Point72 Asset Management, L.P.

On January 1, 2018, Point72 Asset Management, L.P. (“Point72 Asset Management”), formerly Stamford Harbor Capital, L.P., assumed investment management authority over a number of investment funds and other investment vehicles that were previously managed by a family office that was not required to register as an investment adviser with the SEC. Point72 Asset Management, together with its affiliates that rely on Point72 Asset Management’s Form ADV to file a single registration (each, a “Relying Adviser,” and collectively with Point72 Asset Management, “Point72”), manage the assets and investments of a number of investment funds and other investment vehicles (the “Point72 Funds”). Point72 Asset Management is a Delaware limited partnership, of which Steven A. Cohen owns more than 25% through intermediate entities. Point72 is a global asset management firm with offices in the United States and affiliated companies in Canada, Europe, the Middle East, Asia, and Australia. Point72 is a research-driven investment management firm built around discretionary long/short equities, systematic, global macro and other strategies. The Point72 Funds include U.S. and non-U.S. investment limited partnerships, companies, limited liability companies and other vehicles that are not registered or required to be registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). The securities of the Point72 Funds will not be registered or required to be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and will be privately placed to qualified investors in the United States and elsewhere. The terms upon which Point72 serves as investment manager of the Point72 Funds are set out in separate investment management and similar agreements (including services agreements), limited partnership agreements, private placement memoranda and/or the governing documents (collectively, the “Governing Documents”) for each Point72 Fund. Terms may be changed over time by Point72 or a Point72 Fund’s general partner or managing member, as applicable (a “General Partner”) or board of directors or managers, as applicable (a “Board”), as the case may be. Point72 provides similar services to all Point72 Funds. The terms of the Governing Documents will vary from Point72 Fund to Point72 Fund. An investment management or similar agreement (including a services agreement) generally will remain in effect for an initial one-year term and automatically will be extended for successive one-year terms thereafter. An investment or similar management agreement (including a services agreement) generally may be terminated by any party to the agreement upon not less than 90 calendar days’ written notice before the end of any fiscal year. Certain of the Point72 Funds pursue a variety of investment strategies including long/short equity, systematic and global macro investment strategies (such Point72 Funds, the “Point72 Multi-Strat Funds”). The Point72 MultiStrat Funds can generally be described as hedge funds that offer periodic liquidity to investors. The Point72 MultiStrat Funds generally invest through a modified “master-feeder” structure in which a “feeder fund” (each, a “Point72 Feeder”) pursues its investment objective by investing its assets directly or indirectly through various other investment vehicles serving as “master funds” (the “Subsidiary Funds”). Interests in certain Subsidiary Funds are offered exclusively to the Point72 Multi-Strat Funds, while other Subsidiary Funds may be offered to the Point72 Multi-Strat Funds and one or more other Point72 Funds and/or third parties. Other Point72 Funds pursue a single investment strategy. In October 2024, Point72 launched investment funds focused on investment in technology and technology-enabled businesses believed to be impacted by artificial intelligence (such Point72 Funds, the “Point72 Turion Funds”). It is expected that Point72 will, from time to time, establish additional Point72 Funds focused on pursuing a single investment strategy. In March of 2021, Point72 launched a private equity fund that does not offer periodic liquidity to investors (together with any feeder funds and parallel vehicles, the “Point72 Hyperscale Fund”). While this brochure contains certain information related to the Point72 Hyperscale Fund, the general descriptions applicable to Point72 Funds in this brochure may not be applicable to the Point72 Hyperscale Fund. The investment strategies, risks and types of securities invested in by the Point72 Hyperscale Fund, as well as the fees, performance compensation and expenses incurred by the Point72 Hyperscale Fund, vary substantially from those of the other Point72 Funds described herein. More information about the Point72 Hyperscale Fund can be found in its Governing Documents.

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As of December 31, 2025, Point72 managed approximately $274,097,700,000 of regulatory assets under management, which amount is based on unaudited information. All of these assets are managed on a discretionary basis.

Point72 will receive, either directly or indirectly, advisory fees and performance-based compensation, and with respect to the Point72 Multi-Strat Funds, Point72 will be reimbursed for its and its affiliates’ expenses that are related to the services that Point72 provides to the Point72 Multi-Strat Funds (“Pass-Through Expenses”), as described in further detail below and in the Governing Documents of the relevant Point72 Funds. Such fees, compensation, and expenses vary among the Point72 Funds. In certain instances, Point72 will waive, rebate, reduce or calculate differently any such amounts in respect of a Point72 Fund or an investor in a Point72 Fund, or will increase or decrease the rate at which such fees and compensation are calculated on the terms described in the Governing Documents of the relevant Point72 Funds. In particular, Point72 will generally receive reduced compensation, or different compensation, in respect of classes of the Point72 Multi-Strat Funds in which only Point72 officers, employees, family, and/or related persons, or non-profit organizations, trusts or other investment vehicles related to officers, employees, family or related persons, invest. Point72 does not currently have a general fee schedule, and specific details of the compensation payable to Point72 in respect of a Point72 Fund and its method of calculation are set out in the Governing Documents of the relevant Point72 Fund. Such compensation, once the relevant Point72 Fund has been established and commenced operations, is generally not negotiable although Point72 may, from time to time, enter into side letter agreements or other arrangements with specific investors in the Point72 Funds whereby such investors receive rebates or reductions of advisory fees or other compensation otherwise payable with respect to their investments in a Point72 Fund. Certain employees, former employees, and family of Point72 and its affiliates and non-profit organizations, trusts or other investment vehicles related thereto will receive rebates or reductions of fees with respect to their investments in a Point72 Fund or certain components of the fees they are charged will be higher or lower than for other investors in certain circumstances. In the event an investment management or similar agreement (including a services agreement) is terminated, including, in the case of a dissolution or liquidation of a Point72 Fund, any pre-paid fees will be reimbursed to the Point72 Fund pro rata based on the portion of the period for which fees were paid but for which services were not rendered. Advisory Fees and Performance Compensation Typically, Point72 charges each Point72 Fund a monthly asset-based advisory fee (an “Advisory Fee”) at rates ranging from 1.50% (per annum) to 2.85% (per annum) of the net asset value of such Point72 Fund (prior to taking into account any accrued (but uncharged) Performance Compensation (as defined below) or, if applicable, PassThrough Expenses), although the rate of the Advisory Fee may be higher or lower for a Point72 Fund or for certain classes of a Point72 Fund. Advisory Fees are generally paid monthly in advance at or within a specified period of time after the beginning of the month from a Point72 Fund’s assets. For a description of the Advisory Fee charged to the Point72 Hyperscale Fund, please see Point72 Hyperscale Fund below. Point72 and its officers, employees and agents are permitted to receive consulting fees, investment banking fees, advisory fees, break-up fees, director’s fees, closing fees, transaction fees and similar fees in connection with actual or contemplated investments by the Point72 Funds (collectively, “Transaction Fees”). With respect to the Point72 Multi-Strat Funds, Point72 will cause such Transaction Fees to offset and reduce the Advisory Fee paid by a Point72 Multi-Strat Fund but only if the aggregate Transaction Fees received in connection with actual or contemplated direct or indirect investments by the Point72 Multi-Strat Fund and parallel investment vehicles during the fiscal year exceed $1 million. If a Transaction Fee that is to offset Advisory Fees is generated in connection with an investment made by more than one Point72 Multi-Strat Fund, it will be applied, on a pro rata basis, to reduce the Advisory Fees otherwise payable by such Point72 Multi-Strat Fund. With respect to the Point72 Hyperscale Fund, Point72 will cause (a) Transaction Fees that are monitoring, break-up and directors’ fees to offset and reduce the Advisory Fee paid by the Point72 Hyperscale Fund, and (b) all other Transaction Fees to offset and reduce the Advisory Fee paid by the Point72 Hyperscale Fund but only that portion of such Transaction Fees that exceeds the amount that is reasonable in relation to the cost of obtaining the applicable services from a third party. It is possible that

