TreeCap Arbitrage Fund ("the Fund") is an investment fund under the Dutch Financial Supervision Act (Wet op het Financieel Toezicht, FSA). The Fund is structured as a fund for joint account (fonds voor gemene rekening, an “FGR”) under the laws of the Netherlands and as such contractual in nature (a beleggingsfonds) rather than as an entity with separate legal personality (beleggingsmaatschappij or rechtspersoon).

The Fund is managed by a Dutch limited liability company, TreeCap B.V. (the "Fund Manager"). Legal title to the Fund assets is held by a Dutch foundation, Stichting Juridisch Eigendom TreeCap Arbitrage Fund (the "Legal Owner") as custodian/depositary for the investors (the "Participants"), and the Participants shall have no proprietary rights with respect to the assets of the Fund. The Legal Owner shall acquire and hold the assets for the purpose of management and custody (ten titel van beheer en bewaring) on behalf of and for the account of the Participants.