#1ANGELO GORDON AG North Dakota Board of University and School Lands Board Meeting Presentation AG Direct Lending Fund IV, L.P. December 17, 2020 Page 079 Confidential - Not For Further Distribution. Proprietary and Confidential Trade Secret.#2Disclosure This presentation does not constitute an offer to sell, or a solicitation of an offer to buy the limited partnership interests or securities of any Angelo, Gordon & Co., L.P. ("AG") funds described herein. No such offer or solicitation will be made prior to the delivery of confidential offering memoranda and other materials relating to the matters described herein. Before making an investment decision with respect to such interests or securities, potential investors are advised to read carefully the confidential offering memorandum, the limited partnership agreement, if any, and the related subscription document (collectively, the "Offering Documents"), and to consult with their tax, legal and financial advisors. This presentation contains a preliminary summary of the purpose of the funds and certain business terms; this summary does not purport to be complete and is qualified and superseded in its entirety by reference to a more detailed discussion contained in the Offering Documents. The General Partner or the Investment Manager, as the case may be, has the ability in its sole discretion to change the strategy described herein and does not expect to update or revise the presentation except by means of the Offering Documents. Data presented is as of the date hereof unless otherwise indicated. References to specific investments or strategies are for illustrative purposes and are not intended to be and should not be relied upon as a recommendation to purchase or sell particular investments or engage in particular strategies. The references to specific securities or investment vehicles are not a complete list of all investment vehicles or positions in the portfolios and the positions or strategies identified herein may or may not be profitable. No representation is made that any portfolio will contain any or all of the investments identified herein, that any of such investments will actually be available for investment at such levels or in such quantities. The presentation was prepared using certain assumptions which are based on current events and market conditions and as such are subject to change without notice and we assume no obligation to update the information. Changes to the portfolio or the assumptions and/or consideration of additional or different factors may have a material impact on the results presented. Not all assumptions have been considered in compiling this data. Actual events are difficult to predict and may differ from those assumed for purposes of this presentation. There is no representation or guarantee regarding the reliability, accuracy or completeness of this material, and neither AG, its affiliates nor their respective members, officers or employees will be liable for any damages including loss of profits which result from reliance on this material. There are certain risks associated with an investment in private funds. For example, such funds can experience volatile results and an investor or limited partner could lose some or all of his investment. A fund investment is very speculative and involves a high degree of risk, not suitable for all investors. Further such an investment is illiquid, due to restrictions on transfer, the lack of registration and the absence of a current or expected secondary market for fund interests or shares. Investment strategies may include non performing/distressed illiquid assets, employ leverage and/or employ a shorting strategy. High management fees and an incentive fee or allocation may cause the manager to take greater risks than it ordinarily would without such fees. This is not a complete description of the risks associated with a hedge fund investment. This presentation is being provided to a limited number of eligible investors on a confidential basis. Accordingly, this document may not be reproduced in whole or in part without the prior written consent of AG. Past performance is no guarantee of future results. Individual investor performance may vary by investor. To the extent that target returns are included, there is no assurance that such targets can be achieved or that actual results will not differ, perhaps materially, from such target returns. Other AG funds may experience results which differ, perhaps materially, from those presented, due to different investment objectives, guidelines and market conditions. Page 080 Proprietary and Confidential Trade Secret 1#3AC || Table of Contents 3 5 9 IV AG Direct Lending Platform 21 Appendix (ESG Considerations & Team Biographies) 29 Angelo Gordon Presenters About Angelo Gordon III Middle Market Direct Lending: AG's Approach Page 081 Proprietary and Confidential Trade Secret 2#4Section I: Angelo Gordon Presenters AG Page 082 Proprietary and Confidential Trade Secret 3#5Angelo Gordon Presenters Biographies: Trevor Clark Drew Guyette William Cullinan AC Trevor Clark joined Angelo Gordon in 2014 to establish the firm's middle market direct lending loan business. He is a Managing Director and a member of the firm's executive committee. Prior to joining Angelo Gordon, Trevor was a co-founder and C.E.O. of Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments where he oversaw all operational and strategic activities of the middle market lending operation. At Madison Capital, Trevor led the Executive Committee that was responsible for all credit granting decisions and managed the relationship with New York Life Investments and other third-party investors. Prior to forming Madison Capital, Trevor held various positions in loan underwriting and origination at Antares Capital, GE Capital, and Bank of America. He holds a B.A. degree from the University of lowa, lowa City and an M.B.A. degree from Indiana University, Bloomington. AG Drew Guyette joined Angelo Gordon in 2015. He is a Managing Director in the Firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Drew had been with Madison Capital, a wholly owned subsidiary of New York Life Investments, since 2007. Drew's primary responsibilities at Madison Capital included structuring, underwriting, negotiating, and managing client relationships, where he focused on generalist and technology transactions with middle market private equity sponsors. Additionally, Drew managed one of Madison Capital's Underwriting Teams of professionals. Prior to joining Madison Capital, Drew held a variety of positions at MB Financial Bank, N.A., including underwriting, portfolio management, and new business development. Drew received a B.S. in Finance from the University of Illinois, Urbana-Champaign. William Cullinan joined Angelo Gordon in 2016 and is a Managing Director. He focuses on the firm's US consultant relations effort. Prior to joining the firm, William was a Managing Director at Easterly Capital, LLC. While at Easterly Capital, he was responsible for capital formation and business development with institutional investors, foundations, endowments, family offices, and consultants. Previously, William worked at Putnam's Global Institutional Management Group, Garelick Capital Partners, LP, Merestone Partners, LP, and Fidelity Investments. He began his career at UBS Global Prime Services. William holds a B.A. degree from the University of Massachusetts, Amherst. Page 083 Proprietary