ADVISORY BUSINESS A. General Description of Advisory Firm. QVT Financial LP (the “Adviser”), a Delaware limited partnership with offices in New York, was formed on June 18, 2003. The principal owners are QVT Financial GP LLC, Daniel Gold, Nicholas Brumm, Arthur Chu and Tracy Fu (Messrs. Gold, Brumm, Chu and Fu together, the “Managing Members”). The Adviser and its affiliates (the “Affiliates”) (the Adviser and its Affiliates are sometimes collectively referred to as the “Advisers”) provide administrative and/or investment management services to U.S. limited partnerships, non-U.S. limited partnerships and non-U.S. corporations (collectively, the “Private Funds” or the “Clients”) based on their respective investment objectives. Certain Advisers serve as the general partner to those Private Funds that are formed as U.S. limited partnerships or non-U.S. limited partnerships. Persons reviewing this Form ADV Part 2A should not construe this as an offering of any of the Private Funds described herein, which will only be made pursuant to the delivery of a private placement memorandum to prospective investors. As of the date hereof, the Advisers provide administrative and/or investment management services to the following Private Funds:
• QVT Fund LP, a Cayman Islands exempted limited partnership (“QVT Fund”),
• QVT Family Office Offshore LP, a Cayman Islands exempted limited partnership (“QVT FO Offshore”),
• QVT Family Office Offshore II LP, a Cayman Islands exempted limited partnership (“QVT FO Offshore II”),
• QVT Family Office Onshore LP (formerly known as QVT V Onshore LP), a Delaware limited partnership (“QVT FO Onshore”),
• QVT Family Office Fund LP (formerly known as QVT Fund V LP), a Cayman Islands exempted limited partnership (“QVT FO” and together with QVT FO Offshore, QVT FO Offshore II and QVT FO Onshore, the “Family Office Funds”),
• Quintessence Overseas L.P., a Cayman Islands exempted limited partnership (“Quintessence Overseas Feeder Fund”),
• Quintessence Overseas II L.P., a Cayman Islands exempted limited partnership (“Quintessence Overseas Intermediate Fund”),
• Quintessence Fund L.P., a Cayman Islands exempted limited partnership (“Quintessence Master Fund”),
• Quintessence Associates LP, a Delaware limited partnership (“Quintessence Associates Feeder Fund” and together with Quintessence

Overseas Feeder Fund, Quintessence Overseas Intermediate Fund and Quintessence Master Fund, the “Quintessence Funds”),
• QVT SLV Offshore Ltd., a Cayman Islands exempted company (“SLV Offshore”),
• QVT SLV Offshore II LP, a Cayman Islands exempted limited partnership (“SLV Offshore Fund”),
• QVT SLV Onshore Ltd., a Cayman Islands exempted company (“SLV Onshore”),
• QVT SLV Onshore II LP, a Delaware exempted limited partnership (“SLV Onshore Fund”),
• QVT Series Holdings LP (multiple series), a Delaware series limited partnership (“QVT Series Holdings” and together with SLV Offshore, SLV Offshore Fund, SLV Onshore and SLV Onshore Fund, the “Special Liquidity Vehicles”),
• QVT Special Investment Offshore Fund Ltd., a Cayman Islands exempted company (“Special Investment Offshore”),
• QVT Special Investment Offshore Fund II LP, a Cayman Islands limited partnership (“Special Investment Offshore Fund”),
• QVT Special Investment Onshore Fund Ltd., a Cayman Islands exempted company (“Special Investment Onshore”),
• QVT Special Investment Onshore Fund II LP, a Delaware limited partnership (“Special Investment Onshore Fund” and, together with Special Investment Offshore, Special Investment Offshore Fund and Special Investment Onshore, the “Special Investment Funds”),
• QVT Roiv Hldgs Onshore Ltd., a Cayman Islands company (“Roiv Onshore”),
• QVT Roiv Hldgs Offshore Ltd., a Cayman Islands company (“Roiv Offshore” and together with Roiv Onshore, the “Roiv Funds”), and
• Fourth Avenue FF Opportunities LP (multiple series), a Delaware series limited partnership (“Fourth Avenue FF”). B. Description of Advisory Services. Please see Item 8. C. Availability of Customized Services for Individual Clients. The Advisers' investment decisions and advice with respect to each Private Fund are subject to each Private Fund's investment objectives and guidelines, as set forth in its offering documents or organizational documents. D. Wrap Fee Programs. The Adviser does not participate in wrap fee programs. E. Assets Under Management. The Adviser manages approximately $1,336,935,619, which is the aggregate net asset value of Clients and accounts as of December 31, 2018, on a discretionary basis. As of March 29, 2019, the Adviser does not manage any assets on a non-discretionary basis.