Petrichor Healthcare Capital Management LP: investment adviser

Scion currently offers discretionary investment advisory services to Scion Life Sciences I, LLC (collectively, with the Petrichor advised pooled investment vehicles, the “Funds”) privately offered to qualified investors in the United States and elsewhere. Scion is owned by Samuel W. Hall, Aaron M. Kantoff, and Tadd S. Wessel. For the purposes of this Brochure, the “Firm” refers to Petrichor and Scion. The Firm provides discretionary investment management services to the Funds pursuant to investment guidelines within the relevant governing and offerings documents (the “Offering Documents”). The Firm does not tailor its services to individual Fund investors nor provide investors with the right to specify, restrict, or influence the Fund’s investment objectives or any investment or trading decisions. The Firm is responsible for providing day-to-day managerial and administrative services to the Funds and has full discretion to make, evaluate and monitor Fund investments in a manner consistent with the investment objective and strategy. The Firm does not participate in wrap fee programs. As of December 31, 2025, the Firm managed approximately $966,491,168 in regulatory assets under management, all of which are managed on a discretionary basis. The Firm does not manage any assets on a non-discretionary basis.

In general, the proration of management fees is calculated based on the number of days remaining in the applicable quarter, and it would be Petrichor’s policy to refund management fees on a prorated basis upon the termination of Petrichor’s investment management agreement with the Funds. Petrichor renders its services to the Funds at its own expense, including its overhead expenses such as salaries and fringe benefits of its personnel, rent, office equipment, newspapers and other mass-market periodicals, computer equipment, data processing, utilities of any office space maintained, office supplies, secretarial services, and any other overhead-type expenses. All other expenses are borne by the Funds, including operating expenses such as private placement fees, appraisal fees, brokerage fees, expenses relating to hedging, legal and accounting fees, taxes and other governmental charges levied against the Fund, regulatory

expenses, “broken deal” expenses, interest expenses incurred in respect of indebtedness, reimbursement of the Funds’ pro-rata share of any reasonable expenses of the Advisory Committee, and other fees or expenses determined by the Advisory Committee to be related to the Fund’s affairs. The inclusion of an expense category in a Fund’s Offering Documents will not impose on Petrichor an obligation to charge an expense (or the full amount of that expense) to that Fund; instead, permitted expenses will be allocated and charged in Petrichor’s discretion to the Fund(s) it deems appropriate. Transaction fees, advisory fees, directors’ fees, investment banking fees, break-up fees, and other similar fees received by Petrichor relating to Fund investments will first be applied to unreimbursed expenses of Petrichor related to the applicable transaction, with 80% of the excess of any such fees applied to offset and reduce future management fees. Organizational expenses up to $1.25 million would have been paid by the Funds, with any excess serving to reduce management fees. Additional information regarding fees and other expenses can be found in each Fund’s Offering Documents. Scion receives operating expense amounts as more fully described in the Scion Life Sciences I, LLC governing documents. The operating expenses charged to Scion Life Sciences I, LLC are reduced by the amount of any transaction fees, break-up fees, advisory fees, director’s fees, monitoring fees, and other similar fees received by Scion or its affiliates. The Funds have entered into letter agreements or other similar agreements (collectively, “Side Letters”) with one or more investors that alter, modify or change the terms of the interests held by such investors. Side Letters provide such investor(s) with additional and/or different rights (including, without limitation, with respect to the carried interest, management fee, withdrawal rights, informational rights or other rights) than the other investors.

Additionally, the Firm’s allocation policies are designed to ensure investment opportunities are allocated fairly over time and allocations are not determined based on the desire to earn a performance-based fee. Additionally, it should be noted that such performance-based compensation creates a potential conflict of interest in that it incentivizes the Firm or its related persons to recommend investments that are riskier or more speculative than would be the case absent this performance-based compensation. As such, the Firm has implemented policies for approving investments that are intended to mitigate the potential conflict of interest associated with performance-based compensation, so that over time its Funds are treated in a fair and equitable manner with respect to the allocation of investment opportunities. Investors in the Funds are informed of the performance-based compensation in the Offering Documents.

