JULY 15, 2015 THE PIERRE HOTEL NEW YORK CITY. Asset Manager Profiles

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1 JULY 15, 2015 THE PIERRE HOTEL NEW YORK CITY Asset Manager Profiles

2 Disclaimer This guide is for informational purposes only and is not and should not be construed as an offer to sell or a solicitation to buy securities. There can be no assurance that any of the funds enclosed objectives can be achieved or that they will not incur losses. Past performance is not indicative of future results, including future volatility and correlation to other types of investments. The returns of individual investors may vary because of timing of the investment and differences in management and incentive fees, if applicable. The information contained herein is intended solely for use by the recipient hereof and is not to be reproduced or distributed to other parties. II and CNBC are not making any recommendation, express or implied, as to an investment with, and are not acting as agent, promoter, underwriter, or placement agent for, any manager. Any information contained in these materials regarding a manager has been prepared by the manager, and the manager is solely responsible for the completeness and accuracy of that information. II has not verified and is not liable for the completeness or accuracy of information contained in these materials. Assets Under Management ( AUM ) are unaudited and may be estimated. This presentation is confidential and may not be reproduced, distributed or used by any person without expressed written consent

3 Anchorage Capital Group, L.L.C. FUND NAME: Anchorage Capital Partners AUM: $12.8 billion as of 3/31/2015 INCEPTION DATE: 2003 STRATEGY: Credit FIRM OVERVIEW: Anchorage Capital Group, L.L.C. ( Anchorage or the Firm ) is a registered investment adviser founded in Anchorage currently manages approximately $15.2 billion across a credit-oriented product platform primarily consisting of three fund families: Anchorage Capital Partners Funds, Anchorage Short Credit Funds and Anchorage Illiquid Opportunities Funds. The Firm currently has 148 employees, 59 of whom are dedicated investment professionals, 69 of whom are infrastructure professionals, and 20 of whom are human resources and administrative professionals. Anchorage focuses on a wide range of assets across the credit spectrum and throughout a company s capital structure, including performing bank loans and bonds, credit derivatives, and defaulted debt and restructured equity. Anchorage is headquartered in New York with additional affiliate offices in London, Sydney, and Luxembourg. INVESTMENT STRATEGY: Anchorage Capital Partners ( ACP or the Fund ), Anchorage s credit-oriented flagship hedge fund, invests across the capital structure on a long and short basis. ACP combines technical and trading expertise with fundamental, single name credit analysis to identify strong risk-adjusted returns with an emphasis on cash flow and credit-like downside protection. The Fund has a flexible mandate and primarily invests in long/short performing credit, corporate-focused structured credit, and distressed and special situations. Anchorage manages net and gross exposures to these asset classes tactically throughout market cycles. Michael Charlton [email protected] (212)

4 Apollo Global Management FUND NAME: Credit Strategies Fund AUM: $162.9 billion FIRM OVERVIEW: Apollo is a global alternative investment manager, founded in As of March 31, 2015, Apollo had approximately $162.9 billion of assets under management. Apollo is led by its Managing Partners Leon Black, Joshua Harris and Marc Rowan, who have worked together for more than 25 years. As of March 31, 2015, the Firm had approximately 869 employees, including 318 investment professionals. The Firm s offices are located in New York, Houston, Chicago, Bethesda, London, Los Angeles, Toronto, Singapore, Frankfurt, Hong Kong, Mumbai, and Luxembourg. Apollo has three business segments: Private Equity, Credit and Real Estate, as well as a demonstrated expertise in Natural Resources. Apollo also manages several strategic investment accounts established to facilitate investments by third-party investors directly in Apollo-sponsored funds and other transactions. INVESTMENT STRATEGY: The strategy is designed to take advantage of market volatility, inefficiencies and liquidity premiums primarily in the U.S. and in Europe, and is expected to have low correlation to traditional asset classes. Utilizing the expertise and ideas of the entire Apollo Credit platform, the strategy is expected to primarily seek event-driven and relative value opportunities in corporate credit and structured credit related assets as well as selective equity investments. The strategy is actively managed on a long/short basis and is focused on event-driven strategies, reflecting a consolidation of research from across Apollo's integrated investment platform. The strategy targets catalysts within 6-12 months as we believe a shorter time period results in uncorrelated returns, and seeks to have low net exposure to capture the opportunity caused by deterioration in asset class correlations. In normal markets, net exposure is expected to range between 20%-50%, and a beta-adjusted exposure of less than 50% is expected throughout the credit cycle. Ernesto Franco [email protected] (212)

5 Aqualeon FUND NAME: Multiple Funds and Segregated Accounts INCEPTION DATE: 2000 STRATEGY: Growth FIRM OVERVIEW: Aqualeon is an independent investment and wealth manager based in Singapore. We manage investments in developed and emerging-market equities. We also invest in alternative investments including private equity. Aqualeon is authorized and regulated by the Monetary Authority of Singapore (MAS). Group companies have operations in London and Mauritius. See and INVESTMENT STRATEGY: Global Equities: Our investment approach is based on bottom-up, fundamental stock picking in industry value chains. We think and invest selectively in growth and arbitrage opportunities globally on a bottom-up basis. We have a preference for companies with unique characteristics, sustainable competitive advantages, and potential for consistent earnings growth. Our investment ideas are further supported by global macro research. This fundamental view is backed by technical analysis and quantitative techniques. India / Private Equity: Team members have been pioneering investors in India since the early 1990 s. Aqualeon manages India s first licensed private equity / venture capital fund structure (authorized by the Securities and Exchange Board of India SEBI in 2000). Vivek Sekhar [email protected] /(646)

