Strategies

This information is issued by Deer Park as an investor update regarding STS Master Fund, Ltd. (the “Fund”). This information has been provided specifically for the use of the recipient and must be treated as proprietary and confidential information. This information may not be reproduced, distributed or published in whole or in part by any recipient for any purpose without the prior written consent of Deer Park in each instance. Past performance is not indicative of future results. Investment in the Fund is highly speculative and may involve a substantial risk of loss. Investors could lose their entire investment. This information is not an offer to buy or sell, nor the solicitation of an offer to buy or sell, any security or investment product. A private offering of interests in the Fund will be made only by definitive offering documents, including the applicable Confidential Offering Memorandum, which will only be furnished to qualified investors. The information contained herein is qualified in its entirety by such documentation. The information and data herein are as of the publication date unless otherwise noted. Neither Deer Park nor the Fund is or purports to be an advisor as to legal, taxation, accounting, financial or regulatory matters in any jurisdiction. You should independently evaluate and judge the matters referred to herein. Unless otherwise indicated, performance for the Fund is rounded to the nearest hundredth of one percent. Year-to-date performance is calculated by compounding the rounded monthly returns, which may result in differences compared to calculations using unrounded data.

Performance Calculations: The following is important information about the Fund’s Performance Calculations in this document. For more information about the terms and conditions of each class, please refer to the applicable Confidential Offering Memorandum.

·         Performance is calculated by Deer Park and is shown for the Fund’s Class I.

·         Net performance figures are net of expenses, fees (including a management fee) and incentive allocations, and assume that all dividends and other earnings are reinvested.

·         Gross performance figures do not reflect the deduction of all fees and expenses that a client or investor has paid or would have paid.

·         In this document, “NoF” means the items are net performance figures and “Gross” means the items are gross performance figures. Please refer to the presentation of the total portfolio’s gross and net performance on page 1 (for performance excluding Designated Investments) and on page 3 (for performance including Designated Investments) to understand the overall effect of fees.

·         For each period for which we report performance, gross performance is calculated based upon a hypothetical investor that invested in the Fund at inception, with no additional capital activity after that initial investment, and whose investment was allocated consistently with a Master Fund investor’s intended allocation on July 1, 2024, when the Designated Investment was created. The Fund’s gross return for purposes of reporting in this document is determined by applying the gross performance of the Designated Investments and the gross performance of the rest of the Fund’s portfolio to the hypothetical investor’s respective allocations. Your actual allocations and investment performance may be higher or lower than the performance stated.

·         Net returns are derived by taking the gross monthly performance of the Onshore Fund from 2008-2017 and applying a 1% annual management fee and no incentive allocation up to and including 5%; 50% of return greater than 5% and up to and including 9%; 25% of return greater than 9%, subject to a high watermark (the “Class I Fees”).

·         If no incentive allocation is earned in a calculation period, then no amounts would be carried over to the next year or any succeeding years. Performance since 2017 (the inception of Class I) is calculated by taking the gross performance of that period net of the Class I Fees. Performance figures for the two feeders, STS Partners Fund, LP (“Onshore Fund”) and Ski Time Square Limited (“Offshore Fund”), may vary.

Performance Results: The data herein are based on information that is considered to be reliable but has not been audited or reviewed by any third party and provided without warranties of any kind, either express or implied, as to its accuracy or completeness. Investment performance is calculated by Deer Park based on unaudited and estimated financial data and therefore is subject to change. Zero values, and/or metrics that represent zero values to two decimal places are represented as a dash.

Designated Investments: Deer Park designated certain Fund investments as “Designated Investments.” A Designated Investment is an investment that is not publicly traded, is illiquid or lacks a readily ascertainable market value. New investments made into the Fund after June 30, 2024 will not participate in the Designated Investments.

Special Notice Regarding Switzerland: The Fund has not been authorized by or registered with the Swiss Financial Market Supervisory Authority FINMA (the “FINMA”) and has not appointed a representative and a paying agent in Switzerland. Therefore, the Fund and the Shares may only be advertised and/or offered to qualified investors within the meaning of article 10 paragraphs 3 and 3ter the Swiss Federal Act on Collective investment Schemes of 23 June 2006, as amended from time to time (the “CISA”), which are institutional clients or professional clients within the meaning of article 4 paragraphs 3 and 4 and article 5 paragraph 4 of the Swiss Federal Act on Financial Services of 15 June 2018, as amended from time to time (“FINSA”). The Fund may not be advertised, offered, recommended or otherwise made available to (a) high net worth private clients and private investment structures established for them (opting-out) pursuant to article 5 paragraph 1 FINSA except under an asset/portfolio management or investment advisory relationship entered into with a regulated financial institution pursuant to and in accordance with article 10 paragraph 3ter CISA and article 129a of the Swiss Federal Ordinance on Collective Investment Schemes of 22 November 2006, as amended from time to time, (b) non-qualified investors within the meaning of the CISA and (c) private clients within the meaning of the FINSA. This communication and/or any other information or materials relating to the Fund may be made available in Switzerland solely within these restrictions. This is an advertisement for a financial instrument.