Mapping out the Alternative Credit Fund Universe. June 2017 FOR PROFESSIONAL INVESTORS ONLY

Considerations Fund Considerations» Closed end vs open ended funds» Listed vs private funds (Discount/Premium vs NAV)» Institutional vs retail funds (minimum investment size)» Small vs large AUMs under management» Age of the Fund» Fees (Placement, Management, Incentive, etc.)» Jurisdiction (European, US, Offshore, Asia, etc.) will affect investor base from regulatory and tax perspective 2

Considerations Manager Considerations» Assets under management» Years of fund management experience» Years of experience in this asset class» Previous financial services experience» Background check» Educational background» Proprietary knowledge or IP 3

Considerations Strategy Considerations» Lending to Whom» Loan sizes» Capacity» Duration risk» Liquidity (is there a secondary loan market?)» Securitized vs direct loans vs platform loans» Currency» Regulatory environment» Banking environment» Secured vs unsecured loans» Credit risk 4

Some Lending Strategies What is Alternative Credit? Real Estate Development Mortgages Merchant Cash Advances Distressed Debt Residential Mortgages SME Loans (Small Medium Enterprise) Consumer Lending Student Loans Litigation Funding Loans Against Life Insurance Public Authorities Receivables Leasing Equipment Financing Payday Loans Trade Finance Receivables Legend Excluded generally Investment Target Watch List 5

Lending Strategies SMB (Small & Medium Businesses)» Large Banks are Lending less to SMBs 6

Lending Strategies SMB (Small & Medium Businesses)» Large Banks are Lending less to SMBs Industry Trends Total U.S. SMB Market Source: IOU Financial Company presentation. Statistic from the FDIC, 2015, Bank of New York Small Business Credit Survey/August 2014 Source: IOU Central, 1. Estimate from Olivier Wyman 2013, 2. Statistic from the FIC 2015 7

Lending Strategies Direct Lending is filling the void left by banks» The Direct Lending marketplace supplements the traditional bank driven model allowing investors to capture a larger share of yield while simultaneously allowing borrows additional access to credit. The Direct Lending marketplace supplements» Old World:» 90% of consumer credit controlled by the 6 banks» Need for large retail branch network» Costly direct mail campaigns to acquire borrowers Direct Lending creates investor control» New World:» The internet allows for aggregation of loan portfolios at a lower cost» Produces a stronger value proposition Higher returns for lenders Lower rates for borrowers Source: Prosper, September 2011 Presentation Source: Liberum. 8

Lending Strategies Direct Lending is Different than P2P Direct Lending vs. Peer-to-Peer Lending 1. US Annual volume, 2015 estimate (source: Liberum Capital Limited and NFIB/FDIC). 9

Private Debt Fund Closed End Private Debt Fund Raising by Year Historical Private Debt Fundraising by Year Vintage Year Number of Funds Aggregate Capital Raised (bn) Average Fund Size (mn) 2016 YTD 94 $55.4 $683 2015 138 $91.4 $708 2014 125 $73.4 $649 2013 144 $77.1 $580 2012 104 $62.5 $658 2011 92 $45.7 $558 Source: Preqin 10

Alternative Credit Investor Appetite for Alternative Credit Investors General Perception of the Private Debt Industry at Present Investor Views Investor Appetite 9% 32% 59% Positive Neutral Negative Source: Preqin 11

Example of a SME (Small Medium Enterprise) Lending Fund US Based SME Fund» Fund Type Open Ended» Target Return circa 9-11%» Target Standard Deviation circa 2%» Subscriptions Monthly Strategy Overview The Fund buys loans directly from high-yield business lenders with whom it has negotiated long-term loan acquisition and servicing relationships.» Liquidity Quarterly» Fees (Management/Incentive Fee) 1%/20% 4 Yr Rolling (Annualised) 11.58% Since Inception (Annualised) 12.22% Diversified Asset Base Short Duration Collateral 24% 17% 25% 35% Real Estate Small Business Receivables Consumer 50% 20% 10% 8% 12% 25-36+ Mos. 19-24 Mos. 13-18 Mos. 7-12 Mos. 0-6 Months Data as at 1 April 2017 Data as at 31 December 2016 Past performance is not a reliable indicator of future performance. Currency fluctuations may increase or decrease the returns of any investment. Source: MASECO Asset Management Ltd. Performance numbers are the performance figures of one of the underlying funds (the Fund) that MASECO Asset Management Ltd s Alternative Credit Fund LP (MASECO ACF) invests ins before the additional fees of the MASECO ACF (which are 0.50% Management Fee and 10% Performance Fee plus some additional fund expenses). YTD performance is compounded from beginning of each year. 12

