GHOST TREE CAPITAL, LLC

Ghost Tree's advisory business includes performance measurement services, analyses concerning specific securities, companies, industries or sectors, market, economic and financial studies and forecasts, and appraisal services. They also offer invitations to attend conferences or meetings with management or industry consultants. Ghost Tree and its related persons serve as general partner and/or investment manager to the Funds. Ghost Tree Capital has a sub-advisory agreement with Ghost Tree Capital Group to provide investment advisory and other services in connection with Ghost Tree Capital Group’s management of the Funds.

Ghost Tree employs a long/short equity strategy primarily focused on the healthcare industry to generate absolute returns uncorrelated to broader market conditions. They leverage the medical and financial experience of their personnel to invest in areas like biotechnology, pharmaceuticals, medical devices, and healthcare services, while maintaining broad and flexible investment authority. To determine inclusion and sizing in each Fund’s portfolio, Ghost Tree uses an ex ante expected value framework to quantify risk-adjusted return profiles of target companies. This involves assessing various scenarios around a target company’s prospects and assigning probability weightings to different outcomes, critically evaluating both the risk and the reward of investment opportunities.

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