Subversive Acquisition LP

Management’s Discussion and Analysis

As at and For the years ended December 31, 2020 and 2019

(Expressed in U.S. dollars)

Management’s Discussion & Analysis

The following discussion of performance, financial condition and future prospects of Subversive Acquisition LP (the “ LP ”, “ we ”, “ our ” or “ us ”) should be read in conjunction with the audited financial statements (“ Audited Financial Statements ”) for the period from January 1, 2020 to December 31, 2020 and the accompanying notes thereto.

This Management’s Discussion and Analysis (“ MD&A ”) has been prepared with an effective date of March 29, 2021. The Audited Financial Statements have been prepared by management in accordance with International Financial Reporting Standards (“ IFRS ”) and with interpretation of the International Financial Reporting Interpretations Committee (“ IFRIC ”) that were effective as at December 31, 2020. The LP’s financial information is expressed in United States dollars unless otherwise specified. In addition to reviewing this MD&A, readers are encouraged to read our public filings available on the LP’s profile on the System for Electronic Document Analysis and Retrieval (“ SEDAR ”) at www.sedar.com.

Cautionary Statement Regarding Forward-Looking Statements

This document may contain “forward-looking statements” (as defined under applicable securities laws). These forward-looking statements relate to future events or future performance including with respect to our objectives and priorities for fiscal year 2021 and beyond, and strategies or further actions with respect to the LP, the LP’s Qualifying Transaction (as defined below) and the LP’s business operations, financial performance and condition.

Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “target”, “intend”, “could” or the negative of these terms or other comparable terminology. By their very nature, forwardlooking statements involve inherent risks and uncertainties, both general and specific, and many factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating forward-looking statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions, including factors related to the COVID-19 pandemic and the risks and uncertainties discussed in the section entitled “Risk Factors” in our Annual Information Form dated February 12, 2020 (“ AIF ”).

The forward-looking statements contained in this MD&A are presented for the purpose of assisting investors in understanding business and strategic priorities and objectives of the LP as at the periods indicated and may not be appropriate for other purposes. Forward-looking statements contained in this MD&A are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that we consider reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by us. Readers are cautioned to consider these and other factors carefully when making decisions with respect to the LP and not place undue reliance on forward looking statements. Circumstances affecting us may change rapidly. Except as may be expressly required by applicable law, the LP does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

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Nature of Activities

Subversive Real Estate Acquisition REIT (GP) Inc. is the general partner of the LP (the “General Partner”). The General Partner was incorporated under the laws of British Columbia on November 5, 2019. The General Partner’s head office is located at 135 Grand Street, 2nd Floor, New York, New York 10013 and its registered office is located at 700 West Georgia Street, Suite 2500, Vancouver, British Columbia V7Y 1B3. The amended & restated limited partnership agreement (the “A&R LP Agreement”) of the LP provides for the management and control of the LP by the General Partner. A copy of the A&R LP Agreement is available on the LP’s profile on SEDAR at www.sedar.com.

Subversive Acquisition LP is a limited partnership established under the LPA for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, equity exchange, asset acquisition, equity purchase, reorganization, or any other similar business combination involving the LP that will qualify as its Qualifying Transaction Exchange. The LP is a SPAC for the purposes of the rules of the NEO Exchange Inc. ( “Exchange” ), a Canadian exchange for senior public companies and investment products. The LP received US$200 million of proceeds from its initial public offering which was completed on January 8, 2020, as well as an additional US$25 million of proceeds on the closing of the over-allotment option granted in connection with its initial public offering. The total proceeds of US$225,000,000 were placed in an escrow account with Olympia Trust Company and will be released upon consummation of the Qualifying Transaction in accordance with the terms and conditions of the Escrow Agreement.

The LP’s head office is located at 135 Grand Street, 2nd Floor, New York, New York 10013 and its registered office is located at 333 Bay Street, Suite 3400, Toronto, Ontario, M5H 2S7, Canada. The General Partner’s head office is located at 135 Grand Street, 2nd Floor, New York, New York 10013 and its registered office is located at 700 West Georgia Street, Suite 2500, Vancouver, British Columbia V7Y 1B3, Canada.

