MKP CAPITAL MANAGEMENT, L.L.C.

The advisory business is managed by Mr. Lightburn, the Chief Executive Officer, in conjunction with the Adviser's Investment Committee. Mr. Lightburn is supervised by the Adviser's Chief Compliance Officer solely with respect to the Adviser's compliance policies and procedures. The advisory business also employs Mr. McMahon and Mr. Hume. Mr. McMahon is registered with the National Futures Association as a Principal and an Associated Person of the Adviser and its affiliate MKP Strategies, L.L.C. Mr. Hume owns a material stake in Anglo-European Resourcing Limited, a private UK recruiting company focused on the global mining and legal sectors. He also sits on the board as a non-executive member. Both Mr. McMahon and Mr. Hume receive compensation for providing advisory services solely from their responsibilities at the Adviser and from no other source.

The Adviser invests across global markets, including U.S. and global rates, credit instruments, currencies (including virtual currency, spot transactions and virtual currency derivatives), commodities, equities (including IPOs), and their associated derivatives. The main investment strategy has the objective of producing high risk-adjusted returns over the long term in a risk-controlled manner. The Adviser may utilize significant leverage in its investment program and will hold long and short positions. The Adviser’s global macro strategy uses a top-down fundamental approach to identify and exploit imbalances in global economies and asset classes. The Adviser seeks to achieve its investment objective by assessing investment and trading opportunities across global asset classes and allocating capital to strategies believed to offer the most attractive risk-adjusted returns. The Adviser generally invests in a diversified portfolio of global interest rate products, credit instruments, currencies, commodities, equities, and their associated derivatives. The applicable MKP Funds have established share classes that seek to adhere to identified socially responsible investment criteria and certain other investment restrictions. Additionally, several of the MKP Funds apply risk parameter guidelines that generally allow for greater risk relative to the flagship global macro MKP Fund. The Adviser's investment process consists of development of macroeconomic view to formulate investment themes. This often includes identifying both long term and cyclical relationships among macroeconomic and financial variables. In addition, the Adviser’s investment process includes risk discipline, such that the Adviser determines the appropriate levels of risk and evaluates returns relative to the risk taken to achieve them.

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