Investment Lifecycle and Strategies

POWER LAWS DUE TO BEING EARLIER IN THEIR LIFECYCLES AT THE TIME OF INVESTMENT, THESE COMPANIES TYPICALLY EXHIBIT A WIDE-RANGE OF POTENTIAL OUTCOMES AT THE OUTSET. As a result, typically the top 20% of our investments drive the majority of our returns. We are looking for our investments to generate 3 - 10x or more on our capital over time. While we will get many of our initial investments wrong, our high underwriting standards help compensate for this risk. Additionally, we also focus on maximizing the "slugging ratio" (how much we make when we get an investment right), as much as the "hit ratio" (what % of investments we get correct). Hayden Capital's Attribution Per Investment Time Period: Inception - April 2022 94.77% 37.79% 24.96% 19.77% 8.73% 6.72% 3.08% 2.09% 1.39% 1.21% 0.98% 0.51% 0.50% 0.39% 0.17% 0.02% 0.02% 0.01% -0.01% -0.07% -0.28% -0.60% -0.89% -1.17% -1.20% -1.21% -1.21% -1.57% -1.62% -3.19% -4.40% -6.95% -7.64% -9.02% The Top 20% of Investments Drives Our Returns HAYDEN CAPITAL 18

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