Investor Presentaiton

Arena Investors - Performance (1) Arena's core investment strategy seeks to build a highly diversified and uncorrelated portfolio of investments. Consistent performance including stable performance during COVID-19. Our one-year, three-year, five-year and since inception track records have also outperformed the LSTA Leveraged Loan 100 index on a cumulative net return basis. JANUARY 2021 DECEMBER 2021 3 YEARS 10% 30% 20% 5% 10% 0% 0% Jan-21 -10% Mar-21 May-21 Jun-21 Jul-21 Sep-21 Oct-21 Dec-21 Jan-19 Jun-19 Oct-19 Feb-20 Jul-20 Nov-20 Mar-21 Jul-21 Dec-21 5 YEARS 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% -10% -10% Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 SINCE INCEPTION Oct-15 May-16 Dec-16 Jul-17 Jan-18 Aug-18 Mar-19 Sep-19 Apr-20 Oct-20 May-21 Dec-21 Arena Composite 24 LSTA Leveraged Loan 100 Index ARENA 1. This composite is comprised of one onshore open-ended fund and one offshore open-ended fund, which commenced operations on October 1, 2015 and March 1, 2016, respectively. For the period from March 1, 2016 until September 30, 2018, the offshore fund received an expense subsidy for monthly expenses in excess of 0.10% of NAV. Time-weighted monthly returns are calculated net of annual management fees of 2%, 0.5% asset servicing expense and an incentive fee of 20%, which represent the standard fees charged to Fund investors. All returns are based on the reinvestment of principal, interest and dividends received by the composite. Cumulative returns are not annualized. The LSTA Leveraged Loan 100 Index are presented gross of any expenses or fees. For the one-year, three-year, five-year, and since inception track records as indicated above, the LSTA Leveraged Loan 100 Index cumulative returns were 3.54%, 6.51%, 20.98%, and 31.13% respectively. Past performance is not indicative of future performance. Actual results may vary. INVESTORS LP

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