FOXHAVEN ASSET MANAGEMENT, LP

Foxhaven is a limited partnership established in April 2013 under Delaware law. Its primary function is to deliver investment management services to a number of affiliated pooled investment vehicles. The firm is owned and managed by Michael Pausic and Nicholas Lawler, who are referred to as the "Principals." The investment operations at Foxhaven are spearheaded by the Principals, supported by a team of investment professionals who contribute to the execution of the investment strategy. The term "Employees" encompasses Foxhaven's officers, Principals, partners, employees, and other individuals who offer investment advice under Foxhaven's supervision and control.

The Funds aim to achieve superior risk-adjusted absolute returns over a three-year horizon. To achieve this, they invest substantially all assets in, or parallel with, a master fund. The master fund employs a fundamental long-short equity strategy with a global focus on the TMT, consumer, and industrials sectors. Foxhaven's investment strategy is driven by fundamental, bottom-up research. This research includes meetings with company management, discussions with customers, competitors, and suppliers, consultations with industry experts, and analysis of publicly available information and financial filings. Foxhaven evaluates management capabilities, strategic positioning within the industry, and the valuation of securities. They deploy capital to opportunities offering the highest returns relative to risk, regardless of index weightings, market capitalization, or style orientations, and may sell securities short to generate absolute returns and hedge the portfolio.

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