SKYRIDGE CAPITAL. Global Investors & Financiers

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1 SKYRIDGE CAPITAL Global Investors & Financiers

2 Skyridge Capital are global investors and financiers specialising in debt and equity capitalization of projects, funds, assets and ventures across the capital stack.

3 WOLE CAPITAL STACK FINANCIERS Skyridge Capital are whole-capital-stack investors and financiers. We specialize in creating bespoke debt and equity structures that capitalize funds, projects and ventures to optimum performance. Debt Equity Capital Stack 100% Co-GP & JV Equity Co-GP Equity to 100% 80-97% LP Equity LP equity to 100% of cap stack (typically 90% total equity) 70-90% Junior Mezzanine Debt &/or Preferred Equity Subordinated debt to 100% LTC (typ %) Preferred equity to 100% of cap stack (typically 80-90%) 50-70% Senior Debt Senior Debt Senior secured debt facilities to 100% LTC (typically 50-70% LTC)

4 Debt: - Senior Debt - Junior/Mezzanine Subordinated Debt - Revolving Lines of Credit - Convertible Debt to Equity

5 DEBT CAPITAL Senior and Junior/Mezzanine Debt Lending Debt Equity Capital Stack 100% Co-GP & JV Equity Co-GP Equity to 100% 80-97% LP Equity LP equity to 100% of cap stack (typically 90% total equity) 70-90% Junior Mezzanine Debt &/or Preferred Equity Subordinated debt to 100% LTC (typ %) Preferred equity to 100% of cap stack (typically 80-90%) 50-70% Senior Debt Senior Debt Senior secured debt facilities to 100% LTC (typically 50-70% LTC)

6 SENIOR DEBT INVESTMENT PROCESS Skyridge Capital are global debt financiers specialising in structured debt facilities for large-scale project developments and asset acquisitions, as well as credit facilities for debt and equity based investment funds. We are regarded as a financier of choice for complex projects and lending cases where traditional lending institutions simply cannot transact. Assessment Approval Placement CASE STUDY Senior Debt Investment Range - 50 million to 1+ billion ($/ / ) Initial assessment against investment criteria Credit brief prepared Security & capital structuring Challenge A US contractor had secured a utility infrastructure expansion project in a historically war-torn country in the Middle East requiring 100% debt funding against essentially worthless security. Solution Skyridge Capital worked with the state government of the Middle Eastern country and a global banking institution to create security collateral from a bank instrument (SBLC) that would offset the extremely low risk grade of the project. Result Within a 4 months, Skybridge was able to provide a 100% LTC construction loan at low interest rates to fund what was deemed an unfundable project. Markets - Global mature and emerging markets Key Benefits - Secure senior debt at maximum leverage - LTC ratios up to 100% depending on security - Complex project funding facilities - Revolving lines of credit - Floating & fixed loans at low rates (L+ 2-10% pa) - Creative security structuring for complex deals Asset Classes & Sectors - Equity & debt funds (sector agnostic) - Project financing: - Real estate - Energy & power - Infrastructure - Natural resources - Private equity - Corporate finance Indicative terms issued Detailed internal analysis & borrower meetings Heads of Terms issued & accepted Provisional investment committee approval Due diligence & conditions precedent satisfied Facility approved by investment committee INDICATIVE PLACEMENT TIMELINE Facility agreement Capital allocated & deployed Facility monitoring & management months Our funding structure also created a template for the state government to roll out additional projects in the future. General Criteria & Terms - Satisfactory equity contribution &/or security - Seasoned sponsor/asset manager experience 8 St. James s Square SW1Y 4JU