Example of a SME Lending Fund continued Small Business Receivables Real Estate Consumer Actual Collateral Performance Recession Estimate Actual Collateral Performance Recession Estimate Actual Collateral Performance Recession Estimate Actual Collateral Performance Recession Estimate Gross Collateral Returns Returns net of defaults and credit enhancements The Fund s downside risk profile is attractive» High Levels of current yield across investment categories have historically offset moderate levels of defaults by a comfortable margin.» The Fund works to employ various forms of credit enhancement with their lenders that can provide additional protection during periods of outsized defaults.» An analysis of the historical performance of investments similar to those in which the Fund invests suggests that the Fund may still preserve principal during a recession. 13

Example of Loans Against Life Insurance Fund» Fund Type N/A Predecessor Fund was open ended» Target Return 11-12%» Target Standard Deviation <1%» Liquidity 4 to 55 months - based on duration of loans» Subscriptions As new loans are underwritten» Fees None, but Lending Company benefits from interest rates above 12% Printemps LP is a segregated bankruptcy protected vehicle set up exclusively for the MASECO ACF in order to invest in loans secured by life insurance policies. The loans are underwritten by a US based lending company who specialize in providing financial solutions to individuals with advanced stage illness. The lending company advance funds to qualified individuals based on the face value of their life insurance policy and takes over the continued payment of the premiums. The policy remains in place; upon maturity, the loan amount plus interest is repaid to Printemps out of the policy proceeds and the remaining funds is passed to the beneficiaries. This strategy is unique in that the loan is repaid not by the individual, but out the policy benefit paid by the insurance carriers. As such, the credit exposure is to the insurance companies, and in the case of Printemps. LP only those rated A- or better. The variable is the duration of the loans, which is a function of the individuals medical condition. Correctly estimating the maturities is key to the strategy, not least because Printemps takes over the responsibility of paying the insurance premiums. The MASECO ACF started investing in the Printemps LP program in January 2016 but MASECO Private Wealth clients have been in vesting in a predecessor fund since 2013 where calendar returns varied from 13.19% to 14.28%. The program has invested in 60 loans so far, with an average initial loan size of $157,000. As of the end of November, circa 18% of the invested loans had matured, which is slightly ahead of the expected schedule. Currently the expected duration of the portfolio is approximately 23 months. See breakdown below. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Annualised Std Dev. 2016 0.57 0.96 1.05 0.96 0.99 0.99 1.01 0.99 0.95 0.98 0.95 0.57 10.90 11.34 0.1 2017 0.97 0.86 0.96 2.28 11.80 0.15 Past performance is not a reliable indicator of future performance. Currency fluctuations may increase or decrease the returns of any investment. Source: MASECO Asset Management Ltd. Performance numbers are the performance figures of one of the underlying funds (the Fund) that MASECO Asset Management Ltd s Alternative Credit Fund LP (MASECO ACF) invests ins before the additional fees of the MASECO ACF (which are 0.50% Management Fee and 10% Performance Fee plus some additional fund expenses). YTD performance is compounded from beginning of each year. 14

Example of Loans Against Life Insurance Fund continued Estimated maturity breakdown Less than 6 months 15.40% 6 to 12 months 8.66% 1 to 2 years 32.27% 2 to 3 years 24.56% 3 to 4 years 14.06% 4 to 5 years 1.15% Over 5 years 3.89% Source: MASECO ACF Credit exposure A 31% A- 1% A+ 38% A++ 30% Exposure by insurance carrier AIG A 12.69% US Financial Life (Axa) A 10.29% Mutual of Omaha A+ 8.94% FEGLI A++ 8.59% Protective Life A+ 5.63% Transamerica A+ 5.39% Met Life A 5.23% Mass Mutual A++ 5.17% Cigna Life A 4.15% ING/ReliaStar A 4.05% Primerica A 3.99% State Farm A++ 3.94% Ohio National Life A+ 2.21% Lincoln A+ 2.14% Union Central Life A 2.14% Sun Life Assurance Co of Canada A+ 2.07% West Coast Life A+ 1.78% Prudential A+ 1.61% Allstate Life A+ 1.57% Guardian Life A++ 1.37% Modern Woodman A+ 1.37% The Hartford A- 1.28% Reliance Standard A+ 1.21% American Heritage Life / Allstate A+ 0.90% Banner Life A+ 0.86% Minnesota Life A+ 0.81% Unum A 0.60% 15

