VR ADVISORY SERVICES LTD

VR Advisory Services Ltd. provides investment advisory services. They have reintegrated the activities of the NA+ unit, which had focused on opportunities in North America and other developed markets related to performing and distressed credit, special situations, transportation and other hard asset sectors, within the broader Investment team. They have also promoted Eric Carlson from Director Investment Research to Portfolio Manager. VR Advisory Services Ltd. does not modify their securities recommendations to their clients according to the particular interests of their clients’ underlying investors, nor do they allow such ‘investors’ to place restrictions on the trading they conduct for their clients. They do, however, enter into side letter agreements with certain investors that negotiate for such rights. These side letters do not contain terms that would reasonably be expected to: (i) create conflicts with their fiduciary duties to their clients and their underlying investors; or (ii) provide any investor with more favorable treatment with regard to: (a) preferential economic terms or fees; (b) enhanced liquidity or redemption rights; or (c) material transparency into their clients’ portfolios.

The hedge fund invests in a variety of strategies, including distressed securities (both corporate and sovereign), special situations, value-oriented, relative value, and arbitrage-oriented investment theses. They invest in a wide range of instruments, including bonds, loans, equities, private securities, real assets, pooled investment vehicles, repurchase agreements, futures, forwards, swaps, options, and derivative securities. The hedge fund does not modify its securities recommendations based on the interests of underlying investors and does not allow investors to place restrictions on trading. They may enter into side letter agreements with certain investors, but these agreements do not contain terms that would create conflicts with fiduciary duties or provide preferential treatment to any investor.

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