DISCERENE GROUP LP

The Adviser's primary investment objective is to achieve long-term capital appreciation by investing Client assets in portfolios of global securities. They employ either a long-short or long-only investment strategy using a bottom-up fundamental valuation approach. For Clients with long-short mandates, short selling is done if believed to be sufficiently compelling and in line with each Client’s investment guidelines and pursuant to such Client’s Offering Documents. Investments are made in the stocks of U.S. and non-U.S. issuers, including issuers in emerging markets. The Adviser may allocate a Client’s brokerage business to brokers based on considerations such as commission amount, quality of execution, reputation, experience and financial stability of the broker-dealer involved, quality of service, familiarity with the securities markets and investment techniques employed with respect to a Client, research and analytic services, clearing and settlement capabilities, availability of margin or other leverage, block positioning or other special execution capabilities or other services provided, and stock borrowing availability and cost. Brokers may provide investor-referral services, but the Adviser does not consider these capital-introduction capabilities when selecting brokers.

The Adviser's primary investment objective is to achieve long-term capital appreciation by investing Client assets in portfolios of global securities. Depending on the Client mandate, the Adviser employs either a long-short or long-only investment strategy using a bottom-up fundamental valuation approach. For Clients with long-short mandates, short selling is done if believed to be sufficiently compelling and in line with each Client’s investment guidelines and pursuant to such Client’s Offering Documents. Investments are made in the stocks of U.S. and non-U.S. issuers, including issuers in emerging markets. In addition to its core investment strategies, the Adviser may employ other investment strategies it deems appropriate, particularly through SP Funds, and may invest in and trade a variety of securities, instruments, and investments. The Adviser provides investment advisory services to the Clients based on each Client’s specific investment objective and limitations.

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