ADVISORY BUSINESS Jet Capital Investors, L.P. ("Jet Capital"), a Delaware limited partnership, has been providing investment management services to private investment funds that are offered to investors on a private placement basis since 2002. Matthew Mark and Alan S. Cooper are the principal owners of Jet Capital. Currently, Jet Capital provides investment management services to Jet Capital Concentrated Fund, L.P. (the "Concentrated Domestic Fund") and Jet Capital Concentrated Offshore Fund, Ltd., a Cayman Islands exempted company (the "Concentrated Offshore Fund") which invests all or substantially all of its assets in the Jet Capital Intermediate Fund, LP (the “Intermediate Fund”), a Cayman Islands exempted limited partnership. The Concentrated Domestic Fund and the Concentrated Offshore Fund directly or indirectly invest in Jet Capital Master Fund, LP (the "Concentrated Master Fund" and, together with the Concentrated Domestic Fund, Concentrated Offshore Fund and the Intermediate Fund, the "Concentrated Funds"), a Cayman Islands exempted limited partnership. Jet Capital Management, L.L.C. (the "General Partner") serves as the general partner to the Concentrated Domestic Fund, Intermediate Fund and Concentrated Master Fund. Jet Capital also provides investment management services to Jet Capital Select Opportunities Fund, L.P. (the "Select Domestic Fund") and Jet Capital Select Opportunities Offshore Fund, Ltd., a Cayman Islands exempted company (the "Select Offshore Fund") which invests all or substantially all of its assets in the Jet Capital Select Opportunities Intermediate Fund, LP (the “ Select Intermediate Fund”), a Cayman Islands exempted limited partnership. The Select Domestic Fund and the Select Offshore Fund directly or indirectly invest in Jet Capital Select Opportunities Master Fund, LP (the "Select Master Fund" and, together with the Select Domestic Fund, Select Intermediate Fund and Select Offshore Fund, the "Select Funds"), a Cayman Islands exempted limited partnership. The General Partner serves as the general partner to the Select Domestic Fund, Select Intermediate Fund and Select Master Funds. The Concentrated Funds together with the Select Funds are collectively known as the “Funds”. In addition, Jet Capital has been appointed as the investment adviser with discretionary trading authorization and also provides discretionary advisory services for separately Sub-Advised Fundssub-advised funds (the "Sub-Advised FundsSub-Advised Funds" and, together with the Funds, the "Clients"). Jet Capital has full discretionary authority with respect to investment decisions, and its advice is made in accordance with the investment objectives and guidelines as set forth in each Fund's offering memorandum. Similarly, Jet Capital's investment decisions and advice with respect to

Sub-Advised Funds shall be in accordance with each Client's investment objectives and guidelines in each Client's investment management agreement. DOC ID - 24022285.3 2 This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an offer to buy the securities of any of the Funds described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. Jet Capital, on behalf of its Clients, pursues merger arbitrage, capital structure arbitrage and event oriented trading strategies. Please see Item 8 for a more detailed description of Jet Capital's investment strategies. The descriptions set forth in this Brochure of specific advisory services that Jet Capital offers to Clients, should not be understood to limit in any way Jet Capital's investment activities. Jet Capital may, in the future, offer any advisory services, engage in any investment strategy and make any investment that Jet Capital considers appropriate, subject to each Client's investment objectives and guidelines. The investment strategies Jet Capital pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved. Business Continuity Plan Activate in response to COVID-19. As of the date of this Brochure, the Firm continues to operate its business continuity plan in response to COVID-19. We are taking these steps to protect our employees while ensuring business continuity:  Restricting non-essential business travel  Recommending employees avoid large, in-person gatherings  Closing our office and requiring our employees to work from home when applicable , as requested by state and local authorities  Conducting all client and firm meetings via teleconference or videoconference Our Business Continuity Plan Our Firm’s business continuity plan is designed to meet the needs of our clients and minimize potential disruption in services during an emergency or disaster. The protocols and capabilities within the plan include:  Sufficient technical infrastructure and network capacity to support employees working from home in specific areas, or companywide  Secure, remote access for all employees  Tele & Videoconference capability in place for employees  Redundancy capabilities within each of our business units Jet Capital manages approximately $360 million in assets as of December 31, 2022 on a discretionary basis, which is determined based on the net asset value of the Funds and Sub-Advised Funds under management. Jet Capital does not manage any assets on a non-discretionary basis as of December 31, 2022. DOC ID - 24022285.3 3