and Confidential Trade Secret 4#6Section II: About Angelo Gordon AG Page 084 Proprietary and Confidential Trade Secret 50#7Angelo Gordon ▪ 1988 company founded ▪ 100% owned by AG founders and employees, and their related parties ■ A leading privately held alternative investment firm with a focus on Credit and Real Estate strategies $39 billion Assets Under Management* ▪ Over 500 employees* Headquartered in New York with offices globally Angelo Gordon and employees have approximately $1 billion of capital in our funds** U.S. OFFICES New York Los Angeles San Francisco Chicago Houston Washington, DC Investment Professionals 162 Staff 309 EUROPE OFFICES London Amsterdam ASIA OFFICES Hong Kong Tokyo Investment Professionals 26 Staff 20 Seoul Singapore Frankfurt Milan n Investment Professionals 17 Staff 19 *As of June 30, 2020. ** Approximate as of June 30, 2020. Includes GP, affiliate and employee related investments and accrued performance allocations. Includes committed, but uncalled capital. Page 085 AG Proprietary and Confidential Trade Secret SO 6#8Angelo Gordon Our Investment Philosophy ▪ Match money with opportunity on a timely basis ▪ Invest in inefficient markets to generate consistent, absolute returns ■ Conduct extensive research that will drive investment decisions ■ Protect capital through research, diversification, and the prudent use of leverage Our Culture ■ Respect our clients and treat them as our only priority ■ Conduct ourselves ethically and with integrity ▪ Collaborate across investment strategies and departments * As of March 31, 2020, excludes GP & Affiliates Totals may not sum due to rounding. AG Page 086 Insurance, 3% Taft, 2% SWF, 5% FOF, 6% E&F, 11% Our Clients* Corporate Pension, 16% Public Pension, 26% Corporate Non-Pension, 15% HNW/Family Office, 15% c Proprietary and Confidential Trade Secret 7#9Angelo Gordon ■ We are entrepreneurial, opportunistic, and add disciplines when they are synergistic to existing strategies Corporate Credit $11.0bn ▪ Distressed & Corporate Special Situations Performing Credit Arbitrage² ¹88 Distressed & Corporate Special Situations Arbitrage $93 Credit: $25.4bn¹ U.S. Real Estate Lending $8.4bn ▪ Middle Market Direct Lending ▪ Energy ¹98 Performing Credit Net Lease Real Estate '05 Total AUM: $39bn* Structured Credit $6.0bn ▪ Residential & Consumer Debt ■ Commercial Real Estate Debt Commercial Real Estate Debt and Loan Origination '06 Asia Real Estate *Estimated as of June 30, 2020. 1 Includes approximately $0.7bn in unallocated multi-strategy cash. 2 Arbitrage includes Convertible & Merger Arbitrage strategies. Note: The AUM table excludes Private Equity strategy, which in aggregate represents $0.2bn of the Firm's total AUM. Page 087 AG U.S. Real Estate $6.2bn '08 Residential and Consumer Debt & Whole Loans '09 Real Estate: $13.0bn Europe Real Estate $2.7bn Europe Real Estate n Energy '13 Asia Real Estate $2.2bn Net Lease Real Estate $1.9bn Middle Market Direct Lending '14 Proprietary and Confidential Trade Secret 8#10AG Section III: Middle Market Lending: Angelo Gordon's Approach Page 088 Proprietary and Confidential Trade Secret 9#11Foundation of Twin Brook Portfolio Return Stability Highly Selective Deal Screening In Depth Due Diligence Process Leadership Role in Credit Facilities AG Small&Reliable Bank Groups Average LTV Under 50% Experienced and Scaled Team Highest Quality Lower Middle Market Companies Attractive & Stable Returns 19 Year History Executing Strategy Page 089 n Private Equity Ownership of Borrowers Non-Cyclical Industries First Dollars in Capital Structure Loan Docs with Significant Lender Protections Strict Limits on Allowed Earnings Adjustments Proprietary and Confidential Trade Secret 10#12Persistent Opportunity Set with Attractive Spreads(¹) ($ Billions) : : : 8898 & 은 90 80 70 60 50 40 30 20 10 Middle Market Annual Sponsored Issuance (²) 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LIBOR + Middle Market vs. Large Corporate Leveraged Loan Average Spread (3) L+700 L+650 L+600 Currently L+550 L+500 L+450 L+400 L+350 L+300 L+250 Average Difference in Spread 2003 to 2007 54 bps 2010 to 2016 155 bps 124 bps L+200 '05 '08 '11 '14 C (1) There is no guarantee that the fund's investment objective will be successful, that losses can be avoided, or that AG will be able to source suitable investment opportunities for the Fund. (2) Source: Thomson Reuters LPC Current Spread: 124 bps '17 (3) Middle market leveraged loan includes issuers with less than $50mm EBITDA large corporate loans includes issuers with $50mm or more in EBITDA. Average spread includes any LIBOR floor benefit. Source: S&P Capital IQ LCD Page 090 AG '20 Proprietary and Confidential Trade Secret 11#13How to Differentiate Among Middle Market Lending Managers Relevant Investment Experience Is the investment experience exclusively in the middle markets ▪ Number of transactions reviewed, completed and declined Experience through multiple credit cycles (loss experience) ▪ PM's role in transaction history Experience originating, underwriting and approving credit ■ I Risk Profile of Target Assets Historical operating performance of borrower Seniority in the capital structure (first lien, mezzanine) Covenants in transaction ■ ■ Sourcing I Upper or lower end of the middle market Use of leverage ■ Direct vs indirect origination Sponsor vs non-sponsor Role of manager in the deal (administrative agent, co-lead arranger, co-agent, participant) Size of sourcing universe Annual number of transactions sourced (1) Past performance is no guarantee of future results. Includes period prior to inception of Twin Brook. (2) There can be no assurance AG will be able to source suitable investment opportunities for the fund. AG Page 091 Twin Brook Team Senior Team Members average over 20 years investment experience and have closed over 1,200 transactions during the course of their careers and many have worked together extensively through previous cycles(1) Focus on first lien lending with covenants to lower middle market companies ($25mm and below in EBITDA); provide revolvers on all transactions Sponsor-backed sourcing channel; team has closed transactions with over 225 sponsors during the course of their careers and has screened over 2,500 unique deals from over 500 sponsors since joining AG (²) Proprietary and Confidential Trade Secret 12#14Differentiation Within the Middle Market(¹) Market Segmentation Type of Market BSL Upper MM(6) Core MM Lower MM EBITDA Range ($mm) AG >$75 $40 - 50+ $25 - $40 <$25 85% Middle Market Loans (<$100MM) Arranger Hold of Senior Debt (3) 4-6.0% 5-7.5% 30 - 100% Structural Considerations 60 - 100% Leverage Please see the slide titled "Additional Disclosures" for further details. High (>6x) High (>6x) Moderate to High Moderate 81% Large Cap Loans (>$200MM) Financial Covenants None None 50/50 Yes, Multiple Covenant Cushions N/A N/A 30-45% 78% Senior Secured Bonds Facility Size/Structure Economics Pricing (L+bps) (4) Average Recovery Rate(7) Page 092 300-375 20 - 30% 450-550 375-425 400 - 475 OID 99.5-Par 99-99.5 99 - 99.5 98.5-99 57% Senior Unsecured Bonds Certainty of Outcome(²) No. of Reverse Allocation Lenders Pricing Flex(5) Certainty 50-75 20-40 Sometimes 2-8 Yes 1-3 No No 33% No No Sometimes Senior Subordinated Bonds Yes Proprietary and Confidential Trade Secret 13#15Why We Focus On the Lower End of the Middle Market Upper Middle Market Core Lower Middle Market Companies with EBITDA of $25 million or less We view this market