6 Arrowgrass Capital Partners FUND NAME: Arrowgrass Master Fund AUM: $5.03 billion INCEPTION DATE: February 2008 STRATEGY: Multi-Strategy FIRM OVERVIEW: Founded in February 2008, Arrowgrass is a London headquartered alternative investment manager that employs a non-siloed, multi-strategy investment process across the corporate capital structure. Arrowgrass Capital Partners LLP is FCA regulated, and both Arrowgrass Capital Partners LLP and Arrowgrass Capital Partners (US) LP (together, Arrowgrass ) are registered with the SEC and CFTC. As of April 1st, 2015, Arrowgrass had 114 employees located across its London (77) and New York (37) offices and is the investment manager to three funds: the flagship Master Fund (multi-strategy), the Distressed Opportunities Fund and the Equity Focus Fund (long/short equity). INVESTMENT STRATEGY: The Arrowgrass Master Fund employs a catalyst-driven, multistrategy investment process utilizing six core strategies wrapped with a macro overlay. The strategies are split between Relative Value (Convertible Arbitrage, Volatility Arbitrage and Capital Structure Arbitrage) and Event Driven (Distressed, Merger Arbitrage, Special Situations Equity and Fixed Income), specifically chosen because of the synergies they offer each other. Arrowgrass non-siloed structure facilitates the fluid allocation of capital and resources between the strategies to optimize risk-adjusted returns throughout the cycle. In addition to conducting intensive bottom-up fundamental and technical research on all its investments and identifying clear, well-defined catalysts for the unlocking of value, Arrowgrass utilizes a top-down macro overlay to enhance asset allocation and risk management. The macro overlay is not a stand-alone strategy, but is instead used as a key input to the overall Master Fund activities. Matthew Bassista [email protected] (212)

7 BlackRock FIRM OVERVIEW: BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2015, BlackRock s AUM was $4.774 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, ishares (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions. Headquartered in New York City, as of March 31, 2015, the firm had approximately 12,300 employees in more than 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company s website at Blog: LinkedIn: Josh Levine [email protected] (212)

8 Burgundy Asset Management Ltd. FUND NAME: Global Long-Only Equity Mandates AUM: $20.2 billion INCEPTION DATE: 1991 STRATEGY: Global Long-Only Equity Mandates INVESTMENT STRATEGY: Burgundy has been investing in Asia since 1998 and in Europe since 2000; we manage concentrated, long-only portfolios of Canadian, U.S., International, Global and Emerging Markets equities. Our regional investment team structure also allows us to manage niche strategies in Japan, Asia and Europe. Burgundy s investment strategies are supported by a deep international experience and a global bench strength of 24 investment professionals. Burgundy s entire investment team is based in Toronto to ensure a consistent and thorough investment process. We stress the importance of developing a perspective on the ground, and engaging in the same detailed level of fundamental research anywhere we invest. Our team s regional coverage and common workplace is an essential attribute that allows us to develop a fully global perspective in an increasingly globalized business environment. Joe Rooney [email protected] (416)

9 Canyon Partners LLC AUM: $24.2 billion FIRM OVERVIEW: Canyon is a value oriented alternative asset manager that employs event driven and distressed strategies across a broad spectrum of asset classes. The firm was founded in 1990 by Joshua Friedman and Mitchell Julis, has been registered with the SEC since Canyon s management team is collectively the largest investor in the Canyon Funds. Looking across the capital structure, the firm invests opportunistically and leverages their own experience to provide financing solutions to entities who may not access traditional capital. Additionally, we have developed a great deal of expertise in mortgage securities, aircraft lease securitizations, CDOs/CLOs, distressed structured municipal bonds, and other niches. Ingrid Kiefer [email protected] (310)

10 Christofferson, Rob & Company FUND NAME: CRC Capital Release Fund Limited AUM: $2.4 billion INCEPTION DATE: November 2002 STRATEGY: European Bank Capital Release FIRM OVERVIEW: Christofferson, Robb & Company ("CRC") is a leading credit/fixed income manager. CRC has a long history (since 2002) of successfully managing highly diversified and granular portfolios of real economy loans and other assets. CRC is a leading investor and innovator in what is now known as Bank Capital Release Transactions. In 2014 CRC invested over $1.4 billion in new transactions and returned almost $750 million to investors as deals and funds matured. CRC's portfolio should complement and not overlap with other credit risks in an investor s portfolios. CRC runs and offers both segregated and multi-investor funds. CRC s investors allocate from their LDI, Fixed Income, Absolute Return or Opportunistic portfolios. INVESTMENT STRATEGY: CRC invests in transactions that improve the capital efficiency of a bank's balance sheets referencing diverse pools of real economy assets retained within the bank's balance sheet and which are otherwise not available to outside investors - mainly SME loans and prime RMBS in core Europe, 50% in Germany. By lowering the risk-weighting of specific assets, the transactions reduce the amount of Tier 1 capital that the bank is required to hold. These transactions are a valuable, discrete and flexible tool for banks. CRC s returns derive from the premium banks are willing to pay to release Tier 1 capital. The transactions are structured to produce superior returns with low risk and volatility and to withstand severe market shocks. CRC has a 14 year audited track record. Andrew Leasor [email protected] +44 (207)

11 Conatus Capital Management FUND NAME: Conatus Capital Management LP STRATEGY: Long/Short Equity, Long-Focused Equity INVESTMENT STRATEGY: Conatus applies deep fundamental investment research as the basis of our investment strategy. Conatus combines depth in company research with breadth in global perspective as part of its effort to deliver a differentiated return stream. Consideration of the following six areas will drive the generation of investment ideas: 1. Business returns on invested capital, competitive position and cash generation. 2. Management team leadership, intelligence, skills, competence, creativity, ownership of the company and ethical standards. 3. Key business drivers sustainable competitive advantage, discontinuous change (e.g., new management, technology or business model) or onset of a new industry cycle. 4. Variant perception critical insight into factors (e.g., direction, duration or degree) that will cause a business to perform at variance with consensus. 5. Valuation earnings and cash flow months in the future. 6. Consideration of macroeconomic factors that could impact portfolio companies. Erin McStravick [email protected] (203)

12 CQS FUND NAME: CQS Directional Opportunities Fund AUM: Fund AUM: $3.586 million INCEPTION DATE: August 2005 STRATEGY: Directional, High, Conviction, Multi-asset FIRM OVERVIEW: Founded in 1999, CQS is a $14.3bn global multi-strategy asset management firm with 270 staff located globally, 90 of whom are specialist investment professionals. Since launching its first strategy in March 2000, CQS has expanded to manage alternative, long-only and bespoke mandates for institutional investors in the areas of multi-strategy, convertibles, asset backed securities, credit, loans and equities. The firm s track record is underpinned by fundamental research and quantitative analysis, with robust institutional operational and risk management platforms. CQS is a founding member of the Hedge Fund Standards Board and is regulated by the FCA in the UK, the SFC in Hong Kong, ASIC in Australia and registered with the SEC in the US. As at end May 2015 Brian Schwartz [email protected] (212)

