#1ARISTEIA CAPITALⓇ Rhode Island Employees' Retirement System December 9, 2020 Please see page 16 for Important Information about this presentation. * All performance information throughout reflects Aristeia International Limited ("AIL") Class A shares. Other share classes bear different management fees and have different inception dates and as a result performance will vary. Performance information by share class is set forth at Appendix 3. Interests in Aristeia Partners, L.P. ("APLP") have corresponding fees but may have different returns. Full performance information of AIL/APLP is available on request.#2#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#5#6#7#8#9#10#11#12#13#14#15#16#17