#1#2Founded in 1997 and currently managing $4.2 billion¹, Aristeia Capital seeks to produce absolute returns through relative value investments, primarily in the corporate credit markets. Using extensive hedges and single-name shorts, we seek to deliver alpha-heavy returns with minimal correlation to credit or equity markets. Investment Approach Fuse deep fundamental research and trading expertise with extensive risk systems and technology. Capture upside through aggressive pursuit of opportunities that exhibit attractive risk/reward. Minimize downside through dynamic exposure adjustment and comprehensive risk control. Integrate a robust ESG framework to assess and understand a broader spectrum of risks and opportunities. • ● Introduction to Aristeia Capital Investment Strategies Examples of historical investing success: debt restructuring opportunities, stressed/distressed high yield, junior financial securities, convertible relative value, capital structure arbitrage, and equity relative value strategies. 23+ Year Track Record ● Net Annualized Return² (AIL, Class A) Annualized Sharpe Ratio % Profitable Months ● Since Inception 11.6% 1.19 76% Last 5 years 8.6% 1.64 77% Leadership • Aristeia's Partners have maintained direct ownership and management of the Firm since inception. The Partners, their families, and employees are one of the largest investor groups. ARISTEIA CAPITALⓇ 1#3#4Aristeia seeks to produce attractive risk-adjusted returns in all credit spread environments by creating an alpha-focused portfolio that drives performance. ARISTEIA CAPITALⓇ HY Index Beginning of Month Spread Percentile (since August 1997 inception) 0th - 25th 25th - 50th 50th - 75th 75th - 100th HY Index Beginning of Month Spread (over UST) < 377 bp 377-473 bp 473-645 bp > 645 bp AIL, Class A²* Net Return *For other classes see Appendices 4-6 Aristeia Performance Attractive returns at all spread levels 0.85% 0.98% 0.83% 1.12% Average Monthly Return (since August 1997 inception) HY Index Excess Return over UST ("Credit Return") (0.01%) 0.10% 0.06% 0.61% HY Index Total Return 0.28% 0.54% 0.35% 1.13% HY Index refers to the ICE Data Indices High Yield Cash Pay Index (JOAO). All HY Index calculations are performed by the index provider. See end note 6. Source: Bloomberg, L.P. 3#5Since inception, Aristeia has been successful in generating positive average net monthly returns during months in which high yield credit returns were negative. In the thirteen months since the start of 2018 (39% of months) in which high yield credit returns have been negative, Aristeia has outperformed high yield credit returns by a total of 29% and has been profitable in 69% of those months.* Minimal portfolio market beta: Aristeia's defensively positioned portfolio displays minimal market beta. In recent periods of market volatility, Aristeia's outperformance reflects the uncorrelated nature of its relative value strategy. Period Uncorrelated performance in high yield market weakness 2018-Q4 May 2019 Aug 2019 YTD 2020 (through 11/27) AIL, Class A net return* ARISTEIA CAPITAL® 0.6% 0.9% 0.2% 17.09 High yield credit return* (7.2%) (2.9%) (1.5%) (1.2%) Select recent periods of high yield credit market volatility Notes A significant sell-off in high yield credit and equities (S&P-13.5%. Oil's extreme 38% move lower drove a sharp credit decline of -27% for CCC-rated high yield energy. Risk-off month led to increased single-name dispersion and a 20% widening of high yield credit spreads. Sell-off in high yield credit and equities (S&P-1.6%). COVID-19 concerns and uncertainty about its impact and duration created unprecedented market volatility. The resultant dislocated markets have created and continue to drive a persistently robust opportunity set. This information was prepared by Aristeia, and has not been audited or reviewed by any third party. *High yield credit returns is the excess return over swaps of the ICE BofAML US Cash Pay High Yield Index (JOAO) and Aristeia net returns are for AIL, Class A. Aristeia returns are net of management fees, fund expenses, and performance allocations. See note 6. 4#6#7#8#9● ● ● ● • Outlook COVID-19 continues to impact global economic activity following the historic volatility and dislocations in global markets earlier this year. We observe growing industry bifurcation, as certain industries have been able to weather the initial impact of COVID-19 and begin the recovery process, while other industries will likely be changed forever. We believe that default rates will remain elevated through 2021 and beyond as companies and their investors realize the full impact of COVID-19, especially in certain sectors such as energy, leisure, and retail. Our funds entered the crisis defensively positioned and well-hedged, and we have sought to take advantage of the unfolding opportunity set by deploying substantial capital primarily in high yield long/short, capital structure arbitrage, and convertible relative value. The enormous capital demands for COVID-affected issuers has fueled large, multi-part capital raises which we anticipate will continue to create compelling short and long term investment opportunities. We continue to believe actively managed relative value investing will outperform and thrive amidst increased dispersion and likely bouts of volatility which should create many mispricings. As the opportunity set evolves, we believe our diverse set of strategies will be well-positioned to maintain a strong hit-rate and positive position return skew, as we have over the past few quarters. ARISTEIA CAPITAL® 8#10We are pleased to see the attractive opportunity set persist. We've been able to successfully capitalize on a variety of investment opportunities across our diverse strategies, as evidenced by our strong Fund returns. We believe the following represent currently attractive investment opportunities. ● ● Opportunity set ● Idiosyncratic credit: given increased volatility and dispersion across issuers and industries, we believe there are opportunities to add significant alpha through superior security selection. Capital structure arbitrage: finding opportunities as a result of dislocations primarily between debt and equity. As issuers seek to optimize their balance sheets, we anticipate more opportunities to devise mutually beneficial, privately-negotiated debt retirement transactions directly with issuers, as we have done following each previous crisis. Convertible relative value (CRV): valuations remain at relatively cheap levels and have lagged the significant market recoveries in both equities and high yield credit. Expecting robust new issue trends to continue, and, more importantly, to remain attractively valued in our view. ● Leveraging our long-standing relationships with convertible underwriters to be actively involved in pricing new deals and optimizing new issue profits. Equity stubs: anticipating catalysts in our Softbank stub to drive value realization. Distressed/Bankruptcy: expect opportunities to emerge as defaults continue to increase, particularly in energy, leisure, and retail. SPACs: continue to manage a relative value portfolio that seeks to capitalize on strong new issue and deal announcement trends. ARISTEIA CAPITAL® 9#11#12#13#14#15#16#17