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Transaction Fees for a particular month or quarter (as applicable) will exceed the amount of the Advisory Fee for such month or quarter (as applicable). If this occurs and the Transaction Fees are sufficient to offset the Advisory Fee, the excess will be applied to reduce the Advisory Fee in subsequent months or quarters (as applicable). Transaction Fees received in connection with actual or contemplated investments by the Point72 Turion Funds will not reduce the Advisory Fee or Performance Compensation (as defined below) paid by the Point72 Turion Funds. Performance compensation or advisory fees charged by an Unaffiliated Investment Entity or an Unaffiliated Manager (each, as defined in Item 8 below) on reallocated capital from a Point72 Multi-Strat Fund will be borne by the Point72 Multi-Strat Fund and such amounts will not offset the Advisory Fee or Performance Compensation. Point72 also generally receives, either directly or indirectly, a performance-based incentive fee or allocation (“Performance Compensation”), determined with respect to each investor in each Point72 Fund. The Performance Compensation borne by an investor in a Point72 Fund will generally be calculated as a percentage of net profits (less the Advisory Fee and, if applicable, Pass-Through Expenses), subject to a loss carryforward. Performance Compensation is calculated monthly and is paid annually (or upon a redemption or withdrawal, as applicable). With respect to any Point72 Funds that invest through a “master-feeder” structure, the Advisory Fees and Performance Compensation described in this Item 5 may be paid or allocated at the level of the applicable feeder funds (including the Point72 Feeders) or the level of any subsidiary, master fund or trading entity (including any Subsidiary Fund), as described in the applicable Governing Documents or determined by Point72, or a combination of the foregoing. In addition, Point72 may charge a subsidiary, master fund or trading entity (including a Subsidiary Fund) the Advisory Fee in a fixed dollar amount rather than based on the net asset value of such subsidiary, master fund or trading entity. Pass-Through Expenses Borne by the Point72 Multi-Strat Funds The Point72 Multi-Strat Funds reimburse Point72 for all of its and its affiliates’ expenses that are related to the services that Point72 provides to the Point72 Multi-Strat Funds and the Subsidiary Funds (“Pass-Through Expenses”). Pass-Through Expenses include (i) all compensation expenses of all employees, consultants and personnel of Point72 and its affiliates serving on Pass-Through Teams (as defined below) (such persons, collectively, “Pass-Through Persons”) and (ii) all costs and expenses related directly or indirectly to the provision of investment services to the Point72 Multi-Strat Funds and the Subsidiary Funds or the operations of Point72 and its affiliates, including all costs and expenses related to the activities of, or otherwise incurred by, Pass-Through Teams and the Pass-Through Persons serving on such Pass-Through Teams. There is no limit on the amount of PassThrough Expenses that may be charged to the Point72 Multi-Strat Funds, which are expected to be substantial regardless of the performance of the Point72 Multi-Strat Funds. Pass-Through Expenses will vary based on the performance of the Point72 Multi-Strat Funds and other factors but are generally expected to increase with improved performance of the Point72 Multi-Strat Funds. Point72’s “Pass-Through Teams” include: (i) investment teams that manage or will manage portfolios of, and/or provide investment services to, the Point72 Multi-Strat Funds and the Subsidiary Funds, including teams performing investment and analytic functions (“Investment Teams”); (ii) support teams involved in acquiring, developing, maintaining and operating proprietary internal products and/or services to support and/or enhance the investment and trading activities of Investment Teams, including, but not limited to, (1) portfolio construction, analytics and analysis services (including services that measure Investment Team risk, exposures, correlations to other asset classes, and performance metrics, services related to researching and implementing execution algorithms and models, and services from economists that provide insights, including on macro, economic, and monetary policy trends), (2) corporate access services that facilitate interactions and manage relationships between Investment Teams and company executives, (3) data services (including data sourcing, ingestion, cleaning, and ongoing coverage for research and trading use), and (4) broker relations services that coordinate relationships between brokers and Investment Teams; (iii) research teams responsible for (1) performing trading-related research and other internal research and/or (2) developing, maintaining and operating research products and services; and (iv) talent acquisition, recruitment and development teams engaged or involved in the recruitment of, and professional development, internal training and/or educational programs for or related to, Pass-Through Persons. To the extent that any of the Pass-Through Expenses are incurred jointly for a Point72 Multi-Strat Fund and any other investment funds or accounts managed by Point72, such expenses will be allocated among the Point72 Multi-

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Strat Fund and such other funds or accounts in such manner as Point72 considers fair and reasonable in its sole discretion. Pass-Through Expenses are charged and paid on a monthly or annual basis (or upon a redemption or withdrawal, as applicable). Fund Expenses In addition to the fees and expenses described above, each Point72 Fund will bear its own expenses and, with respect to each Point72 Multi-Strat Fund that is a Point72 Feeder, its proportionate share of the expenses of each Subsidiary Fund in which it invests, including brokerage commissions and other transactional expenses, as well as expenses that are incurred by a General Partner, Point72 or any of their respective affiliates, which expenses, in the sole discretion of Point72, are allocable to, or associated with, the activities of the Point72 Fund. Each Point72 Fund bears all expenses incurred in connection with the initial and ongoing offering and sale of interests in the Point72 Fund. These expenses include, but are not limited to, all expenses incurred in connection with and directly and indirectly related to the formation, qualification, and registration and/or exemption from qualification and registration of a Point72 Fund and the interests under applicable U.S. federal and state law and foreign law, and the offering, distribution, and processing of the interests or shares, as applicable, including but not limited to the preparation and review of offering and subscription materials, legal, accounting, and auditing fees and expenses, printing and duplication expenses, mailing expenses, filing fees, solicitation and marketing expenses, and other related expenses. Operating expenses to be borne by each Point72 Fund will generally include, but are not limited to:

investment expenses including, without limitation, the cost of investments, management and advisory fees, and Performance Compensation, and other expenses related to the ownership, purchase, sale, or transmittal of assets (including, to the extent that such Point72 Fund’s capital is reallocated to an Unaffiliated Investment Entity or an Unaffiliated Manager, the fees and expenses charged by such entity or manager);

transaction expenses, including, but not limited to, brokerage commissions, prime broker fees, initial and variation margin, interest and dividend expense, margins, option premiums, brokerage, floor, exchange, and clearinghouse commissions, memberships and fees, custodial and related services fees, bank fees, commitment fees or other finance charges, borrowing charges on securities sold short, clearing and settlement charges, transmission costs and related expenses, as well as expenses related to research and market data that otherwise could have been treated by Point72 as Pass-Through Expenses;

expenses related to the valuation of such Point72 Fund and communications with investors, including, but not limited to, valuation, appraisal, analysis and accounting expenses (including costs associated with any third-party independent valuation or risk analysis provider to such Point72 Fund, the General Partner or Point72), record keeping, administration (including costs associated with any third-party administrator to such Point72 Fund), fees and expenses relating to investor meetings and conferences, expenses of preparing, publishing, duplicating and transmitting (electronically or otherwise) reports, tax information and notices to investors and regulatory authorities and expenses for specialized administrative services;

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Point72 Multi-Strat Funds The investment objective of the Point72 Multi-Strat Funds is to achieve an attractive return on capital consistent with principles that are designed to reduce the risk of permanent capital loss. The Point72 Multi-Strat Funds intend to focus primarily on long/short equity, systematic and global macro investment strategies and will seek to employ other

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investment strategies opportunistically. Point72 reserves the right to employ investment strategies for the Point72 MultiStrat Funds other than those described below. Point72 is an active investor and uses significant leverage, engages in short-sale transactions, and exercises various options and arbitrage strategies, in each case, on behalf of the Point72 Multi-Strat Funds. Point72 may, from time to time in its sole discretion, refine or change its investment methods and strategies (including technical trading factors or analyses, securities and commodity interests traded, and money management principles used) without prior notice to or approval by the Point72 Multi-Strat Funds’ investors. Point72 reserves the right to allocate whatever amount of the Point72 Multi-Strat Funds capital to any investment strategy and to any Subsidiary Fund, including any additional subsidiary funds currently existing or that may be formed in the future (the “Additional Subsidiary Funds”), as Point72, in its sole discretion, deems appropriate and to change or eliminate such allocation at any time, without notice to any of the Point72 Multi-Strat Funds’ investors. Such allocations of capital will vary, often materially, over time. A Point72 Multi-Strat Fund may vary its allocation of capital among the Subsidiary Funds by contributing available capital to those Subsidiary Funds in which it seeks a greater relative allocation and/or withdrawing capital from those Subsidiary Funds in which it seeks a lesser relative allocation. Point72 may take into account a variety of factors in determining such allocations of capital, including tax or regulatory reasons or a minimum capacity right in respect of a specific Subsidiary Fund (or investment portfolio within a Subsidiary Fund). Point72 actively searches for additional investment managers and investment strategies to whom or to which Point72 may allocate significant portions of the Point72 Multi-Strat Funds’ assets in its sole discretion. As such, the Point72 Multi-Strat Funds may invest directly or indirectly in securities and/or commodity interests and may employ investment strategies different from those described herein. The Point72 Multi-Strat Funds have invested (and may at any time and from time to time invest) some or all of the Point72 Multi-Strat Funds’ capital (or reinvest some or all of a Subsidiary Fund’s capital) with an unaffiliated investment manager (an “Unaffiliated Manager”), whether through a managed account structure or other advisory or sub-advisory relationship or in an unaffiliated investment entity managed by an Unaffiliated Manager (an “Unaffiliated Investment Entity”). The Point72 Multi-Strat Funds are not limited with respect to the types of investment strategies it may employ or the markets, securities or instruments in which they may invest. The Point72 Multi-Strat Funds’ and the Subsidiary Funds’ investments may include, without limitation, the following: equities (including listed, unlisted, publicly traded or privately offered, domestic, foreign, depository receipts and preferred); secured and unsecured debt (including publicly traded or privately offered, corporate and sovereign, mortgage-backed securities, bank loans, loans originated by a Point72 Multi-Strat Fund or a Subsidiary Fund, vendor claims and other legal and/or contractual claims); futures; forward contracts; options; convertible bonds and preferred stock; derivative instruments, including listed and over-thecounter, swaps and other equity or fixed income related instruments; contracts for differences; currencies; digital assets; and commodities. A Subsidiary Fund may pursue a specific investment strategy or multiple investment strategies and the strategy(ies) pursued by a Subsidiary Fund may adapt and evolve over time and from time to time. The Point72 Multi-Strat Funds may engage in investment strategies not described herein that Point72 considers consistent with the overall investment objective of the Point72 Multi-Strat Funds or may cease engaging in or reduce its exposure to investment strategies described herein. The investment program of the Point72 Multi-Strat Funds is speculative and entails substantial risks. There can be no assurance that the investment objective of the Point72 MultiStrat Funds will be achieved or that investment results might not vary substantially on a monthly, quarterly or annual basis. Certain of the investment practices of the Point72 Multi-Strat Funds can, in certain circumstances, increase the adverse impact to which the Point72 Multi-Strat Funds’ portfolios may be subject. Point72 employs one or more of the following investment strategies for the Point72 Multi-Strat Funds:

Subsidiary Funds Pursuing Long/Short and Opportunistic Strategies – The Point72 Multi-Strat Funds have historically allocated and expects to continue to allocate a substantial portion of their investment assets to Subsidiary Funds that pursue, among other strategies, long/short and opportunistic strategies. in connection with pursuing long/short and opportunistic strategies, such Subsidiary Funds invest in U.S. and foreign securities, such as: listed and unlisted common stocks and preferred stocks (including new issues and secondary offerings of existing issues); stock warrants and rights; options to buy and sell securities; and other derivatives and commodity interests, such as stock index and commodity futures.

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The primary focus of portfolios pursuing long/short and opportunistic strategies is to invest in marketable equity securities, although the portfolios also trade in commodity interests, debt instruments, privately placed securities and other instruments. The long/short and opportunistic investment strategies include a fundamental research-intensive security selection process aimed at identifying mispriced securities. Point72 will analyze data on a company-bycompany basis and seek to capitalize on the difference between the current market valuation of a security or derivative instrument and what it considers to be the probable market value of that security or derivative instrument. The portfolios will include both (i) long positions in, and options on, securities or other instruments that Point72 believes to be undervalued and (ii) short positions in, and options on, securities or other instruments that Point72 believes to be overvalued. Point72’s investment decisions with respect to the long/short and opportunistic strategies do not rigidly adhere to any particular investment formula or system, but rather rely on the knowledge and judgment of certain employees of Point72.

Subsidiary Funds Pursuing Systematic Strategies – The Point72 Multi-Strat Funds allocate a portion of their investment assets to certain Subsidiary Funds that pursue, among other investment strategies, systematic strategies. In pursuing systematic strategies, such Subsidiary Funds seek to generate high returns relative to risk through the use of proprietary investment systems that consist of various computational techniques and models that seek to predict future prices in a variety of financial instruments. No assurance can be given that the foregoing will be achieved when a Subsidiary Fund pursues systematic strategies. The models are based upon historical and contemporaneous events and information, which may include price, volume, fundamentals and volatility of the applicable instruments and markets. The investment approach typically involves trading diversified baskets of instruments around the world and around the clock, including, but not limited to, equities, futures, currencies, fixed income (including, without limitation, corporate bonds, government bonds, and mortgage-backed securities) and both listed and over-the-counter derivatives (including, without limitation, options, interest rate swaps and credit default swaps). Subsidiary Funds that pursue systematic strategies may pursue trading strategies with relatively high trading volume relative to overnight holding period, sometimes referred to as high-frequency trading. Subsidiary Funds pursuing systematic strategies may also engage in trading of commodities futures, financial futures, foreign exchange, exchange traded funds and other financial instruments (which represent exposure to an asset class, commodity or index rather than to securities issued by individual corporations). The Subsidiary Funds that pursue systematic strategies may also engage in the trading of derivative instruments that are nonlinear in nature or involve optionality. While risk control is a feature of the investment systems, these strategies use significant leverage. Accordingly, these strategies may experience significant and rapid losses in times of market disruption or when the predictions of the models are in the aggregate incorrect.

Subsidiary Funds Pursuing Macroeconomic Strategies – The Point72 Multi-Strat Funds allocate a portion of their investment assets to Subsidiary Funds that pursue, among other investment strategies, a strategy seeking to achieve a high rate of return on capital by using macroeconomic analyses to develop investment ideas that lead to concentrated investments in rates, sovereign credits, foreign exchange, commodities and equities. Such Subsidiary Funds also employ relative-value, corporate credit and volatility strategies, among others. No assurance can be given that the objective will be achieved.

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Other Strategies – The Point72 Multi-Strat Funds engage in other investment strategies that Point72 considers consistent with the Point72 Multi-Strat Funds’ overall investment objective. For example, one or more Subsidiary Funds may pursue investments in virtual currencies, cryptocurrencies, coins, tokens, crypto-assets and other similar distributed ledger-based digital assets (collectively, “Digital Assets”). One or more Subsidiary Funds has in the past and/or currently invests in exchange-listed futures referencing Digital Assets and investment vehicles designed to track the value of an underlying Digital Asset through direct holdings in such Digital Asset (such as Digital Asset ETFs or investment trusts), as well as digital asset treasury companies. A Subsidiary Fund’s Digital Asset investments may, in the future, include direct investment in Digital Assets on a spot basis, indirect investment involving other derivative contracts and swap agreements referencing Digital Assets (including, but not limited to, Digital Asset options and swaps) and/or other trading activity related to Digital Assets (including, but not limited to, staking). Point72 may itself invest in Digital Assets on behalf of the Point72 Multi-Strat Funds (through one or more Subsidiary Funds) or may allocate assets to Unaffiliated Managers that invest in Digital Assets. Digital Asset investments may constitute the principal investments made by one or more of these Unaffiliated Managers. In addition, Point72 pursues, on behalf of the Point72 Multi-Strat Funds, a strategy of making private investments in certain types of private companies, including minority private investments in companies that are in the growth-equity stage of their life cycle. Growth equity companies may be small or midsized and/or at a relatively early stage of their development. Investments in or related to such companies generally are illiquid and subject to substantially greater risks than comparable investments in or related to larger and/or more established companies. Further, Point72 pursues, on behalf of the Point72 Multi-Strat Funds, a private credit strategy, which currently seeks to make, or may in the future seek to make, without limitation, investments in privately negotiated credit instruments (including, without limitation, private corporate credit, leveraged loans, high yield bonds, senior secured debt, first and second lien loans, mezzanine and mezzanine-related loans, junior loans, subordinated loans, syndicated bridge commitments and unsecured loans), privately negotiated acquisitions of structured credit (including, without limitation, collateralized loan obligations, mortgage-backed securities and other assetbacked securities), privately negotiated acquisitions of portfolios of consumer finance, specialty finance (including, without limitation, equipment leasing) and other asset-backed finance assets, regulatory capital/structured risk transfer transactions and preferred and convertible securities. The Point72 Multi-Strat Funds are not limited as to the types of securities or other assets they may purchase in connection with this strategy and may make such investments directly or through the use of derivative contracts and swap agreements. The Multi-Strat Funds (directly or indirectly through an affiliate thereof) may originate loans or other debt instruments and/or purchase loans or debt instruments in secondary sales. The investments held by the Point72 Multi-Strat Funds in connection with this strategy are expected to be illiquid and subject to significant risk.

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Point72 provides investment management services, as described above in response to Item 4, to the Point72 Funds. As previously noted, the Point72 Funds are not registered or required to be registered under the Investment Company Act, and their securities are not registered or required to be registered under the Securities Act and will be privately placed to qualified investors in the United States and elsewhere. The Point72 Funds have a specified minimum initial investment as set forth in their offering documentation; such minimums range from $25,000 to $25 million. Subject to applicable law, the minimum investment thresholds may be waived by a Point72 Fund’s General Partner or Board or Point72, as the case may be, in its discretion. Details concerning applicable investor suitability criteria are set forth in the respective Point72 Fund’s Governing Documents.