7 MEZZANINE & JUNIOR SUBORDINATED DEBT INVESTMENT PROCESS With an entrepreneurial approach to lending, Skyridge Capital provides subordinated mezzanine loans and junior debt facilities to fulfil gap and transitional capital requirements. Our facilities are flexible to the needs of diverse projects and ventures, and solution orientated for asset managers and sponsors. Assessment Approval Placement CASE STUDY Junior Subordinated Debt Investment Range - 25 million to 250 million ($/ / ) Initial assessment against investment criteria Credit brief prepared Security & capital structuring Challenge An international private equity fund was sponsoring acquisition of an operating company in Australia. Funding was to be via a senior debt facility and balance sheet equity; however, due to constraints within the funds charter there was a shortfall within the capital stack to complete the transaction. Solution Skyridge Capital worked with the fund manager to structure a subordinated debt facility to infill the gap between senior debt and equity to complete the capital stack. Result The fund was able to close on the transaction while optimizing the capital stack to reduce their equity investment and boostnetirr and MOICreturns. Markets - Global mature and emerging markets Key Benefits - Optimize capital stack composition - Minimize equity contributions - LTC ratios up to 100% depending on security - Complex project funding facilities - Floating & fixed loans at low rates - Creative security structuring for complex deals Asset Classes & Sectors - Equity & debt funds (sector agnostic) - Project investments: - Real estate - Energy & power - Infrastructure - Natural resources - Private equity - Corporate finance General Criteria & Terms - Satisfactory equity contribution &/or security - Seasoned sponsor/asset manager experience Indicative terms issued Detailed internal analysis & borrower meetings Heads of Terms issued & accepted Provisional investment committee approval Due diligence & conditions precedent satisfied Facility approved by investment committee INDICATIVE PLACEMENT TIMELINE 8 St. James s Square SW1Y 4JU Facility agreement Capital allocated & deployed Facility monitoring & management months - 3 4

8 REVOLVING LINES OF CREDIT INVESTMENT PROCESS Skyridge Capital provides structured revolving lines of credit to bankroll seasoned asset managers and project sponsors with flexible cost efficient capital. Utilizing our uniquely creative approach to collateral and security structuring, we are able to provide large-scale credit lines under flexible terms that provide transactional clout, agility and surety to investment funds and project sponsors. Assessment Approval Placement CASE STUDY Credit Line Investment Range million to 1+ billion ($/ / ) Initial assessment against investment criteria Credit brief prepared Security & capital structuring Challenge A second tier film and television media financing fund had the opportunity to rapidly move into the top tier echelons of their market by securing a selection of highly coveted contracts with industry leading studios; however, the funds capital under management was insufficient to capture the opportunities. Solution Skyridge Capital worked with the fund manager to design a flexible revolving line of credit facility utilizing balance sheet equity as security. Result Do to the Skyridge Capital credit line the media financing fund was able to double its capital capability virtually overnight, thus giving the fund managers the fire power to secure the prime contracts and lift their market position with confidence. Markets - Global mature and emerging markets Key Benefits - Increase capital capability - Enhance transactional surety & speed - Optimize debt to equity ratios - Maximize equity IRR & MOIC returns - Capture market opportunities with agility - Creative security structuring for complex deals Asset Classes & Sectors - Equity & debt funds (sector agnostic) - Project developers & sponsors: - Real estate - Energy & power - Infrastructure - Natural resources - Private equity - Corporate finance General Criteria & Terms - Satisfactory equity contribution &/or security - Seasoned sponsor/asset manager experience Indicative terms issued Detailed internal analysis & borrower meetings Heads of Terms issued & accepted Provisional investment committee approval Due diligence & conditions precedent satisfied Facility approved by investment committee INDICATIVE PLACEMENT TIMELINE 8 St. James s Square SW1Y 4JU Facility agreement Capital allocated & deployed Facility monitoring & management months - 3 4