13 The D. E. Shaw Group AUM: $36 billion FIRM OVERVIEW: The D. E. Shaw Group is a global investment and technology development firm with more than $36 billion in investment and committed capital as of April 1, 2015, and offices in North America, Europe, and Asia. Since our founding in 1988, our firm has earned an international reputation for successful investing based on innovation, careful risk management, and the quality and depth of our staff. We have a significant presence in the world's capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies. INVESTMENT STRATEGY: The D. E. Shaw Group pursues attractive and sustainable riskadjusted returns on the capital we invest for our clients. The firm invests globally using a broad array of strategies in both public and private markets. Widely recognized as a pioneer in quantitative investing, particularly in equities, futures, and options, the firm also has formidable expertise in areas that involve fundamental analysis or portfolio manager discretion, such as credit, energy, and macro investing. Regardless of the particular strategy, each investment decision is made in the context of a rigorous analytical approach that seeks to carefully identify and weigh potential risks and rewards. The firm's investment activities fall into two broad areas: Alternative Investments Strategies focused on the delivery of absolute returns, with low targeted correlation to traditional assets like equities, account for more than $26 billion of the firm's investment capital. Our alternative investment program dates to 1989 and consists of both larger, core multi-strategy investment vehicles and more focused, strategy-specific investment products. Benchmark-Relative and Global Asset Class Investments Long-biased strategies focusing on major, liquid asset classes represent more than $10 billion of the firm's investment capital. Launched in 2000, a suite of long-only and "130/30" benchmark-relative equity investment strategies deploy a systematic investment process that enables institutional investors to customize their exposure to a particular index. A discretionary strategy launched in 2013 seeks dynamic exposures to multiple global asset classes, enhanced by select alpha opportunities. Alexis Halaby [email protected] (212)

14 DW Partners, LP FUND NAME: DW Catalyst Fund and DW Value Fund AUM: $6 billion INCEPTION DATE: DW Catalyst 6/1/2009 & DW Value 3/1/2012 STRATEGY: Global Multi-Strategy Credit FIRM OVERVIEW: DW Partners, LP ( DW ) is a global multi-strategy credit firm managing over $6 bn in assets under management. The DW team began working together at Morgan Stanley in the early 2000s, founded the fundamental credit group at Brevan Howard in 2008 and spun off to form DW in In January 2015, DW assumed management of the credit strategies it sub-advised for Brevan Howard. DW uses a multi-strategy approach to investing across the spectrum of credit and structured finance opportunities. With a 31 person investment team, DW focuses predominantly on credit instruments ranging from distressed and performing corporate credit to real estate-related investments and other asset backed investments, with an emphasis on risk management and absolute return. INVESTMENT STRATEGY: The DW Catalyst Fund is a multi-strategy, fundamental credit strategy that seeks to generate attractive risk-adjusted returns by identifying fundamental investments with catalysts, predominantly in corporate credit, distressed, structured finance and related instruments. The DW Catalyst Fund combines deep research with a robust risk framework and aims to produce absolute returns while delivering modest volatility, low correlation to traditional markets and limited. The DW Value Fund is an unconstrained, fundamental credit strategy that seeks to generate attractive returns across the spectrum of credit and real asset opportunities, focusing on niche and special situations in corporate and structured finance investments. The Value Fund combines deep fundamental research with longstanding experience in complex structures and situations, all under a robust risk framework. The DW Value Fund is generally agnostic to directionality, concentration and liquidity in the pursuit of long-term performance. Laura Rose [email protected] (212)

15 GAM FUND NAME: GAM Global Rates Hedge USD Open AUM: $3.4 billion as of April 30, 2015 INCEPTION DATE: January 2, 2004 STRATEGY: GAM Global Rates Strategy FIRM OVERVIEW: Established in 1983, GAM is an independent, active asset manager with over $130 billion in assets with offices in 10 countries. We deliver investment solutions to institutions, intermediaries, private clients and charities from offices in financial centers around the world. Our capabilities span investment strategies across equity, fixed income, absolute return, alternative investments, discretionary portfolio management and tailored investment solutions. Our aim is to deliver strong, long-term returns for our clients through some of the world s most talented investment managers. Our focus on performance, risk management, uncompromising investment standards and partnership with our clients enables us to achieve that objective. INVESTMENT STRATEGY: To deliver absolute returns over the medium term, across all market conditions. Invests primarily in government and quasi-government bonds and currency instruments of developed markets with opportunistic exposure to emerging markets, using an active, discretionary global macro style. Gary Droscoski [email protected] (212)

16 AUM: $1.18 trillion Goldman Sachs Asset Management FIRM OVERVIEW: Goldman Sachs Asset Management is one of the world s leading investment managers. With more than 2,000 professionals across 33 offices worldwide, GSAM provides institutional and individual investors with investment and advisory solutions, with strategies spanning asset classes, industries and geographies. Our investment solutions include fixed income, money markets, public equity, commodities, hedge funds, private equity and real estate. Our clients access these solutions through our proprietary strategies, strategic partnerships and our open architecture programs. Our investment teams represent over 700 investment professionals, capitalizing on the market insights, risk management expertise and technology of Goldman Sachs. We help our clients navigate today s dynamic markets and identify the opportunities that shape their portfolios and long-term investment goals. We extend these global capabilities to the world s leading pension plans, sovereign wealth funds, central banks, insurance companies, financial institutions, endowments, foundations, individuals and family offices, for whom we invest or advise on more than $1 trillion of assets (as of March 31, 2015). Jacqueline Yuscavage [email protected] (212) Robert Patch [email protected] (212)