The Firm has defined the key investment criteria to deliver on this objective including the following (i) differentiated commercial products or services; (ii) strong operational capabilities; and (iii) intellectual property protection. The Firm’s investment professionals have extensive prior investment experience that is consistent with the Fund’s investment strategy. Thus, the investment team has unique insight into designing and underwriting structured investments with a proven track record of generating attractive returns for investors. Risk of Loss Factors The Firm’s investment strategy involves significant risks. A discussion of certain material risks is provided below. For a more complete list of expected risk factors, prospective Fund investors are urged to review the respective Fund’s Offering Documents. General. All investments risk partial or total loss of capital. No guarantee or representation is made that the Fund will achieve its investment objective or that investors will not lose all or substantially all of their investment in the Fund. The nature of the investments made by the Funds and the investment techniques and strategies to be employed in an effort to increase profits may increase the risk. Many unforeseeable events, including actions by various government agencies and domestic and international political events, may cause sharp fluctuations in the value of the investments owned by the Fund. Any given investment made by the Funds may prove to be worthless. An investment in the Funds should only be considered by persons who can afford a loss of their entire investment. Debt Securities. The Funds have the ability to hold debt and debt-related instruments issued by or in respect of companies in which it invests. “Credit risk” refers to the likelihood that an issuer will default on the payment of principal and/or interest on a debt instrument. Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a debt instrument will affect its credit risk. Credit risk is subject to changes over the life of an instrument. “Interest rate risk” refers to the risks associated with market changes in interest rates. Interest rate changes typically affect the value of a debt instrument directly (particularly in the case of instruments the rates of which are adjustable) and indirectly (particularly in the case of fixed rate

securities). In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive effect on price. Adjustable-rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules. Subordinated Loans. While the Funds seek to originate primarily first-lien loans, at times they will acquire and/or originate subordinated loans, which will entail risks, including (i) the subordination of the Fund’s claims to a senior-lien in terms of the coverage and recovery of the collateral, (ii) the prohibition of or limitation on the right to foreclose or exercise other rights and (iii) the inability of the Funds to make certain decisions with respect to the obligor pursuant to any inter-creditor or similar arrangement with the first-lien lender. Accordingly, in certain cases, no recovery may be available from a defaulted subordinated loan. The level of risk associated with investments in subordinated loans increases to the extent such investments are loans of distressed or below investment grade issuers, which is likely. Equity Investments. The Funds’ investments include equity securities or derivatives with respect thereto or issued thereon. Such equity securities and derivatives may take various forms, including, but not limited to, common stock, preferred stock, warrants, convertible securities, equity options and other equity or hybrid equity securities. Equity securities generally represent the most junior position in an issuer’s capital structure and, as such, generally entitle holders to an interest in the assets of the issuer, if any, remaining after all more senior claims to such assets have been satisfied. Holders of common stock generally are entitled to dividends only if and to the extent declared by the directors of the issuer, out of the issuer’s income or other assets available, if any, after making interest, dividend and any other required payments on more senior securities of the issuer. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. In the event of a liquidation of the issuing company, holders of convertible securities would be paid after the company’s creditors but before the company’s common stockholders. Consequently, the issuer’s convertible securities generally are viewed as having more risk than its debt securities, but less risk than its common stock. In general, options, warrants, stock purchase rights and other similar instruments are securities or instruments granting the right to or otherwise permitting, but not obligating, their holders to subscribe for equity securities, and they do not represent any rights in the assets of the issuer. As a result, options, warrants, stock purchase rights and other similar securities or instruments are typically considered more speculative than other types of equity investments. Liquidity of Investments. Many of the Funds’ investments will be subject to liquidity-related risks, particularly the risk that the Funds will be unable to dispose of such investments by sale or other means at attractive prices or will otherwise be unable to complete any exit strategy. Among others, these risks include changes in the financial condition or prospects of the entity in which the investment is made. It is not generally expected that private securities acquired by the Funds will eventually be registered and listed on a securities exchange. Absent registration, the Funds will not be able to sell such securities unless an exemption from such registration requirements is available. In addition, in some cases the Funds may be prohibited by contract or regulatory restrictions from selling such securities for a period of time. To the extent that there is no liquid trading market for an investment, the Funds may be unable to liquidate that investment or may be unable to do so at a profit. Moreover, there can be no assurances that private purchasers for the Funds’ investments will be found. Reliance on Management. Investors do not have an opportunity to select or evaluate any Fund investments. Control over the operations of the Funds, including selecting, structuring,