as less competitive than the upper middle market and believe that origination fees and spreads are likely to be higher and lender protections stronger ■ Typically offers higher yields and lower Debt/EBITDA More conservative capital structures Stricter covenants creates opportunity for early involvement during defaults More manageable lender groups (typically 1-3), that facilitate work-outs should they be required ▪ More stringent legal due diligence and lender friendly legal documentation Better access to management ■ ■ Private equity sponsor support for borrowers May create follow-on financing opportunities as companies grow C Over time we expect over 50% of our platform financings to have add-on activity There can be no assurance that the investment objective will be successful or that losses can be avoided. AG Page 093 Proprietary and Confidential Trade Secret 14#16Sourcing Focused on Middle Market Private Equity Sponsors Relationship Capital Support Diligence Management Benefits of Sponsored Lending Lenders maintain a direct relationship with sponsors and management Most sponsors operate with a committed pool of capital to weather liquidity challenges or invest in turnaround initiatives Sponsors share independent third party diligence for market, accounting, environmental, insurance/benefits, IT, etc. Lenders underwrite to sponsors who control the board and can upgrade / replace management ■ ■ ■ Why sponsors will work with Angelo Gordon Well-known among private equity sponsors as a strong, reliable counterparty with a long-term commitment to the business The team has closed transactions with 228 different PE groups over the last 19 years, with 76 of those coming in the last five years Experience investing through multiple credit and economic cycles, including extensive work-out experience Deep understanding of middle market private equity business Flat organizational structure permits for quick response times Why source through sponsors Effective origination which allows for high selectivity as we believe we are seeing the best deals in the market Understand the need to include covenants in deal documentation Sponsors bring the potential to contribute additional capital if needed to support the borrower Ability to make tough decisions in challenging times PE Sponsors raised $228 billion in capital in 2018, the highest in a decade; the resulting dry powder is likely to create ongoing deal flow(1) Our sourcing capabilities create a barrier to entry Past performance is no guarantee of future results. There can be no assurance that AG will be able to source suitable investment opportunities for the Fund, that the investment objective will be successful or that losses can be avoided. (1) Refinitiv, Middle Market Weekly January 2019. AG Page 094 Proprietary and Confidential Trade Secret 15#17Active Portfolio Management ■ ■ ■ Initial deal team responsible for ongoing borrower management with additional resources available, including the PM as needed Deal teams include an account manager (associate or AVP level), a team leader (VP level) and an originator ▪ Account managers typically monitor 4 - 8 borrowers Bolt on additional team members for any watchlist credits Both quantitative and qualitative metrics utilized Proprietary Credit Loan Score Model (quantitative) enables the account manager to monitor any change in risk and provides an assessment of the overall portfolio M Proprietary Credit Risk Rating System (qualitative) allows the account manager to reflect intangibles or developments not reflected in the Credit Loan Score Model Daily / Weekly Approve requests for Revolver and DDTL draws Pipeline review of upcoming opportunities including potential add- ons for existing borrowers Weekly watch list meetings with senior management Monthly Proprietary loan tracking system updated on a monthly basis following the receipt and review of borrower financials Borrower financial updates summarized in a monthly portfolio report Conduct calls with sponsor and borrower management or loan agent as needed Monthly financial results compared back to original diligence materials and current year budget Represents typical management process which may vary and change without notice. AG Quarterly Complete quarterly portfolio reviews Credit Loan Score and Credit Risk Rating updated to reflect recent performance Quarterly valuation marks reviewed by the valuation committee n Quarterly portfolio summary presented to investment committee Page 095 Annual / Ongoing Reconciliation of previously provided financials upon receipt of annual audit Review annual budgets and management long-term projections Typically visit borrowers annually or more often if needed Proprietary and Confidential Trade Secret 16#18M ▪ We have had a consistent, conservative approach to utilizing leverage since the inception of our strategy in 2014 ▪ We have not historically, nor do we plan to, utilize the maximum leverage available to us ▪ Our 1.25-1.5x target leverage allows for cushion based on the leverage the banks offer us ▪ We continuously stress test our available liquidity and the cushion in place Prudent Approach to Leverage ▪ We use a diversified group of lenders and generally have two types of asset-based facilities ▪ A "strike-zone" facility whereby if a loan meets specific parameters it can be financed without any additional approval A deal-by-deal approval facility ■ To date, all of our facilities are highly negotiated, and: They do not have mark-to-market adjustments, all changes in leverage are based on underlying borrower performance Each asset-based lender only has recourse to the loans they are financing ▪ Our lenders do not have the ability to terminate the financing at their discretion General expectation subject to market conditions. Please refer to the fund's LPA section on use of leverage for more information. Page 096 AG Proprietary and Confidential Trade Secret 17#19Our Experience Enabled Us To Act Quickly in March Our strategy is focused on minimizing volatility and protecting the downside and thus is conservatively positioned 98% first liens No exposure to retail, restaurants or traditional travel industries 100% sponsor-backed transactions ■ We believe our investment approach allowed us to start from a position of strength ■ Covenants in 100% of our transactions Average closing LTV of 46% Our team enacted its historical playbook, utilizing our experienced distressed management resources and network of relevant personnel I AG Five senior professionals bolt-on to our deal teams Roster of consultants and turnaround officers to engage on a case-by-case basis ■ r Borrower discussions/analysis Weekly and bi-weekly with management teams 13 week cash flow reports 30 day, 90 days and 6 month sensitivity analysis of Borrower's forecast Review of operational actions at the Borrower level (furloughs, cost reduction activities, working capital management) Cares Act / Stimulus eligibility Twin Brook Enhanced Portfolio Management Actions Implemented in March Page 097 Private Equity interaction Weekly and bi-weekly discussions regarding underlying Borrowers and Industry/Sector specific observations Discussions of operational support and capital support as needed Proprietary and Confidential Trade Secret 18#20Portfolio COVID Exposure AG 55% 15% Severity of expected impact ■ Significant: 15% Moderate: 30% ■ Low to Positive: 55% 30% Expected COVID Impact More Significantly Impacted: Businesses that provide services or