“Flash” Performance Summary: Distributed generally by the 1st business day of each month.

Investor Letters: Distributed quarterly for Kingdon’s Global Long-Short Equity Strategy and Healthcare Strategy. Provides detailed discussion of each strategy’s performance and positioning, along with notification of new developments at Kingdon.

Fund Fact Sheets: Distributed monthly for Kingdon’s Global Long-Short Equity Strategy and quarterly for the Healthcare Strategy. Include current and historical performance information, and extensive exposure and attribution data by industry, region and asset class.

Offshore investors receive weekly estimated NAV’s directly from Morgan Stanley Fund Services.

Account balance statements and Fund transparency reports are sent to investors by Morgan Stanley Fund Services once the Funds’ monthly NAVs have been finalized.  Investors also have the option to access their balance statements through the Morgan Stanley Fund Services Investor Portal.

We welcome the opportunity to meet individually with investors at our offices in New York. Our staff is also available to conduct interim conference calls to meet ongoing due diligence needs of specific investors. For more information, please contact us.

Questions regarding account balances, tax estimates or any account related documentation should be directed to Shani Gendebien, Director of Client Administration, at (212) 333-0166 or [email protected].