17 Golub Capital FUND NAME: Golub Capital Partners, 10 L.P. ( GCP 10 or the Fund ) AUM: Golub Capital currently manages over $15 billion in capital under management, an internal gross measure of assets which includes leverage and uncalled capital. INCEPTION DATE: 2015 STRATEGY: Golub Capital s core strategy focuses on U.S. middle market companies ($10-50 million of EBITDA) with sustainable proprietary positions in their markets that are generally too small to access the liquid debt markets. A majority of the investments in the Fund are expected to consist of first lien senior secured and one-stop loans. These loans are to private equity sponsorcontrolled middle market companies that require capital for growth, recapitalizations, refinancing s and leveraged buyouts. FIRM OVERVIEW: Golub Capital is a nationally recognized credit asset manager with an awardwinning middle market lending business. Golub Capital manages over $10 billion in capital for institutional investors and family offices, offering tailored solutions for investors credit asset strategies. Today, the firm has over 200 employees with lending offices located in Chicago, New York and San Francisco. Golub Capital has four business lines that are highly complementary to one another: Middle Market Lending, Late Stage Lending, Broadly Syndicated Loans and Opportunistic Credit. INVESTMENT STRATEGY: GCP 10 is part of the Golub Capital Partners, Ltd. fund family, which provides immediate access to a seasoned, healthy, diversified portfolio. Predecessor Golub Capital funds have had a history of providing investors with quarterly cash distributions. Golub Capital seeks to produce attractive absolute returns for investors by combining robust, often proprietary deal flow with an intense credit culture to generate loans with what it believes are attractive pricing and below average risk. Golub Capital generated a deal flow of over 2000 middle market opportunities last year through its direct origination model that unites industry leading deal professionals, reliability and carefully developed credit policies and procedures. With a 20 year operating history in the middle market, Golub Capital seeks to maintain strong relationships with private equity sponsors and incumbent borrowers, which help to drive deal flow each year. This competitive advantage in deal flow permits Golub Capital to seek very high credit standards and low credit losses. Alissa Grad [email protected] (212)

18 GP Investments AUM: $4.0 billion INCEPTION DATE: 1993 FIRM OVERVIEW: GP Investments is a leader in alternative investments in Latin America. Since its inception in 1993, GP has invested over US$5 billion in the acquisition of 53 companies, across 15 sectors. INVESTMENT STRATEGY: Private Equity, Real Estate, Infrastructure Nia Gandy (212) [email protected]

19 Hermes Investment Management FIRM OVERVIEW: Hermes Investment Management is focused on delivering superior, sustainable, risk-adjusted returns - responsibly. Hermes aims to deliver long-term outperformance through active management. Our investment professionals manage equity, fixed income, real estate and alternative portfolios on behalf of a global clientele of institutions and wholesale investors. We are also one of the market leaders in responsible investment advisory services. Our investment solutions include: Private markets International Real Estate, Pooled funds, Segregated mandates, UK Real Estate, UK Real Estate Debt, Infrastructure, Private Equity. High active share equities Asia, Global Emerging Markets, Greater China, Europe, Global and Small & Mid Cap. Specialist fixed income Global High Yield Bonds, Illiquid Credit, Multi Strategy Credit, UK Government Bonds and UK & Global Inflation-Linked Bonds. Multi asset Multi Asset Inflation. Responsible Investment Services Corporate Engagement, Intelligent Voting, Public Policy Engagement and PRI. Source: Hermes as at 31 December Missy Whitney [email protected] +44 (0)

20 Higdon Partners LLC FIRM OVERVIEW: Higdon Partners, LLC, established in 1986, is a leading executive search firm focused exclusively on the asset management world. The firm s client base consists of endowments and foundations, family offices, sovereign wealth funds, hedge funds, private equity firms, long/only traditional asset management firms, and corporate pension funds. The firm is especially known for recruiting chief investment officers, but conducts searches not only for all investment management functions, such as portfolio managers, but also all support staff functions, including general counsels, chief financial officers, chief compliance and risk officers, and heads of marketing and distribution. Higdon Partners has had the great fortune to work with a wide variety of leading investment organizations in the United States, Europe, and the Middle East. Hank Higdon [email protected] (212)

21 Joele Frank, Wilkinson Brimmer Katcher FIRM OVERVIEW: Joele Frank is a leading strategic financial communications and investor relations firm recognized for our intellect, integrity and intensity. We help our clients take control. Since our founding in January 2000, we have pursued a clear purpose: to deliver excellent, effective and accountable communications counsel and support to enable our clients to achieve their goals. We have a well-established track record of helping our clients assess their situation, weigh options, establish objectives, and quickly arrive at a strategy that enables them to move forward with strength and confidence. We immerse ourselves in our clients businesses and stand by them. And we hold ourselves accountable for performance. The true measure of our success is the value we deliver to clients. Through high-quality work that helps our clients advance their goals, we have forged an outstanding reputation for delivering results. We consistently rank among the top strategic communications firms in M&A, litigation, crisis and restructurings. Joele Frank [email protected] (212)

22 Knighthead Capital Management LLC FUND NAME: Knighthead Master Fund STRATEGY: Event-Driven, Multi-Strategy INCEPTION DATE: June 2008 FIRM OVERVIEW: Knighthead Capital Management, LLC is an SEC registered investment management firm specializing in long-short event driven, distressed credit and other special situations across a broad array of industries. The founding partners have over 40 years of combined distressed credit, restructuring, and related experience. Knighthead typically invests at or near the top of the capital structure attempting to limit downside risk, focusing on preservation of capital. As of June 30, 2015 the firm manages $3.3B in the strategy. Laura Carraway [email protected] (212)

23 Man Group AUM: $78.1 billion FIRM OVERVIEW: Man Group is one of the world s largest independent alternative investment managers, and a leader in high-alpha, liquid investment strategies. Across its four investment managers (Man AHL, Man FRM, Man GLG and Man Numeric), Man Group has a diverse offering in hedge funds and long only products across equity, credit, managed futures, convertibles, emerging markets, global macro and multi-manager solutions. At 31 March 2015, Man Group s funds under management were $78.1 billion. The original business was founded in Today, Man Group plc is listed on the London Stock Exchange under the ticker EMG.L and is a constituent of the FTSE 250 Index with a market capitalisation of c. 3.3 billion. Man Group also supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes. Further information can be found at Michael Callahan [email protected] (212)

