ADVISORY BUSINESS A. General Description of Advisory Firm We are a Delaware limited liability company, organized in November 2002. We provide investment advisory services to privately offered pooled investment vehicles (each, a “Fund” or “Client” and collectively, the “Funds” or “Clients”), typically pursuant to an investment management agreement or similar document (an “IMA”) or other organizational and offering documents (collectively, with the IMA, the “Offering Documents”) under which the Adviser is granted discretion to trade the Client’s account without obtaining the Client’s consent to each particular transaction (subject to the investment policies and restrictions, if any, imposed by the Client in an IMA). In addition, we operate under basic policies and principles applicable to the conduct of our investment advisory business. These policies and principles are based upon general concepts of fiduciary duty, the specific requirements of the Advisers Act, the rules and regulations promulgated thereunder, and our internal policies. Our Clients are funds generally organized in a master-feeder structure. The feeder funds invest substantially all of their assets in a master fund. By using a master fund, our Clients achieve trading and administrative efficiencies. The following are our current Funds:
• Park West Partners International, Ltd., a Cayman Islands exempted company (the “PWP Master Fund”); Park West Partners Intermediate Fund, Ltd., a Cayman Islands exempted company (the “PWP Intermediate Fund”); Park West Partners LP, a Delaware limited partnership (the “PWP Onshore Feeder Fund”); and Park West Partners, Ltd., a Cayman Islands exempted company (the “PWP Offshore Feeder Fund,” and, together with the PWP Master Fund, the PWP Intermediate Fund and the PWP Onshore Feeder Fund, the “PWP Funds”); and
• Park West Investors Master Fund, Ltd., a Cayman Islands exempted company (the “PWI Master Fund”); Park West Investors Intermediate Fund, Ltd., a Cayman Islands exempted company (the “PWI Intermediate Fund”); Park West Investors LP, a Delaware limited partnership (the “PWI Onshore Feeder Fund”); and Park West Investors, Ltd., a Cayman Islands exempted company (the “PWI Offshore Feeder Fund,” and, together with the PWI Master Fund, the PWI Intermediate Fund, and the PWI Onshore Feeder Fund, the “PWI Funds”).
• Park West BA01 LP, a Delaware limited partnership (the “Park West BA01 Fund”). For the avoidance of doubt, Park West Asset Management LLC serves as the investment manager of the Funds and Park West GP LLC serves as the general partner of PWP Onshore Feeder Fund, PWP Intermediate Fund, PWI Intermediate Fund, and PWI Onshore Feeder Fund. Our principal owner is Peter S. Park. B. Description of Advisory Services As an investment adviser, we are responsible for sourcing potential investments, conducting

research and due diligence on potential investments, analyzing investment opportunities, structuring investments, and monitoring investments on behalf of our Clients. We also provide certain administrative services to our Clients or arrange for such services to be provided by a third party. We refer to all of these services as investment advisory services. We generate all of our advisory fees from investment advisory services. We do not limit the types of investment advisory services we offer and there are no material limitations on the types of securities in which we may invest on behalf of our Clients. We may invest in any type of security and any sector of the market that we consider to be appropriate to carry out the overall objectives of our Clients. The foregoing is subject to the provisions of the relevant Offering Documents. The investment objective of the Funds, generally, is “opportunistic,” focusing on three principal hedge fund strategies: long/short (or “hedged equity”) investing, event-driven investing and credit/high yield investing. For a detailed discussion of our investment objectives, please see Item 8(A), “Methods of Analysis and Investment Strategies.” C. Availability of Customized Services for Individual Clients We tailor our investment advisory services to the individual needs of each of our Clients. The Offering Documents provide detailed descriptions of each Client’s investment objectives and may contain investment guidelines, policies, or restrictions. In addition, the Adviser may enter into agreements with certain Clients (or underlying investors) that may, in each case, provide for terms of investment that are more favorable to the terms provided to other Clients (or underlying investors). Such terms may include the waiver or reduction of management and/or incentive fees, the provision of additional information or reports, more favorable transfer rights, and more favorable liquidity rights. D. Wrap Fee Programs We do not participate in any wrap fee programs. E. Assets Under Management As of December 31, 2022, Park West Asset Management LLC had total discretionary assets under management of approximately $2,331,452,000. This number differs from Park West Asset Management LLC’s “regulatory assets under management” shown on Part 1A of the Form ADV because it reflects the net value of the assets under management. “Regulatory assets under management” is a gross assets measurement adopted by the SEC that does not allow deduction for liabilities associated with borrowing securities to effect a short sale. Park West Asset Management LLC did not adopt this convention for purposes of this Item 4 because it believes that this approach better reflects the amount of assets it actually manages. Park West Asset Management LLC only manages assets on a discretionary basis.