Hound Partners

Hound Partners, L.L.C. is an investment adviser founded in October 2004 by Jonathan Auerbach, focusing on managing long and short portfolios primarily in equity and equity-related instruments. The firm manages eight private funds with specific investment objectives and strategies, including long/short, short biased, and long/short with a market hedge strategies. Hound also advises two separately managed accounts with an alpha strategy similar to the private funds. The minimum investment for the private funds ranges from $5,000,000 to $10,000,000. Hound charges management fees ranging from 0.375% to 0.167% of net assets and an incentive fee of 20% of net profits. The firm exercises full trading authority over client accounts and has adopted Proxy Voting Policies and Procedures. Hound has no disciplinary information to disclose and has implemented a comprehensive Code of Ethics to promote ethical standards among employees. The firm uses soft dollars to pay for research and brokerage services and has procedures in place to control risks associated with conflicts of interest. Hound provides regular written communications to investors and has established policies for trade aggregation, allocation, and error handling. The firm has not been subject to a bankruptcy petition in the past ten years.