Oceanwood Capital Management

There is a strong focus on the balance sheet to identify opportunities for restructuring, refinancing or other value transfers between stakeholders Value with a catalyst, stressed/distressed, constructive activism, merger-arbitrage, alpha shorts & hedging all form part of the broad investment strategy

EQUITY EQUITY Focus on companies and industries undergoing change Identify mis-pricings, focus on the balance sheet Spot targets and arbitrage announced M&A in expansionary periods Distinguish 'winners' from 'losers' in contractionary periods

Focus on companies and industries undergoing change

Identify mis-pricings, focus on the balance sheet

Spot targets and arbitrage announced M&A in expansionary periods

Distinguish 'winners' from 'losers' in contractionary periods

CREDIT CREDIT Focus on balance sheet restructuring Target companies where restructuring is imminent Seek out corporate bonds with catalysts for value release Arbitrage spreads, if attractive, in announced transactions

Focus on balance sheet restructuring

Target companies where restructuring is imminent

Seek out corporate bonds with catalysts for value release

Arbitrage spreads, if attractive, in announced transactions

DISTRESSED DISTRESSED Focus on value transfers between credit and equity Conduct extensive fundamental downside analysis Manage sizing and liquidity carefully Construct trades with low correlation to the markets

Focus on value transfers between credit and equity

Conduct extensive fundamental downside analysis

Manage sizing and liquidity carefully

Construct trades with low correlation to the markets

Oceanwood’s investment philosophy has incorporated Environmental, Social and Governance factors from the outset, evaluating the financial impact of ESG risks

The investment team sees engagement as an integral part of their investment process and has a long history of engagement and active ownership with a focus on reducing ESG Risks

Oceanwood has established an ESG Committee consisting of senior individuals representing a range of business areas, both investment and non‑investment

Oceanwood became a PRI Signatory in January 2021 and is committed to adhering to the PRI’s six Principles for Responsible Investing

Oceanwood has partnered with Carbon Footprint Ltd to become a fully Carbon Neutral Company meeting the British Standard Institute’s specification of carbon neutrality

Carbon Footprint Ltd assesses Oceanwood’s carbon footprint and makes recommendations to reduce it over time

Carbon emissions are offset through supporting high-quality projects around the world, for example the Freedom Flight prize which aims to accelerate the development of zero-carbon aviation

Oceanwood Capital is an Investor Signatory of the Carbon Disclosure Project (CDP), a non-for-profit charity, seeking to promote industrial-scale environmental disclosure and engagement, aligned with the TCFD (Task Force on Climate-related Financial Disclosures)

The CDP runs a global disclosure system for investors to manage environmental impacts

As an investor signatory, Oceanwood is able to nominate companies to report on environmental factors (climate, forests and water)

Oceanwood can also access a database of environmental information to inform decision making, engage with companies, reduce ESG risks and identify opportunities

Oceanwood Capital pledges support for Say on Climate, a shareholder voting plan to manage emissions to achieve climate change