Corporate overview

Pennybacker is a United States-focused middle-market real assets investment management firm with multiple strategies across real estate and critical infrastructure. Since the firm’s inception in 2006, Pennybacker has sponsored nine commingled real estate investment vehicles, investing nearly $7bn in total capitalisation on behalf of both institutional and high-net-worth investors. Pennybacker aims to stay at the forefront of changing market conditions by utilising advanced data analytics throughout the investment process. The firm believes that combining this highly differentiated technology approach with the team’s deep background in distressed investing will produce out- sized results for its investors.

Pennybacker’s coordination and collaboration amongst investment professionals focused on equity, tactical credit, critical infrastructure, portfolio optimisation, technology and data analytics is a significant, competitive advantage. The benefits of closely interwoven teams include greater deal flow, market intelligence, knowledge sharing, data analytics, and risk management, as well as diversity of opinion and removal of personal biases from pipeline review meet- ings through investment committee. At the core of every opportunity, the investment team strives to arrive at outcomes that are a win for all participants, which has resulted in fruitful, longstanding relationships across a variety of market participants.

COMPLIANCE STATEMENT

This material shall not constitute an offer to sell or the solicitation to buy securities. Past performance is neither indicative nor a guar- antee of future results. The data presented are provided for informational purposes only and any opinions expressed herein represent the current, good faith views of Pennybacker at the time of publication. There can be no assurance that such valuations, assumptions, and calculations will prove to be accurate, and the projections are subject to material change.