equipment in a social gathering environment such as rental services, recreational and professional transportation, and cleaning services Borrowers that had experienced or were projecting a covenant default prior to Covid- 19 ■ ■ Moderately Impacted: Businesses that experienced short term closures but demand for their services is deferred and expected to resume at a meaningful level once reopened. I ■ C ■ Borrowers that have a meaningful cash and liquidity balance to weather the short term disruption and have reduced their short term expenses Positively or Minimally Impacted: Businesses deemed essential to stay open during the shelter-in-place orders and have demonstrated positive to stable revenue Healthcare businesses providing non-elective services or products, financial and insurance services, and non-discretionary B2B and B2C manufacturing and distribution Page 098 Proprietary and Confidential Trade Secret 19#21r ▪ Deal flow has resumed post a severe slowdown immediately post-COVID Opportunities to deploy capital have continued to ramp into the fourth quarter driven by both the increasing quantity and quality of new transactions as well as add-on acquisition activity The Landscape for Fund IV Remains Compelling ▪ Inbounds from private equity sponsors new to the firm, as well as investment banks launching new sale processes, have increased given our reputation as a reliable lender, our current market share and the health of our existing portfolio ▪ We believe the competitive landscape is more favorable today ▪ We expect reduced competition going forward with numerous competitors struggling with existing portfolios and limited access to incremental capital ▪ We also anticipate that sponsors may look to further concentrate their lender relationships with those who engaged with them productively and in a relationship-oriented fashion since March ▪ We also believe that our sponsors may emphasize those lenders who can navigate the current environment and hit their desired timeline at the desired terms as opposed to negotiating economics to the lowest common denominator ■ All of our transactions have LIBOR floors of at least 1.00% (1) There is no guarantee that suitable investment opportunities will be soured for the Fund. (1) Subject to market conditions, not an investment restriction. AG Page 099 Proprietary and Confidential Trade Secret 20#22AG Section IV: AG Direct Lending Platform Page 100 Proprietary and Confidential Trade Secret 21#23The Growth of AG Direct Lending 2014 Present $10.0 Billion of Asset Commitments 220 Closed Transactions 53 Realized Transactions 90 Unique Sponsors 94% Admin and Co-Lead Arranger 3,402 Unique Deals Reviewed Since Inception *The above metrics are not necessarily indicative of future activity. Committed Dollars ($ in MM) $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 Unique Borrowers Originators Team Size $824 $9,906 $9,958 $6,578 1 11 Jun. '16 Dec. '16 Jun. '17 Dec. '17 Jun. '18 Dec. '18 June '19 Dec. '19 Jun. '20 2H '20 32 5 23 $1,459 51 Twin Brook Capital Partners History 5 29 $2,256 66 6 38 $3,424 88 7 46 $4,302 97 9 48 Note: "Unique Borrowers" includes current active deals through the stated measurement date. Note: "Closed Transactions" and "Unique Sponsors" includes all active and realized closed deals across the Twin Brook platform as of the stated measurement date Page 101 AG 128 10 55 $7,729 139 9 60 $9,414 156 8 r 66 166 8 67 Proprietary and Confidential Trade Secret 167 8 64 22#24Our Experienced Team Richard Christensen 20+ years(1) Pete Notter 20+ years(¹) Tim Wentink 20+ years (¹) Karen Saunoris Director of Ops 20+ years (¹) Senior Originators Heads of Originations: Grant Haggard 20+ years (1) Kate Hansell 7+ years Vishal Sheth Chief Financial Officer, 16+ years Dan O'Donnell 4+ years Austin Rodger 1+ year Tim Healy 20+ years Betsy Booth 12+ years (1) Capital Markets Garrett Ryan 20+ years Finance, Operations & Fund Management Faraaz Kamran 20+ years (¹) Danette Shepherd 17+ years(1) Chris Martin 20+ years (¹) Terry Walters Chief Accounting Officer, 16+ years Kate Morrissey 6+ years Chloe Smith 4+ years Nick Flemming 7+ years Matt Skly 5+ years Gabriella Savino 2+ year Portfolio Manager Trevor Clark, 20+ Years Tim Schifer 20+ years(1,2) Nick Fessler 10+ years Luke Connor 8+ years Alex Small 7+ years Elizabeth Faber 5+ years Adam Lawal 4+ years Emily Jones 3+ years Senior Underwriters Co-Heads of Underwriting: Therese Icuss, 15+ years (2) and Kim Trick, 13+ years (2) Joe Tinaglia 14+ years(1) Sarah Roche 13+ years Evan Larsen 10+ years Jennifer Dzwonchyk 12+ years Chris Hendrix 8+ years Years of experience as of October 2020. (1) Denotes prior experience working with the Portfolio Manager. (2) Represents one of the team members bolted on to a team that is monitoring a "watchlist" credit. AG Brett Bork 8+ years Aaron Pontsler 6+ years Troy Stratton 5+ years Moises Correa 4+ years Accepted Offer Chief Credit Officer Drew Guyette, 18+ years (1.2) Page 102 Underwriters Catherine Haviland 8+ years Peter Coffin 6+ years Zack Wolfe 5+ years Brad Sullivan 3+ years Accepted Offer Caroline King 8+ years Nick Hill 6+ years David Golembiewski 5+ years Tyler Mink 3+ years Accepted Offer Anthony Maggiore 8+ years (1,2) Chris Kratschmer 8+ years Ben Morton 6+ years Jim Lynch 4+ years Komal Gandhi 3+ years Accepted Offer Nicholas Wagner 7+ years Alexandra Good 5+ years Nick Shuey 4+ years Chris Reynolds 3+ years Accepted Offer Proprietary and Confidential Trade Secret 23#25Building a Portfolio: Deals Reviewed 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 ~125 Average new deals added per month since Q1 2016 114 387 1H 2015 2H 2015 748 Total Deals Reviewed 1H 2016 1,197 2H 2016 1,865 2,636 3,572 4,577 5,556 6,365 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 6,741 1H 2020 7,140 2H 2020 Note: Includes all deals included in the pipeline based off of the deal's 'Open Date'. Some individual deals are included multiple times if they are received from multiple sponsors. AG Deal Pipeline Diversification 7,140 3,402 674 650 n 220 Total deals in the pipeline Unique deals reviewed Unique sponsors providing deal flow Unique deals presented to investment committee from 205 different sponsors New platform deals closed with 90 sponsors Note: Includes all viewed deals entered onto the pipeline report through October 31, 2020. Page 103 Proprietary and Confidential Trade Secret 24#26Transaction Role 9% Role 3% 3% 85% Administrative Agent: 187 / 85% ■ Co-Lead Arranger: 20 / 9% ■ Co-Agent: 7 / 3% Participant: 6 / 3% 94% Closed transactions that Twin Brook has acted as Administrative Agent or Co-Lead Arranger ■ ■ ■ ■ ■ ■ r Why Do Administrative Agent and Co-Lead Arranger Titles Matter?