On January 26, 2021, the LP, the General Partner and the Subversive Sponsor, as representative of the Unitholders, entered into the Arrangement Agreement, pursuant to which Intercure Sub, a wholly-owned subsidiary of Intercure, an Israeli public corporation whose shares are listed for trading on the TASE under the symbol “INCR”, will acquire all of the outstanding Units of the LP (that have not otherwise been redeemed pursuant to the Redemption Right) in exchange for Intercure issuing Intercure Shares to Unitholders by way of the Arrangement. On Closing, the Intercure Shares will be listed on the TASE and it is a condition to closing that the Intercure Shares will also be listed for trading on the Nasdaq and the Toronto Stock Exchange ( “TSX” ). The Exchange has not yet approved the Qualifying Transaction and neither the Nasdaq nor the TSX have approved the listing of any Intercure Shares and there is no assurance that they will. The Arrangement constitutes the LP’s Qualifying Transaction. The LP intends to delist its securities from the Exchange and the OTC market concurrently with, or shortly after Closing, and Intercure does not currently intend to apply to have its securities listed on the Exchange or the OTC market after Closing.

Significant Events

The LP is in a negative working capital position. Accordingly, the LP’s ability to continue as a going concern is dependent upon the continued support of its Sponsors (as defined herein), and/or upon the completion of the Qualifying Transaction or on the approval of an extension of the permitted timeline should the Qualifying Transaction not be completed. There can also be no assurance that we will be successful in completing our Qualifying Transaction. In the event a Qualifying Transaction does not occur, the escrowed cash will be returned to Class A restricted voting unit holders and the Sponsors will have no recourse against the escrowed cash.

These uncertainties cast significant doubt upon the LP’s ability to continue as a going concern and the ultimate appropriateness of using accounting principles applicable to a going concern for the LP. The audited financial statements as at December 31, 2020 do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the LP be unable to continue as a going concern. If the LP is unable to continue as a going concern, the LP may be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the audited financial statements, which could be material.

On January 8, 2020, the LP closed its initial public offering (the “ Offering ”) of 20,000,000 Class A Restricted Voting units (the “ Class A Restricted Voting Units ”) at U.S.$10.00 per Class A Restricted Voting Unit, for gross proceeds of U.S.$200,000,000. Each Class A Restricted Voting Unit consists of one restricted voting unit of the LP (each, a “ Restricted Voting Unit ”) and one right of the LP (each, a “ Right ”).

Each Restricted Voting Unit, unless previously redeemed, will be automatically renamed “Limited Partnership Units” following the closing of a Qualifying Transaction (the “ Closing ”). Each Right represents the entitlement to automatically receive, for no additional consideration, one-eighth (1/8) of one Restricted Voting Unit (which at such time will represent one-eighth (1/8) of a Limited Partnership Unit, subject to adjustment under the terms of the Qualifying Transaction). The LP’s Class A Restricted Voting Units commenced trading on the Exchange under the symbol SVX.UN on January 8, 2020. The Class A Restricted Voting Units separated into Restricted Voting Units and Rights on February 18, 2020, and trade under the symbols “SVX.U” and “SVX.RT.U”, respectively.

In connection with the Offering, the LP granted Canaccord Genuity Corp. and Echelon Wealth Partners Inc. (the “ Underwriters ”), a 30-day non-transferable option to purchase up to an additional 3,000,000 Class A Restricted Voting Units, at a price of U.S.$10.00 per Class A Restricted Voting Unit, to cover over-allotments, if any, and for market stabilization purposes. The Underwriters partially exercised the over-allotment option to acquire 2,500,000 additional Class A Restricted Voting Units and the over-allotment closed on January 23, 2020. Due to the partial exercise of the over-allotment option, an aggregate of 1,259 Proportionate Voting Units were relinquished without compensation by CG Investments Inc. IV, Subversive Real Estate Sponsor LLC (the “ Subversive Sponsor ”) and Inception Altanova Sponsor, LLC (collectively, the “ Sponsors ”) on January 23, 2020. As a result, following the exercise of the over-allotment option and relinquishment of the 1,259 Proportionate Voting Units, our Sponsors, Michael Auerbach, Leland Hensch, Richard Acosta, Omar Mangalji, Scott Baker, Octavio Boccalandro, Craig Hatkoff, Anne Sullivan, Eric Clarke, Michael Miller, Dylan Marcoot and Dylan Hart (collectively, the “ Founders ”) own an aggregate of 57,561 Proportionate Voting Units (excluding Proportionate Voting Units underlying the Class B Units (as defined herein)).

