CORVEX MANAGEMENT LP

Corvex's investment personnel meet regularly to monitor client funds, which are subject to constant supervision and review by Corvex’s investment professionals. Investors receive audited financial statements annually, unaudited performance data quarterly, and monthly investor statements. The firm does not receive economic benefits from non-clients for advisory services, nor does it receive client referrals from broker-dealers, although personnel may participate in conferences that introduce potential investors. Potential conflicts of interest may arise from investments in Principal Sponsored SPACs, investments structured through other client funds or pooling vehicles, differing levels of investment in various clients, or varying fee levels paid by clients. The firm ensures that no client bears two levels of management fees or performance-based compensation when structuring investments through other client funds. An Advisory Committee may be consulted regarding conflicts of interest related to Principal Sponsored SPACs.

Corvex employs a fundamental, event-driven investment process. This approach relies on in-depth analysis of a company’s business, credit, and market conditions, along with credit structure analysis and the identification of investment catalysts. Their analysis is derived from various sources, including annual reports, public filings, company interactions, industry experts, and financial publications. Corvex also uses a team approach to develop its own fundamental views and understand market expectations. Corvex applies its investment strategy across a range of securities, including long and short equities, options, bonds, credit default swaps, bank debt, warrants, swaps, currencies, commodities, and derivative products. They often seek to be active investors, collaborating with portfolio companies to create investment opportunities. Corvex may also structure investments through other client funds or pooling vehicles, which could create potential conflicts of interest.

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