LionTree Investment Management, LLC (“LionTree Manager”) is a Delaware limited liability company and a registered investment adviser that began operations in July 2021. LionTree Manager, and its affiliated investment advisers, provide investment advisory services to private investment funds. LionTree Manager’s clients include LionTree Investment Fund, L.P. (the “Fund”), W Yahoo LLC (“W Yahoo”), LionTree Yahoo LLC (“LT Yahoo”) and LionTree Yuga Investment, L.P. (“LT Yuga” and, together with W Yahoo, LT Yahoo and any future co-invest vehicles, the “Co-Invest Funds”, and the Co-Invest Funds, together with the Fund and any future private investment funds to which LionTree Manager or its affiliates provide investment advisory services, the “Private Investment Funds”). LionTree Manager is affiliated with LionTree Investment Fund GP, L.P. (the “General Partner”), LT Yahoo GP LLC (“Yahoo GP”), LT Yahoo Manager LLC (“Yahoo Manager”) and LionTree Yuga Investment GP LLC (“Yuga GP” and together with LionTree Manager, the General Partner, Yahoo GP, Yahoo Manager and Yuga GP, “LionTree”). Yahoo GP and Yahoo Manager (together, the “Relying Advisers”) are relying advisers of LionTree Manager, and together with the General Partner, are registered under the Advisers Act pursuant to LionTree Manager’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partner and the Relying Advisers, which together with LionTree Manager operate as a single advisory business. References in this Brochure to LionTree Manager also include the Relying Advisers, as applicable. The Fund invests in equity, debt and other securities in any assets or businesses operating within technology, media, telecoms, consumer, and the global digital economy. LionTree’s investment advisory services to the Private Investment Funds consist of identifying and evaluating investment opportunities, negotiating, managing, financing and monitoring investments and achieving dispositions for such investments. LionTree’s investment advisory services to the Private Investment Funds are tailored in accordance with such Private Investment Fund’s investment strategy as set forth in the applicable private placement memorandum (or other applicable disclosure documents), partnership agreement (or similar governing document) or investment management agreement (each a “Governing Document,” and collectively, the “Governing Documents”). LionTree’s advisory services are further described below under Item 8 “Methods of Analysis, Investment Strategies and Risk of Loss.” LionTree advises private funds and could in the future advise separately managed accounts or single investor vehicles. LionTree investors participate in the overall investment program for the applicable Private Investment Fund, but could be excused or excluded from a particular investment due to legal, regulatory or other applicable constraints. Additionally, from time to time, LionTree is permitted, in its sole discretion, to provide (or agree to provide) certain investors or other persons the opportunity to participate in co-investment opportunities or in co-invest vehicles that will invest in certain investments alongside a Private Investment Fund, including the Co-Invest Funds. From time to time, co-investment opportunities will be offered to some and not to other Private Investment Fund investors, and the consideration of the factors set forth above likely will result in certain investors receiving multiple opportunities to co-invest while others expressing interest in co-investments have the potential to receive none. LionTree’s exercise of discretion in allocating investment opportunities could result in disproportionate allocations among investors that have expressed interest in co-investment opportunities, and such allocations will likely be more or less advantageous to some such investors relative to other such investors. Such co-investments will be made at substantially the same time and on substantially the same terms as those on which the Private Investment Fund invests, subject to applicable legal, tax, regulatory or other similar considerations. A general partner or managing member of a Private Investment Fund (each a “LionTree

GP”) or any of its affiliates, in its sole discretion, is permitted to charge a carried interest in respect of any other co-investors or make an investment in any vehicle formed in connection with any co-investment opportunity to the extent it is necessary or advisable for legal, tax or regulatory considerations. Such co-investment will generally be sold or otherwise disposed of concurrently with the sale or disposition by the Private Investment Fund of a like proportion of the Private Investment Fund’s investment in the applicable portfolio company, and only on substantially the same terms and conditions as those of the Private Investment Fund’s sale or disposition of such investment, subject to applicable legal, tax, regulatory or other similar considerations. LionTree has entered, and will in the future enter, into side letters or other similar agreements with certain investors that have the effect of establishing rights under, supplementing or altering a Private Investment Fund’s partnership agreement or an investor’s subscription agreement. Such rights or alterations could be regarding economic terms, fee structures, distributions, withdrawal rights, information rights, co-investment rights (including the provision of priority allocation rights to certain Limited Partners (as defined below) based on the timing or amount of such Limited Partners’ commitments to one or more Private Investment Funds or as otherwise determined by the general partner or managing member of such Private Investment Fund), excuse rights applicable to particular investments, tax and structuring matters, notice requirements, reporting obligations of the LionTree GPs, confidentiality obligations, reimbursement for expenses, transfer rights, rights relating to the particular legal, regulatory or public policy characteristics of the Limited Partner, or other representations, warranties or diligence confirmations. Certain side letter rights are likely to confer benefits on the relevant investor at the expense of the relevant Private Investment Fund or of investors as a whole, including in the event that a side letter confers additional reporting, information rights and/or transfer rights, the costs and expenses of which are expected to be borne by the relevant Private Investment Fund. As a result of such rights, certain Limited Partners in the same Private Investment Fund experience different returns and have access to information to which other Limited Partners do not have access. A Limited Partner’s co-investment rights under a side letter could result in fewer co-investment opportunities or limited allocations provided to other Limited Partners. For the most part, any rights established, or any terms altered or supplemented will govern only the investment of the specific investor and not the terms of a Private Investment Fund as a whole and LionTree will not be required to offer such additional or different rights or terms to any or all of the other Limited Partners. However, certain additional rights have the effect of increasing the expenses borne by the Private Investment Fund or its Limited Partners not party to the particular side letter, including for example with respect to costs incurred in providing a Limited Partner additional information or reporting. Certain such additional rights but not all rights, terms or conditions are permitted to be elected by certain sizeable investors with “most favored nations” rights pursuant to the Fund’s partnership agreement but not all investors will necessarily have “most favored nations” rights in respect of all or any of the more favorable terms provided to others. The information provided herein about the investment advisory services provided by LionTree is qualified in its entirety by reference to the Fund’s Governing Documents, including offering materials and limited partnership and subscription agreements. As of December 31, 2023, LionTree has regulatory assets under management of approximately $1,530,497,873 all of which is managed on a discretionary basis. LionTree is principally owned by Aryeh B. Bourkoff. As used herein, any references to “or” shall mean “and/or” and any references to “including” shall mean “including, but not limited to.”