York Capital Management Global Advisors, Llc

Allegations: ON DECEMBER 23, 2021, THE FIRM RECEIVED A LETTER FROM THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY ("FINMA"), NOTIFYING THE FIRM THAT FINMA WAS REVIEWING WHETHER THE FIRM OR ITS CONTROLLING PERSONS FAILED TO TIMELY MEET DISCLOSURE OBLIGATIONS UNDER THE FINANCIAL MARKET INFRASTRUCTURE ACT (THE "FMIA") WITH REGARD TO AN INVESTMENT MADE BY YORK DISTRESSED ASSET FUND IV ("YDAF IV") IN ULTIMA CAPITAL AG ("ULTIMA"). THE FIRM HAD TIMELY NOTIFIED ULTIMA AND BX SWISS AG OF THE ACQUISITION OF AN AGGREGATE 7.27% INTEREST IN ULTIMA AND THE ENTRY INTO A CALL AND PUT OPTION AGREEMENT WITH ULTIMA'S TWO CO-FOUNDERS PURSUANT TO WHICH SUCH CO-FOUNDERS WERE ENTITLED TO PURCHASE VOTING SHARES. THE CALL AND PUT OPTION AGREEMENT WAS TERMINATED ON OCTOBER 15, 2020, AND ULTIMA ISSUED A PRESS RELEASE NOTING THE TERMINATION OF THE AGREEMENT AND DISCLOSING THAT YORK MAINTAINED ITS 7.27% POSITION IN ULTIMA. THE FIRM DID NOT MAKE ITS OWN DISCLOSURE NOTIFICATION UNDER THE FMIA ACT WITH REGARD TO THE TERMINATION OF THE CALL AND PUT OPTION AGREEMENT AT THAT TIME. FINMA REFERRED THE MATTER TO THE SWISS FEDERAL DEPARTMENT OF FINANCE ("FDF") AS AN ADMINISTRATIVE CRIMINAL MATTER TO DETERMINE WHETHER THE FIRM OR ITS CONTROLLING PERSONS FAILED TO TIMELY MEET DISCLOSURE OBLIGATIONS UNDER THE FMIA. THE FDF ISSUED A FINAL DETERMINATION THAT THE FIRM FAILED TO TIMELY MEET ITS DISCLOSURE OBLIGATIONS WITH REGARD TO THE TERMINATION OF THE CALL AND PUT OPTION AGREEMENT AND IMPOSED A FINE OF CHF 10,000, WHICH WAS AT THE LOWER END OF THE APPLICABLE PENALTY RANGE, AND PROCEDURAL COSTS OF CHF 1,050. THE FDF DECISION WAS DATED FEBRUARY 2, 2023, AND BECAME EFFECTIVE ON MARCH 8, 2023, UPON THE FIRM'S DETERMINATION TO NOT APPEAL THE FDF DECISION. TO AVOID THE DISTRACTION AND EXPENSE OF LITIGATION, YORK ELECTED TO ACCEPT THE DETERMINATION INSTEAD OF SEEKING AN APPEAL OF THE DECISION. Status: Final Sanction Detail: WE ARE AWAITING AN INVOICE FOR THE FINE AND THE FIRM WILL PAY THE CHF 11,050 FINE PROMPTLY UPON RECEIPT. NO PORTION OF THE FINE WILL BE ALLOCATED TO YDAF IV. Summary: ON DECEMBER 23, 2021, THE FIRM RECEIVED A LETTER FROM THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY ("FINMA"), NOTIFYING THE FIRM THAT FINMA WAS REVIEWING WHETHER THE FIRM OR ITS CONTROLLING PERSONS FAILED TO TIMELY MEET DISCLOSURE OBLIGATIONS UNDER THE FINANCIAL MARKET INFRASTRUCTURE ACT (THE "FMIA") WITH REGARD TO AN INVESTMENT MADE BY YORK DISTRESSED ASSET FUND IV ("YDAF IV") IN ULTIMA CAPITAL AG ("ULTIMA"). THE FIRM HAD TIMELY NOTIFIED ULTIMA AND BX SWISS AG OF THE ACQUISITION OF AN AGGREGATE 7.27% INTEREST IN ULTIMA AND THE ENTRY INTO A CALL AND PUT OPTION AGREEMENT WITH ULTIMA'S TWO CO-FOUNDERS PURSUANT TO WHICH SUCH CO-FOUNDERS WERE ENTITLED TO PURCHASE VOTING SHARES. THE CALL AND PUT OPTION AGREEMENT WAS TERMINATED ON OCTOBER 15, 2020, AND ULTIMA ISSUED A PRESS RELEASE NOTING THE TERMINATION OF THE