As noted in the response to Item 5 above, Point72 generally receives, either directly or indirectly, Performance Compensation, determined with respect to each investor in each Point72 Fund. The Performance Compensation borne by an investor in a Point72 Fund generally will be calculated on net profits (less the Advisory Fee and, if applicable,

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Pass-Through Expenses), subject to a loss carryforward (or in the form of a carried interest subject to a preferred return with respect to the Point72 Hyperscale Fund). Point72 may elect to change the type of Performance Compensation received from one or more of the Point72 Funds. For example, Point72 may change the Performance Compensation to which certain Point72 Funds are subject from an incentive fee to an incentive allocation, or vice versa. Any such change to the Performance Compensation will not result in an increase to the Performance Compensation (or alternative incentive compensation arrangement) borne by any investor. The existence of Performance Compensation creates an incentive for Point72 to cause Point72 Funds to make investments that are more speculative than would be the case in the absence of such incentive-based compensation. In addition, a substantial portion of the compensation paid to each portfolio manager of Point72 is in the form of an annual bonus which is largely based on the investment gains such portfolio manager generates. As such, each portfolio manager may have an incentive to make investment decisions that are riskier or more speculative than would be the case in the absence of such incentive-based compensation. Moreover, the performance-based compensation received by an Unaffiliated Manager may create an incentive for the Unaffiliated Manager to make investments that are riskier or more speculative than those that it might have made in the absence of the performance-based compensation. Point72 currently advises (and may in the future advise) certain Point72 Funds that are not subject to Performance Compensation payable to Point72. In such event, Point72 will have an incentive to favor funds and accounts which pay Performance Compensation over funds and accounts which do not pay Performance Compensation. Allocation of Investment Opportunities Many of the securities in which Point72 invests are limited availability investments. Accordingly, Point72 might not be able to allocate investments that are suitable for more than one Point72 Fund proportionately among different Point72 Funds, and Point72 is not committed to allocating opportunities among the accounts it (and its affiliates) manages in any particular proportion. Point72 in the future may manage multiple funds and accounts that pursue similar or overlapping opportunities. Point72 is not limited in its ability to establish additional Point72 Funds in the future, including Point72 Funds that pursue the same or similar strategies as existing Point72 Funds. Point72 has a conflict of interest in deciding whether a given investment opportunity will be provided to a given Point72 Fund, including a “proprietary” Point72 Fund owned by Point72, its affiliates and/or their principals and employees. Investment opportunities appropriate for more than one Point72 Fund will be allocated by Point72 in accordance with Point72’s investment allocation policies, which policies are subject to change from time to time with the approval of the Board and Advisory Committee. Factors that Point72 may consider in determining how to allocate opportunities among the Point72 Funds may include, but are not limited to, all or any subset of the following factors: relative capital, relative investment capacity, investment size, risk/return profiles, tax and regulatory considerations, specific investment objectives, guidelines and restrictions, portfolio diversification, liquidity, leverage, availability of other investment opportunities and composition of the investment pools at the time of purchase, in each case as applied by Point72 in its equitable discretion. Any decision by Point72 with respect to the allocation of an investment opportunity among the Point72 Funds may be more or less advantageous to one Point72 Fund than to other Point72 Funds. Point72 may determine that an investment opportunity or particular set of investment opportunities are appropriate for one Point72 Fund, but not for other Point72 Funds. In addition, certain Point72 Funds may have priority with respect to certain investment opportunities that may also be appropriate for other Point72 Funds. The amount, timing, structuring or terms of an investment opportunity by a Point72 Fund may differ from, and performance may be lower than, investments and performance of other Point72 Funds. Investment opportunities allocated to one or more Point72 Funds may reduce or eliminate the availability of investment opportunities to, or otherwise adversely affect, other Point72 Funds. Point72 may determine, in its sole discretion, that certain investment opportunities sourced by Point72 and its affiliates are not appropriate for a Point72 Fund for various reasons, including without limitation, the investment objective of the Point72 Fund and the investment horizon of the opportunity. To the extent that Point72 determines that an investment opportunity is not appropriate for one Point72 Fund, such investment opportunity may be provided to another Point72 Fund, including a “proprietary” Point72 Fund owned by Point72, its affiliates and/or

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their principals and employees, including, for example, (i) CPV Holdings, LLC, which generally invests long-term capital primarily in private equity (including venture and growth capital), real estate and other financial and strategic investment opportunities, and (ii) Point72 Ventures Investments, LLC, which generally engages in early-stage venture capital strategies. Point72 allocates opportunities to make minority private equity investments in growth equity companies (taking into account various factors, including the period of time before the shares in such private company are expected to become marketable and market valuation) in accordance with its private equity investments allocation policy. Subject to certain exceptions as further described below, such opportunities will generally be allocated first to the Point72 Multi-Strat Funds. All other private equity investment opportunities (including private equity investment opportunities that are not in growth equity companies and private equity investment opportunities that are not expected to become marketable within 5 years) will generally continue to be allocated first to other Point72 Funds, including “proprietary” Point72 Funds owned by Mr. Cohen. If any private investment opportunity is an appropriate investment for the Point72 Hyperscale Fund, the Point72 Hyperscale Fund will have priority over the Point72 Multi-Strat Funds with respect to such investment opportunity. In addition, if a Point72 Fund (including a “proprietary” Point72 Fund owned by Mr. Cohen) previously made investments in a private company, such Point72 Fund generally will be permitted to make a further investment in such private company. Moreover, Point72 or an affiliate may, in the future, form one or more entities for participation by third party investors that will focus on investments in private investments, including investments in growth equity companies. In such case, it is expected that priority will be given to such new entity or entities with respect to such private investment opportunities that would otherwise be appropriate for another Point72 Fund. As a result of the foregoing, there may be situations where a Point72 Fund does not participate in certain private investments to the fullest extent otherwise possible or at all. Point72 has retained an investment team within Point72 Private Investments (the “Point72 Private Investments Team”) specifically to source, diligence, make and monitor private investments (including private investments in growth equity companies). It is expected that some, but not all, opportunities for the Point72 Multi-Strat Funds to invest in growth equity companies will be sourced by the Point72 Private Investments Team. In addition, from time to time, Point72 portfolio managers outside of the Point72 Private Investments Team (other than a portfolio manager providing investment advisory services to the Point72 Turion Funds) may source private investments and such investments will be allocated among the Point72 Funds (including “proprietary” Point72 Funds owned by Mr. Cohen) as Point72 determines is fair and reasonable, taking into account, among other things, its investment allocation polices and other disclosures to investors. From time to time, a Point72 portfolio manager providing investment advisory services to the Point72 Turion Funds may source a private investment (including a private investment in a growth equity company), and it is expected that such investment, in whole or in part, will generally be made available to the Point72 Turion Funds. In addition, if the Point72 Private Investments Team sources and/or performs the investment and/or operational due diligence with respect to any digital asset private investment opportunity (including any private investment in a growth equity company), such investment opportunity will generally be allocated to Point72 Funds other than the Point72 Multi-Strat Funds.

Commodity Pool Operators/Commodity Trading Advisors Point72 is registered with the CFTC as a Commodity Pool Operator and a Commodity Trading Advisor and is a member of the National Futures Association. Other Investment Advisers Point72, either directly or indirectly, controls, or is under common control with, the following Relying Advisers:

Cubist Systematic Strategies, LLC, a Delaware limited liability company operating in the United States

Point72 Hong Kong Limited, a company organized in Hong Kong, and operating in Hong Kong and Australia

Point72 Japan Limited, a company organized in Hong Kong and operating in Japan

Point72 Asia (Singapore) Pte. Ltd., a company organized and operating in Singapore

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Point72 Europe (London) LLP, a limited liability partnership registered in England and Wales

Point72 France SAS, a société par actions simplifiée organized in France

Point72 (DIFC) Limited, a private company registered in the Dubai International Financial Centre

Soundstone Italy S.r.l., a società a responsabilità limitata organized in Italy

CPV Partners, LLC, a Delaware limited liability company operating in the United States

CPV Real Estate Partners, LLC, a Delaware limited liability company operating in the United States

Point72 Hyperscale Advisers, LLC, a Delaware limited liability company operating in the United States

