ADVISORY BUSINESS A. General Description of Advisory Firm. Shellback, a Delaware limited partnership, commenced operations in 2013 and currently maintains an office in Boston, Massachusetts. Jonathan C. Hilsabeck, Douglas A. Gordon and Donald D. Jabro, as limited partners of Shellback and as the managing members of the general partner of Shellback, Shellback Capital GP, LLC, a Delaware limited liability company (the “Investment Adviser General Partner”), are the principal owners of Shellback and jointly control Shellback and the Investment Adviser General Partner. B. Description of Advisory Services. 1. Advisory Services. Shellback serves as the management company with discretionary trading authority for private pooled investment vehicles, the securities of which are offered to investors on a private placement basis (each, a “Fund” and collectively, the “Funds”). The Funds include: (1) Shellback Master Fund, LP, a Cayman Islands exempted limited partnership (“Shellback Master”), (2) Shellback Fund, LP, a Delaware limited partnership (“Shellback Domestic Feeder”), and (3) Shellback Offshore Fund, Ltd., a Cayman Islands exempted company (“Shellback Offshore Feeder”). The Funds are part of a single master-feeder structure. HGJ Partners, LLC, a Delaware limited liability company that is registered in the Cayman Islands and affiliated with Shellback (the “Fund General Partner”), serves as the general partner of Shellback Master and Shellback Domestic Feeder. As used herein, the term “client” generally refers to each Fund. This Brochure generally includes information about Shellback and its relationships with its clients. While much of this Brochure applies to all such clients, certain information included herein applies to specific clients only. 2. Investment Strategies and Types of Investments. The descriptions set forth in this Brochure of specific advisory services that Shellback offers to clients, and investment strategies pursued and investments made by Shellback on behalf of its clients, should not be understood to limit in any way Shellback’s investment activities. The description is also as of the date of this Brochure, and can change at any time without prior notice. Shellback may offer any advisory services, engage

in any investment strategy and make any investment, including any not described in this Brochure, that Shellback considers appropriate, subject to each client’s investment objectives and guidelines. The investment strategies Shellback pursues are speculative and entail substantial risks. Clients 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. Shellback uses a fundamental, research-intensive approach, which often includes direct contact with senior management at companies whose securities are being considered as potential investments for the Funds or in which the Funds are currently invested. Shellback’s principal investment objective is to achieve capital appreciation primarily through investments in equity securities. Shellback predominantly invests in U.S. listed equities, including exchange traded options, although investments may be made in non-U.S. equities. Long positions may be taken in securities of companies that Shellback believes to be attractively valued, with an emphasis on companies likely (in Shellback’s view) to achieve earnings above consensus expectations. Short positions may be taken in securities of companies which (in Shellback’s view) are overvalued by the market, with an emphasis on companies likely (in Shellback’s view) to achieve earnings below consensus expectations or showing deteriorating financial characteristics. Positions may also be used for hedging and risk management purposes. In addition to the emphasis on fundamental analysis discussed above, Shellback may also use technical analysis to screen for potential investments and to monitor current positions. Please see Item 8 for a further description of the investment strategies employed by Shellback. C. Availability of Customized Services for Individual Clients. Shellback’s investment decisions and advice with respect to each Fund are subject to each Fund’s investment objectives and guidelines, as set forth in its respective offering documents. D. Assets Under Management. As of March 1, 2024, Shellback managed net assets of $1,122,790,035. Shellback manages assets on a discretionary basis. Shellback does not intend to manage any assets on a non-discretionary basis.