AG Direct Lending SMA

ANGELO AG GORDON Sourcing Focused on Middle Market Private Equity Sponsors Our sourcing capabilities create a barrier to entry. Benefits of Sponsored Lending Relationship Lenders maintain a direct relationship with sponsors and management Capital Support Most sponsors operate with a committed pool of capital to weather liquidity challenges or invest in turnaround initiatives Diligence Sponsors share independent third party diligence for market, accounting, environmental, insurance/benefits, IT, etc. Management Lenders underwrite to sponsors who control the board and can upgrade / replace management ● ● ● ● ● ● Why sponsors will work with Angelo Gordon Well-known among private equity sponsors as a strong, reliable counterparty with a long-term commitment to the business The team has closed transactions with 228 different PE groups over the last 19 years, with 76 of those coming in the last five years Experience investing through multiple credit and economic cycles, including extensive work-out experience Deep understanding of middle market private equity business Flat organizational structure permits for quick response times Why source through sponsors Effective origination which allows for high selectivity as we believe we are seeing the best deals in the market Understand the need to include covenants in deal documentation Sponsors bring the potential to contribute additional capital if needed to support the borrower Ability to make tough decisions in challenging times PE Sponsors raised $228 billion in capital in 2018, the highest in a decade; the resulting dry powder is likely to create ongoing deal flow1¹ Past performance is no guarantee of future results. There can be no assurance that AG will be able to source suitable investment opportunities for the Fund, that the investment objective will be successful or that losses can be avoided. (1) Refinitiv, Middle Market Weekly January 2019. Page 138 Proprietary and Confidential Trade Secret 14

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