HG VORA CAPITAL MANAGEMENT, LLC

HG Vora commenced operations in April 2009, established to provide investment management services primarily to pooled investment vehicles. The firm's principal owner is Parag Vora. HG Vora is an investment management firm focused on event-driven and value-oriented strategies, investing primarily in actively traded debt and equity instruments on a long and short basis, and also in less liquid opportunities for certain clients. The firm currently provides discretionary investment advisory services to twelve pooled investment vehicles, referred to as Funds, including the HG Vora Special Opportunities Fund LP. In addition to pooled investment vehicles, HG Vora also provides investment advisory services to separately managed accounts. These services are customized to each individual client's needs through written investment management agreements, which can include restrictions on investing in certain securities. The term "client" encompasses both the Funds and the beneficial owners of Managed Accounts. HG Vora does not participate in any wrap fee programs.

The general investment objective is to generate attractive risk-adjusted absolute returns, limit portfolio volatility, and preserve capital during adverse market conditions. This is achieved by opportunistically investing in actively traded equity and debt instruments on both a long and short basis. They leverage their investment team, industry expertise, and experience in complex situations to identify event-driven and value-oriented opportunities, often targeting businesses with over-leveraged balance sheets, operational challenges, or those undergoing restructuring or strategic change. While primarily focused on North American securities, investments may also extend to Europe, Asia, and other non-U.S. markets. Specific strategies include a "Long-Term" approach, where undervalued investments are identified and held to maximize long-term value, potentially foregoing short-term gains. They also employ "Diversification and Concentration," allowing for concentration in a limited number of investments for certain clients. For the Opportunistic Capital Fund and Opportunistic Capital II Fund, the strategy involves primarily investing in less liquid opportunities within a concentrated portfolio to exploit valuation inefficiencies in complex, misunderstood, or underfollowed companies. These funds specifically invest in negotiated financings and distressed securities, capitalizing on market dislocations, with a strategy mix that varies based on opportunity and market cycle, driven by bottom-up research.

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