1

Access to U.S. Institutional Investors

– The Largest Concentration of Institutional Assets in the World

– Increasing US Sanctions Against Illegal Fundraising Activity

Typical Monthly 4-5 Day Typical Monthly 4-5 Day Fundraising Trip Fundraising Trip

Rowe Capital Partners U.S. Investor Relationships

• Internal Proprietary Investor Database Breakout

Assets Under Management > $10B >$1.0B >$250M

• Public Entities 75 168 182

• Corporations 58 519 1024

• Endowments / Foundations 8 63 181

• Insurance Companies 9 89 82

• Wealth Advisory Platforms 59 149 125

• Even geographic U.S. distribution: 53% east of the Mississippi & 47% west

• Fundraising focused on larger institutions or smaller family offices depending on the managers need and investor appetite

• Global investor relationships are increasing significantly, including sovereign funds and family offices

• The highest concentration of global relationships are in the Pacific Rim, South America, Europe and the Middle East

• External database and research is used to update investment personnel, allocations and consultant changes in the Rowe Capital database

1800; 31%

2

Proactive Distribution

• Broad and Deep Market Penetration• $1.8 Billion USD Raised

First Six Months Distribution Statistics

Firm 1 Firm 2 Firm 3 Avg.

Prospects Identified 2,101 1,698 2,269 2,023

Prospects Contacted 1,972 1,312 2,243 1,842

Weekly Calls 207 225 259 230

Total Meetings 65 52 51 56

3

A Sample of Investor Meetings• Abbott Capital• Alaska Permanent Fund Corporation• Alaska Retirement Management• Alignment Capital Group• Altius Associates• Arkansas Teachers Retirement• Auda Associates• Boeing Corporation• Cambridge Associates• Constitution Capital • Duke University Investment Management• Dupont Capital Management• Florida State Board of Administration• Ford Foundation• Frank Russell Associates• Franklin Park & Associates• General Motors Asset Management Company• Goldman Sachs Asset Management• Grove Street Advisors (CALPERS)• HarbourVest Partners• Harvard University Management Company• Hewlett Foundation• Houston Fire Fighters’ Retirement• Illinois Teachers’ Retirement• Los Angeles City Retirement• Los Angeles County Retirement• Louisiana State Employees’ Retirement System• Lumina Foundation for Education• Macquarie Asset Management• Massachusetts Institute of Technology• Massachusetts Pension Reserve• Meadows Foundation• Neuberger Berman (Formerly Lehman Brothers)• New York City Office of Controller• Ohio Public Employees Retirement System• Orange County Retirement System• Oregon Public Employees’ Retirement System• Parish Capital Advisors• Pathway Capital• Pennsylvania State Employees’ Retirement System

• Perella Weinberg• Princeton University Management Company• Rice University• Rockefeller Foundation• RREEF• San Bernardino County Retirement System• San Diego County Retirement System• San Francisco City and County Retirement• Shott Capital • Siguler Guff & Company• Southern Methodist University• Spider Management (University of Richmond)• Stanford University Management Company• State of Hawaii Employees’ Retirement System• Summit Strategies Group• Teacher Retirement System of Texas• Texas Treasury Safekeeping Trust• TIAA CREF• University of California Endowment• University of Michigan• University of Minnesota• University of North Carolina• University of Notre Dame• University of Pennsylvania• University of Texas Investment Management Company• University of Virginia• Virginia Retirement System• Washington University• Wellesley College

Family Offices typically prefer not to be listed

International • Abbey National Treasury Services• Abu Dhabi Investment Authority• British Coal Pension Trustees• Government of Singapore Investment Corporation (GIC)• Korean Teachers’ Mutual Fund• Korea Investment Corporation• Mitsubishi Bank • National Bank of Abu Dhabi• NLI International• Nomura Group 4

2

Credit MarketsCredit Investments• “In the past year, investors that had been flirting with

leveraged loans and other types of credit investments began defining actual credit allocations and making investments.”

• “The $7 billion Michigan Municipal Employees’ Retirement System, Lansing, in May restructured its $2 billion fixed income portfolio, moving all but $770 million into private credit strategies.” … “The Oregon Investment Council, Tigard, which manages the $58.4 billion Oregon Public Employees Retirement Fund, Salem, was one of the earliest investors in private credit.”

• “Institutional investors are searching for current income, said Theodore “Ted” Koenig, CEO of Monroe Capital, Chicago, a debt investment management firm. “Private equity is not a current yield business…..We are, and have always been, about current yield. That has become a much more sexy business to investors now.”

Consultant Participation• “A number of consulting firms – including NEPC, LLC,

Hewitt EnnisKnupp,Inc., Pension Consulting Alliance, Inc., and Summit Strategies Group – have been bringing the investment strategy [leverged loans] to pension fund clients that are moving money out of fixed income or equity.”

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There is a building case for disaggregating the traditional core fixed

income portfolio.

Credit Strategies Are Attracting More Pension Funds, Pension & Investments, November 25th, 2014