SACHEM HEAD CAPITAL MANAGEMENT LP

Sachem Head Capital Management LP, a limited partnership organized in November 2012, is the investment adviser. Uncas GP LLC serves as the general partner of the Adviser, with Scott D. Ferguson, as a limited partner of the Adviser and managing member of Uncas, being the principal owner and controlling the Adviser. The general partner is ultimately responsible for the management and operations of the Adviser. The Adviser generally manages long portfolios focused on three themes: activist investing, assets acquired at a discount with an embedded catalyst, and high-quality businesses purchased at discounted prices. They typically have a multi-year view of potential value creation in their investments. The short portfolios managed by the Adviser consist of standalone "alpha shorts" of overvalued businesses, sector hedges to mitigate excessive exposure, and broader equity or credit market hedges.

The Adviser employs a concentrated, value-oriented long/short investment strategy with the willingness to use activism. They primarily invest in North American equities, but also opportunistically invest overseas and in distressed credit situations. Their long/short strategy focuses on identifying undervalued securities to purchase and overvalued securities to short sell. However, there's no guarantee that these opportunities will be successfully recognized or acquired, and market disruptions could lead to significant losses. The Adviser also utilizes a long-term investment strategy, aiming to identify undervalued securities and hold them to maximize value over time. This strategy may involve foregoing short-term gains to capitalize on future opportunities, potentially disadvantaging investors who withdraw before long-term value is realized. The Adviser prioritizes fair allocation of investment opportunities among clients, considering factors like investment objectives, portfolio balance, liquidity requirements, tax consequences, regulatory restrictions, and risk management.

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