Each of the Relying Advisers is involved in identifying and monitoring investments recommended or made on behalf of one or more of the Point72 Funds. The extent of such participation varies, and these Relying Advisers conduct no other investment advisory activities. In particular, each of CPV Partners, LLC, CPV Real Estate Partners, LLC, and Point72 Hyperscale Advisers, LLC, only manages its respective Point72 Funds, as further described in Item 8 above. As further described above in Item 8, Point72, Point72 Funds and their respective affiliates have directly or indirectly invested, and may in the future invest, capital with Unaffiliated Managers or Unaffiliated Investment Entities and, in consideration for such investment, have in the past received, and may in the future receive, an economic interest in, or revenue share with respect to, the Unaffiliated Managers managing such Unaffiliated Investment Entities or their affiliates. An economic interest or revenue share held by Point72 or its affiliates (excluding a Point72 Fund) in an Unaffiliated Manager creates a conflict of interest if a Point72 Fund has allocated capital to be managed by the Unaffiliated Manager because the Point72 Fund’s capital will benefit Point72’s (or its affiliate’s) investment in or with the Unaffiliated Manager. Affiliates of Point72 Asset Management, and Point72’s and its affiliates’ respective principals and employees, and other accounts managed by affiliates of Point72 Asset Management, invest in securities, investment funds or other obligations, or may establish joint ventures or other strategic relationships, brought to Point72’s attention and which Point72 has determined are not appropriate for initial investment or further investment by one or more Point72 Funds but not other Point72 Funds. To the extent that a Point72 Fund is not invested in such securities, investment funds, other obligations, joint ventures or strategic relationships, the Point72 Fund will not participate in any profits or losses generated by such investments. As a result of these investments, joint ventures and strategic relationships, Point72, its affiliates and their respective principals and/or employees may come into possession of material nonpublic information of an issuer or may otherwise cause the Point72 Funds to be restricted in their ability to buy and sell certain securities or other instruments related to such investments, which could adversely affect the Point72 Funds. In addition, actions taken by Point72, its affiliate or their respective principals and employees in connection with such investments, joint ventures and strategic relationships could directly or indirectly disadvantage the Point72 Funds (including the Point72 Funds’ ability to engage in a transaction or other activities) or the prices or terms at which the Point72 Funds’ transactions or other activities may be effected. Other Affiliates Point72 Asset Management and the Point72 Funds receive non-investment advisory services and support from a number of affiliated entities, including Point72, L.P., which employs middle- and back-office personnel. In addition, certain personnel employed by Point72, L.P. and Point72 Private Investments provide advisory activities to the Point72 Funds on behalf of Point72 Asset Management pursuant to a secondment arrangement. Sponsors of Limited Partnerships Point72 Capital Management, LLC serves as the General Partner to certain of the Point72 Funds and is affiliated with Point72 Asset Management. Point72 Hyperscale GP, LLC serves as the General Partner to the Point72 Hyperscale Fund and is also affiliated with Point72 Asset Management. Point72 Turion GP, LLC serves as the General Partner to the Point72 Turion Funds and is also affiliated with Point72 Asset Management.

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Pooled Investment Vehicles Point72 serves as the investment adviser to the Point72 Funds, each of which is a pooled investment vehicle.

Code of Ethics and Personal Trading Point72 has adopted a code of ethics in accordance with Rule 204A-1 under the Advisers Act and each non-U.S. Relying Adviser has adopted a code of ethics taking into account modifications as required by local laws or regulations (all such codes of ethics collectively, the “Code”). The Code sets out standards of business and personal conduct for each Point72 Employee, addresses conflicts that arise from personal trading by such persons and provides for disciplinary sanctions for Code violations. For purposes of the Code, “Employee” means any officer, member, partner, or person employed by Point72 and such other persons as may be designated by the general counsel or chief compliance officer. The policies and procedures set forth in the Code recognize that an investment adviser is in a position of trust and confidence with respect to its clients. The Code includes a code of conduct which requires Employees to (i) abide by standards of ethical conduct in their relationships with each other, Point72 Funds, Point72 investors, competitors, and the public; (ii) adhere to standards with respect to any potential material conflicts of interest with Point72 Funds; and (iii) preserve the confidentiality of information that they may obtain in the course of Point72’s business and use such information properly and not in any way adverse to the interests of any Point72 Funds, subject to the legality of using such information. The Code also includes a personal securities investment and reporting policy. This policy, among other things, restricts an Employee’s ability to engage in certain personal securities transactions without the prior consent of the Employee’s personal trade supervisor or, if applicable, the Employee’s designated compliance officer, and requires reporting of any such transactions. In addition, the Code restricts Employees’ ability to conduct certain activities outside the firm, places limits on the value of gifts that may be received and/or given by Employees and requires pre-approval of all U.S. political contributions. Upon request of a client or prospective client, Point72 will provide a copy of its code of ethics. Participation or Interest in Client Transactions Point72, its affiliates, persons in a control relationship with Point72 (such as an investment vehicle where more than 25% of the beneficial owners are Point72 or its employees), or their principals or employees have and may from time to time in the future effect transactions as a principal with a Point72 Fund. Prior to engaging in any principal transaction and to the extent required by applicable law, Point72 seeks the approval of a Point72 Fund’s Board, Advisory Committee, or sub-committee thereof, which may approve or disapprove such principal transaction. A cross trade, which is a coordinated purchase of a security on behalf of one Point72 Fund and a sale of the same security on behalf of another Point72 Fund at the same time, will only be undertaken when it is determined that it is in the interest of the participating Point72 Funds. Point72 may, but is not required to, except to the extent required by applicable law, submit such cross trade to a Board, an Advisory Committee or a sub-committee thereof for preapproval. Point72 does not receive a commission on any cross trade. Point72, its affiliates and their principals and employees have established, and may in the future establish, advise, or be affiliated with, other accounts that may engage in the same or similar businesses as the Point72 Funds and may use the same or similar investment strategies. Point72, its affiliates and their principals and employees may own all or a portion of such other account. Point72, its affiliates and their principals and employees may trade securities and commodity interests for their own accounts, including securities and commodity interests held by or considered for investment by a Point72 Fund’s accounts (or of the type held by or considered for investment by a Point72 Fund’s accounts), which securities may include Unaffiliated Investment Entities. Point72 has a conflict of interest in deciding whether a given investment opportunity will be provided to the Point72 Funds or Point72, its affiliates and/or their principals and employees.

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The records of such proprietary trading are confidential and will not be available for inspection by a Point72 Fund or its investors. Point72, its affiliates and their principals and employees may from time to time take positions in their proprietary accounts that are opposite to the positions taken for, or held by, the Point72 Funds’ accounts at the same time. Alternatively, these persons may cease to hold such positions even if the Point72 Funds continue to be invested therein. Point72, its affiliates and their principals and employees may invest, directly or indirectly, in Point72 Funds and other accounts advised by Point72, its affiliates and their principals and employees. The terms of investment, including economic and liquidity terms, applicable to such investors may be more favorable than the terms applicable to the investors in a Point72 Fund, and the investors will not be provided with notice of such terms or an opportunity to invest on such terms. In addition, one or more Point72 portfolio managers may be provided the option of investing or participating in the profits and losses associated with a given portfolio that the portfolio manager manages on behalf of a Point72 Fund (his or her “Portfolio”), as opposed to the Point72 Fund as a whole. The foregoing may be achieved through such methods as Point72 determines in its sole discretion, which may include, without limitation, permitting a portfolio manager to: (i) trade, on a pari passu basis, with the Point72 Fund or a given strategy, an account that he or she beneficially owns (which may be rebalanced with the Portfolio from time to time through cross trades) or (ii) invest in a Subsidiary Fund that he or she manages. The foregoing will give rise to risks as well as actual and potential conflicts of interest. For example, certain strategies have limited capacity, and any capacity reserved for a portfolio manager will generally reduce the capacity available to the Point72 Fund. Further, as a result of any such investment, a portfolio manager may achieve a positive return on his or her investment at a time when the Point72 Fund has suffered overall losses. Any investments by portfolio managers described in this paragraph have the potential to reduce the alignment of interest between a Point72 Fund’s portfolio managers and its investors. Moreover, portfolio managers may be incentivized to manage the assets of their Portfolio in a manner that is either more risk averse or riskier than they would have otherwise had they invested in a Point72 Fund or a Subsidiary Fund and all of its respective investments. To the extent that any expenses are incurred jointly for a Point72 Fund and any vehicles pursuant to which a portfolio manager makes investments described above, such expenses will be allocated among the Point72 Fund and such other vehicles or accounts in such manner as Point72 considers fair and reasonable in its sole discretion. Notwithstanding the foregoing, in such arrangements, a portfolio manager will not bear any portion of the compensation expenses attributable to such portfolio manager or their investment team. As a result, a portfolio manager may achieve a higher return on their investment than a Point72 Fund will achieve in respect of the applicable Portfolio. In addition, in connection with the arrangements described above, portfolio managers are expected to benefit from brokerage, research and other similar arrangements entered into by a Point72 Fund and Point72 (including as a result of combining orders on behalf of the Point72 Fund with orders for a portfolio manager’s account). This is expected to result in a portfolio manager incurring lower overall costs than if the portfolio manager had effected the transaction on his or her own. Point72 may also offer, in its sole discretion, co-investment opportunities alongside the Point72 Funds, both in initial investments and follow-on investments. Point72’s exercise of discretion in allocating investment opportunities among the Point72 Funds and co-investors may not result in proportional allocations among such persons, and such allocations may be more or less advantageous to some persons relative to other persons. While Point72 will determine how to allocate investment opportunities using its best judgement, considering such factors as it deems relevant in its sole discretion, there can be no assurance that the Point72 Funds’ actual allocation of an investment opportunity, or the terms on which that allocation is made will be as favorable as they would be absent this conflict of interest. Participation or Interests in Point72 Hyperscale Fund Transactions In addition to the participation or interests noted above, Point72 may, in its discretion, recommend to the Point72 Hyperscale Fund or a portfolio company of the Point72 Hyperscale Fund, that it contracts for services with a portfolio company of a Point72 Fund or another entity with which Point72 or an affiliate has a relationship. When entered into by a portfolio company, it is expected that these agreements will be governed or supervised by the management of the portfolio company, but conflicts nonetheless arise because of the contractual rights or other influence which Point72 has over such portfolio companies. In connection with the Hyperscale Strategy, it is expected that Point72 will cause a portfolio company to acquire, merge with, or enter into other contractual arrangements with other portfolio companies of the Point72 Hyperscale Fund. A conflict of interest exists where