24 MAST Capital Management, LLC FUND NAME: MAST Credit Opportunities I, L.P. AUM: Firm: $1.23 billion, Fund: $242 million INCEPTION DATE: June 17 th 2002 STRATEGY: Event Driven Credit FIRM OVERVIEW: Founded in 2002, Boston-based, and SEC-registered, MAST Capital Management, LLC ( MAST ) manages and sub-advises approximately $1.23 billion in assets across multiple funds. INVESTMENT STRATEGY: Mast Credit Opportunities I (the Fund ) is a diversified long/short credit fund which seeks to generate superior absolute returns by capitalizing on value situations across leveraged middle market capital structures with an extreme focus on capital preservation. Portfolio construction is uniquely designed to generate low volatility returns with little correlation to the broader equity or fixed income markets. The Fund seeks to meet these objectives by placing 60-80% of the portfolio in Core investments (typically low beta, short duration, coupon bearing instruments), and the balance of the portfolio in Special Situations (idiosyncratic value/event-driven long and short credit and equity instruments). Meaghan Mahoney [email protected] (617)

25 Nuveen Investments FIRM OVERVIEW: Nuveen Investments is a multi-affiliate asset management company headquartered in Chicago. Our affiliates deliver excellence across asset classes through teams of investment experts. As of March 31, 2015, we manage approximately $233.2 billion across 7 independent affiliates. We deliver investment solutions to corporations, public and multi-employer pension funds, foundations and endowments, high-net-worth individuals, insurance companies, and governments. Nuveen Investments utilizes an integrated distribution platform, drawing upon the focused expertise of its independent investment affiliates: Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. Together these deeply specialized teams, each with a distinct style and process, provide our customers with broad and deep investment expertise in growth and value equities, international and global equity strategies, real assets and infrastructure, fixed income and market-neutral investments, and low volatility strategies. Maureen L. Beshar [email protected] (212) Jason Psome [email protected] (312)

26 OFI Global, An OppenheimerFunds Company FUND NAME: OFI Global AUM: $236 billion INCEPTION DATE: Founded 1959 STRATEGY: Multiple Strategies FIRM OVERVIEW: OFI Global Asset Management consists of OppenheimerFunds, Inc. and certain of its advisory subsidiaries. The firm offers a full range of investment solutions across equity, fixed income and alternative asset classes to a diverse global institutional client base. INVESTMENT STRATEGY: OFI Global offers a broad array of investment solutions across asset classes that span the risk/reward spectrum, market capitalizations and regions of the world. Jeffery D. Sharon, CFP, CIMA [email protected] (212)

27 Perella Weinberg Partners FUND NAME: PWP Global Macro Fund AUM: $450 million (PWP Global Macro Fund); $10.6 billion INCEPTION DATE: October 2013 STRATEGY: Global Macro FIRM OVERVIEW: Perella Weinberg Partners is a leading independent financial services firm. Established in 2006, the Firm provides advisory and asset management services to a global client base, including corporations, institutions and governments. Our Advisory business advises clients on mergers and acquisitions, financial restructuring, capital structure advisory, private capital raising, pension matters, strategic advisory, independent special committee advisory, and government services. The Asset Management business includes a suite of hedge fund strategies, private investment funds and outsourced investment office solutions. Including affiliates, Perella Weinberg Partners has capital commitments and managed assets of approximately $10.6 billion. Serving a diverse group of global clients, Perella Weinberg Partners employs approximately 450 employees located in our New York, London, Abu Dhabi, Denver, Dubai, and San Francisco offices. INVESTMENT STRATEGY: The PWP Global Macro strategy is focused on the interplay of macro-economic factors and asset returns, run by Portfolio Manager Maria Vassalou, who has over 20 years of research and investment experience in this space. The principal investment objective of the PWP Global Macro Fund (the "Fund") is to achieve attractive absolute returns across diverse market environments by investing in a global diversified portfolio of equities, currencies, sovereign debt, commodities and credit. The Fund generally seeks to accomplish its objective by employing an investment strategy based on fundamental macro-economic research to establish predictive relationships between macro-economic factors and asset returns. These principles are implemented in a rigorous, systematic investment framework. The goal of the strategy is to estimate the dynamics of risk premia across all liquid assets globally in order to identify opportunities to deploy risk to maximize reward. The investment approach incorporates analysis of the current economic environment as well as prediction of the evolution of the business cycle across multiple regions. The Fund invests primarily in major equity indices (including, but not restricted to, equity indices across Europe, Asia Pacific and North America, through futures and ETFs), major liquid currencies (through forwards), major commodities, highly rated sovereign debt (including, but not restricted to, U.S. Treasuries, German Bunds and Canadian bonds, through a combination of cash and futures), credit (through indices) and short-term deposits. Susan Soh [email protected] (212)

28 FUND NAME: Perry Partners International AUM: $9.7 billion (total firm AUM) INCEPTION DATE: October 1993 STRATEGY: Event Driven Perry Capital FIRM OVERVIEW: Perry Capital is a private investment firm founded in The firm currently manages approximately $9.7 billion with an opportunistic event driven focus across all asset classes and geographies. Perry Capital is run by a group of six managing partners and employs approximately 100 professionals and support staff in its fully functioning offices in New York and London. Its portfolio managers and analysts are generalists in nature and therefore have the flexibility to shift strategies depending upon dislocated prices and the current opportunity set. Perry Capital s employees are dedicated to conducting bottom-up, fundamental research and analysis worldwide across industries and up and down the capital structure. In an effort to ensure the firm s interests are aligned with those of our investors, Perry Capital s managing partners and employees are collectively amongst the largest investors in funds managed by Perry Capital. INVESTMENT STRATEGY: The majority of the firm s assets are invested through its flagship funds Perry Partners LP and Perry Partners International. The goal of these funds is to deliver strong risk-adjusted absolute returns with low correlation to the underlying markets. The firm invests in companies and markets that are experiencing significant change while maintaining flexibility with respect to asset class and geography. The firm concentrates principally on opportunistic investing which involves deploying capital to market dislocations, predominantly in complex, deep value situations that are misunderstood by the markets. The investment philosophy of Perry Capital centers around finding attractively priced securities that will ultimately perform based on a catalyst and opportunistically shifting capital to the areas that offer the best risk/reward ratio at any given time. The firm maintains a well hedged portfolio both at the position level and portfolio level. Doreen Mochrie [email protected] (212)

