Ascend Capital, LLC

Important Notes

You have requested access to information regarding Ascend Partners Fund I LP (inception date 01/01/2000), Ascend Partners Fund I, Ltd. (inception date 06/01/2000), Ascend Partners Fund II LP (inception date 02/01/2004), Ascend Partners Fund II, Ltd. (inception date 02/01/2004) and Ascend Partners Fund II BPO, Ltd. (inception date 01/01/2005) (the “Funds”). This information herein is confidential, is intended only for the person to whom access has been granted and under no circumstances may a copy be shown, copied, transmitted or otherwise given to any person other than the authorized person.

The information herein does not constitute an offer of investment advisory services by Ascend Capital, LLC nor does it constitute an offering of limited partnership interests or common shares in the Funds; any such offering will be made solely pursuant to the Fund's private offering/explanatory memoranda. An investment in the Funds is suitable only for qualified investors that fully understand the risks of such an investment. Investors should review thoroughly with their individual investment advisors the Fund's private offering/explanatory memoranda before making an investment determination. Neither Ascend Capital, LLC nor its affiliates are acting as an investment adviser or otherwise making any recommendation as to an investor’s decision to invest in a Fund.

Any investment in the Funds will be subject to a variety of risks which are described in the Fund's private offering/explanatory memoranda.

Information concerning the fees and expenses to which the Funds are subject is contained in the Fund's private offering/explanatory memoranda.

Limited partnership interests in Ascend Partners Fund I LP and Ascend Partners Fund II LP (the “Onshore Funds”) are offered primarily to U.S. taxable investors. Ascend Partners Fund I, Ltd., Ascend Partners Fund II, Ltd. and Ascend Partners Fund II BPO, Ltd. (the “Offshore Funds”) offer their shares primarily to non-U.S. investors and U.S. tax-exempt investors. Any investment in the Funds will be subject to a variety of risks which are described in the Fund's private offering/explanatory memoranda.

Historical performance is not an indication or assurance of future results. There is no assurance that the Funds will necessarily achieve their investment objectives or that they will or are likely to achieve results comparable to those shown herein, or will make any profit, or will be able to avoid incurring losses.

Performance information includes the effect of any investments made in certain “new issues”, participation in which may be restricted with respect to certain investors. As a result, performance for the specified periods with respect to any such restricted investors may have differed materially from the performance information herein.

Targeted performance parameters set forth herein are provided to show the performance parameters that the investment strategies of the applicable Funds have been designed to achieve. However, there is no assurance that all or any of such targeted performance parameters will be achieved by the Funds for any period in the future.

The historical performance information of the Funds herein has been prepared by the Funds’ general partner or investment advisor and has not been independently audited or verified, except for certain year-end data. Historical performance is calculated using geometrically linked time-weighted return methodology and reflects the reinvestment of dividends.

Performance information is shown net of 1.5% per annum management fees (prior to January 1, 2001, the management fee was 1.00% per annum), 20% per annum incentive allocation/fee payable to the general partner/investment adviser of the Funds and non-portfolio related expenses. For periods after January 1, 2013, for certain investors, a portion of the management fee will be rebated, and there will be no incentive allocation/fee payable, if the Funds do not achieve a specified non-cumulative performance hurdle for the period, subject to a holding period for new investors on or after January 1, 2013, and as explained in more detail in the Fund's private offering/explanatory memoranda. Performance returns for the month-ended December 2015 and 2016 and the years 2015 and 2016 reflect a rebate of 0.25% management fee due to the Funds’ general partner/investment adviser for 2015 and 2016, respectively. The month-ended December 2015 and the year 2015 also reflect the waiver of incentive allocation/fee due to the Funds’ general partner/investment adviser for 2015. Performance returns for those periods would have been lower if such fees had not been rebated and/or waived. The incentive allocation/fee amount used to calculate the historical performance information for the periods in 2017 is pro forma in that it is based upon the performance of the Funds during only a portion of 2017, rather than for all of 2017; the actual incentive allocation/fee payable for 2017 may be higher or lower than such amount. Net returns experienced by an individual investor will vary depending on the investor’s month of investment and/or if the investor received a rebate of management fees.

Monthly performance attribution is calculated by dividing the monthly component gain/loss into the monthly gain/loss and then multiplying by the monthly fund return. YTD performance attribution is calculated by dividing the YTD component gain/loss into the YTD fund gain/loss and then multiplying by the YTD fund return. Geometrically linking the monthly attribution will not match to the YTD attribution because the monthly attribution calculation uses a different denominator (fund gain/loss) and multiplier (fund return) each month, which will not match to the denominator, or multiplier that is used for the YTD attribution. Monthly and YTD performance attribution exclude the contribution from fixed income.

Market index information shown herein, such as that of the S&P 500 (an index of 500 of some of the largest and most liquid publicly traded U.S. stocks) and the HFRI Equity Hedge Index (a leading asset-weighted hedge fund index) are included to show relative market performance for the periods indicated and not as standards of comparison, since these are unmanaged, broadly based indices of U.S. public equity securities which differ in numerous respects from the portfolio composition of the Funds. Market index information was compiled from sources that Ascend Capital, LLC believes to be reliable; however, Ascend Capital, LLC does not make any representations or guarantees hereby with respect to the accuracy or completeness of such data. The S&P 500 index includes the effect of reinvested dividends.

The information provided herein regarding Ascend Capital, LLC and the Funds (“Ascend”) is “to the knowledge” of Ascend and, consequently, is based solely upon a review of the books and records of Ascend as of the date indicated. Where numerical responses are provided herein, such responses may be rounded in the discretion of Ascend. Certain information provided by Ascend may be estimated herein.

Various aspects of Ascend's investment strategy and/or business may be modified by Ascend in the future. As a result of any such modifications, as well as circumstances beyond the control of Ascend, information provided by Ascend herein may become outdated. Ascend expressly disclaims any obligation to update such information after the date indicated.

Ascend Capital, LLC is registered with the SEC. Registration does not imply a certain level of skill or training.

Copies of the Form ADV Part 2A for Ascend Capital, LLC may be obtained by contacting Ascend Capital, LLC.