized any profit.

Elequin generally will allocate the Elequin Overhead and IT Expenses pro rata among the Trading Funds
based on each Trading Fund’s Net Asset Value except for the Elequin Overhead and IT Expenses that can
be objectively allocated to only a subset of Trading Funds (e.g., due to difference in strategies, personnel,
geographies, etc.). Elequin believes such allocation methodology is reasonable, however, other reasonable
options may exist that may yield different results. Elequin may, but shall not be obligated to, engage an
independent accounting firm from time to time to assess Elequin’s allocation methodology.

Further, each Trading Fund must pay its pro rata share of Elequin Overhead and IT Expenses even if such
expenses are not used for the benefit of such Trading Fund or its investors, which presents a conflict of
interest. Elequin and/or its affiliates will derive certain material benefits as a result of receiving
reimbursements for the Elequin Overhead and IT Expenses. Such benefits include the Trading Funds
bearing a share of Elequin’s and/or its affiliates’ development costs related to intellectual property and
trading infrastructure (collectively, the “Elequin IP”) that would otherwise be borne by Elequin and/or its
affiliates, enabling Elequin and/or its affiliates to earn certain personal or business tax credits and allowing
Elequin and/or its affiliates to attract and retain personnel that it might not otherwise be able to attract or
retain. For example, Elequin Overhead and IT Expenses may be used to fund the development of the Elequin
IP and to pay the compensation of Elequin personnel, even though such Elequin IP will not be owned by
the relevant Trading Fund, and such Elequin IP and personnel may be used by or employed on behalf of,
respectively, other funds or proprietary accounts launched by Elequin. Elequin believes this arrangement is
more beneficial to investors than a traditional asset-based management fee as the Trading Funds will benefit
from the use of the Elequin IP and Elequin’s unique services.

In addition to the Elequin Overhead and IT Expenses, Elequin receives a performance-based fee as
described below in “Performance-Based Fees and Side-by-Side Management.”

Additional Fees and Expenses

In addition to fees paid to Elequin and/or its affiliates, the Trading Funds will incur brokerage commissions,
transaction fees, service provider fees, and other related costs and expenses directly from the custodian,
issuer, or broker-dealer. Execution of transactions may require payment of brokerage commissions by
clients. “Item 12 – Brokerage Practices” further describes the factors that Elequin considers in selecting or
recommending broker-dealers for the execution of transactions and determining the reasonableness of their
compensation (e.g., commissions). Investment activity may also involve other transaction fees payable by
the Trading Funds, such as sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic

fund fees, and other fees and taxes on brokerage accounts and securities transactions. In addition, the
Trading Funds may incur certain charges imposed by outside custodians, broker-dealers, and other third
parties, such as custodial fees, administrative fees, and transfer agency fees. Elequin does not currently
receive any payments from brokers, custodians, or any other third parties relating to its provision of
investment advisory services.

At times, Elequin may invest a Trading Fund’s assets in mutual funds (including money market funds or
similar short-term investment funds) or other pooled investment vehicles sponsored by third parties, such
as hedge funds, venture funds, REITs, exchange traded notes and/or ETFs. To the extent that a Trading
Fund’s assets are invested in other pooled vehicles, the Trading Funds will also typically pay management
and/or other fees (such as performance fees) associated with each such mutual fund or other pooled vehicle
that are in addition to the fees paid by the Trading Funds to Elequin, as described above. Those fees are
described in each pooled vehicles’ offering documents (e.g., prospectus or offering memorandum). Such
charges, fees, and commissions are exclusive of, and in addition to, Elequin’s Fees and Compensation
described above.

ITEM 7 - Types of Clients

As described in Item 4, Elequin provides investment advice to the Funds. Investment in the Funds is
generally limited to investors that meet the eligibility qualifications of both (i) “accredited investors” within
the meaning of Regulation D of the Securities Act of 1933, as amended and (ii) “qualified purchasers”
within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended, or
“knowledgeable employees” of Elequin and its affiliates, within the meaning of Rule 3c-5 under the
Investment Company Act of 1940, as amended. Such investors typically will be institutional investors,
financial institutions, other investment funds, and high-net-worth individuals, each of whom will make
representations concerning their financial sophistication and ability to bear the risk of loss respecting their
investment in a Fund.