29 FUND NAME: AlphaQuest Original (AQO) AUM: $124 million (AQO), $750 million (Firm) INCEPTION DATE: May 1999 STRATEGY: CTA Quest Partners LLC FIRM OVERVIEW: Quest is a research driven alternative investment firm founded in 2001 by Nigol Koulajian and headquartered in New York. Quest employs a quantitative trading process across multiple asset classes in over 60 liquid markets including commodities, currencies, equity indices and fixed income. Clients include family offices, foundations, fund-of-funds and some of the world s largest pensions. Quest is registered with the CFTC as a CTA and CPO and is a member of the NFA. Quest is dedicated to maintaining the integrity of conventional CTA strategies by providing investors with strong absolute returns and reliable equity risk hedging characteristics. Risk-off exposure is favored. Quest generates CTA Alpha that is positively skewed and therefore highly beneficial to equity portfolios. Since inception to June 19, 2015, AQO total return of +572% vs +58% for SP500 and AQO up +142% during the three largest S&P500 drawdowns of -106%. INVESTMENT STRATEGY: AQO is a short term momentum strategy with trades lasting 8 days on average. Trades are filtered for maximum volatility expansion potential and are timed using short term trade entry techniques. Trading systems are weighted within the portfolio based on their contributions to targeted volatility and drawdown levels. Integrated risk models manage risks by monitoring volatility metrics, market liquidity and sector exposure limits. Anna Shlimak [email protected] (212)

30 Renaissance Institutional Management LLC FUND NAME: Renaissance Institutional Equities Fund AUM: $9.4 billion INCEPTION DATE: August 2005 STRATEGY: Systematic Long-Biased Equity Strategy FIRM OVERVIEW: Renaissance Technologies LLC, founded by Dr. James Simons in 1982, is an SEC-Registered Investment Adviser dedicated to producing superior returns for its clients by applying rigorous quantitative methods in the design and execution of its investment programs. As of March 2015, the Firm has approximately 300 employees, manages approximately $27 billion, and maintains offices in New York City and Long Island. The Firm approaches investing as a scientific problem that human acumen, advanced mathematical and statistical techniques, and robust technology are well suited to address. Continuous review and adaptation are required for quantitative systems to maintain their investment edge. An appreciation of this need is a fundamental characteristic of the Firm s investment philosophy and is ingrained in the culture fostered at the Firm for over thirty years. INVESTMENT STRATEGY: Renaissance Institutional Equities Funds ( RIEF ) invest primarily in U.S. and non-u.s. equity securities publicly traded on U.S. exchanges, based on a quantitative, long-biased investment strategy. RIEF has been designed to achieve attractive risk-adjusted returns that, on a gross basis, exceed in the long term the average yearly returns of the S&P 500 Index with dividends reinvested (the Index ). RIEF seeks a higher Sharpe ratio than the Index, a beta to the Index of 0.4 or lower, and most returns generated as alpha relative to the Index. RIEF is not a tracking fund and seeks to provide diversification from the Index. The RIEF investment process is automated and employs proprietary statistical models of price prediction, risk, and trading cost to build a portfolio of thousands of long/short positions. RIEF is also designed to be net $100 long for each $100 of equity, with leverage constraints that generally average 2.5 to 1.0 (1.75 long/.75 short). Research is ongoing, with the aim of improving the Sharpe ratio potential of Renaissance s investment strategies. David Schiller [email protected] (212)

31 Seer Capital Management LP FUND NAME: Seer Capital Partners Fund AUM: 2.1 billion INCEPTION DATE: May 1, 2009 STRATEGY: Diversified Structured Credit FIRM OVERVIEW: Seer Capital Management LP is a diversified, opportunistic credit investment firm with over $2 billion in AUM which was founded by Philip Weingord in Seer primarily invests in structured credit and loans and allocates capital opportunistically across all major asset classes within structured credit in the U.S. and Europe, including: residential and commercial mortgages, consumer loans, leveraged loans, SME loans, mezzanine loans, and securities collateralized by these assets. The Firm executes investments through active trading in legacy and new issue securitizations, and the purchase and securitization of whole loans. Our flagship strategy, the Seer Capital Partners Fund, is primarily invested in structured credit and whole loans. We also offer longer lock PE-style vehicles that invest in less liquid credit opportunities, along with separately managed accounts. Senior members of the Seer Capital team have more than 20 years of experience, with several of the founding partners having worked together for more than two decades, first at Credit Suisse and then at Deutsche Bank. The firm currently employs 46 professional and has been a registered investment advisor with the U.S. Securities and Exchange Commission (SEC) since Andrew Peisch [email protected] (212)

32 Standard Life Investments FIRM OVERVIEW: Standard Life Investments is a leading global asset manager offering a wide range of investment solutions backed by our distinctive Focus on Change investment philosophy, disciplined risk management and shared commitment to a culture of investment excellence. Our investment capabilities span equities, bonds, real estate, private equity, multi-asset and absolute return strategies. As of March 31, 2015, we manage $383.7 billion on behalf of clients worldwide. Standard Life Investments (USA) has provided investment management services in the US since 2002 with a focus on public and corporate pension plans, endowments and foundations, investment consultants, insurance companies and other large financial institutions. Jack Boyce [email protected] (617)

33 Symphony Asset Management FUND NAME: Corporate Arbitrage & Relative Value AUM: Seeded $250 million INCEPTION DATE: August 1, 2015 STRATEGY: Corporate Arbitrage & Relative Value FIRM OVERVIEW: Symphony Asset Management is a diversified alternative investment firm headquartered in San Francisco, California, with an office in New York City. A registered SEC investment advisor managing $18 billion, Symphony invests across the capital structure to consistently deliver superior risk-adjusted returns for institutional and high net worth clients. Founded in 1994 and now a leader in corporate credit, Symphony manages various investment strategies long-only and hedge funds in high yield and convertible bonds, senior bank loans, collateralized debt obligations and equity. Focusing on deep fundamental research, corporate liquidity, macro-market catalysts and opportunistic trading, Symphony delivers alpha in various market environments. INVESTMENT STRATEGY: The Symphony Corporate Arbitrage and Relative Value Strategy (SCARV) is a multi-asset class, credit hedge approach that seeks to take advantage of dislocations across credit markets. Primarily through convertible arbitrage in combination with long and short investments in high yield, as well as tactical exposure to CLO liabilities, the SCARV judiciously applies leverage in pursuit of providing investors with a 6-8% net return with a low-to-moderate level of volatility over a full market cycle. The strategy benefits from Symphony Asset Management s long, successful history in managing assets across the capital structure, both in absolute and relative value terms. In particular, Symphony has managed convertible arbitrage, long and long-short high yield mandates since the late 1990s and CLOs since Further, drawing upon the firm s deep bottom-up, fundamental corporate research and top-down market and macroeconomic insights, the SCARV investment is adept at allocating capital within and between these three asset classes to generate value. In addition to its attractive risk-return profile, the strategy is designed to provide investors with positive returns in a range of economic and market environments, as well as diversification benefits to traditional capital markets. Cheryl B. King [email protected] (415)