Concurrent with the closing of the Offering, the Sponsors purchased an aggregate of 512,000 class B units (“ Class B Units ”) at an offering price of U.S.$10.00 per Class B Unit, for gross proceeds of U.S.$5,120,000. Each Class B Unit consists of 1/100 of a Proportionate Voting Unit and one Right. In connection with the partial exercise of the overallotment, the Sponsors purchased an aggregate of 12,500 additional Class B Units, for additional gross proceeds of U.S.$125,000.

The proceeds of U.S.$225,000,000 from the Offering were placed in an escrow account (the “ Escrow Account ”) with Olympia Trust Company (“ Olympia ”), pursuant to an escrow agreement between the LP and Olympia (the “ Escrow Agreement ”) and will be released upon consummation of the Qualifying Transaction in accordance with the terms and conditions of the Escrow Agreement.

On October 7, 2020 the LP announced that it had entered into binding agreements as part of a Qualifying Transaction to acquire real properties in the amount of approximately US$97.4 million and originate or acquire US$85.4 million of first lien mortgages (collectively, the " Initial Portfolio Qualifying Transaction "), to become a leading real estate capital provider for prominent cannabis operators that own or are seeking industrial and retail real estate in high growth cannabis markets in the United States.

On October 19, 2020, the LP announced that it had agreed to grant an aggregate of up to 24,116,750 million contingent rights (the “ Contingent Rights ”) to holders of Restricted Voting Units that are not redeemed in connection with the Initial Portfolio Qualifying Transaction and to holders of Restricted Voting Units that are issued in connection therewith, which Contingent Rights will be issued to holders of record on the day following the Closing.

On November 9, 2020, the LP postponed the Closing of its Initial Portfolio Qualifying Transaction and withdrew the optional redemption event that it had extended to holders of Restricted Voting Units in connection therewith. Restricted Voting Units already deposited for redemption were returned to the holders thereof in accordance with the terms of the A&R LP Agreement.

On November 26, 2020, the LP announced that it had determined not to proceed with the Initial Portfolio Qualifying Transaction and that it was exploring an alternative qualifying transaction. The LP also announced that Michael Auerbach and Leland Hensch will become the Chief Executive Officer and Chief Financial Officer, respectively, of the General Partner, effective immediately.

On January 4, 2021, the LP announced that it executed a confidential definitive agreement in connection with a potential transaction, which would, if consummated, qualify as the LP’s Qualifying Transaction. Accordingly, the LP is permitted until April 8, 2021 (15 months following the closing of its initial public offering) to conclude its Qualifying Transaction.

On January 26, 2021, the LP announced the details of the previously announced entry into a definitive agreement in connection with a potential transaction which would, if consummated, qualify as the LP’s Qualifying Transaction. Pursuant to the Qualifying Transaction, the LP will combine with Intercure Ltd. (“ Intercure ”) (dba Canndoc) (TASE: INCR), Israel’s leading cannabis company. Canndoc, a wholly owned subsidiary of Intercure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products in pharmacies across Israel (the “ Intercure Qualifying Transaction ”).