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Point72 and/or an affiliate stands to gain additional compensation, fees, allocations or other benefits resulting from such transactions. In addition to the Foundry-related agreements described above in Items 5 and 8, although generally not expected, Point72 or its affiliates may receive other fees and/or compensation from a Point72 Fund’s portfolio companies for services provided. Point72 and its affiliates are also generally expected to, with respect to control investments, and may, with respect to non-control investments, serve as directors of portfolio companies. Such directorships may create conflicts of interest when Point72 employees are considering the interests of a Point72 Fund and the interests of the portfolio company. The Point72 Hyperscale Fund will own investments in companies acquired by Point72 affiliates prior to the launch of the Point72 Hyperscale Fund, as disclosed to investors in the Point72 Hyperscale Fund’s Governing Documents. Investments made prior to the launch of the Point72 Hyperscale Fund involve conflicts of interest relating to the valuation of such investments and the terms of the transfer of such investments to the Point72 Hyperscale Fund. The Point72 Hyperscale Fund may also make investments in conjunction with an investment being made by another Point72 Fund, or in a transaction in which another Point72 Fund has already made an investment. Conflicts may arise in determining the terms of these investments, especially where Point72 and its affiliates control the structure of a transaction and its capitalization. For example, investments by the Point72 Hyperscale Fund in transactions controlled by another Point72 Fund may be subject to investment terms, including with respect to liquidity or governance, that may be more restrictive than those preferable if it were investing without such other Point72 Fund. Investors should closely review the private placement memorandum for the Point72 Hyperscale Fund for additional significant disclosure regarding conflicts of interest in the Hyperscale Strategy.

Selecting or Recommending Broker-Dealers In choosing brokers and dealers, Point72 is not required to consider any particular criteria. Point72 seeks “best execution” of transactions measured over time. What constitutes “best execution” and determining how to achieve it involves many factors, including subjective factors. In evaluating whether a broker or dealer will provide best execution, Point72 considers a range of factors. These include, among others:

competitiveness of total trading costs;

the broker’s or dealer’s trading expertise, reliability and financial stability;

sophistication of trading infrastructure and ability to handle complex transactions;

access to markets and offerings;

historical net prices (after markups, markdowns or other transaction-related compensation) on other transactions;

the execution, clearance and settlement and error correction capabilities of the broker or dealer generally and in connection with securities of the type and in the amounts to be bought or sold;

the broker’s or dealer’s willingness to commit capital;

the size of the transaction;

speed of execution;

ticket charges;

financing rates;

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the availability of securities to borrow for short sales;

the nature, quantity and quality of research provided by the broker-dealer;

the market for the security; and

such other factors as deemed appropriate by Point72.

Prime Brokerage, Custody, Clearing and Settling Point72 obtains custodial, clearing and related services through what are known as “prime brokerage” arrangements. Under such arrangements, a brokerage firm (a “Prime Broker”) maintains custody of certain of a Point72 Fund’s assets (either directly or through its clearing brokerage firm), provides loans against cash or securities held by such Prime Broker as margin, locates securities to borrow to facilitate short sales, and provides related services, but allows such Point72 Fund to use it or other brokers to execute transactions. If other brokers are used to execute transactions, then such transactions are “given up” to the Prime Broker for clearance and settlement. This permits Point72 to seek valuable research and to compare execution quality and commission rates from many executing brokers, while minimizing custodial relationships (and related fees) by using a Point72 Fund’s Prime Broker(s). A Point72 Fund may use the services of multiple Prime Brokers. Point72 may, at its sole discretion, change a Point72 Fund’s Prime Brokers, alter the terms of a prime brokerage arrangement, or make alternative arrangements for services currently provided by Prime Brokers. A Prime Broker is compensated through interest on debit balances, rehypothecating or using cash or securities posted by a Point72 Fund as margin, stock loan fees and brokerage commissions. Under such an arrangement, the Prime Broker, among other things:

arranges for the receipt and delivery of securities bought, sold, borrowed and lent;

makes and receives payments for securities;

maintains custody of cash and securities;

tenders securities in connection with tender offers, exchange offers, mergers or other corporate reorganizations; and

provides detailed portfolio and related reports.

Since the investment programs of the Point72 Funds include active investment strategies, Point72 frequently makes decisions based on short-term market considerations. As a result, the turnover of the Point72 Funds’ portfolios will be substantially greater than the turnover rates of other types of investment vehicles, resulting in higher transactional costs. Research and Other Soft Dollar Benefits Point72 may select broker-dealers in recognition of the value of various services or products, beyond transaction execution, that they provide to Point72 or the Point72 Funds. Further, the amount of compensation (including markups, markdowns and commission equivalents on principal transactions with market-makers) the Point72 Funds pay a broker-dealer who provides such services and/or products may be higher than what another, equally capable broker-dealer might charge. Selecting a broker-dealer in recognition of the provision of services or products other than transaction execution is known as paying for those services or products with “soft dollars.” Since many of those services and products could benefit Point72, Point72 has a conflict of interest in selecting broker-dealers based on Point72’s interest in receiving such services and products, rather than on the interests of Point72 Funds receiving most favorable executions. Point72 also has a conflict of interest in allocating the Point72 Funds’ securities transactional business, including an incentive to cause the Point72 Funds to effect more transactions than they might otherwise do to obtain those benefits. The extent of any such conflict depends in large part on the nature and uses of the products and services acquired with “soft dollars.” In the ordinary course of its operations, Point72 may direct trades to certain brokers in exchange for “soft dollar” services or products that flow to Point72, its affiliates or their clients including the Point72 Funds. Point72 may cause some or all of these expenses to be paid using “soft dollars.” Section 28(e) of the Exchange Act recognizes the

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potential conflict of interest involved in this activity but protects investment managers such as Point72 from claims that the activity involves a breach of fiduciary duty to advisory clients, even if the brokerage commissions paid are higher than the lowest available, if certain conditions and requirements are met. To be protected under Section 28(e), Point72 must, among other things, determine that commissions paid are reasonable in light of the value of the brokerage and research products and services acquired. Section 28(e)’s “safe harbor” protects the use of the Point72 Funds’ soft dollars even when Point72 uses brokerage and research products and services, received in return for commissions paid by the Point72 Funds, to benefit clients of Point72 or its affiliates other than the Point72 Funds. In addition, soft dollars generated by a portfolio manager of a particular Point72 Fund may be used by another portfolio manager for the same or a different Point72 Fund or other client account. Point72’s current policy provides that the use of “soft dollars” to pay for research products or services will fall within the safe harbor created by Section 28(e). Point72 may, however, in the future, use “soft dollars” to pay for products or services outside of the safe harbor created by Section 28(e). To the extent that any such arrangements are deemed to fall outside the parameters of Section 28(e), Point72 will remain subject to its fiduciary duty to act in good faith and in the best interest of the Point72 Funds, as well as to follow Point72’s own policies and duty to seek “best execution” on behalf of the Point72 Funds. Within the last fiscal year, the types of “research” that Point72 acquired include, but are not limited to, the following:

reports on or other information about particular companies or industries;

economic surveys and analyses;

consulting services regarding products, technologies, issuers or industries;

recommendations as to specific securities;

non-mass-marketed financial publications (delivered in hard copy or electronically);

financial database software and services;

data services (including services providing market data, news data, company financial data, certain valuation and pricing data and economic data);

pre-trade and post-trade analytics, software and other products that generate market research, including research on optimal execution venues and trading strategies;

advice from brokers-dealers on order execution, including advice on execution strategies, market color and the availability of buyers and sellers (and software that provides such market research);

advice and input from brokers-dealers or independent research providers regarding investment recommendations related to electronic “alpha capture” systems;

the portion of proxy analysis services that are reports and analyses regarding issuers and industries (but not the portion used to vote proxies); and

other products or services in the categories listed in Section 28(e), regulations thereunder or SEC interpretations that enhance Point72’s investment decision making.

