BX - RiverPark Long/Short Opportunity Fund Q1 2022 Performance Summary

• RiverPark seeks to make investments in securities of large capitalization companies, which it defines as those in excess of $5 billion. RiverPark invests in what it believes are exciting growth businesses with significant long term growth potential, but patiently waits for opportunities to purchase these companies at what it believes are attractive prices.
• Our current long book represents one of the most exciting groups of growth businesses that we have ever owned.
• The portfolio trades at one of the widest gaps to intrinsic value that we have ever seen.
• Most of our short book currently trades in line or at a premium to the broader market as awhole for what we believeto be a substantially below average group of businesses.
• While we are always disturbed by any significantmark-to-market losses, we believe we own wonderful businesses at what are nowwonderful prices while maintaining a relatively full short book of thosebusinesses most at risk of secular declines.

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