On February 9, 2021, the LP, Intercure, Intercure Sub, the General Partner and the Subversive Sponsor, as representative of the Unitholders, entered into an amended and restated definitive agreement (the “Arrangement Agreement”), pursuant to which Intercure Sub will acquire all of the outstanding Units of the LP (that have not otherwise been redeemed pursuant to the Redemption Right) in exchange for ordinary shares of Intercure (“Intercure Shares”) by way of a plan of arrangement (the “Arrangement”). On the effective time of the Arrangement (the “Closing”), the Intercure Shares will continue to be listed on the TASE and it is a condition to closing that the Intercure Shares will also be listed for trading on the Nasdaq and the TSX. The Exchange has not yet approved the Qualifying Transaction and neither the Nasdaq nor the TSX approved the listing of any Intercure Shares and there is no assurance that they will. The Arrangement constitutes the LP’s Qualifying Transaction. Concurrently, the SPAC also announced a US$65 million private placement, pursuant to which, in connection with the closing of the Intercure Qualifying Transaction, it will issue 6.5 million units at a price per unit of US$10.00 (the “ Private Placement ”).

Both the Intercure Qualifying Transaction and Private Placement are subject to a number of closing conditions, including obtaining shareholder approval from Intercure’s shareholders and listing approval from the NASDAQ.

Further information on the Qualifying Transaction is contained in the LP’s long form prospectus dated February 9, 2021. On March 15, 2021 the LP filed its final prospectus in connection with its qualifying transaction which is available on the LP’s SEDAR profile at www.sedar.com.

The LP will hold a meeting on April 6, 2021 and the holders of the Restricted Voting Units and Proportionate Voting Units, will be asked to pass a special resolution relating to the proposed plan of arrangement, pursuant to which the qualifying transaction will be completed. In addition, the unitholders may be asked to pass a special resolution to extend the date by which the LP has to consummate a qualifying transaction. Please refer to SEDAR for more detail.

Selected Annual Financial Information

Below is selected information from the statement of income (loss) for the12 month period from January 1, 2020 to December 31, 2020. The following should be read in conjunction with the Audited Financial Statements. There is no comparative period available as the LP was established on November 12, 2019 and there were no transactions for the period ended December 31, 2019.

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Overall Performance and Results of Operations

The LP has not conducted commercial operations as its focus is on the identification and evaluation of businesses or assets to acquire.

In the interim, the LP expects to generate small amounts of non-operating income in the form of interest income on cash and short-term investments, including restricted cash and short-term investments held in escrow. For the 12 months ended December 31, 2020, the LP earned interest income of $1,074,760 and reported a loss of $26,420,090 ($45.39 basic and diluted loss per unit). Excluding the $22,279,568 of non-cash amortization of issue costs on the Rights as of December 31, 2020, the basic and diluted loss per unit is equal to $7.11.

Transaction costs are directly related to the Offering and consist mainly of legal, accounting, printing, filing and underwriting costs. Transaction costs incurred from December 31, 2019 through December 31, 2020 were allocated between Unitholders’ Equity and units subject to redemption on the following basis:

	Class A Restricted Voting Units Class A Rights Class B Units Total
Professional fees (legal, accounting, etc.)	$ 847,411 $ 82,622 $ 21,784 $ 951,817
Underwriters’ commission	$ 1,765,836 $ 172,168 - $1,938,005
Listing	$ 155,996 $ 15,460 - $ 171,455
Other	$ 177,279 $ 17,285 $ 4,557 $ 199,121
Total	$ 2,946,522 $ 287,535 $ 26,341 $3,260,398

The Underwriters are entitled to an underwriting commission of up to $12,375,000 or 5.5% of the gross proceeds of the Class A Restricted Voting Units issued under the Offering. The LP paid $1,938,005 to the Underwriters in connection with the closing of the Offering, of which $1,413,750 was used to fund CG Investment Inc. IV’s Class B Unit sponsor share purchase obligation. The balance of the underwriting commission of $10,436,995, or 4.6% of the gross proceeds (the “ Deferred Amount ”) of the Class A Restricted Voting Units, has been deferred and will only be paid upon successful completion of the Qualifying Transaction as follows: (A) as to 3.6% of the gross proceeds, to the Underwriters; and (B) as to 1.0% of the gross proceeds, released only at the General Partner’s sole discretion, in whole or in part, as it sees fit, for payment to parties of the General Partner’s choosing and may be paid to the Underwriters. If the Qualifying Transaction is not consummated within the permitted timeline, no Deferred Amount shall be payable. Given completion of the Qualifying Transaction is uncertain, the contingent liability of deferred underwriting commission balance has not been recorded in the Interim Financial Statements. Transaction costs were pro-rated between the Class A Restricted Voting Units, Rights and Class B Units by the amount of proceeds received.