34 Systematica Investments Limited FUND NAME: BlueTrend AUM: $8.2 billion (Programme level as of May 2015) INCEPTION DATE: April 2004 STRATEGY: Systematic Trend Following FIRM OVERVIEW: Systematica Investments launched in January 2015 after a decade of experience within BlueCrest Capital Management, to focus on rigorously applying science and technology to the investment process. The firm was founded by Leda Braga and manages approximately $9.1bn (as at 1 May 2015) across a number of futures and equity based strategies. The philosophy of the firm is one of innovation, excellence in research and a commitment to fostering strong alignment with investors. Systematica Investments has a global presence with offices in Jersey, Geneva, London, New York and Singapore. INVESTMENT STRATEGY: The Systematica investment philosophy is grounded in the belief that diversification and efficient asset allocation are the vital elements of a superior risk/return profile. Diversification is gained from the breadth of markets traded and the models deployed. Systematica s specific investment philosophy for the BlueTrend strategy is to seek to identify systematic sources of alpha that can be integrated efficiently within a comprehensive portfolio optimization model to generate returns. Statistical and scientific techniques are employed to analyze price and non-price data with the aim of isolating signals that have predictive power for future market behavior. Once these predictive signals have been identified, mathematical models are designed to optimize the overall portfolio construction and implement the corresponding positions across a broad range of markets. The market phenomena that Systematica looks to capture can be quite varied (for example, momentum, market sentiment or mispriced fundamentals) and are often driven by psychological factors associated with human nature, which have an important influence on market dynamics. However, by approaching this behavior in a systematic fashion, it is possible to analyze the market dynamics and implement investment decisions without the burden of human emotion. Declan Ryan [email protected] (646)

35 Taconic Capital Advisors L.P. FUND NAME: Taconic Opportunity Fund AUM: S7.1 billion INCEPTION DATE: December 2004 STRATEGY: Multi-Strategy/Event-Driven FIRM OVERVIEW: Taconic Capital Advisors L.P. is a multi-strategy, event-driven firm founded in June 1999 by former Goldman Sachs partners, Ken Brody and Frank Brosens. Taconic currently manages approximately $9 billion and has 134 employees (48 investment and trading professionals) across its offices in New York, London and Hong Kong. Taconic s investment objective is to deliver strong risk-adjusted returns to investors over time by utilizing a bottom-up, research-driven investment approach across three primary strategies: credit, equities and capital structure arbitrage/hedged credit. The Firm is structured such that there is no permanent equity and the profit share is broadly distributed and shared out of one pool, which encourages a team-oriented culture and strong employee retention. INVESTMENT STRATEGY: The Opportunity Fund seeks to invest in securities trading at an attractive valuation due to market inefficiencies where a catalyst (or catalysts) exists to unlock value and deliver attractive risk-adjusted returns. The Opportunity Fund has a flexible capital approach that is agnostic as to where in the capital structure an investment is made. Taconic believes its edge comes from in-depth probabilistic analysis of a variety of complex event-driven situations, particularly situations that involve litigation, change of control, and regulatory or legislative changes. The portfolio will be invested in four primary strategies: credit, equities, capital structure arbitrage/hedged credit and merger arbitrage. Taconic is willing to be an active investor in credit and equity situations when appropriate. Taconic has a global presence with a broad investment mandate across North America, Asia, Europe and Emerging Markets. Portfolio hedges are implemented and designed to limit losses in a severe market drawdown. Marne Gorman [email protected] (212)

36 FUND NAME: Terra Income Fund 6 AUM: $500 million INCEPTION DATE: April 2015 STRATEGY: Real Estate Mezzanine Debt Terra Capital Partners INVESTMENT STRATEGY: Terra Income Fund 6 (TIF 6) is a non-traded specialty finance company focused on real estate backed mezzanine, bridge and preferred equity investments. TIF 6 takes advantage of cyclical real estate and credit market inefficiencies and under-served segments of the capital markets. Banking regulations have created inefficiencies that enable us to generate high current returns by supplying capital to fill the credit gap for property acquisition, refinancing and capital expenditures. Specifically, we: (i) provide liquidity to owners of high-quality commercial real estate; (ii) focus on small- to mid-balance investments of $3MM to $30MM, an inefficient segment with limited competition and premium pricing; (iii) self-originate our investments; (iv) finance income-producing and transitional assets; and (v) limit the use of leverage. We believe that the U.S. commercial real estate market is in the middle stage of a protracted recapitalization. Almost $1.5 trillion of mortgage debt is set to mature between 2015 and 2018, much of it originated at the peak of the past cycle, and there is pent-up demand for new construction in most markets. Considering banks inability to satisfy demand for mortgage financing, there is a compelling opportunity for alternative lenders to generate high current income secured by commercial real estate. Bruce Batkin [email protected]

37 Third Point LLC FUND NAME: Third Point Offshore Fund, Ltd. AUM: $18.1 billion INCEPTION DATE: June 1995 STRATEGY: Event-Driven FIRM OVERVIEW: Founded in 1995, Third Point LLC is an SEC-registered investment advisor based in New York. Founder and CEO, Daniel Loeb, has over 29 years of experience in the financial markets, with particular emphasis on special situation equities, distressed debt and risk arbitrage. Third Point s event driven, opportunistic approach seeks to deliver exceptional risk adjusted returns with limited market exposure. Third Point s team includes professionals focused on investment activity, risk management, and trading. This team is supported by highly-experienced accounting, operations, investor relations and marketing, and legal and compliance professionals. The Firm manages approximately $18 billion in assets for corporate and public pensions, sovereign wealth funds, endowments, foundations, fund of funds, and high net worth individuals, including a significant amount of permanent capital via a closed-end feeder fund (LSE: TPOU, TPOG), a Bermuda-based reinsurance affiliate (NYSE:TPRE), and employee capital. INVESTMENT STRATEGY: Third Point pursues an event driven, value-oriented approach to investing, which it applies opportunistically across asset classes and strategies including special situation equities, corporate credit, asset backed securities, and macro investments. The Firm seeks steady high-yield like returns via corporate and structured credit strategies, as well as larger, absolute returns via various long / short equity and distressed debt strategies. Shaped by insights into the global macroeconomic environment, the Firm s flexible and nimble approach allows Third Point to excel in varied market conditions. Elissa Doyle [email protected] (212)