9 CONVERTIBLE DEBT TO EQUITY INVESTMENT INVESTMENT PROCESS As a principal investor and financier, Skyridge Capital has the rare discretionary ability to structure bespoke debt financing facilities that partially or wholly convert to equity investment. For selected funds, asset managers and project sponsors our convertible debt/equity investments offer the unique opportunity to shift significant capital from the right to the left side of the balance sheet; thus, dramatically decreasing debt liabilities while increasing assets under management in the process. Assessment Approval Placement CASE STUDY Convertible Debt to Equity Investment Range - 50 million to 1+ billion ($/ / ) Initial assessment against investment criteria Credit/investment brief prepared Security & capital structuring Challenge A niche asset manager had successfully launched and executed a series of opportunistic PERE investment funds, yet due to the sophisticated nature of the fund strategies had struggled to secure LP investor comfort to scale AUM to keep pace with market opportunities. Markets - Global mature and emerging markets Key Benefits - Enhance capital capability - Efficiently increase AUM - Transform balance sheet strength - Creative security structuring for complex deals Indicative terms issued Detailed internal analysis & borrower meetings Provisional investment committee approval Due diligence & conditions precedent satisfied Facility and investment agreements Capital allocated & deployed Solution Skyridge Capital designed a bespoke convertible line of credit facility that upon achievement of pre-determined milestones converted to LP equity across the assetmanagers active funds. Result The asset manager was given the unique opportunity to secure a significant increase in AUM with Skyridge Capital entering as a new anchor investor across their fund set; which in-turn, bolstered investor confidence to secure further LP investment from private investors. Asset Classes & Sectors - Equity & debt funds (sector agnostic) - Project developers & sponsors: - Real estate - Energy & power - Infrastructure - Natural resources - Private equity - Corporate finance General Criteria & Terms - Satisfactory equity contribution &/or security - Seasoned sponsor/asset manager experience - Approved investment/business plans - Agreed partnership structure Heads of Terms issued & accepted Investment committee approval INDICATIVE PLACEMENT TIMELINE 8 St. James s Square SW1Y 4JU Investment monitoring & management months - 3 4

10 Equity: - Co-GP & JV Equity - LP Equity - Preferred Equity

11 EQUITY CAPITAL Co-GP Equity, LP Equity and Preferred Equity Investment Debt Equity Capital Stack 100% Co-GP & JV Equity Co-GP Equity to 100% 80-97% LP Equity LP equity to 100% of cap stack (typically 90% total equity) 70-90% Junior Mezzanine Debt &/or Preferred Equity Subordinated debt to 100% LTC (typ %) Preferred equity to 100% of cap stack (typically 80-90%) 50-70% Senior Debt Senior Debt Senior secured debt facilities to 100% LTC (typically 50-70% LTC)

12 CO-GP & JOINT VENTURE EQUITY INVESTMENT INVESTMENT PROCESS We understand the capital constraints project sponsors and fund managers face in satisfying General Partner equity commitments to initiate and expand projects and funds of significant scale. Skyridge Capital invests Co-GP & Joint Venture equity alongside selected sponsors and managers to augment capital capability and unlock increased LP investment. Assessment Approval Placement CASE STUDY Co-GP & JV Equity Investment Range - 10 million to 100 million ($/ / ) Initial assessment against investment criteria Investment brief prepared Professional team engaged & due diligence complete Challenge An East Coast USA commercial real estate developer had opportunity to increase their development pipeline both in terms of project size and volume, yet the company principals were constrained by limited liquid capital to keep pace with GP equity requirements. Solution Skyridge Capital provided Co-GP equity investment to the developer at a 2:1 ratio (investing $2 for every $1 contributed by GP principals), thus giving the GP three times the capital capability. Result The sponsor was able to secure multiple larger-scale projects with confidence and in-turn demonstrate capital alignment with LP investors to efficiently raise preferred equity capital to undertake all projects successfully. Markets - Global mature and emerging markets Key Benefits - Reduce GP capital limitations - Enhance GP IRR & MOIC returns - Increase LP investor confidence - Raise LP capital faster at increased volumes - Scale projects & funds with greater efficiency Asset Classes & GP Investment Partners - Fund & asset managers (sector agnostic) - Project developers/sponsors: - Real estate - Energy & power - Infrastructure - Natural resources - Private equity managers - Operating company expansion General Criteria & Terms - Seasoned sponsor/asset manager experience - Investment/business plan approval - Satisfactory minimum GP contribution Indicative terms issued Detailed internal analysis & GP partner meetings Heads of Terms issued & accepted Provisional investment committee approval Partnership terms agreed Investment committee approval INDICATIVE PLACEMENT TIMELINE 8 St. James s Square SW1Y 4JU Legal contracts, structuring & security Capital allocated & deployed Investment monitoring & management months - 3 4