Working capital, which consists of current assets less current liabilities (excluding all proceeds held in escrow), is ($2,130,909) as at December 31, 2020. Current liabilities as at December 31, 2020 total $2,148,401.

General and Administrative Expenses

The LP’s general and administrative expenses consist of costs required to maintain its public company status in good standing, and expenses incurred to evaluate and identify companies, businesses, assets or properties for potential acquisition. The LP had the following general and administrative expenses for the period from January 1, 2020 through December 31, 2020:

er 31, 2020:
Fees connected to qualifying transaction	$ 3,853,094
Regulatory	32,981
Administrative	254,447
Total	$ 4,140,522

Liquidity and Capital Resources

We intend to use substantially all of the funds held in the Escrow Account, including interest (which interest shall be net of taxes payable and certain expenses) to consummate the Qualifying Transaction. To the extent that, after redemptions, our units or debt is used, in whole or in part, as consideration to consummate a Qualifying Transaction, we may apply the cash balance that is not applied to the purchase price and released to us from the Escrow Account for general corporate purposes, including maintenance or expansion of operations of acquired businesses, payment of principal or interest due on indebtedness incurred in consummating the Qualifying Transaction, funding of subsequent acquisitions, payment of distributions, general ongoing expenses or payment of the deferred underwriting commissions .

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As at December 31, 2020, the LP had cash of US$17,021. The LP will generate negative cash flow from operating activities in the future until a Qualifying Transaction is completed and commences revenue generation.

To the extent that the LP requires funding for general ongoing expenses or in connection with sourcing a proposed Qualifying Transaction the LP may obtain funding by way of unsecured loans from the Sponsors and/or their affiliates, which loans would, bear interest at no more than the prime rate plus 1.0%. The Sponsors would not have recourse under such loans against the Escrow Account, and thus the loans would not reduce the value of such Escrow Account.

Otherwise, and subject to any relief granted by the Exchange, the LP may seek to raise additional funds through a rights offering as specified in the AIF in respect of units available to its unitholders, in accordance with the requirements of applicable securities legislation, and subject to placing the required funds raised in the Escrow Account in accordance with applicable exchange rules.

Financial Instruments

The financial instruments of the LP are mainly its Class A Restricted Voting Units subject to redemption and its accrued expenses. The LP manages its risks relating to the Class A Units by investing the amounts payable on redemption in short term investments and maintaining these assets in an escrow account with Olympia as described in the significant events section. The amounts due to creditors for accrued expenses are unsecured and will have no recourse to the escrowed cash.

Proposed Transactions

As discussed above under “Significant Events”, On January 26, 2021, the LP announced the details of the Intercure Qualifying Transaction. Concurrently, the SPAC also announced the Private Placement.

Outstanding Units

As of the date of this MD&A, the LP had 22,500,000 Class A Restricted Voting Units, 524,500 Class B Units and 57,562 Proportionate Voting Units and 1 General Partnership Unit issued and outstanding. In addition, the LP had an aggregate of 23,024,500 Rights issued and outstanding.

Related Party Transactions

On March 12, 2020 the LP formally engaged Atlas Management, LLC (“ Atlas ”) as an independent contractor for the provision of consulting services (the “ Services ”). Such Services include assistance with the identification and evaluation of real estate assets as potential acquisition targets for the Qualifying Transaction; and the negotiation, execution and closing of such acquisitions, together with such ancillary services as may reasonably be requested from time to time by the LP. Atlas has agreed to make its “Management Team” available to perform the Services. Its Management Team includes Richard Acosta, Michael Miller, Eric Clarke, Dylan Marcoot and Dylan Hart, all of whom are Founders of the LP. The term of the LP’s engagement with Atlas will continue until the LP successfully closes the Qualifying Transaction, or if the Qualifying Transaction does not take place on or prior to such time, at the end of any period (including any extensions) permitted for the LP to complete the Qualifying Transaction. During the term, the LP shall pay a consulting fee of $62,500 per month (inclusive of applicable taxes) to Atlas.