Examples of an Alternative Mortgage Fund» Fund Type Open ended» Target Return circa 8-10%» Target Standard Deviation circa 2%» Subscriptions Monthly» Liquidity 1 months best efforts basis» Fees 1% 5 Yr Rolling (Annualised) 7.76% Since Inception (Annualised) 8.91% $10 - $20 million, 27% By Amount Under 5$ million, 10% This funds lends against properties in both Canada and the US and has been in existence since March 2006. The Fund's investment mandate is focused on capital preservation, strong absolute returns and performance consistency. $5 - $10 million, 18% Over $20 million, 45% US, 42% By Geography Other, 8% British Columbia, 14% By Type Pre-development, 35% Construction, 26% By Maturity 1-2 Years, 16% Over 2 Years, 2% Alberta, 8% Ontario, 26% Term, 39% Under 1 Year, 82% Past performance is not a reliable indicator of future performance and performance is net of all fees. Currency fluctuations may increase or decrease the returns of any investment. Source: Factsheet RMIF April 2017 16

Examples of an Alternative Mortgage Fund Continued Past performance is not a reliable indicator of future performance and performance is net of all fees. Currency fluctuations may increase or decrease the returns of any investment. Source: Factsheet RMIF September 2016 17

Example of an African Trade Finance Fund» Fund Type Open ended» Target Return circa 18%» Target Standard Deviation circa 3%» Subscriptions Monthly» Liquidity Quarterly» Fees (Management/Incentive) 2%/20% Strategy Overview The fund aims to participate in African trade finance deals, with at least 100% collateral backing each deal without direct commodity price exposure. It targets a 10% return net of fess for investors with minimal volatility. Its objective is also to ensure a broad mix of countries, counterparties and underlying commodities and products as well as monitoring of collateral and other securities to minimise loss in the event of any defaults. Fund Performance Number of transactions 574 Average tenor per transaction 163.77 days Fund Liquidity by deal tenor Asset Allocation by Country Exposure Asset Allocation by Commodity/Product Portfolio Performance 5 Yr Rolling (Annualised) 11.70 % Since Inception (Annualised) 13.99% Past performance is not a reliable indicator of future performance. Currency fluctuations may increase or decrease the returns of any investment. Source: MASECO Asset Management Ltd March 2017. Performance numbers are the performance figures of one of the underlying funds (the Fund) that MASECO Asset Management Ltd s Alternative Credit Fund LP (MASECO ACF) invests ins before the additional fees of the MASECO ACF (which are 0.50% Management Fee and 10% Performance Fee plus some additional fund expenses). YTD performance is compounded from beginning of each year. 18

Example of an African Trade Finance Fund Continued 1 0.8 0.6 0.4 0.2 0 0.8 Export L/Cs 0.4 0.03 0.03 Europe APAC Americas Africa and Middle East Customers Default Rates (%) Regions Products 2008-2014 1 0.8 0.6 0.4 0.2 0 0.39 Import L/Cs 0.26 0.2 0.29 Europe APAC Americas Africa and Middle East 1.00 0.80 0.60 0.40 0.20 0.00 0.67 Performance Guarantees 0.34 0.32 0.32 Europe APAC Americas Africa and Middle East 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 0.56 0.72 Loans 1.42 1.04 Europe APAC Americas Africa and Middle East Past performance is not a reliable indicator of future performance and performance is net of all fees. Currency fluctuations may increase or decrease the returns of any investment. Source: ICC Global Trade and Finance Survey 2016 19

Example of a Multi Strategy Country Specific Specialty Credit Manager Fund» Fund Type Closed end» Target Return circa 12%» Target Standard Deviation circa 4%» Subscriptions Three closings» Liquidity 6 to 30 months - based on Duration of Loan» Fees (Management/Incentive Fee) 1.75%/20% The core strategy is value investing through transactions that have reduced competition and outsized returns. The Fund targets deals in Spain (and in Portugal) with the following characteristics:» Providing liquidity to assets or companies that are long-term winners in the economy» Transactions that have a total equity investment volume of between $5 million and $30 million» Program investments where we make a series of small transactions that build into a larger portfolio» Working directly in the real economy, providing solutions directly to companies 20