13 LP EQUITY INVESTMENT INVESTMENT PROCESS As private investors and financiers, Skyridge Capital designs unique investment structures that allow us to invest risk-adjusted LP equity in projects and funds in a manner that offers sponsors and asset managers unique efficiency in securing full or partial LP capital allocations at-scale, from a single investment partner. Assessment Approval Placement CASE STUDY LP Equity Investment Range - 25 million to 500 million ($/ / ) Initial assessment against investment criteria Investment brief prepared Professional team engaged & due diligence complete Challenge A Pan-European debt fund had launched and established early success over a 3 year period. Due to the sophisticated nature of the funds strategy and limited track record the fund managers were struggling to secure fresh LP capital commitments at the scale and pace desired. Solution Skyridge Capital utlized the funds existing balance sheet to originate an innovative convertible line of credit facility that converted from debt to LP equity at defined milestones. Result Within a 12 month period, Skybridge singlehandedly quadrupled the funds AUM, which in-turn spurred additional LP investment from external family office investors. Markets - Global mature and emerging markets Key Benefits - Secure full or anchor LP capital allocations - Enhance GP IRR & MOIC returns - Increase LP investor confidence - Raise LP capital faster at increased volumes - Scale projects & funds with greater efficiency Asset Classes & LP Investment Sectors - Equity & debt funds (sector agnostic) - Project investments: - Real estate - Energy & power - Infrastructure - Natural resources - Private equity - Operating company expansion General Criteria & Terms - Seasoned sponsor/asset manager experience - Investment/business plan approval - Satisfactory GP contribution Indicative terms issued Detailed internal analysis & GP partner meetings Heads of Terms issued & accepted Provisional investment committee approval Partnership terms agreed Investment committee approval INDICATIVE PLACEMENT TIMELINE 8 St. James s Square SW1Y 4JU Legal contracts, structuring & security Capital allocated & deployed Investment monitoring & management months - 3 4

14 PREFERRED EQUITY INVESTMENT INVESTMENT PROCESS As whole-capital-stack investors, we understand the importance of capitalizing projects in a manner that offers an efficient cost of capital and compelling investment proposition to GP & LP equity investors. Through preferred equity investment we optimize debt and equity ratios to enable project sponsors to moderate leverage-risk exposure, whilst delivering attractive returns to equity investors. Assessment Approval Placement CASE STUDY Preferred Equity Investment Range - 50 million to 500 million ($/ / ) Initial assessment against investment criteria Investment brief prepared Professional team engaged & due diligence complete Challenge A large-scale real estate developer in South America was unable to secure senior debt beyond a 50% LTC ratio for an ambitious residential tower scheme. Consequently, the LP equity portion of the capital stack was too high, limiting the ability to offer a compelling ROI to investors. Thus, the sponsor was unable to raise sufficient LP equity capital to undertake the project. Solution Skyridge Capital designed a bespoke investment structure that enabled us to provide cost effective preferred equity investment that reduced LP equity from 50% to 20% of the capital stack. Markets - Global mature and emerging markets Key Benefits - Optimise capital stack - Enhance GP IRR & MOIC returns - Decrease LP equity requirements - Reduce blended cost of capital - Increase scale and/or volume of projects Asset Classes & Investment Sectors - Equity & debt funds (sector agnostic) - Project investments: - Real estate - Energy & power - Infrastructure - Natural resources - Private equity Indicative terms issued Detailed internal analysis & GP partner meetings Heads of Terms issued & accepted Provisional investment committee approval Partnership terms agreed Investment committee approval INDICATIVE PLACEMENT TIMELINE Legal contracts, structuring & security Capital allocated & deployed Investment monitoring & management months Result The revised ROI to LP equity forecast a 20%+ IRR and a 2.1x MOIC, which was well received in the capital markets and resulted inlpequitybeingsecured. General Criteria & Terms - Seasoned sponsor/asset manager experience - Investment/business plan approval - Satisfactory GP/LP contribution 8 St. James s Square SW1Y 4JU