The LP has executed an administrative services agreement with the Subversive Sponsor, which will make available to the LP administrative support and certain related services as may be required by the LP, including the utilization of office space and utilities. Pursuant to the agreement, in exchange for the administrative services the LP shall pay to the Subversive Sponsor a payment of $10,000 per month. For the period from July 1, 2020 to September 30, 2020, the LP did not make any payments to the Subversive Sponsor. The LP did accrue for the obligation, recording $30,000 of administrative fees, which such amount is included in General & Administrative expenses in the LP’s statement of income (loss) and in Accrued Expenses in the LP’s balance sheet.

Off-Balance Sheet Transactions

The LP has no off-balance sheet arrangements.

Significant Accounting Policies and Critical Accounting Estimates

For further information about the accounting policies used by the LP, please refer to the Audited Financial Statements and notes thereto for the year ended December 31, 2020, which have been prepared in accordance with International Financial Reporting Standards (“IFRS’), as issued and effective as at December 31, 2020 and 2019 by the International Accounting Standards Board (“IASB”) and with interpretation of the International Financial Interpretations Committee (“IFRIC”).

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Interim Financial Statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant assumptions were used in determining the fair value of the Class A Restricted Voting Units and Class A Rights at inception.

Critical accounting estimates represent estimates made by management that are, by their very nature, uncertain. Management evaluates its estimates on an ongoing basis. Such estimates are based on assumptions that management believes are reasonable under the circumstances, and these estimates form the basis for making judgments about the carrying value of assets and liabilities and the reported amounts of revenues and expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. A summary of the significant accounting policies used by management in the preparation of its financial information is provided in Note 4 to the Interim Financial Statements.

There were no changes made in our internal control over financial reporting that occurred during the period ended December 31, 2020, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Future Accounting Changes

The LP does not believe that any accounting standards that have been recently issued but which are not yet effective would have a material effect on the Financial Statements if such accounting standards were currently adopted.

Controls and Procedures

As of December 31, 2020, an evaluation was carried out, under the supervision of and with the participation of management, including the Chief Executive Officer (“ CEO ”) and the Chief Financial Officer (“ CFO ”), of the effectiveness of our disclosure controls and procedures as defined under National Instrument 52-109. Based on that evaluation, the CEO and the CFO concluded that the design and operation of these disclosure controls and procedures were effective as at December 31, 2020 and for the period from January 1, 2020 through December 31, 2020.

Internal Control over Financial reporting

Management, including the CEO and the CFO, has designed internal control over financial reporting as defined under National Instrument 52-109 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Based on that evaluation, the CEO and the CFO concluded that the LP’s internal control over financial reporting was designed and operating effectively as at December 31, 2020 and for the period from January 1, 2020 through December 31, 2020 and that there were no material weaknesses in our internal control over financial reporting.

Managing Risk

Except as otherwise disclosed in this MD&A and in the LP’s financial statements as at December 31, 2020 and for the period from January 1, 2020 through December 31, 2020, there have been no significant changes to the nature and scope of the risks faced by the LP as described in the QT Prospectus, which is available on the LP’s SEDAR profile at www.sedar.com. These business risks should be considered by interested parties when evaluating the LP’s performance and its outlook.

Contingency

Since March 2020, the outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility . It is uncertain what impact this volatility will have on the LP’s securities held at fair value and short term investments. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of governmental and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact of such developments on the financial results and condition of the LP in future periods.

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Subversive Acquisition LP Management Reports 2021

47872_rns_2021-03-31_33b477fa-1b0e-444b-b851-fb5a90e70c06.pdf