ARMISTICE CAPITAL, LLC

The advisory business provides investment management services to Advisory Clients and other third parties. The General Partner and Armistice receive consulting assistance services from Prime Brokers, which helps them provide efficient investment management services. However, this arrangement may create actual or potential conflicts of interest, which the General Partner and Armistice will manage by avoiding allocating business or effecting transactions on behalf of the Advisory Clients with the Prime Brokers if it conflicts with their duty to the Advisory Clients. Investing in the Advisory Clients is considered speculative and is not a complete investment program. It involves significant risk and is only appropriate for experienced and sophisticated individuals who meet certain eligibility criteria, can bear the economic risk of loss, and have limited need for liquidity. There is no guarantee that an Advisory Client will achieve its investment objective.

The Feeder Funds aim to achieve long-term capital appreciation through an opportunistic global long/short strategy, primarily investing in equity securities, equity-related instruments, debt investments, and other assets. They emphasize capital preservation and risk mitigation through hedging strategies at both the position and portfolio levels. The Funds focus on strategic value, event, and thematic investment opportunities (both long and short) across various industries, including investments in illiquid assets like securities of non-public companies. Armistice, the investment manager, utilizes a comprehensive analytical framework to evaluate potential investments. This framework involves assessing market expectations, developing an independent point of view, identifying potential risks, calculating margin of safety, and considering key investment factors like business qualities, prevailing view, upside potential, uniqueness, risk/reward, downside, and catalysts. Armistice prioritizes investments with the greatest asymmetric upside potential and shorting opportunities with the greatest asymmetric downside potential. They determine position size based on absolute downside, expected internal rate of return, and factors like liquidity, industry concentration, correlation, macroeconomic risk, and net long/short exposure. Armistice continuously re-examines investments based on changes in key financial and other developments and exits positions when the target price is achieved, asymmetry is no longer compelling, or their thesis proves incorrect.

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