(1) Better Economics - Higher upfront fees Primary role in structuring the credit document and covenant terms Add-on or acquisition activity drives additional fees Leadership role in the bank group results in capital markets income opportunities Stronger client relationships resulting from increased direct dialogue with the sponsor and borrower Incumbent lender often in a strong position to provide financing to new sponsor when a business is sold, thus contributing to deal flow for future funds (1) Represents the views of the Twin Brook team. There can be no assurance that each of the AG Direct Lending Funds' investment objective will be achieved or losses can be avoided. Note: Includes all deals closed across the Twin Brook platform including predecessor funds through October 31, 2020 broken out by the position that Twin Brook took in the deal. Page 104 AG Proprietary and Confidential Trade Secret 25#27AG Direct Lending Fund I-III Onshore Returns Fund AG Direct Lending Fund, L.P. (Fund 1 Onshore Levered) AG Direct Lending Fund II, L.P. (Fund 2 Onshore Levered) AG Direct Lending Fund II (Unlevered), L.P. (Fund 2 Onshore Unlevered) AG Direct Lending Fund III, L.P. (Fund 3 Onshore Levered) AG Direct Lending Fund III (Unlevered), L.P. (Fund 3 Onshore Unlevered) Committed Capital $306 million $650 million $152 million $1,070 million $652 million Called Capital $294 million $650 million $146 million $1,070 million $548 million Date of First Capital Call June 1, 2015 December 14, 2016 November 21, 2016 August 20, 2018 July 31, 2018 M Net MOIC as of 9/30/2020(1) Net IRR as of 9/30/2020(1) 9.69% 8.69% 5.93% 7.78% 5.45% 1.3x 1.2x 1.2x 1.1x 1.1x Note: All figures are estimates as of September 30, 2020 (1) Net performance data represent results for limited partners (excluding affiliates), net of all expenses including actual quarterly management fees payable by the Fund (with respect to limited partners, ranging from 0.125% 0.25% per quarter) and the accrual carried interest to the general partner (but excluding investor-level taxes). The net Internal Rate of Return ("IRR") reflects cumulative cash-on-cash returns for the entire period from inception plus residual values at the end of the period, expressed as an annualized internal rate of return. Note that the IRR is a Fund level return and may differ from an individual limited partner's return due to the difference in the timing of such limited partner's initial capital call. The net IRR is not meaningful for periods less than one year; for funds without an IRR we have provided a net MOIC (Multiple of Paid-In-Capital), which is the sum of Distributed Capital and NAV, divided by Drawn Capital. The use of credit facilities may impact IRRs. Past performance is no guarantee of future results. Future funds and vehicles may offer different fee and carry terms, which may impact net performance. The above shows the performance of commingled funds and excludes separately managed accounts, the performance of which may differ. Co-portfolio manager of the above Funds, Chris Williams, has resigned from the firm effective December 31, 2018; Trevor Clark is leading the firm's middle market direct lending business and is the sole portfolio manager as of March 2018. Page 105 AG Proprietary and Confidential Trade Secret 26#28AG Direct Lending III, L.P. Update (as of September 30, 2020) ■ ■ ■ ■ ■ Date of First Capital Call¹: August 20, 2018 Portfolio Companies: 134 Weighted Average EBITDA²: $20.6 million Top Ten Positions (as % of LMV): 19.0% Sponsors: 69 Role in Transaction (%)4 ■ Agent ■Co-Agent 93% 1% Co-Lead Arranger 6% ■ Participant 1% Industry Exposure (% of Total Committed Par Value)³ Lien Type (%) ³ ■ First Lien: ■ Equity Co-Investment: 98% 2% All figures are estimates and as of September 30, 2020. Certain total figures may appear skewed because of rounding. (1) Represents date of the first capital call; the Fund may have made investments prior to this date via a subscription line or other financing facility. (2) Data as of the prior month-end. Calculations based on the market value of all term loans, as well as funded delayed draw term loans and revolvers. (3) Value represents a percentage of total committed par value. (4) Value represents a percentage of deal count. AG Page 106 ■Healthcare ■ Business Services ■ Wholesale Distribution Chemicals, Plastics & Rubber ■ Media Advertising, Printing, Publishing ■ Containers, Packaging & Glass Consumer Services ■ Software Services Capital Equipment ■ Other Industries EBITDA by Deal Count (%) 4 ■< $25 million ■>$25 million 30% 12% 10% 7% 5% 5% 4% 4% 3% 20% 84% 16% Proprietary and Confidential Trade Secret 27#29Recently Closed Transactions* Anne Arundel DERMATOLOGY FIRST LIEN ADMINISTRATIVE AGENT OCTOBER 2020 Ridgemont EQUITY PARTNERS™ Vital Care ** ADMINISTRATIVE AGENT OCTOBER 2020 LINDEN SENTA ENT AND ALLERGY PARTNERS ADMINISTRATIVE AGENT SEPTEMBER 2020 SHORE Capital Partners * The above transactions are presented for illustrative purposes and are not necessarily indicative of transactions currently available for any fund or account. Page 107 AG r KIC> Cleaning for Parfumance ADMINISTRATIVE AGENT AUGUST 2020 INVERNESS GRAHAM Proprietary and Confidential Trade Secret 28#30Appendix: I. ESG Considerations II. AG Direct Lending Team Biographies Page 108 C Proprietary and Confidential Trade Secret 29#31ESG Considerations ■ ■ ■ AC Purpose Angelo Gordon recognizes the value generated for our limited partners, joint venture operating partners, employees, and local communities in which we operate that comes with integrating ESG considerations into our business decisions. Our objective is to make financial decisions on a full set of risk reward factors and we view ESG considerations and risk factors to be one input of many in our investment process. I Considerations The Team's regular diligence process will vary by situation but will typically include, but is not limited to, background checks of management teams, full business analysis and underwriting encompassing a borrower's employee base, value proposition, and customer profiles as well analyzing related environmental impacts and practices and regulatory requirements. Our diligence relies on public filings and employs select third parties to review environment-related diligence and conduct background checks. Angelo Gordon recently became a member of the SASB Alliance and licensed SASB's Materiality Map. The Team is beginning the process of incorporating the Materiality Map into its investment diligence process. Consistent with firmwide policy, the Team ultimately seeks to make financial decisions based on a full set of risk reward factors, which includes ESG factors. The Team does not seek to exclude companies or sectors from consideration because they are perceived to be exposed to a higher degree of ESG risk; however, there are a number of industries that the Team would be more likely to avoid or for which it would require a significantly heightened level of due diligence in order to get comfortable with a loan. These include: Debt collection, Payday loans / Savings and loan associations, Vice industries or companies that would not meet a moral social standard, Gaming/casinos, Firearms, Hotels, motels and resorts, Leveraged leases, Project finance, Real estate related actions (including construction loans), High technology, Cable and cellular, Builders and contractors Please refer to our Firm and Middle Market Direct Lending ESG policies for further information. AG ■ ■ Page 109 Integration The level of control or influence the Team has over ESG factors varies throughout the life of an investment Diligence phase preceding execution of a transaction The Team seeks to identify and understand the ESG-related and other financial risks to determine whether it will proceed with an investment or take further action I In some cases, the Team may require a sponsor or borrower to present or perform additional diligence, take specific actions or put in place an action plan to address ESG factors not currently in compliance with the strategy's ESG policy and standards Any issues deemed material, or related actions, are detailed both in the underwriting memo and the closing memo, which are completed prior to the final approval of