Example of a Multi- Strategy, Globally Diversified Fund» Fund Type Open ended» Target Return circa 7-9%» Target Standard Deviation circa 1%» Subscriptions Monthly» Liquidity Quarterly» Fees (Management/Incentive Fee) 0.50%/10% The core strategy is investing in a globally diversified portfolio of private loans through specialty managers or lenders in multiple alternative credit strategies with the following characteristics:» Sustainable strategies» Very low standard deviation» No or very low leverage» Capacity constraint strategies» Access to strategies not readily available to the public» Short duration» Decent liquidity» Hedged to reference currency 21

Example of a Multi- Strategy, Globally Diversified Fund 2016 Cayman USD Delaware USD Cayman GBP Delaware GBP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2016 Average Monthly Return ITD Standard Deviation ITD - 0.64% 0.69% 0.64% 0.61% 0.62% 0.60% 0.38% 0.55% 0.65% 0.58% 0.25% 6.21% 0.56% 0.132 0.68% 0.66% 0.69% 0.69% 0.68% 0.66% 0.65% 0.40% 0.64% 0.64% 0.54% 0.27% 7.20% 0.60% 0.133 - - - - 0.65% 0.62% 0.60% 0.38% 0.57% 0.79% 0.54% 0.17% 4.32% 0.54% 0.188 - - - - - - - 0.40% 0.63% 0.68% 0.53% 0.30% 2.54% 0.51% 0.158 2017 Cayman USD Delaware USD Cayman GBP Delaware GBP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2017 Average Monthly Return ITD ITD Annualised 0.52% 0.48% 0.73% 1.73% 0.58% 7.94% 0.127 0.67% 0.49% 0.59% 1.75% 0.58% 8.95% 0.127 0.57% 0.50% 0.66% 1.73% 0.58% 6.05% 0.167 0.62% 0.56% 0.56% 1.74% 0.58% 4.28% 0.136 Standard Deviation ITD Past performance is not a reliable indicator of future performance. Currency fluctuations may increase or decrease the returns of any investment. Source: MASECO Asset Management Ltd. Performance numbers are the performance figures of one of the underlying funds (the Fund) that MASECO Asset Management Ltd s Alternative Credit Fund LP (MASECO ACF) invests ins before the additional fees of the MASECO ACF (which are 0.50% Management Fee and 10% Performance Fee plus some additional fund expenses). YTD performance is compounded from beginning of each year. 22

Biography Josh Matthews Josh is a Managing Partner and co-founder of MASECO Private Wealth. He began his financial career at Salomon Smith Barney in New York as a Financial Advisor and moved with them to London in 2001 where he started the US Ex-pat Team with James Sellon. In 2008, he co-founded MASECO Private Wealth in the UK, followed in subsequent years by MASECO Switzerland and MASECO Asia in Hong Kong. Josh is also a seasoned expert in Alternative Credit and is the architect of the MASECO Asset Management multi-strategy Alternative Credit Fund. Over the course of his career, Josh was awarded the International Private Bank Outstanding Young Private Banker Award and has been a City Wealth Leader for many years. He is an internationally recognised speaker and has spoken at notable conferences in New York, Singapore and London. Josh also contributes regularly as a subject matter expert to wealth management forums and roundtable discussions and is regularly featured in industry magazines and newspapers, in addition to writing industry columns himself. Josh believes companies play an important part in our society and spearheaded MASECO s efforts to become the first B Corporation in the UK in financial services and is a UK Founding Member of B Corp. www.masecoassetmanagement.com & www.masecopw.com Josh.Matthews@masecopw.com 23

Disclaimer This presentation is for Professional Clients only and should not be relied upon or distributed to Retail Clients. This document is for information only and is for the use of the recipient. It is not to be reproduced, copied or made available to others. The document does not constitute any type of investment or other type of professional advice. It is not a personal recommendation and does not take into account the particular investment objectives, financial situations or needs (including tax) of individual clients. This document is not intended and should not be construed as an offer, solicitation or recommendation for the purchase or sale of any financial instrument. You are recommended to seek advice concerning the suitability of any investment from your investment or other professional adviser. Investors should remember that the value of investments can go down as well as up. The information contained herein is based on current public information we believe to be reliable, but MASECO Asset Management Ltd does not warrant its completeness or accuracy and so it should not be relied upon as such. 24