PINDUODUO INC

CUSIP: 722304AC6 Class: NOTE 12/0

Varde Management, L.P.'s Holding History (CIK: 0001559130)

Note: Option positions (PUT/CALL) are excluded.

Q1 2022
Shares 27,250,000 Value ($000) $23,860 Avg Close — Range —
Q4 2021
Shares 35,250,000 Value ($000) $31,800 Avg Close — Range —