ATOM INVESTORS LP

Atom provides investment management and financial advice to Advisory Clients. Each Advisory Client enters into a Master Services Agreement on a non-discretionary and/or discretionary basis. Atom manages and oversees Client’s assets (“Managed Assets”) primarily on a discretionary basis, though certain accounts may be non-discretionary. As part of the advisory relationship, Atom works with each Advisory Client to assess its unique financial situation to develop and maintain a customized investment policy statement (“IPS”) that reflects the Advisory Client’s overall investment objectives and constraints. Atom strives to ensure that Advisory Clients are invested in a portfolio strategy that corresponds to their needs at an appropriate risk level which is tailored in accordance with the IPS. The Investment Manager regularly reviews an Advisory Client’s Managed Assets. Reviews generally include assessing performance, liquidity, and suitability of investments. Reviews will also be conducted and tailored when and as requested by an Advisory Client. The frequency and extent of the reviews vary by Advisory Client and are driven generally by Advisory Client circumstances, changes to their financial situation, and assets and investment currently held or proposed to be held. Other factors that could trigger a review include extraordinary events, changes in the tax law, or major investment developments. An Advisory Client’s custodian provides quarterly reports to Advisory Clients showing the assets held in each account at the respective custodian, the market value, and each account’s performance for the quarter. Reports from the custodian will generally be provided in electronic format, when agreed upon by the client. Advisory Clients must rely on their custodian.

The investment strategy employed by the Investment Manager is a proprietary equity market-neutral approach. This strategy involves holding both long and short positions in approximately equal aggregate market value amounts, while maintaining near market-neutral exposure to certain risk factors. The Investment Manager utilizes fundamental research, quantitative analysis, a systematic risk management program, and systematic trading executions to implement this strategy. Additionally, the Investment Manager has the discretion to allocate a portion of the Funds' assets to accounts managed by non-affiliated investment managers (Sub-Advisers). The Investment Manager also has discretion over investment decisions for the Funds, including the selection of brokers, dealers, and other counterparties for transactions, as well as the amount of commissions or other compensation paid by the Funds.

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