Atalaya Risk Management Overview

Repeatable & Scalable Relationships I Atalaya believes our prominent market position and focus on building long-term partnerships has led to increased capital deployment in Specialty Finance across the Atalaya platform. ATALAYA AIF V is expected to meaningfully benefit from prior AIF Funds' sourcing networks and investing experience, as well as from the optionality to scale successful, existing borrower relationships. ■ Most credit investments suffer from adverse selection - the best borrowers pay off and the underperformers linger, possibly even requiring more capital Well-structured AIF investments in financial assets often present the ability to scale up performers as they grow, as Atalaya's conviction increases over time. This strategy "lets our winners run" We expect AIF V will benefit from meaningful contractual rights to increase financing to current Atalaya borrowers as existing investments are upsized or mature. PRESENTATION TO RHODE ISLAND STATE INVESTMENT COMMISSION | JANUARY 2021 23

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