Ratan Capital Management, LP (“Ratan” or the “Firm”), a Delaware limited partnership, is an alternative investment management firm founded by Nehal Chopra. Ratan provides investment advisory services to private investment funds that we sponsor (collectively, the “Funds”). Ms. Chopra is the sole owner of Ratan and is responsible for all investment decisions made by the Firm. As of December 31, 2023, our regulatory assets under management were approximately $153,000,000, all of which are managed on a discretionary basis. Ratan commenced operations in March 2009. Our current staff consists of two employees and our principal place of business is in Miami, FL. The Funds currently advised by Ratan are:  Ratan Capital Fund, LP, a private investment fund organized under the laws of the State of Delaware open to U.S. investors (the “Ratan U.S. Fund”);  Ratan Capital Fund (Cayman), Ltd., a private investment fund organized under the laws of the Cayman Islands open to non-U.S. investors and tax-exempt U.S. investors (the “Ratan Offshore Fund”);  Ratan Capital Master Fund, Ltd., a private investment fund organized under the laws of the Cayman Islands that serves as the investment vehicle for the U.S. Fund and the Offshore Fund (the “Ratan Master Fund”); and  Adi Long Short Equity Fund LP, a private investment fund organized under the laws of the State of Delaware open to U.S. investors (the “Adi Fund”). The Ratan U.S. Fund, Ratan Offshore Fund and Ratan Master Fund are part of a single “master- feeder” structure and are collectively referred to in this brochure as the “Ratan Funds”. The Adi Fund is a stand-alone onshore fund and is managed by Mr. Paritosh Gupta, the spouse of Ms. Chopra and an employee of Ratan. Unless otherwise specified, the Ratan Funds and the Adi Fund may collectively be referred to as the “Funds”. Ratan Capital Group LLC, a Delaware limited liability company, affiliated with the Firm (the “Ratan General Partner”), serves as the general partner of the Ratan U.S. Fund, and the manager of the Ratan Master Fund. Ms. Chopra is the managing member of the Ratan General Partners. Adi Capital Advisors LLC, a Delaware limited liability company, affiliated with the Firm (the “Adi General Partner”), serves as the general partner of the Adi Fund. Mr. Gupta is the managing member of the Adi General Partner.
Each Fund’s confidential offering memorandum, formation documents and other offering documents contain additional important information and are available upon request to qualified potential investors. Persons who invest in the Funds are referred to in this brochure as “Investors”. We use the term “Interests” to refer to the limited partnership interests issued to Investors in the Ratan U.S. Fund and the Adi Fund and the shares issued to Investors in the Ratan Offshore Fund. The Interests are offered only through private transactions exempt from registration under U.S. and foreign securities laws. Investment Advisory Services & Types of Investments Ratan Funds Ratan serves as discretionary investment adviser to the Ratan Funds. As an investment adviser, Ratan is responsible for sourcing potential investments, conducting research and due diligence, analyzing investment opportunities and structuring and monitoring investments. Our investment objective is to generate attractive risk-adjusted returns primarily by using a fundamental research- intensive strategy to invest long and/or short in publicly traded equity securities, including equity derivative securities, of companies worldwide. Ratan seeks to identify companies that we believe are being undervalued by the market and are trading at a discount to their intrinsic or fundamental value and which we expect to appreciate in value, often due to a “catalyzing event” or change in circumstances, including CEO/management changes, significant corporate events such as transformational mergers, spin-offs, recapitalizations, bankruptcy

reemergence and other major changes. We typically select investments for their attractive valuation and long-term growth potential, but may also identify specific investment opportunities that we believe have good short- term trading potential. While Ratan generally focuses on investments in equity securities, there are no material limitations on the types of securities, sectors, markets or countries in which the Ratan Funds may invest and from time to time the Ratan Funds may invest in exchange-traded funds, fixed income securities and other financial instruments and assets that we deem appropriate to carry out the overall objectives of the Ratan Funds. Adi Fund As of January 1, 2021, Ratan (and previously Adi Capital Management and Mr. Gupta) serves as discretionary investment adviser to the Adi Fund. As an investment adviser, Ratan is responsible for sourcing potential investments, conducting research and due diligence, analyzing investment opportunities and structuring and monitoring investments. The Adi Fund’s investment objective is to achieve capital appreciation through utilization of a global long-short equity investment strategy with a value-oriented, event-driven bias. Ratan seeks to achieve this objective primarily through the purchase and sale of equity securities of companies associated with dramatic structural and corporate change, married with a focus on shareholder value- oriented CEOs. In advising the Adi Fund, Ratan invests in companies globally but mostly in the United States. Ratan takes long and short positions primarily in equities, ADRs, GDRs, convertible securities, bonds and other fixed income securities, options, warrants and puts and calls on stocks. Notwithstanding the foregoing, Ratan expects the Adi Fund to be significantly long biased and may have extended periods without taking short positions. The Adi Fund’s assets usually consist of a mix of long-term investment ideas with at least a two-to three-year time horizon to benefit from investment themes. Shorter-term investment ideas seek to capture opportunities in fast changing market conditions that might impact near term earnings outlooks against consensus views. Shorter-term investment ideas may have a time horizon of six to twelve months. While Ratan incorporates a long and short investment strategy, in advising the Adi Fund, Ratan usually maintain a long-bias. While the Adi Fund invests primarily in long-short equities, Ratan has broad and flexible investment authority. Accordingly, the Adi Fund’s investments may at any time include, long or short positions in credit instruments, U.S. or non-U.S. publicly traded or privately issued or negotiated common stocks, preferred stocks, stock warrants and rights, bank loans, corporate debt, bonds, notes or other debentures or debt participations, convertible securities, fixed income securities, swaps, options (purchased or written), and partnership interests and other securities or financial instruments including those of investment companies. Please refer to Item 8 for further information about our methods of analysis and investment strategies, the types of securities we generally invest in, and the material risks. Customized Services & Client-Imposed Restrictions Ratan provides investment advice directly to the Funds and not the Investors in accordance with the Funds’ investment objectives. Ratan seeks to achieve the Funds’ investment objectives by continuous management and monitoring of the portfolio according to the investment strategy and terms described in the offering documents and investment advisory agreements. Under the terms of the investment advisory agreements, the Funds have granted us broad authority and discretion to determine which securities and the amount of securities to be bought or sold. Ratan is not required to seek approval to make any investment or maintain any position.