an investment Portfolio Management Phase We rely on a borrower's private equity sponsor to conduct ongoing third-party diligence as we do not have equity control or board control/rights over the underlying borrower. Should a transaction have a "post-closing" deliverable or action required as part of making the investment, the Team will monitor the progress of said actions/requirements Despite the presence of one or more ESG-related issues, at times, the Team will proceed with an investment having fully understood and evaluated the potential impact of relevant ESG-related risks, and where possible, will implement action plans to mitigate or resolve such risks. In some cases, we will determine that the ESG-related risks are overwhelmingly detrimental to the potential performance of an investment and abandon the process ■ Proprietary and Confidential Trade Secret 30#32AC Trevor Clark joined Angelo Gordon in 2014 to establish the firm's middle market direct lending loan business. He is a Managing Director and a member of the firm's executive committee. Prior to joining Angelo Gordon, Trevor was a co-founder and C.E.O. of Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments where he oversaw all operational and strategic activities of the middle market lending operation. At Madison Capital, Trevor led the Executive Committee that was responsible for all credit granting decisions and managed the relationship with New York Life Investments and other third party investors. Prior to forming Madison Capital, Trevor held various positions in loan underwriting and origination at Antares Capital, GE Capital, and Bank of America. He holds a B.A. degree from the University of lowa, lowa City and an M.B.A. degree from Indiana University, Bloomington. Middle Market Direct Lending Team Betsy Booth joined Angelo Gordon in 2015 as a Vice President in the firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Betsy was at Ares Management LLC where she underwrote senior debt and unitranche credit facilities supporting private equity backed transactions primarily in the middle market space across a variety of industries. Previously, Betsy was with Madison Capital Funding LLC where she underwrote and managed senior credit facilities supporting middle-market private equity transactions, managing all aspects of the underwriting process including loan structuring, due diligence and financial modeling as well as legal documentation and negotiation. Prior to Madison Capital, Betsy held a number of positions at MB Financial Bank, N.A., including credit analyst, portfolio manager and new business development. Betsy received a B.S. in Finance from the University of Illinois, Urbana-Champaign. Richard Christensen joined Angelo Gordon in 2015 as a Managing Director in the firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Rich had been with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments, since its initial founding in 2001. Rich's primary responsibilities at Madison Capital included client relationship management and new business development, where he focused on originating and structuring transactions with middle market private equity sponsors. Additionally, at Madison Capital, he was part of the organization's specialty Micro Cap Leveraged Finance Group, which executed transactions for private equity sponsors in the Lower Middle Market. Prior to joining Madison Capital, Rich held various positions in loan underwriting and portfolio management at Bank of America's Commercial Finance Group (formerly Nations Credit Commercial Corp.) and First Source Financial, Inc. Rich received a B.S. in Finance from the University of Arkansas and an M.B.A. and an M.A. in Accounting from the University of lowa. Jennifer Dzwonchyk joined Twin Brook in 2017 and is a Vice President in the firm's middle market direct lending business. She is focused on evaluating, underwriting, structuring, and managing senior and unitranche cash flow loans to support private equity backed transactions. Prior to Twin Brook, Jennifer worked as a Private Equity Associate at Frontenac Company. She previously held roles at JPMorgan in investment banking as well as mezzanine lending within Chase Capital, a division of JP Morgan Chase. Jennifer holds a B.A. in Economics from Middlebury College and an M.B.A. from Harvard Business School. AG Page 110 Proprietary and Confidential Trade Secret 31#33AC (continued) Nick Fessler joined Angelo Gordon in 2018 and is a Vice President in the firm's middle market direct lending business. Prior to joining the firm, Nick was an Assistant Vice President at Antares Capital LP, where his responsibilities included structuring, underwriting and portfolio management of private equity sponsored transaction across a variety of industries. Nick began his career with GE Capital as part of its financial management program (FMP). Nick holds a B.B.A. in Finance from the University of Notre Dame and an M.B.A degree from University of Chicago Booth School of Business. Middle Market Direct Lending Team Drew Guyette joined Angelo Gordon in 2015. He is a Managing Director in the Firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Drew had been with Madison Capital, a wholly owned subsidiary of New York Life Investments, since 2007. Drew's primary responsibilities at Madison Capital included structuring, underwriting, negotiating, and managing client relationships, where he focused on generalist and technology transactions with middle market private equity sponsors. Additionally, Drew managed one of Madison Capital's Underwriting Teams of professionals. Prior to joining Madison Capital, Drew held a variety of positions at MB Financial Bank, N.A., including underwriting, portfolio management, and new business development. Drew received a B.S. in Finance from the University of Illinois, Urbana-Champaign. Grant Haggard joined Angelo Gordon in 2015 as a Managing Director in the firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Grant had been with Ares Management LLC for the previous year. Prior to Ares, Grant was with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investors, from 2008 to 2014. Grant's primary responsibilities at Ares and Madison Capital included client relationship management and new business development, where he focused on originating and structuring transactions with middle market private equity sponsors. Prior to joining Madison Capital, Grant held various positions in originations, loan underwriting and portfolio management at Linsalata Capital Partners and Antares Capital Corporation. Grant received a B.S. in Accounting from the University of Cincinnati and an M.B.A. from the Kellogg School of Management at Northwestern University. Tim Healy joined Angelo Gordon in 2018 as a Managing Director in the firm's middle market direct lending loan business. Tim's responsibilities include originating, evaluating and structuring new credit opportunities among private equity sponsors. Prior to joining the firm, Tim spent 13 years with Linsalata Capital Partners, rising to the level of Senior Vice President and Partner, where he led the firm's marketing, intermediary development activities and deal sourcing efforts. Tim's additional responsibilities included acquisition searches, due diligence, negotiations and portfolio company oversight. Prior to LinCap, Tim spent 13 years with National City Bank as a Senior Vice President in the Equity Sponsor Group, providing senior debt financing for