negotiating, purchasing, financing, and divesting all Fund investments will be vested with the relevant General Partners, and the quality of their decisions will depend largely upon the business and investment acumen of the Firm and its personnel, and will therefore dictate the Funds’ success or failure. In addition, the business and prospects of the Firm (and by extension, the Funds) could be materially and adversely affected by the death or incapacity of Mr. Wessel or any senior personnel of the Firm. There can be no assurance that such personnel will continue to be associated with or remain in the same roles at the Firm, and a loss or reduction of service of the Firm could have an adverse effect on a Fund’s ability to realize its investment objectives or avoid losses. Further, if the Funds were to incur substantial losses, the revenues of the Firm could decline substantially. Such losses may impair the Firm’s ability to retain employees, provide the same level of service to the Funds and continue operations. Side Letters. As noted in Item 5 above, in connection with or as a condition to an investor’s agreement to invest in a Fund, the Fund or its General Partner is permitted to enter into a “side letter” or similar agreement with an institutional or other investor pursuant to which the Fund or its General Partner grants the investor specific rights, benefits or privileges that are not generally made available to all investors. Such rights, benefits or privileges include waivers or discounts on management fees and/or carried interest, “most favored nation” clauses, preferential access to co-investment opportunities, notice rights upon the occurrence of certain events, specialized or additional reporting rights, rights related to tax treatment, rights related to regulatory matters, rights related to immunities or indemnification, rights related to the ability of the investor to transfer its interest in the Fund, additional representations and warranties from the Fund, its general partner and/or the Firm, modifications to the subscription agreement and/or other related benefits. While the ability of a Fund or its general partner to enter into a side letter or similar agreement affording preferential rights to certain investors will generally be disclosed to other investors in the Fund, the specific terms of such “side letters” or similar agreements are generally not disclosed to other investors in the Fund, except to investors that have separately negotiated for the right to review such agreements. Co-Investment Opportunities. From time to time the General Partner or the Firm offers limited partners or third parties the opportunity to co-invest alongside the Funds in certain investment opportunities in its sole discretion, is not expected to offer co-investment with respect to all investments, and is permitted to allocate any such opportunities as described in the Funds’ Offering Documents. The Firm or an affiliate thereof has formed and may form in the future, committed co-investment vehicles to participate alongside the Funds in investment opportunities that the General Partner has determined in good faith exceed prudent diversification levels for the Funds. The General Partner, in its discretion, may determine to only offer participation in a committed co-investment vehicle to select investors. The allocation of co-investment opportunities involves a benefit to the General Partner, the Firm or one or more of their respective affiliates, including, without limitation, management fees, carried interest or other transaction-based compensation in connection with the coinvestment opportunity. As a result, the General Partner and its affiliates may be subject to conflicting interests with respect to offering co-investment opportunities. Investment Allocations. Potential conflicts are expected to arise when and to the extent a Fund makes investments in conjunction with an investment being made by another Fund, or if it were to invest in the securities of a company in which another Fund has already made an investment. A Fund may not, for example, invest through the same investment vehicles, have the same access to credit or employ the same hedging or investment strategies as other Funds. This is likely to result in differences in price, terms, leverage and associated costs. Investments by more than one client of the Firm also have the potential to raise the risk of using assets of one client of the Firm to support positions taken by other clients. Where multiple Funds invest or consider investments in the same company at different times, the first Fund to invest

