SCION ASSET MANAGEMENT, LLC

Scion Asset Management, LLC manages multiple clients, potentially leading to conflicts of interest regarding time allocation and investment opportunities. The firm prioritizes individual client needs when selecting investments, considering each client's specific investment strategies, restrictions, guidelines, and expected trading levels. Scion may make different investment decisions for different clients, including buying or selling securities for one client but not another. The firm may also provide varying advice and take actions on behalf of its clients, reflecting the diverse needs and preferences of its clientele.

Scion's investment strategy focuses on long-term capital appreciation, primarily through investments in equities, debt, and derivative instruments globally. They may take both "long" and "short" positions, employing both long-term and short-term strategies in individual securities. Scion considers and invests in any opportunity they deem attractive, utilizing their expertise in equities, special situations, bonds, derivatives, macroeconomics, and activism. They are not obligated to pursue any specific investment or portfolio construction technique at any given time. Scion's primary approach is fundamental research, seeking undervalued or misunderstood investment situations globally. This research incorporates technical, macroeconomic, and tactical approaches to navigate the dynamic securities marketplace. While individual equity investments based on fundamental, value-oriented analysis are often a focus, macro trends and opportunities may also drive investment decisions. Scion utilizes both traditional and proprietary analysis to identify attractive short-selling opportunities, particularly for securities they believe are overvalued or facing technical factors that will depress their prices. However, they are not required to engage in short selling or utilize hedging techniques.

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