private equity firms and their portfolio companies. Tim received a Master of Business Administration from the Simon Business School at the University of Rochester and a Bachelor of Arts degree in English from the University of Rochester. AG Page 111 Proprietary and Confidential Trade Secret 32#34AC (continued) Christopher Hendrix joined Angelo Gordon in 2016 and is a Vice President in the firm's middle market direct lending loan business. Previously, Chris served as an Associate at Chase Capital, a division of JPMorgan Chase. His role at Chase Capital included underwriting and managing senior and junior cash flow loans to privately-owned and sponsor- owned middle market companies across a broad range of industries. Prior to his role as an Associate, Chris served as an Analyst in JPMorgan Chase's broader middle market commercial lending division. Chris received a B.S. degree in Business Administration, summa cum laude, with a concentration in Finance from Fordham University. Middle Market Direct Lending Team Therese Icuss joined Angelo Gordon in 2016 as a Vice President in the firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Therese had been with Chase Capital, a division of JPMorgan Chase, since 2008. Therese's primary responsibilities at Chase Capital included originating, structuring, underwriting and managing senior and subordinated loans to private equity-owned and privately-owned middle market companies in North America across a broad range of industries. Prior to joining Chase Capital, Therese worked at JPMorgan Chase Bank, N.A. covering the middle market, including underwriting and portfolio management. Therese received a B.S. in Finance from the University of Illinois, Urbana-Champaign. Faraaz Kamran joined Angelo Gordon in 2016 as a Managing Director in the firm's middle market direct lending loan business. Prior to joining the firm, Faraaz was with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investors. Faraaz founded Madison Capital's healthcare group and built a team of ten professionals. Faraaz's responsibilities included building and managing the healthcare silo as well as client relationship management and new business development, where he focused on originating and structuring transactions with middle market private equity sponsors. Prior to joining Madison Capital, Faraaz held various positions in originations, loan underwriting and portfolio management at Dresdner Kleinwort Wasserstein and American National Bank. Faraaz received a B.A. in Economics from the University of Illinois at Urbana-Champaign and an M.B.A. from the Kellogg School of Management at Northwestern University. Evan Larsen joined Angelo Gordon in 2015 and is a Vice President in the middle market direct lending team. Prior to joining Angelo Gordon, Evan was an Associate with U.S. Bank's Leveraged Finance division for two years, where he was responsible for underwriting new transactions and portfolio management of existing loans. Prior to his role in Leveraged Finance, Evan was an Analyst at U.S. Bank, supporting various corporate, commercial and specialty lending groups. Evan received a B.S. degree from Saint Louis University. Tony Maggiore joined Angelo Gordon in 2016 and is a Vice President in the firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Tony was a Senior Associate with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments, since 2014. At Madison Capital, Tony's responsibilities included the structuring, underwriting, and portfolio management of transactions across a range of industries with middle market private equity sponsors. Prior to Madison Capital, Tony worked in NewStar Financial's Leveraged Finance division for approximately two years, where he was responsible for underwriting new transactions and portfolio management of existing loans. Tony received a B.S. degree from Boston College's Carroll School of Management Honors Program. AG Page 112 Proprietary and Confidential Trade Secret 33#35AC (continued) Christopher Martin joined Angelo Gordon in 2016 as a Managing Director in the firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Chris was with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments, since 2008. Chris's responsibilities at Madison Capital included client relationship management, business development and underwriting, where he was responsible for originating and structuring transactions with middle market private equity sponsors. Prior to Madison Capital, Chris held various positions within Comerica Bank's Private Equity and Middle Market Banking groups, where he was responsible for business development, underwriting and portfolio management. Chris received a B.S. degree in Finance from the University of Delaware and an M.B.A degree from the Kellogg School of Management at Northwestern University. Middle Market Direct Lending Team Pete Notter joined Angelo Gordon in 2016 as a Managing Director in the firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Pete spent ten years at Madison Capital Funding LLC, working in a variety of roles including relationship management, structuring, underwriting, and portfolio management. While at Madison Capital Pete jointly founded the firm's Micro Cap lending initiative. Prior to joining Madison Capital he spent seven years at National City Bank (predecessor to PNC Bank) as a relationship manager in its Midwest Corporate Banking Group. Pete started his career at Bank of America. Pete received his B.A. degree in Economics from Ohio University and holds an M.B.A. from the Weatherhead School of Management at Case Western Reserve University. Sarah Roche joined Twin Brook in 2017 as a Vice President in the firm's middle market direct lending loan business. Prior to joining Twin Brook, Sarah was a Vice President at NXT Capital LLC. Sarah's responsibilities at NXT Capital included evaluating, structuring, underwriting, executing and syndicating leveraged finance transactions for middle market private equity sponsors. Prior to NXT, Sarah held several positions at JPMorgan Chase Bank, N.A., including credit analyst, portfolio manager, mezzanine debt private placements associate and syndicated leveraged finance associate. Sarah received a B.S. in Accounting from Miami University's Farmer School of Business. Garrett Ryan joined Twin Brook in 2017 as a Partner and Head of Capital Markets for the firm's middle market direct lending loan business. With over 20 years of experience in capital markets, Garrett has extensive knowledge in middle market direct lending as well as institutional, high yield, and asset-based lending. His team maintains close relationships with all middle market lenders. Garrett supports Twin Brook's originators and underwriters in structuring, pricing, and negotiating multi lender transactions. Garrett also oversees the development and implementation of Twin Brook's Marketing strategies and initiatives. He received his finance degree from University College Dublin and an MBA from the Kellogg School of Management. Karen Saunoris joined Angelo Gordon in 2014 as Director of Operations for the middle market direct lending loan business. Prior to joining the firm, Karen was at Madison Capital Funding LLC for over 12 years, most recently as Operations Manager, where she focused on developing and building the loan servicing function. In addition, Karen worked at BAI and GE Capital in various operational roles. Karen received her B.S. degree in Finance from Illinois State University. AG Page 