PAR CAPITAL MANAGEMENT INC

PAR Capital Management, Inc. (the “Adviser”) is a Delaware corporation that was organized in March 1992 to serve as the investment adviser to PAR Investment Partners, L.P., a Delaware limited partnership (the “Partnership”). The general partner of the Partnership is PAR Group II, L.P. (“PAR Group”), and the Adviser is the general partner of PAR Group. The principal owner of the Adviser is Paul A. Reeder, III. As of December 31, 2023, Steven M. Smith and Marc Zimman are also shareholders of the Adviser. Certain employees of the Adviser may also invest in PAR Group. The securities industry and the varied strategies and techniques to be engaged in by the Adviser are extremely competitive and each involves a degree of risk. The Partnership competes with firms, including many of the larger securities and investment banking firms, which have substantially greater financial resources and research staffs. Investors should refer to the Partnership’s offering documents for further details with respect to methods of analyses, investment strategies, conflicts of interest, and risks of loss.

In managing the Partnership, the Adviser seeks to maximize after-tax capital appreciation by assuming high levels of risk in an aggressively managed portfolio of securities. There are no restrictions on the type of instruments in which the Partnership may invest. However, the Partnership invests primarily in publicly traded equity securities, as well as options, warrants, and swaps related to equity securities. Such equity securities may be common or preferred, voting or non-voting, and may be of U.S. or non-U.S. issuers.

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