VIKING GLOBAL INVESTORS LP

The advisory business is described in Item 4, which includes a general description of the advisory firm, a description of advisory services, the availability of customized services for individual clients, and assets under management. Further details on the advisory business can be found in other items, such as Item 10, which discusses other financial industry activities and affiliations, including broker-dealer and futures commission merchant registration status. Item 12 covers brokerage practices, including factors considered in selecting broker-dealers, order aggregation, and trade errors.

The document states that Viking may develop new investment strategies or expand existing ones, and later seek new clients based on their success. If these strategies are unsuccessful, the relevant Funds may bear negative returns. Successful strategies may become core to new clients, who would then have priority over the relevant Funds with respect to investments in those strategies. Viking is not limited in the types of strategies it may pursue for the Funds or the types of instruments in which it may cause the Funds to invest. The Funds' investment programs carry significant inherent risks, and investors may lose all or part of their investments. Viking believes that the Funds' investment programs and research techniques moderate this risk through careful selection of securities and other financial instruments. There is no guarantee that the Funds' investment programs will be successful. The document also mentions that Viking may make a series of investments in a particular geography, industry, or asset class, and there is a risk that the "theme" on which such investments are based may prove to be wrong.

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