38 FUND NAME: Trium Multi-Strategy Fund AUM: $20 million INCEPTION DATE: June 2015 STRATEGY: Multi-Strategy Trium Capital FIRM OVERVIEW: Trium Capital is a London based specialist alternative asset manager operating a variety of business lines, offering a range of solutions for financial institutions, hedge fund allocators and investment professionals. Trium Multi-Strategy, launched in June this year, seeded by Trium Capital, combines liquid quantitative and discretionary strategies within a single fund. INVESTMENT STRATEGY: Trium Multi-Strategy: Actively managed portfolio of liquid discretionary and quantitative strategies Lowly correlated sub-books run by experienced investment specialists Active portfolio construction with efficient capital allocation An effective solution to performance fee netting risk Strategies include: o Long/short equity o Special situations o Statistical arbitrage o Systematic macro Zoe Russell [email protected] 44 (203) James Jarvis [email protected] 44 (203)

39 Venor Capital Management LP FUND NAME: Venor Capital Master Fund Ltd. AUM: $1.3 billion INCEPTION DATE: October 2015 STRATEGY: Event-Driven/Credit FIRM OVERVIEW: Venor Capital Management LP ( Venor or the Firm ) is a $1.2 billion investment adviser focused on sub-investment grade corporate capital structures. The Firm was founded in 2005 by Jeffrey Bersh and Michael Wartell (together, the Co-CIOs ), who together have over 40 years of experience investing across the corporate capital structure, integrating portfolio management, research, and trading through various market cycles. Since meeting each other in 1993, the Co-CIOs have cultivated an extensive network of industry professionals to help source ideas and have developed the ability to effectively evaluate investment opportunities at early stages. In founding the Firm, the Co-CIOs goal was to create an investment program that would benefit from the combination of what they believed to be their respective strengths* by implementing a strategy predicated on a rigorous fundamental research process that could be executed through experienced risk management discipline. INVESTMENT STRATEGY: The Fund invests in value and event-driven opportunities across corporate capital structures. The Fund specializes in event-driven, distressed, and special situations in the U.S. and Western Europe. Specifically, the Fund aims to identify investments that offer deep value via a margin of safety and have a catalyst to help drive capital appreciation. The Firm seeks to execute the Fund s investment strategy by managing a concentrated portfolio of what it perceives to be best of breed investment ideas. The concentrated construction (typically issuers), dynamic gross positioning, and portfolio-level hedging are focused on limiting market beta and allowing the investment team to focus on generating alpha. Since inception, the Firm has used process-driven, bottom-up security research in an attempt to identify investment opportunities that offer an asymmetric risk/reward profile. Eileen Mancera [email protected] (212)

40 AUM: $50 billion Vontobel Asset Management, Inc. FIRM OVERVIEW: Experienced boutique global equity specialists. Founded in SEC-registered investment adviser. 65 employees, 27 investment professionals INVESTMENT STRATEGY: We believe long-term, stable and superior earnings growth drives long-term investment returns. We pursue this by seeking sensibly-priced, high quality companies that can grow earnings faster than the market on a sustainable basis, with lower volatility than the market. Jeffery Kutler [email protected] (212)

41 Wellington Management Company LLP AUM: $939 billion INCEPTION DATE: June 2014 STRATEGY: Global, Diversified Event Driven FIRM OVERVIEW: With US$939 billion in assets under management, Wellington Management serves as an investment adviser to more than 2,000 clients located in more than 50 countries, as of 31 March Our singular focus is investments from global equities and fixed income to currencies and commodities. We are a community of teams that create solutions designed to respond to specific client needs. Our most distinctive strength is our proprietary, independent research, which is shared across all areas of the organization and used only for managing our clients' portfolios. Tracing its roots to the founding of Wellington Fund in 1928, the firm has offices in Boston, Massachusetts; Chicago, Illinois; Radnor, Pennsylvania; San Francisco, California; Beijing; Frankfurt; Hong Kong; London; Singapore; Sydney; Tokyo; and Zurich. Alexandra Stairs [email protected] (617)

42 FUND NAME: York Multi-Strategy AUM: $7.8 billion INCEPTION DATE: October 1991 York Capital Management STRATEGY: Global, Diversified Event Driven FIRM OVERVIEW: York was founded in September 1991 as a hedge fund platform, with the goal of generating consistent, risk adjusted returns across business and market cycles. Since inception, the Firm has sought to achieve this goal through a combination of focused research and investment selection, coupled with disciplined risk management. York employs approximately 60 investment professionals and 201 total employees globally, located primarily in New York, London, and Hong Kong. As of June 1, 2015, the Firm managed approximately $26.8 billion in assets across eight hedge fund strategies as well as six other investment strategies. York leverages its global research platform to employ a multi-strategy, event-driven investment approach, which emphasizes the fundamental analysis of industries and businesses. The Firm utilizes an opportunistic approach to investing, targeting investments it believes will produce attractive rates of return. INVESTMENT STRATEGY: York Multi-Strategy is a diversified, multi-strategy event driven fund with an emphasis on capital preservation. York invests in the securities of companies subject to, or potentially subject to, meaningful corporate activity where the Firm believes the market price does not adequately reflect the effect that such activity will have on the securities valuation. York focuses primarily on three areas of investment opportunities: special situations equities, risk arbitrage and distressed credit. In particular, York invests in securities that are subject to corporate events such as mergers, consolidations, acquisitions, asset transfers, tender offers, exchange offers, spinoffs, recapitalizations, liquidations, restructurings, refinancings or bankruptcy proceedings. York s investment strategy is a flexible, all season approach, which enables the Firm to pursue investment opportunities in virtually any market environment. Additionally, York s multi-cultural and multilingual investment team with broad global experience allows the Firm to take advantage of opportunities around the world with a particular focus on markets where the rule of law exists. Marc Zwebner [email protected] (212)