AGREEMENT AND DISCLOSING THAT YORK MAINTAINED ITS 7.27% POSITION IN ULTIMA. THE FIRM DID NOT MAKE ITS OWN DISCLOSURE NOTIFICATION UNDER THE FMIA ACT WITH REGARD TO THE TERMINATION OF THE CALL AND PUT OPTION AGREEMENT AT THAT TIME. FINMA REFERRED THE MATTER TO THE SWISS FEDERAL DEPARTMENT OF FINANCE ("FDF") AS AN ADMINISTRATIVE CRIMINAL MATTER TO DETERMINE WHETHER THE FIRM OR ITS CONTROLLING PERSONS FAILED TO TIMELY MEET DISCLOSURE OBLIGATIONS UNDER THE FMIA. THE FDF ISSUED A FINAL DETERMINATION THAT THE FIRM FAILED TO TIMELY MEET ITS DISCLOSURE OBLIGATIONS WITH REGARD TO THE TERMINATION OF THE CALL AND PUT OPTION AGREEMENT AND IMPOSED A FINE OF CHF 10,000, WHICH WAS AT THE LOWER END OF THE APPLICABLE PENALTY RANGE, AND PROCEDURAL COSTS OF CHF 1,050. THE FDF DECISION WAS DATED FEBRUARY 2, 2023, AND BECAME EFFECTIVE ON MARCH 8, 2023, UPON THE FIRM'S DETERMINATION TO NOT APPEAL THE FDF DECISION. TO AVOID THE DISTRACTION AND EXPENSE OF LITIGATION, YORK ELECTED TO ACCEPT THE DETERMINATION INSTEAD OF SEEKING AN APPEAL OF THE DECISION.

Allegations: ON MARCH 27, 2014, THE FIRM RECEIVED A PLIEGO DE CARGOS FROM THE CNMV IN SPAIN NOTIFYING US THAT THE CNMV WAS CONSIDERING CIVIL ADMINISTRATIVE CHARGES AGAINST YORK UK, RELATING TO A FAILURE TO COVER A SHORT POSITION IN A TIMELY MANNER IN THE YORK EUROPEAN FOCUS FUNDS. THE TRADE TOOK PLACE IN MAY 2013. THE TRADE WAS REVIEWED BY THE FIRM'S COMPLIANCE DEPARTMENT, OUTSIDE COUNSEL AND PRIME BROKER, PRIOR TO EXECUTION. IT IS THE FIRM'S POSITION THAT THE FAILURE OF TIMELY DELIVERY OF THE SHARES REQUIRED TO COVER THE SHORT POSITION WAS ON ACCOUNT OF CIRCUMSTANCES COMPLETELY OUTSIDE OF YORK UK'S CONTROL. ON JANUARY 26, 2015, WE RECEIVED A FINAL DETERMINATION FROM THE MINISTRY OF THE ECONOMY IN SPAIN UPHOLDING THE CNMV AND IMPOSING A EUR100,000 FINE. TO AVOID THE DISTRACTION AND EXPENSE OF LITIGATION, YORK UK HAS ELECTED TO ACCEPT THE DETERMINATION INSTEAD OF CHALLENGING IT IN THE SPANISH COURTS. Status: Final Sanction Detail: A 100,000 EURO FINE WAS PAID IN THE FIRST QUARTER OF 2015. Summary: ON MARCH 27, 2014, THE FIRM RECEIVED A PLIEGO DE CARGOS FROM THE CNMV IN SPAIN NOTIFYING US THAT THE CNMV WAS CONSIDERING CIVIL ADMINISTRATIVE CHARGES AGAINST YORK UK, RELATING TO A FAILURE TO COVER A SHORT POSITION IN A TIMELY MANNER IN THE YORK EUROPEAN FOCUS FUNDS. THE TRADE TOOK PLACE IN MAY 2013. THE TRADE WAS REVIEWED BY THE FIRM'S COMPLIANCE DEPARTMENT, OUTSIDE COUNSEL AND PRIME BROKER, PRIOR TO EXECUTION. IT IS THE FIRM'S POSITION THAT THE FAILURE OF TIMELY DELIVERY OF THE SHARES REQUIRED TO COVER THE SHORT POSITION WAS ON ACCOUNT OF CIRCUMSTANCES COMPLETELY OUTSIDE OF YORK UK'S CONTROL. ON JANUARY 26, 2015, WE RECEIVED A FINAL DETERMINATION FROM THE MINISTRY OF THE ECONOMY IN SPAIN UPHOLDING THE CNMV AND IMPOSING A EUR100,000 FINE. TO AVOID THE DISTRACTION AND EXPENSE OF LITIGATION, YORK UK HAS ELECTED TO ACCEPT THE DETERMINATION INSTEAD OF CHALLENGING IT IN THE SPANISH COURTS.