ALPHA GENERATION • HIGH SHARPE RATIO • LOW CORRELATION

Investment Approach

 -Generate good risk-adjusted returns, with alpha
 -Value-based, credit-focused, event-driven, long/short
 -Consistency: investment model never changed
 -Priority of capital preservation and liquidity
 -Low volatility, limited use of leverage
 -Nimble and opportunistic

Pedigree of Team

 -Deep experience, excellent reputation
 -Portfolio manager: 26 years in credit markets, contrarian investor
 -Investment team: expertise in all credit markets and cycles, collaborative
 -Business, operations, finance and trading: long-tenured

Corporate Model

 -Business: stable, low risk, controlled growth, superior client service
 -Management of firm and fund: best practices, highest ethics/standards, one office
 -Investor base: aligned, diverse, long-term oriented, conservative, institutional