typically will bear all or a higher level of diligence and transaction fees, costs and expenses than later Funds (whether in the same or different strategy than the first Fund); similarly, to the extent a transaction does not proceed, the first Fund to invest typically will bear the full amount of broken deal expenses relating to the transaction, regardless of whether other Funds could or would have invested in the company in potential future transactions. Custodial risk. The Firm is required to maintain certain client assets at a qualified custodian. A custodian will have custody of Fund assets, including securities, cash, distributions, and rights accruing to a Fund’s securities accounts. The Funds may incur a loss on securities and funds held in custody in the event of a custodian’s or sub-custodian’s insolvency, negligence, fraud, poor administration or inadequate recordkeeping. Additionally, the Firm’s and Funds’ operations could be impacted by the bank’s insolvency in that there may be a delay in trade settlement, delivery of securities, etc. If the custodian holds cash on behalf of a Fund account, the Fund may be an unsecured creditor in the event of the insolvency of the custodian. In addition, prior to acceptance by a Fund, subscription amounts are subject to a variety of risks, including the risk of insolvency of any custodian that maintains an account for the deposit of such amounts. Establishing multiple custodial relationships could mitigate custodial risk in the event of a bank failure. Financial Institution Risk; Distress Events. An investment in a Fund is subject to the risk that one of the Fund’s banks, brokers, hedging counterparties, clearinghouses, exchanges, lenders or other custodians (each, a “Financial Institution”) of some or all of the Fund’s assets fails to timely perform or otherwise defaults on its obligations or experiences insolvency, closure, seizure, receivership or other financial distress or difficulty, (each, a “Distress Event”). Distress Events can be caused by factors including eroding market sentiment, significant withdrawals, fraud, malfeasance, poor performance, undercapitalization, market forces, or accounting irregularities. If a Financial Institution experiences a Distress Event, the Firm, the General Partner, and/or the Funds may be unable to access deposits, borrowing facilities or other services, either permanently or for an indeterminate period of time. Although assets held by regulated Financial Institutions in the United States frequently are insured up to stated balance amounts by organizations such as the Federal Deposit Insurance Corporation, in the case of banks, or the Securities Investor Protection Corporation, in the case of certain brokerdealers, amounts in excess of the relevant insurance are subject to risk of total loss, and any non-U.S. Financial Institutions that are not subject to similar regimes pose increased risk of loss. While in recent years governmental intervention has often resulted in additional protections for depositors and counterparties in connection with Distress Events, there can be no assurance that any intervention will occur, be successful or avoid the risk of loss, substantial delays or negative impact on banking or brokerage conditions or markets. Any Distress Event has a potentially adverse effect on the ability of the Firm to manage the Funds and their investments, and on the ability of the Firm or any Fund to maintain operations, which in each case could result in operational burdens, significant losses, and unconsummated investment acquisitions and dispositions. Such losses could include: a loss of funds; an obligation to pay fees and expenses in the event the Fund is unable to close a transaction (whether due to the inability to draw capital on a credit line provided by a Financial Institution experiencing a Distress Event, the inability of the Fund to access capital contributions or otherwise); the inability of a Fund to acquire or dispose of investments at prices that the relevant General Partner believes reflect the fair value of such investments; and/or the inability of the Firm to make payroll, fulfill obligations and/or maintain operations. If a Distress Event leads to a loss of access to a Financial Institution’s services, it is also possible that the Firm will experience operational burdens and expenses, and a Fund will incur additional expenses and/or delays in putting in place alternative arrangements and/or that such alternative arrangements will be less favorable than those formerly in place (with respect to economic terms, service levels, access to capital or otherwise). There can be no assurance that the Firm will be able to

