D1 CAPITAL PARTNERS L.P.

The advisory firm engages in investment activities on behalf of its clients, offering advisory services and pursuing various investment strategies. These strategies are speculative and entail substantial risks, and clients should be prepared to bear a substantial loss of capital. The firm invests in equity securities and debt instruments of companies that it does not control, acquired through market transactions or direct purchases. The firm's investment activities are not limited to the specific advisory services, investment strategies, and investments described in the brochure. The firm may offer any advisory services, engage in any investment strategy, and make any investment that it considers appropriate, subject to each client’s investment objectives and guidelines. The firm's principal and/or employees may hold board seats or advisory board seat positions with portfolio companies and engage with the management of these companies.

The Investment Adviser has considerable discretion in the types of Securities that clients may trade and can modify investment strategies without client consent. The strategies are not limited to those described and may change over time. The Investment Adviser also has broad latitude with respect to the management of the risk parameters of client portfolios. The success of the long/short investment strategy depends on the Investment Adviser’s ability to identify and purchase undervalued Securities and sell short overvalued Securities. Identifying these opportunities is difficult, and there are no assurances of success. Clients may incur losses if perceived opportunities fail to converge or diverge further from expected values. Market disruptions can lead to significant losses and force the Investment Adviser to close client positions.

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