Sabby Management Fund, page-85

Sabby generally pursues an opportunistic volatility strategy based upon fundamental events. However, Sabby may also engage in other similar or related strategies that it believes are suitable for the Private Funds.

Sabby’s volatility strategy seeks to identify and exploit relative mispricings in volatility levels across the U.S. markets that are based on fundamental events, mainly in the healthcare sector. Positions within the volatility portfolio will typically be “event-driven” positions about which Sabby believes a fundamental event affecting the issuer is likely to present a favorable opportunity to enter into volatility trades. Such fundamental events are expected to include, without limitation, clinical data readouts, decisions of the U.S. Food and Drug Administration, advisory committee meetings and new product launches