exercise contractual remedies under the agreements with Financial Institutions in the event of a Distress Event, or that such remedies will be successful or avoid losses, delays, or other negative impacts. The Funds are subject to additional risks in the event a Financial Institution utilized by investors of a Fund or suppliers, vendors, service providers or other counterparties become subject to Distress Events, which could have a material adverse effect on a Fund or its investors including the risk of investor defaults. Many Financial Institutions require, as a condition to using their services (including lending services) that the Firm and/or the relevant Fund maintain all or a set amount or percentage of their respective accounts or assets with such Financial Institution, which heightens the risks associated with a Distress Event with respect to such Financial Institutions. Although the Firm seeks to do business with Financial Institutions that it believes are creditworthy and capable of fulfilling their respective obligations to the Funds, the Firm is under no obligation to use a minimum number of Financial Institutions with respect to any Fund, or to maintain account balances at or below the relevant insured amounts. Bank Deposits Risk. Deposits maintained at an FDIC-insured bank are covered up to $250,000 per depositor, per insured bank, for each account ownership category, in the event of a bank failure. Any deposits over $250,000 in cash at a single bank may be lost in the event the bank fails. Any deposit in excess of the maximum amount insured by the FDIC is an uninsured deposit. Diversifying banking relationships could serve to minimize the potential uncertainty and destabilizing effect on the Firm’s operations because of concern regarding the financial viability of a single banking institution. In addition, in the event of banking sector instability, companies in which the Firm invests may experience heightened volatility and liquidity concerns, and potentially significant valuation declines, if their ability to obtain shortterm or long-term financing necessary to continue operations at normal levels is impaired Counterparty Risk. The Firm and its Funds may be subject to credit and liquidity risk with respect to the counterparties. Exposure to credit and liquidity risk from counterparties can occur through a wide range of activities when dealing with counterparties, including but not limited to, service providers, banks, brokers, insurance providers, trading counterparties, portfolio companies, prospective portfolio companies, or other entities. Should a counterparty become bankrupt or otherwise fail to perform its obligations under a contract due to financial difficulties, there could be significant delays in obtaining any or limited recovery under a contract in a bankruptcy court or other reorganization proceeding. The lack of any independent evaluation of such counterparties’ financial capabilities, and the absence of a regulated market to facilitate settlement or provide access to capital will increase the potential for losses by the Firm or Funds, especially during unusually adverse market conditions. Cybersecurity and Systems Risks. The Firm relies on computer programs, networks, devices and electronic systems in connection with the Fund’s investment activities. These programs, networks, devices and systems are subject to certain defects, failures, interruptions or security breaches, including, but not limited to, those caused by computer “worms,” viruses, power failures and social engineering schemes such as “phishing.” The Firm’s operations are dependent on each of these networks, systems or devices and the successful operation of such networks, systems or devices is often out of the Firm’s control. Any such defect, failure or breach could have a material adverse effect on the Funds, the Firm and their affiliates. Cybersecurity breaches may cause (i) disruptions and impact business operations, potentially resulting in financial losses to the Fund; (ii) the inability of the Firm and other service providers to transact business; (iii) violations of applicable privacy and other laws; (iv) regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as (v) the inadvertent release of confidential or sensitive information. In addition, cybersecurity breaches of third-party service

providers (e.g., the Funds’ custodians) or issuers of securities in which the Funds invest could subject the Funds to many of the same risks. The Firm has policies and procedures in place to protect such systems and prevent data loss and security breaches. However, such measures cannot provide absolute security. A breach of the Firm’s information systems could cause information relating to the Funds’ transactions and personally identifiable information of investors to be lost or improperly accessed, used, or disclosed. Artificial Intelligence and Machine Learning. Recent technological advances in artificial intelligence and machine learning technologies (collectively, “AI Technologies”), as well as the rapid growth and widespread use thereof, have the potential to pose risks to the Firm and the Funds. AI Technologies have the potential to result in significant and disruptive changes in companies, sectors or industries, including those in which the Funds invest and create new and unpredictable operational, legal and/or regulatory risks. To the extent competitors of the Firm and the Funds make more efficient or extensive use of AI Technologies, there is a possibility that such competitors will gain a competitive advantage. Many jurisdictions have passed or are considering laws and regulations concerning AI Technologies, which could adversely affect the portfolio companies and their operations. Additionally, the Firm and the Funds could be further exposed to the risks of AI Technologies if third-party service providers or any counterparties, whether or not known to the Firm, use AI Technologies in their business activities. The Firm will not be able to control the use of AI Technologies in third-party products or services, including those provided by the Firm’s and its affiliates’ service providers. Additionally, the Firm and its personnel reserve the right to use AI Technologies in connection with the Firm’s business activities, including to support the Firm’s due diligence and investment activities. AI Technologies are generally highly reliant on the collecting and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI Technologies use to operate. Certain data in AI Technologies potentially will contain a degree of inaccuracy and error and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of such AI Technologies. Even where AI Technologies are utilizing accurate data, they may, nonetheless, output results that contain, in whole or in part, inaccurate information, which may be difficult or impossible to identify, and it may be difficult or impossible to modify such AI Technologies to eliminate these occurrences. Additionally, the ongoing development, maintenance and operation of AI Technologies is expensive and complex, and may involve unforeseen difficulties including material performance problems and undetected defects or errors. Any such inaccuracies or errors could have adverse impacts on the operations and/or performance of the Firm and the Funds. In addition, use of AI Technologies poses various risks related to confidentiality, privacy and cybersecurity. Firm personnel also could utilize AI Technologies in contravention of any policies, confidentiality agreements or applicable law. Any of such risks or misuse could have an adverse effect on the Firm and/or the Funds . AI Technologies and their applications, including in the financial sector, continue to develop rapidly, and it is impossible to predict the future risks that have the potential to arise from such developments. Any of the foregoing factors could have a material and adverse effect on the Firm and the Funds. Force Majeure Risks. The Firm’s strategies and investments on behalf of its Funds may be affected by force majeure events (i.e., events beyond the Firm’s control, including acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, labor strikes, and/or other circumstances resulting in property damage, network interruption, and/or prolonged power outages). Some force majeure events could adversely affect the Firm’s ability to perform its obligations until it is able to remedy the force majeure event. In addition, the losses to the Funds resulting from such force majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease that becomes a global pandemic) could also have a broader