“Brokerage” products and services (beyond typical execution services) include, but are not limited to, the following: (i) trading software used to route orders to market centers; (ii) software that provides algorithmic trading strategies; (iii) software used to transmit orders to direct market access systems; (iv) connectivity services between Point72 and an executing broker (including dedicated lines between Point72’s order management system and the executing broker, lines between the executing broker and order management systems operated by third parties, and message services used to transmit orders to brokers for execution of Point72 Fund transactions); and (v) short-term custody of funds and securities relating to effecting, clearing and settling particular transactions.

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Brokers and dealers from which Point72 obtains soft dollar services or products generally establish “credits” based on past transactional business (including markups and markdowns on principal transactions, such as transactions with market-makers for NASDAQ securities), which may be used to pay or reimburse Point72 for specified expenses. In some cases, the process is less formal; a broker or dealer simply may suggest a level of future business that would fully compensate the broker or dealer for services or products it provides. A Point72 Fund’s actual transactional business with a broker-dealer may be less than the suggested level but can, and often will, exceed that level, and credits established may exceed the amounts used to acquire products and services. This may be in part because a Point72 Fund’s investment activities generate aggregate commissions in excess of the levels of future business suggested by all brokers and dealers who provide products and services. In addition, it may be in part because those brokers and dealers may also provide superior execution and may therefore be most appropriate for particular transactions. Point72 may ask a broker or dealer who is executing a transaction to “step out” of a portion of the transaction in favor of a broker or dealer who has provided or is willing to provide products or services for soft dollars. That is, the executing broker or dealer will allow a portion of the overall commissions or other compensation to be paid to the soft-dollar broker-dealer. This assists Point72 in acquiring products and services with soft dollars while continuing to seek best execution. The procedures described above are generally consistent with the requirements of Section 28(e) when the products or services acquired constitute research and/or brokerage. Except in the case of certain “riskless principal” transactions in NASDAQ securities, for which the Section 28(e) safe harbor is available, the safe harbor is not available for transactions effected on a principal basis, such as most transactions with market-makers in over-thecounter equity and debt securities where the dealer is compensated through a mark-up, markdown or other differential over the price it might itself obtain in its own purchases or sales in the market. Point72 may nonetheless use such dealer compensation as soft dollars with which to acquire products and services of the kinds described above. Directed Brokerage Point72 determines the selection of particular broker-dealers for securities transactions of a Point72 Fund subject to Point72’s policy to seek best execution for such transactions. Point72 does not recommend, request or require that a Point72 Fund direct it to execute transactions through a specified broker-dealer, nor does Point72 permit a Point72 Fund to direct brokerage. Aggregation of Client Orders Point72 may combine orders on behalf of a Point72 Fund with orders for other accounts for which it or its principals have investment authority, or in which it or its principals have an economic interest. In such cases, Point72 will allocate the securities or proceeds arising out of those transactions (and the related transactional expenses) on an average-price basis among the various participants. Point72 believes combining orders in this way will, over time, be advantageous to all participants. The average price, however, could be less advantageous to a Point72 Fund than if the Point72 Fund had been the only account effecting the transaction or had completed its transaction before the other participants. Because of Point72’s interest in the Point72 Funds, there may be circumstances in which a Point72 Fund’s transactions may not, under certain laws and regulations, be combined with those of some of Point72’s and its affiliates’ other clients, and a Point72 Fund may obtain less advantageous execution than such other clients. Trade Errors In the course of carrying out investment activities on behalf of a Point72 Fund, trade errors may occur. It is Point72’s general policy that a Point72 Fund will be responsible for any loss resulting from a trade error, except for a loss arising from the gross negligence of Point72.

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Point72 does not participate in arrangements with non-clients that result in Point72 receiving an economic benefit for providing investment advice or other advisory services to its clients. Point72 does not currently compensate any person for client referrals.

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Historic Governmental and Regulatory Matters. The following is a summary discussion of certain governmental investigations and civil litigation involving certain affiliates of Point72, including S.A.C. Capital Advisors, L.P. (“SAC Advisors LP”) and S.A.C. Capital Advisors, LLC (“SAC Advisors LLC”). SAC Advisors LP and SAC Advisors LLC have been merged with and into another entity owned and controlled by Mr. Cohen, which does not provide investment advisory or other services to the Point72 Funds. On November 20, 2012, the SEC filed a civil complaint (the “CRI Complaint”) against CR Intrinsic Investors, LLC (“CR Intrinsic”), an affiliate of SAC Advisors LP, as well as against a former employee of CR Intrinsic and a doctor, in federal court in the Southern District of New York, alleging that CR Intrinsic traded in the securities of two issuers during July 2008, on the basis of material nonpublic information in violation of U.S. securities laws. On the same day, the United States Attorney’s office for the Southern District of New York (the “ SDNY Office”) unsealed a criminal complaint against the former CR Intrinsic employee. On March 15, 2013, CR Intrinsic, as defendant, and certain of its affiliates, as relief defendants, agreed to settle the SEC’s claims against CR Intrinsic as set forth in the CRI Complaint by executing a consent to the entry of judgments by the court without admitting or denying the charges set forth in the CRI Complaint. CR Intrinsic paid disgorgement, interest and a penalty of approximately $602 million and is permanently restrained and enjoined from violating Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder. On February 6, 2014, the former CR Intrinsic employee was convicted of two counts of securities fraud and one count of conspiracy to commit securities fraud. This former employee has appealed the conviction. On August 23, 2017, the United States Court of Appeals for the Second Circuit affirmed the conviction, and on June 25, 2018 the same panel of the United States Court of Appeals for the Second Circuit again affirmed the conviction in an amended opinion. Subsequently the former CR Intrinsic employee appealed from the decision of the United States Court of Appeals for the Second Circuit. On June 5, 2019, the United States Supreme Court denied the former employee’s petition for a writ of certiorari. Subsequent to the filing of the CRI Complaint, multiple class action complaints were filed by purported shareholders of the relevant issuers (Elan and Wyeth) referenced in the CRI Complaint against, among others, SAC Advisors LP, CR Intrinsic, Mr. Cohen and certain affiliates of SAC Advisors LP, which complaints were subsequently consolidated and amended. The consolidated amended complaint asserted claims under Section 10(b), 20(a) and 20A of the Exchange Act, repeated the allegations contained in the CRI Complaint, and included a longer period of alleged improper trading. The consolidated complaint additionally alleged violations of the Racketeering Influenced and Corrupt Organization Act (“RICO”) and repeated the allegations contained in the SAC Manager Indictment (discussed below). On April 28, 2015, the court dismissed the RICO claims in their entirety. On September 30, 2016, the court approved a stipulation of settlement between the Wyeth shareholders described in the consolidated complaint (the “Wyeth Lead Plaintiffs”) and SAC Advisors LP, CR Intrinsic, Mr. Cohen and the affiliates of SAC Advisors LP and dismissed all claims asserted against them by the Wyeth Lead Plaintiffs. On May 12, 2017, the court approved a stipulation of settlement between the Elan shareholders described in the consolidated complaint (the “Elan Lead Plaintiffs”) and SAC Advisors LP, CR Intrinsic, Mr. Cohen and the affiliates of SAC Advisors LP and dismissed all claims asserted against them by the Elan Lead Plaintiffs, thereby resolving the consolidated action in its entirety. The Elan Lead Plaintiffs dismissed all claims against Mr. Cohen in an order that was separate from the order settling the consolidated action. On March 15, 2013, the SEC filed a civil complaint (the “Sigma Complaint”) against Sigma Capital Management, LLC (“Sigma Management”), an affiliate of Point72, alleging that Sigma Management traded in the securities of two issuers during May 2008, August 2008, May 2009 and August 2009, on the basis of material nonpublic information in violation of U.S. securities laws. On the same day, Sigma Management, as defendant, and certain of its affiliates, as relief defendants, settled the SEC’s claims against Sigma Management as set forth in the Sigma Complaint by executing a consent to the entry of judgments by the court without admitting or denying the charges set forth in the Sigma Complaint. Sigma Management paid disgorgement, interest and a penalty of approximately $14 million and is permanently restrained and enjoined from violating Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder. Separately, the portfolio manager and analyst of Sigma Management were charged with securities fraud in connection with the trading that is the subject of the Sigma Complaint. However, after the portfolio manager was found guilty and the analyst pled guilty, the court entered orders of nolle prosequi dropping the charges against both employees.