Minimum investments in the Funds are negotiable and otherwise may be waived or modified in Elequin’s
sole discretion.

                 ITEM 8 - Method of Analysis, Investment Strategies and Risk of Loss

Investment Strategies and Methods of Analysis

Elequin currently provides investment advisory services to the Trading Funds. The investment and trading
strategies typically employed by Elequin on behalf of the Trading Funds are described below.

In managing the Trading Funds, Elequin employs proprietary, quantitative investment and trading
strategies. These quantitative strategies arise from the systematic application of mathematical, statistical,
and other models to historical and real-time data in an attempt to discover persistent patterns in the evolution
of market prices, asset volatilities, trading costs, and other relevant fundamental and economic data. These
models may assist in identifying profit opportunities arising from the temporary “mispricing” of traded
instruments due to over, under, or delayed reactions to relevant events, deviations from certain statistical
patterns, dislocations resulting from temporary imbalances of supply and demand, or inefficiencies resulting
from the behavior of other market participants. Models may then be combined with information about a
Trading Fund’s current investment positions and real-time market data to create buy and sell orders. These
orders generally will be executed through an automated trading system, though occasionally manual trades
may be placed in a manner consistent with the process of the quantitative system.

While the strategies employed by a Trading Fund are quantitative in nature, certain subjective and
qualitative elements are expected to play a significant role in the overall investment strategy. For example,
Elequin may use its subjective judgment to determine the weightings and selection of the various models,
to decide which models to research or implement at which times and for which investment universes, to
select the markets and instruments to target, to determine the values of various control parameters that
influence the behavior of the strategies or to override certain signals generated by the models where Elequin
believes that such signals may not accurately reflect market trends.

Each Trading Fund’s strategies may use different data, statistical or other techniques, and these data and
techniques will vary from time to time due to changing market conditions. Without limiting the scope of
potential strategies, such strategies may target varying investment horizons, may involve trading on
different exchanges or other trading venues, cover differing investment universes and asset types, and each
of these characteristics may change materially over time. Accordingly, Elequin may, in its discretion, revise
and/or implement alternative trading strategies on behalf of the Trading Funds.

Elequin Investments

Elequin Investments employs a number of investment strategies, including convertible bond trading,
systematic equity trading, equity option and volatility trading, and biofuel and commodities trading.

The convertible bond trading strategy holds positions in convertible bonds, typically hedged with short
positions in the underlying equities. The strategy focuses on, but is not limited to, bonds with relatively
limited time to a liquidity event (e.g., bond maturity, redemption, or other corporate actions) and may
become more concentrated as a bond nears maturity. Investment products traded generally include but are
not limited to: convertible bonds; equities; U.S. government obligations.

Systematic equity trading employs arbitrage strategies in both closed-end funds and real estate investment
trusts (“REITs”). The closed-end fund arbitrage strategy seeks to generate returns by exploiting short and
medium-term mean reversion in closed-end fund discounts. This strategy is intended to be market neutral,
seeking to hedge out net asset value risk using ETFs and short positions in other closed-end funds. The
REIT arbitrage strategy seeks to capture relative differentials in price-to-book ratios of mortgage, property
and commercial REITs. The REIT arbitrage strategy takes long and short positions in equities while

seeking to hedge net exposures to the underlying assets. Investment products traded generally include but
are not limited to: equities; options; warrants; swaps; and special purpose acquisition companies (“SPACs”).

Equity option and volatility trading seeks to deploy both proprietary systematic and discretionary
investment strategies that encompass a variety of trading disciplines including relative value, convexity,
and liquid indices. The strategy seeks to exploit both low and high frequency pricing dislocations across
related derivative securities. Investment products traded generally include but are not limited to: equities;
futures; options; and options on futures.

Elequin’s biofuel and commodities trading strategy seeks to provide liquidity in over-the-counter (“OTC”)
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