113 Proprietary and Confidential Trade Secret 34#36AC (continued) Timothy Schifer joined Angelo Gordon in 2017 as a Managing Director in the firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Tim spent over 14 years with Madison Capital Funding LLC serving in a variety of roles, including underwriting deal team leader, new business development and sponsor client relationship manager, senior portfolio manager, and most recently its Director of Portfolio Management overseeing Madison's loan and investment portfolio. Prior to Madison Capital, Tim's experience includes corporate lending and financing middle market private equity sponsored transactions at the leveraged finance units of Mercantile Bank (now U.S. Bank) and LaSalle Bank (now Bank of America). He is also a former active duty U.S. Air Force Captain and holds a B.S. degree from the U.S. Air Force Academy and an M.B.A. from the University of Wyoming. Middle Market Direct Lending Team Danette Shepherd joined Angelo Gordon in 2015 and is the Vice President of Loan Operations the firm's middle market direct lending loan business. Previously, Danette was at Madison Capital Funding LLC for over nine years, where she handled all of the operational needs of a diverse loan portfolio, most recently as a Senior Loan Administrator. Prior to Madison Capital, Danette worked at GE Capital in the operations department. Danette received her B.S. in finance from Governor's State University. Vishal Sheth joined Twin Brook in 2017 as Chief Financial Officer for the middle market direct lending loan business. Prior to that, Vishal was a member of Angelo Gordon's finance and accounting team working on projects for strategies across the firm. Prior to joining Angelo Gordon in 2014, Vishal worked at Fortress Investments and PricewaterhouseCoopers. Vishal holds a B.S. degree from New York University and an M.B.A. degree from Dartmouth College. Joe Tinaglia joined Angelo Gordon in 2019 as a Director in the firm's middle market direct lending loan business. He leads an underwriting team focusing on the structuring, diligence, negotiating, execution, and monitoring of investments. Prior to joining the firm, Joe held positions at Vista Credit Partners and Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investors. Joe's primary responsibilities at Vista and Madison Capital included executing and managing cash flow loans supporting private equity sponsors as well as additional responsibilities focused on capital raising, fund management, investor relations, and recruiting. Prior to joining Madison Capital, Joe was a credit analyst at JPMorgan Chase Bank in the middle market. Joe received a B.S. in Finance from the University of Illinois, Urbana-Champaign. Kim Trick joined Angelo Gordon in 2016 as a Vice President in the firm's middle market direct lending business. Prior to joining Angelo Gordon, Kim worked for Chase Capital, a division of JPMorgan Chase, since 2008. Kim's responsibilities at Chase Capital included originating, evaluating, structuring, executing and managing senior and junior cash flow loans to privately-owned and sponsor-owned middle market companies across a broad range of industries throughout North America. Prior to joining Chase Capital, Kim worked at JPMorgan's Investment Bank. Kim received her B.B.A. in Finance, cum laude, from the University of Notre Dame. AG Page 114 Proprietary and Confidential Trade Secret 35#37AC (continued) Terry Walters joined Twin Brook in 2019 as Chief Accounting Officer in the firm's middle market direct lending loan business. Prior to joining the firm, Terry spent eight years in various roles with Victory Park Capital Advisors and Vitalogy Capital Partners. Prior to that, Terry worked at Citadel Group's fund administrator, Omnium, as well as Ernst & Young LLP. Terry holds a B.A. in accountancy and finance from Augustana College and a M.Acc. degree from the University of lowa. He is a Certified Public Accountant (inactive). Middle Market Direct Lending Team Tim Wentink joined Angelo Gordon in 2019 as a Managing Director in the firm's middle market direct lending loan business. Tim focuses on originating, structuring, underwriting, and negotiating healthcare transactions. Prior to joining the firm, Tim spent 11 years with Madison Capital Funding LLC, as part of the company's Healthcare Leveraged Finance group. Previously, Tim held various positions within Merrill Lynch Capital Healthcare Finance's leveraged lending group, as well as JPMorgan Chase's commercial lending group. Tim received a B.S. degree in Finance from the University of Illinois at Urbana-Champaign and holds the Chartered Financial Analyst (CFA) designation. Michael Gordon is the Chief Executive Officer and Co-Chief Investment Officer of Angelo Gordon, and chairs the Firm's Management Committee. As CEO, Michael is responsible for the overall management of the firm and works with his co-CIOs to manage the diverse investment ideas within each discipline to provide an appropriate balance of risk and reward. He oversees the Research Department and is responsible for the quality and depth of research that is the hallmark of Angelo Gordon. Michael began his career as a research analyst for L.F. Rothschild in 1970, specializing in the oil and oil service industries. Michael served as Director of Research of L.F. Rothschild's Arbitrage Department and became a Managing Director of the firm. Michael is on the Board of Directors of the Damon Runyon Cancer Research Foundation and Conquer Cancer Foundation. He is a Trustee of Colby College and the Boston Symphony Orchestra. Michael has a B.A. degree from Colby College and a J.D. degree from Boston University Law School. Josh Baumgarten is co-Chief Investment Officer of Angelo Gordon and a member of the Management Committee. He leads the Firm's Credit business and is co-portfolio manager for AG Super Fund and multi-strategy portfolios. Prior to joining Angelo Gordon in 2016, Josh was a Senior Managing Director at Blackstone and focused on Blackstone Alternative Asset Management, the firm's hedge fund solutions business. At BAAM, which he joined in 2007, Josh oversaw credit investing and worked closely with some of the most well-regarded credit investors around the globe. He played a key role in Blackstone's global co-investment business. Prior to Blackstone, Josh was a Portfolio Manager and trader at Blackrock, which he joined in 2000. His principal focus was on Blackrock's high-yield portfolios. Josh started his career at Jefferies in investment banking and also spent time early in his career in venture capital investing. Josh is a member of the Children's Board at Columbia (Columbia University Medical Center). He has a B.S. degree in Economics with concentrations in Finance and Accounting from The Wharton School at the University of Pennsylvania. Maureen D'Alleva joined Angelo Gordon in 2003 and is head of the firm's performing credit business. Maureen is a Managing Director and a member of the firm's executive committee. She is also the portfolio manager of the firm's dedicated performing credit portfolios, as well as its Northwoods Capital CLOS. Prior to joining the firm, she spent 15 years with Morgan Stanley as a Vice President in its Global High Yield group where she focused on investment analysis and underwriting of both bank loans and bonds. Maureen holds a B.A. degree from Baruch College. AG Page 115 Proprietary and Confidential Trade Secret 36#38AG www.angelogordon.com Page 116