A. General Description of Advisory Firm
LPC commenced operations in June 1997 and currently has offices in Greenwich, Connecticut,
New York, New York and Palo Alto, California. The managing member of LPC is Lone Pine
Managing Member LLC ("LPMM") and Mr. Stephen F. Mandel, Jr. is the managing member of
LPMM.
B. Description of Advisory Services
1. Advisory Services
LPC provides investment advisory services on a discretionary basis to its clients including the
below listed private investment funds that are offered to sophisticated and institutional investors
on a private placement basis (together with any other fund or vehicle LPC may advise in the future,
collectively, the "LPC Funds"). The LPC Funds are structured as Delaware limited partnerships
and Cayman Islands exempted limited companies.
The Cypress Funds. Lone Redwood, L.P., a Delaware limited partnership ("Redwood"), Lone
Cedar Intermediate Fund, Ltd., a Cayman Islands exempted company ("Cedar Intermediate"),
Lone Cedar, Ltd., a Cayman Islands exempted company ("Cedar"), Lone Cypress, Ltd., a Cayman
Islands exempted company ("Cypress") and Lone Spruce, L.P., a Delaware limited partnership
("Spruce"). Redwood, Cedar Intermediate, Cedar, Cypress and Spruce are referred to collectively
as the "Cypress Funds". Cedar invests all of its investable assets in shares of Cedar Intermediate.
Redwood and Cedar Intermediate invest a substantial portion of their assets in shares of Cypress,
but may invest directly as well. The Cypress Funds launched in January 1998.
The Cascade Funds. Lone Cascade, L.P., a Delaware limited partnership ("Cascade"), Lone
Sierra, L.P., a Delaware limited partnership ("Sierra"), Lone Monterey, Ltd., a Cayman Islands
exempted company ("Monterey") and Lone Monterey Master Fund, Ltd., a Cayman Islands
exempted company ("Monterey Master Fund"). Cascade, Sierra, Monterey and Monterey Master
Fund are referred to collectively as the "Cascade Funds". Monterey invests all of its investable
assets in shares of Monterey Master Fund. The Cascade Funds launched in January 2005.
Lone Basin. Lone Basin Growth Fund I, L.P. ("Basin") is a Delaware limited partnership launched
in March 2024.
Lone Baccata. Lone Baccata Opportunities Fund 2024-I, L.P. ("Baccata") is a Delaware limited
partnership launched in March 2024.
LPC may serve as investment adviser for other entities or accounts in the future.
Lone Pine Associates LLC, a Delaware limited liability company and an affiliate of LPC ("LPA"),
serves as the general partner to each of Redwood and Spruce and as the manager to Cedar
Intermediate. Lone Pine Members LLC, a Delaware limited liability company and an affiliate of
LPC
("LPM"), serves as the general partner to each of Cascade and Sierra and as the manager to
Monterey Master Fund. LPMM is also the managing member of LPA and LPM. Lone Pine Private
Investment Partners SPV GP LLC, a Delaware limited liability company and an affiliate of LPC
("LPSPV"), serves as the general partner to Baccata. Lone Pine Private Investment Partners I LLC,
a Delaware limited liability company and an affiliate of LPC ("LPPIP"), serves as the general
partner to Basin.
2. Investment Strategies and Types of Investments
Please see Item 8 for a description of the investment strategies employed by LPC and certain
material risks inherent in such strategies.
The descriptions set forth in this Brochure of specific advisory services LPC offers to clients, and
investment strategies pursued and investments made by LPC on behalf of its clients, should not be
understood to limit in any way LPC's investment activities. LPC may offer any advisory services,
engage in any investment strategy and make any investment, including any not described in this
Brochure, that LPC considers appropriate, subject to each LPC Fund's investment objectives and
guidelines. The investment strategies LPC pursues are speculative and entail substantial risks.
Investors in the LPC Funds should be prepared to bear a substantial loss of capital. There can be
no assurance that the investment objectives of any client will be achieved.
C. Availability of Customized Services for Individual Clients
In providing investment management and advisory services to the LPC Funds, subject to the terms
of their respective governing documents, LPC formulates its investment objectives, directs and
manages the investment and reinvestment of the LPC Funds' assets, and provides reports to the
investors in the LPC Funds. Investment advice is provided directly to the LPC Funds and not
individually to their underlying investors. Other than any limitations set forth in the governing
documents of the LPC Funds, LPC's investors may not impose restrictions on LPC related to
investing in certain securities or types of securities. LPC monitors and manages certain internal
portfolio guidelines. These internal guidelines confer no rights on clients or investors and impose
no additional legal obligations upon LPC.
D. Wrap Fee Programs
LPC does not participate as either a sponsor or manager of any wrap fee programs.
E. Client Assets
LPC managed approximately $14,523,592,100 of net assets on a discretionary basis (calculated as
of December 31, 2023 for the Cascade and Cypress Funds, and as of the launches of Baccata and
Basin in March 2024), and did not manage any client assets on a non-discretionary basis.