negative impact on the world economy and international business activity generally, or in any of the countries where the Firm may invest specifically on behalf of its Funds. In particular, such events could materially and adversely impact the value and performance of the Funds, including their ability to source, manage and divest investments as well as their ability to achieve their investment objectives. Additionally, the operations of the Funds and their respective General Partners and managers could be significantly impacted, or even temporarily or permanently halted, as a result of required office closures, government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to the force majeure event. Any one or any combination of the foregoing may therefore adversely affect performance. Furthermore, if a force majeure event is determined to have occurred, a counterparty to a Fund or portfolio investment may be relieved of its obligations under certain contracts to which it is a party. If it is determined that a force majeure event has not occurred, the Fund and its portfolio investments may also be required to meet their contractual obligations, despite potential constraints on their operations and/or financial stability. Business Continuity and Disaster Recovery Risks. The Firm and the Funds’ business operations are vulnerable to disruption in the case of catastrophic events such as fires, natural disasters, terrorist attacks, political unrest, or other circumstances resulting in property damage, network interruption, and/or prolonged power outages. Although the Firm has implemented measures to manage risks relating to these types of events, there can be no assurances that all contingencies can be planned for. These risks of loss can be substantial and have a material adverse effect on the Firm and the Funds’ investments. The Firm maintains a Business Continuity Plan (“BCP”) to ensure the continuation of services to the Firm, the Funds or the underlying investors and enhance the safety of its employees. The BCP was developed and tested to provide protocols in the event of an emergency. These procedures are designed to limit disruption in services and maintain efficient and effective operations. The Firm has performed real-time testing of its firm‐wide business continuity and disaster recovery plan which has proven the Firm has a well-defined plan and its controls and policies are effective. Regulatory Uncertainty. It is expected that the current U.S. administration will seek to enact changes to numerous areas of law and regulations currently in effect. Any such changes could significantly impact the Firm, the Fund, and their investments year over year. Specific legislative and regulatory proposals discussed during election campaigns and recent public statements that might have a material impact include, without limitation, changes to trade agreements, immigration policy, import and export regulations, tariffs and customs duties, energy regulations, income tax regulations and the federal tax code, public company reporting requirements, and antitrust enforcement. Changes in federal policy are subject to further uncertainty, as changes could be implemented at regulatory agencies over time through policy and personnel changes, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic effects of potential changes to the current legal and regulatory framework affecting financial institutions under the current presidential administration remain highly uncertain. It is possible that future changes will adversely affect the Firm or the Funds’ operating environment and consequently their business, financial condition and results of operations. There can be no assurance that any changes in laws, regulations or governmental policy will not have an adverse impact on the Firm, the Funds or their investments, including the ability of the Funds to execute their investment objectives and to receive returns. Trade Policy. The U.S. government has imposed, and is likely to continue imposing, broad and rapidly changing tariffs on multiple countries around the globe. Such actions as well as the responses of other countries and actors could significantly exacerbate the normal risks

associated with the Fund and result in adverse changes to, among other things: (i) general economic and market conditions; (ii) shipping and transportation costs and supply chain constraints; (iii) interest rates, currency exchange rates, and expenses associated with currency management transactions; (iv) demand for investments; (v) available credit in certain markets; (vi) import and export activity from certain markets; (vii) laws, regulations, treaties, pacts, accords, and governmental policies; and (viii) the ability of portfolio companies to implement strategies to produce expansion, reduce costs, improve operations, or otherwise enhance the value of the Fund Clients’ investment in such portfolio companies. Such tariffs have the potential to gravely impact markets, global supply and demand, import/export policies, and the availability of labor in certain markets, and there is no guarantee that additional tariffs or similar measures will not be implemented. The foregoing could seriously impact the operations of the Fund and their ability to realize investment objectives in a timely manner. Please refer to the Funds’ Offering Documents for a description of additional risks associated with an investment in each Fund.