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On July 19, 2013, the SEC instituted an administrative proceeding against Steven A. Cohen pursuant to Section 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) alleging that Mr. Cohen failed to reasonably supervise (i) an employee of CR Intrinsic in connection with the trading that was the subject of the CRI Complaint and (ii) a portfolio manager of Sigma Management in connection with the trading that was the subject of the Sigma Complaint. On January 8, 2016, the SEC issued an order (“SEC Order”) accepting an offer of settlement from Mr. Cohen related to the alleged failure to supervise the employee of CR Intrinsic. The SEC did not pursue the allegations related to the portfolio manager of Sigma Management after his conviction was overturned. Pursuant to the settlement, Mr. Cohen neither admitted nor denied the findings of the SEC in the order, and no fine or monetary penalty was imposed. The SEC Order required any investment adviser, family office or broker-dealer owned or controlled by Mr. Cohen to, for a limited period of time, retain an independent consultant and adopt such consultant’s recommendations and submit to on-site SEC examinations. Further, the SEC Order prohibited Mr. Cohen from being associated in a supervisory capacity with any investment adviser, broker or dealer until December 31, 2017. The SEC Order does not prohibit or otherwise restrict Mr. Cohen’s supervisory activities from and after January 1, 2018, including in respect of Point72. On July 25, 2013, SAC Advisors LP, SAC Advisors LLC, CR Intrinsic and Sigma Management (collectively, the “SAC Manager Defendants”) were charged in an indictment (the “SAC Manager Indictment”) with one felony count of wire fraud in connection with the obtainment at various times from 1999 through 2010 of material nonpublic information for the purpose of executing securities transactions based on that inside information and each SAC Manager Defendant was separately charged with a felony count of securities fraud in connection with obtaining and trading on material nonpublic information at various times ranging from 1999 through 2010. Also on July 25, 2013, in connection with the SAC Manager Indictment, the U.S. Department of Justice initiated a civil action (the “SAC Civil Forfeiture Action”) alleging that (1) all of the assets of the SAC Manager Defendants and certain of the funds managed by the SAC Manager Defendants constitute property involved in financial transactions involving proceeds of unlawful activity and a conspiracy to undertake such transactions and (2) the SAC Manager Defendants engaged in money laundering by engaging in transactions involving profits obtained from the unlawful activities set forth in the SAC Manager Indictment. On November 1, 2013, the SDNY Office and the SAC Manager Defendants reached a proposed resolution of the allegations in the SAC Manager Indictment and the SAC Civil Forfeiture Action (the “Resolution”), which was subsequently approved by the court. As contemplated by the Resolution, the SAC Manager Defendants pleaded guilty to the allegations of felony wire fraud and felony securities fraud in the SAC Manager Indictment and the court accepted the SAC Manager Defendants’ plea. The Resolution required the SAC Manager Defendants to pay a $900 million fine in connection with the SAC Manager Indictment and a forfeiture of $284 million in connection with the settlement of the SAC Civil Forfeiture Action, which have both been paid. The SAC Manager Defendants and certain affiliates thereof retained a compliance consultant approved by the SDNY Office to evaluate and report on the insider trading compliance procedures of such entities. On June 27, 2014, as contemplated by the Resolution, SAC Advisors LP and its affiliated registered investment advisers (collectively, the “Registered SAC Advisers”) agreed with the SEC to the entry of an administrative order against the Registered SAC Advisers. In compliance with the order, the Registered SAC Advisers ceased acting as “investment advisers” under the Advisers Act and Mr. Cohen ceased to be substantively involved in the management of investments by the Registered SAC Advisers. On September 16, 2014, the CFTC issued an order accepting an offer of settlement from SAC Advisors LP and SAC Advisors LLC. The CFTC had alleged that the registrations of SAC Advisors LP and SAC Advisors LLC as commodity trading advisors and commodity pool operators with the CFTC were subject to statutory disqualification as a result of the guilty plea entered in resolution of the SAC Manager Indictment. The order provides that the CFTC registrations of SAC Advisors LP and SAC Advisors LLC are revoked. On August 16, 2016, the CFTC issued an order (“CFTC Order”) accepting an offer of settlement from Mr. Cohen. The CFTC alleged that Mr. Cohen was subject to statutory disqualification under Section 8a(4) of the Commodity Exchange Act based on Mr. Cohen’s consent to the SEC Order finding that he failed to reasonably supervise another person who was subject to his supervision in connection with the trading that was the subject of the CRI Complaint. The CFTC Order prohibited Mr. Cohen from engaging in any activity requiring registration with the CFTC or acting as an officer or employee of any person registered with the CFTC through December 31, 2017. The CFTC Order

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As part of Point72’s risk management process, Point72 will periodically monitor the composition of a Point72 Fund’s portfolio and make adjustments based on a variety of systematic and subjective assessments. Point72’s risk management team will primarily be responsible for this monitoring. Point72, its third-party fund administrator and other service providers typically provide in writing to investors audited annual financial statements, periodic unaudited risk and performance reports, account statements and, for U.S. Funds, tax information relating to their investment in the Point72 Fund necessary for U.S. federal income tax purposes. Other information may be provided as agreed upon with a Point72 Fund or an investor.

Point72 or an affiliate is deemed to have custody, as defined in Rule 206(4)-2 under the Advisers Act, of funds or securities of a Point72 Fund. Point72 relies on the “audit exemption” under Rule 206(4)-2(b)(4) under the Advisers Act, which exempts an adviser to a limited partnership, limited liability company or other pooled investment vehicle from the requirement to deliver account statements to its clients if the adviser requires the vehicle to be audited annually by an independent public accountant that is registered with the Public Company Accounting Oversight Board and distributes the audited financial statements annually to the investors in the vehicle.

Point72 has discretionary authority to manage the securities portfolios of the Point72 Funds pursuant to the investment management agreements with the Point72 Funds, which customarily do not place limitations on Point72’s authority to manage a Point72 Fund’s portfolio.

Point72’s policy is to vote or abstain from voting proxy proposals, amendments, consents, or resolutions (collectively, “proxies”) on behalf of accounts managed by Point72 (each, a “Point72 Account”) generally in accordance with the recommendations of a proxy voting service provider (the “Proxy Service Provider”), which is an unaffiliated, third-party proxy voting advisory firm that specializes in providing proxy voting services to institutional investment managers, based on the Proxy Service Provider’s sustainability voting guidelines. Point72 does not, however, follow the Proxy Service Provider’s recommendation in all instances. Point72, including the portfolio managers to the Point72 Funds, retains the discretion in certain instances to vote contrary to the Proxy Service Provider’s recommendation, abstain from voting or to split its vote if Point72, through its Proxy Committee determines that the vote or abstention to vote is consistent with the investment thesis or otherwise in the Point72 Account’s interests. In certain cases, certain Point72 portfolio managers may vote differently than other Point72 portfolio managers for particular votes with respect to the same company. As a result, proxy voting decisions made on behalf of a particular Point72 Fund may adversely affect other Point72 Funds. Point72 will semi-annually review its voting practices, including when the Proxy Committee will approve any requests to vote contrary to the Proxy Service Provider’s recommendation or to abstain from voting. Potential conflicts of interest may arise due to a variety of reasons that could affect how Point72 votes proxies. The Proxy Committee attempts to minimize material conflicts of interest by utilizing recommendations from the Proxy Service Provider. In instances where a portfolio manager decides to request that the Proxy Committee vote contrary to the Proxy Service Provider’s recommendation or to abstain from voting, Point72 will review the vote for any potential conflicts of interest.

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Upon request of a client, Point72 will provide a copy of its proxy voting policies and procedures and provide information regarding how proxies have been voted. Point72 may, at any time and from time to time, without the consent of, or notice to, any client or investor in a Point72 Fund, amend its proxy voting policy.

Point72 does not require the payment of fees or other compensation six months or more in advance. There exists no financial condition of which Point72 is currently aware that would impair Point72’s ability to meet contractual commitments to its clients. Point72 has not been the subject of a bankruptcy petition within the past 10 years.