Atalaya Risk Management Overview

What is Specialty Finance? ■ Specialty finance can be broadly defined as any financing activity that takes place outside the traditional banking system. Specialty finance firms have long filled a portion of the credit gap left by traditional banks ▪ The void created by continued bank retrenchment in the wake of the Great Financial Crisis (since 2008) has led to specialty finance companies growing at healthy rates and has created a significant ongoing need for debt capital to fund originations ■ Traditional Lending Model Depositors Traditional Banking System Higher Credit Consumers & Larger, Established Businesses Non-Bank/Specialty Finance Model Specialty Finance Lenders Underbanked Consumers & Small-to-Medium Earlier Stage Businesses PRESENTATION TO RHODE ISLAND STATE INVESTMENT COMMISSION | JANUARY 2021 ATALAYA ATALAYA Prospective investors should note that there can be no guarantee or assurance that an attractive market opportunity exists in specialty finance, or that it will persist, or that Atalaya (via the AIF strategy) will be able to successfully capitalize on any such market opportunity. 11

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