Petrichor and Scion share back-office operations and facilities. Petrichor and its affiliates will not be restricted from forming additional investment funds that do not compete with Scion, from entering into other investment advisory relationships or from engaging in other business activities, even if such activities could involve substantial time and resources of the general partner, its affiliates or personnel. These activities could be viewed as creating a conflict of interest in that the time and effort of certain Petrichor personnel will not be devoted exclusively to the business of Petrichor.

The Firm will provide a copy of the Code to any current or prospective client or investor upon request. Personal Trading Pursuant to Rule 204A-1 under the Advisers Act, Petrichor has adopted the Code and a Personal Trading Policy, as defined within the Code. The Personal Trading Policy imposes certain restrictions on the personal securities trading of employees and any family member living in the same household or to whom employees provide primary financial support. Such restrictions include obtaining pre-approval for certain trades or private transactions and reporting certain trading activities and securities holdings on an initial and annual basis thereafter. Additionally, the Firm maintains a “Restricted List” of companies and securities on which a determination has been made that it is prudent to restrict trading activity by the Firm and its employees. In order to abide by the Personal Trading Policy, all Firm employees must obtain pre-clearance from the Firm’s Chief Compliance Officer (“CCO”) or designee prior to executing certain trades and participating in certain investments, so the Firm can determine whether or not the transaction currently poses or could pose a potential conflict to the Funds. Additionally, employees must direct or make available duplicate copies of their brokerage statements to the CCO or designee in order to assist the Firm in monitoring compliance with the Firm’s Personal Trading Policy. Neither the Firm, nor any of its related persons, recommend that any Fund acquire or sell securities in which the Firm, or any related person has a material financial interest. As a matter of general practice, neither the Firm, nor any of its related persons, acquire or sell securities that are also recommended to the Funds. Directors and Officers. Certain employees of the Firm serve as directors or officers of entities through which investments by the Funds are held. Co-Investment Opportunities. The Firm is permitted to offer investment opportunities, including co-investment opportunities through SPVs, in certain Fund investments to existing investors or third parties. In certain cases, when an SPV is formed, such entity will bear expenses related to its formation and operation, many of which are similar in nature to those borne by the other Funds. To the extent the Firm or the general partners receive any compensation or fees as a result of such co-investment arrangement, such fees are neither payable to the Funds nor credited against future management fees.

The Firm's investment team and the CCO or a designee will periodically evaluate the Firm's brokerdealers based upon several factors, including but not limited to: (i) execution quality, (ii) research services, and (iii) availability and quality of electronic trading, among other factors. In particular, the Firm’s review will focus on the quality of each broker-dealer’s services and its performance in each category. The Firm will periodically review the selection, execution, commissions, pricing, services and performance of its brokers, and such best execution review will occur no less than annually. Research and Other Soft Dollar Benefits Section 28(e) of the Securities Exchange Act of 1934, as amended, is a “safe harbor” that permits an investment manager to use commissions or “soft dollars” to obtain research and brokerage services that provide appropriate assistance in the investment decision-making process. The Firm does not currently have any soft dollar relationships or agreements in place and does not receive any research or any other soft dollar benefits or investor referrals from broker-dealers in connection with Fund transactions. To the extent that the Firm engages in soft dollar arrangements in the future, the Firm complies with the safe harbor requirements of Section 28(e) of the Securities Exchange Act of 1934. Trade Error Policy Subject to applicable law and the Firm’s Trade Error Policy, the Firm will generally reimburse the Fund for losses that occur as a result of trade errors resulting from the Firm’s willful default or gross negligence, as determined by the Firm in good faith.

Each limited partner will receive annual audited financial statements for the respective Fund, within 120 days after the end of each fiscal year. The valuation of the Funds’ investments is reviewed and reported to investors through the quarterly unaudited financial statements distributed to investors, pursuant to the respective Fund’s Offering Documents. In addition to the reporting provided to all Investors, the Firm expects to provide certain Investors with additional or more frequent information that other Investors will not receive (e.g., under a Side Letter or in response to a diligence or other requests).