Kingdon Credit Master Fund,

L.P.

Fund Investment Objectives

Kingdon Credit focuses on attractive opportunities in global credit markets through long and short investments. Portfolio Manager Michael Pohly leads a team of credit specialists investing in a diversified portfolio of global corporate bonds, subordinated debt, credit default swaps, convertible debt, bank loans and other credit and equity securities, with an emphasis on liquidity. Kingdon Credit benefits from the full scope of research, trading, risk management, investment acumen and substantial infrastructure of Kingdon Capital Management. The strategy adheres to Kingdon Capital's approach of combining macroeconomic and fundamental research, emphasizing liquidity and diversification, and dynamically moving capital to areas with the best potential for generating alpha. The fund's objective is to generate strong absolute returns with relatively low volatility by investing in a diversified portfolio of global long and short credit instruments.