15 Assets: - JV Asset Acquisitions - Vendor Induced Asset Acquisitions

16 JOINT VENTURE ASSET ACQUISITIONS ACQUISITION PROCESS Skyridge Capital forms JV partnerships with selected investment partners to acquire real estate and operating assets through an innovative asset financing model that enables our investment partners to co-own singular or portfolio asset holdings through a favorable ownership structure that optimizes the buying power of their capital resources. Assessment Approval Placement CASE STUDY Asset Acquisition Investment Range - 50 million to 1 billion+($/ / ) Initial assessment against investment criteria Investment brief prepared Professional team engaged & due diligence complete Challenge A private real estate investor had secured an option to purchase a mixeduse commercial office/hotel building with valuable repositioning potential for USD $550m. However the investor only had $50m equity deposit of a required $110m to secure a senior debt facility. Solution Skyridge Capital negotiated an extension to the option term and within a 4-month period designed and executed a JV investment strategy to complete the acquisition and repositioning of the asset in partnership with the investor. Result The investor was able to acquire the building under a pari-passu coownership partnership, whilst benefiting from a favorable promote structure that rewarded his performance in executing the assetrepositioning business plan. Markets - North America - UK & Europe - Australasia & selected ROW markets Key Benefits - Acquire assets with lower equity investment - Expand portfolio with limited equity reserves - Multiply effective asset buying power Asset Classes - Real estate - Operating companies - Energy & utilities - Approved investment securities Joint Venture Partners - Private & family office investors - Investment funds & asset managers General Criteria & Terms - Satisfactory JV equity capability - Approved asset selection - Agreed co-ownership terms Indicative terms issued Detailed internal analysis & GP partner meetings Heads of Terms issued & accepted Provisional investment committee approval Partnership terms agreed Investment committee approval INDICATIVE ACQUISITION TIMELINE 8 St. James s Square SW1Y 4JU Legal contracts, structuring & security Capital allocated & deployed Investment monitoring & management months - 3 4

17 VENDOR INDUCED ASSET ACQUISITIONS ACQUISITION PROCESS Unique within our stable of investment strategies is the ability for Skyridge Capital to work with asset owners to effect the timely sale/purchase of qualifying real estate and operating assets under a predetermined transactional structure. This strategy allows asset owners to dispose of assets that may present challenges to sell via conventional means, or where they may wish to retain a stake in the asset and/or agree a sale & leaseback / sale & management structure with the new asset owner. Assessment Approval Placement CASE STUDY Asset Acquisition Investment Range - 50 million to 1 billion+($/ / ) Initial assessment against investment criteria Asset investment brief prepared Professional team engaged & due diligence complete Challenge A hotelier wished to sell a portfolio of 2 established hotels with an additional hotel development site on a connected land parcel in South/West Europe for circa 1 billion. After 2 years, a buyer was not secured due to the opposing risk profiles of stabilized hotel buyers vs speculative hotel developersbeinga rare combination inpotentialpurchasers. Solution Skyridge Capital designed an innovated investment structure that allowed us to acquire the existing hotel assets and form a JV with the owner to develop and co-own the third hotel through stabilization to in turn on-sell the assets via a portfolio sale. Result The owner was able to sell his assets to release the liquidity he needed without having to heavily discount his assets. Markets - North America - UK & Europe - Australasia - Selected ROW markets Key Benefits - Sell assets in a timely and programmatic manner - Release liquidity while maintaining asset use - Sell assets quickly without heavy discounting - Retain co-ownership interest in assets post sale Asset Classes - Real estate - Operating companies - Energy & utilities - Approved investment securities General Criteria & Terms - Satisfactory vendor equity capability - Approved asset selection - Agreed acquisition and capitalization structure Indicative terms issued Detailed internal analysis & GP partner meetings Heads of Terms issued & accepted Provisional investment committee approval Formal terms agreed Investment committee approval INDICATIVE ACQUISITION TIMELINE 8 St. James s Square SW1Y 4JU Legal contracts, structuring & security Debt & equity capitalization Acquisition complete months - 3 4

18 8 St. James s Square SW1Y 4JU