EFTA01378252.pdf

OCH-ZIFF CAPITAL Investment Process MANAGEMENT GROUP 1111111SEIS JCS Teem • Global footprint across all major markets Investment analysts ■ Industry evaluation and assessment Investment JCS Investment Committee ■ U.S.: Investment Analysts ■ Dedicated credit analysts ■ Core strategies across performing credit, ■ Financial modeling and free cash flow David Windreich ■ Ongoing interaction with Och.Ziff industry distressed, special situations, structured and analysis Harold Kelly specialists private investments ■ Asset valuation and relative value analysis Brett Klein ■ In-house restructuring and recovery Donald Young expertise utilized in relevant situations • Active dialogue between credit analysts, ■ Consultation with trading team to understand industry coverage and portfolio manager technical factors ■ Europe: Portfolio Manner Brett Klein ■ Critical mass and global reach results in ■ Daily meeting with analysts and portfolio Portfolio Manaaer Donald Young unique sourcing and purchasing review ■ Daily meetings with analysts Adeel Shafiqullah opportunities ■ Surveillance of portfolio concentrations, Mathieu Clavel ■ Leverage relationshipswith sponsors and ■ Financial/ Legal review and discussion exposures and other risks Tajinder Sidhu advisors ■ Dynamic process to reassess investments ■ Monitoring of collateral management ■ Approval required on all investments and review now opportunities function and coordination of necessary legal ■ Selects best investment ideas and identifies ■ Ongoing review of structure and market review best credit instrument performance ■ Identification of key issues at ICS Investment ■ Performs scenario analysis to maximize risks ■ Discussion of concentrations, spreads, Committee meetings / rewards exposures, risks and recent trades ICS Investment Committee ■ Performs stress tests to assess performance under various economic outcomes Execution ■ Ongoing review of structure and market performance ■ Portfolio Manager oversees execution of all trades to ensure best execution ■ Discussion of concentrations, exposures, risks and recent trades ■ Trade initiation after ICS Investment Committee approval Portfolio Anelvtics Teem ■ Global network of trading relationships ■ In-house and third party systems utilized to across credit platform ensures access to track positions and monitor structural deep markets and best levels compliance The ICS Teem generates ideas utilizing R h• driven, fundamental bottom-up ■ Systems perform parallel checks of all their internal and external networks with a analysis focused on fundamentals, indenture requirements and other obligations focus on deep fundamentals qualitative and quantitative factors As of September 1, 2015 unless otherwise noted. Note: The invintment and rest management process set forth above are provided for illustrative purposes only and may vary from investment to investment This is a high-level overview of the risk-rnana gement framework; the risk management process may be changed and the actual steps in the nsk management process may vary and may be substituted, supplemented or omitted 0CH-ZIFF CAPITAL MANAGEMENT GROUP 10 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0075415 CONFIDENTIAL SDNY_GM_00221599 EFTA01378252