Applied Materials, Inc.

JSP seeks to add value primarily through securities selection. They apply a rigorous fundamental research process to identify common stocks of companies that they believe have long-term capital appreciation potential and are expected to grow faster than the local economy. Securities are generally selected on the basis of their potential for long-term capital growth. Using a bottom-up approach , the portfolio managers seek to select securities they believe have large end market potential or dominance of a profitable niche market, superior business models, and strong free cash flow generation that are attractively priced compared to the intrinsic value of the securities. They also consider a company's operational efficiencies, management's plans for capital allocation, and the company's shareholder orientation. JSP generally pursues an investment strategy of long-term capital growth. In pursuing this strategy, the firm primarily recommends equity securities of US and non-US issuers, although they may recommend a variety of securities and they do not limit recommendations to a particular type of security.

Citadel Advisors employs, for the benefit of the funds, proprietary investment strategies based upon fundamental research as well as on quantitative analysis. Equity investment strategy focuses primarily on investments in the equity and equity-linked securities of companies globally, concentrating on US and European issuers. Fixed Income and Macro strategy focuses primarily on investments in the currency, equity, and fixed income markets globally, concentrating on the G-10 markets. The Commodities strategy focuses primarily on investments in a range of commodities markets, such as power, natural gas, crude oil and refined products, and agricultural products and commodities-related securities globally, concentrating on markets in the US and Europe. The Credit strategy focuses primarily on investments in the corporate debt, equity, and equity-linked securities of companies globally, concentrating on US and European issuers. Lastly, the quantitative strategies focus primarily on investments in the equity, fixed income, commodities and currency markets globally, concentrating on US and European equity markets. For certain funds, the Citadel Advisors take both long and short positions in a broad range of investment instruments, while they utilize a narrower range of investment instruments for certain other Funds.

Lansdowne utilizes a variety of methods and strategies to make investment decisions and recommendations. Their investment philosophy generally aims to deliver good annual returns through a rigorous process of fundamental research. The firm manages funds and accounts including fundamental long/short equity funds and traditional equity funds which do not use leverage. The firm currently has strategies namely: developed markets equity; European equity; and global sector equity. For each strategy, Lansdowne identifies investment opportunities through extensive meetings with company managements and their own independent research and analysis. The investment approach is expected to result in relatively concentrated portfolios of positions, but with a focus on maximizing returns relative to risk. The strategies employ the following techniques: short selling; leverage; and derivatives.