KING STREET CAPITAL MANAGEMENT, L.P.

King Street's management of each Advisory Client is subject to the terms of that Advisory Client’s organizational documents, offering memorandum, limited partnership agreement, memorandum and articles of association, investment management agreement, and subscription agreement, each as amended, supplemented or modified from time to time, and Side Letters. The terms of any investor’s investment in an Advisory Client and all other terms of each Advisory Client, are governed exclusively by these documents. Each Advisory Client also generally will bear the costs of implementing, monitoring and complying with investment guidelines and directives relating to the Advisory Client’s strategy, including in Side Letters relating thereto, and environmental, social, governance and other standards to which King Street has committed in making investments on behalf of the Advisory Client. Additionally, subject to the Governing Documents, an Advisory Client typically will bear certain unreimbursed expenses of portfolio companies and intermediate holding vehicles through which the Advisory Client invests.

King Street employs investment strategies that involve risk of loss and may be deemed speculative. These strategies are designed for sophisticated investors who understand and can bear the associated risks. There is no guarantee that investment objectives will be achieved or losses avoided. On the long side, King Street focuses on companies, assets, and instruments perceived to be trading below their inherent value. This includes companies with fundamentally sound businesses experiencing financial distress, those reorganizing under bankruptcy laws, restructuring debt, liquidating assets, or emerging from financial restructuring. The strategy also involves investing in structured credit products like collateralized debt obligations and other asset-backed securities when they can be purchased at a discount to expected cash flows.

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