Kilo Capital is a customer centric bullion bank and precious metal merchant. We support companies that use gold, silver, and PGM metals with tailor made financing and hedging solutions. The traditional tools of bullion banking - gold leasing, inventory finance, and secured loans are core offerings. Bespoke precious metal hedging programs and physical supply are foundational services. www.kilocapital.com

Process Overview* Construct a diversified portfolio consisting of public securities and private investments.* Allocate capital dynamically between public and private markets based on view of relative attractiveness.* Determine risk budget and size positions based on a percentage of overall family net worth.* Source and due diligence all potential investments.* Manage excess cash balances for highest yield while maintaining liquidity. Public market portfolio* Multi-asset class allocation strategy with performance benchmarked against a portfolio comprised of 60% SPDR S&P 500 ETF (TK: SPY) and 40% iShares 20+ Year Treasury Bond ETF (TK: TLT).* Alpha generation through: 1) dynamic use of leverage via closed-end funds (CEFs) and margin based on view of absolute attractiveness of various asset classes and discount/premium to NAV (CEFs only), 2) strategic shifts in target asset allocations based on macro view, 3) volatility trading, 4) participation in select IPOs, and 5) other idiosyncratic ideas.* Trade ideas generated when overbought or oversold conditions exist either through relative value trading amongst asset classes or cash deployment/build.* Portfolio statistics updated daily including principal & interest returns, portfolio yield, duration, average credit quality and active vs. passive management allocations. Private market portfolio* Developed network of private equity (real estate & operating businesses, VC), private credit and uncorrelated asset sponsors/partners.* Investments chosen either for 1) demonstrated lack of correlation to public markets/economic cycles and/or 2) ability to generate absolute returns with IRRs in excess of 10% and strong MOIC.* History: 31 private investments made since inception - 5 fully wound up, 26 still active. Private credit (5), private preferred (2), private equity (15), venture capital (6) and uncorrelated (3).

* Helped grow AUM from zero to approximately $2.5BN in the form of seven cash flow CLOs and a long/short, event-driven, credit-focused hedge fund. * Invested personal capital to help seed the hedge fund in 2008 with several subsequent follow-on investments.* Created hedge fund structure and designed risk management processes. Ran weekly risk committee meetings used to determine desired net exposure.* Co-authored monthly market and portfolio commentary distributed to hedge fund investor base. * Developed analytical tools to support investment decision-making and integrated them into a standard cash flow model. Models included Probability-of-Default, Loss-Given-Default, Risk Attribution, Yield Hurdle and Position Sizing. * Made investment recommendations consistent with both principal preservation and absolute return strategies.

* Helped grow AUM from zero to approximately $2.25BN in the form of six cash flow CLOs.* Developed & presented marketing materials to attract potential investors.* Managed the bulk of the firm’s investment process via the daily trading meeting.* Made investment recommendations based on portfolio requirements as well as credit fundamentals and relative value.* Maintained primary sector responsibility for making initial investment recommendations, assessing industry trends and determining additional entry and/or exit points for those investments on an ongoing basis * Covered numerous industries on a primary basis over time including: automotive, chemicals, consumer products, equipment leasing, environmental services, food, beverage & tobacco, gaming, leisure & lodging, homebuilding/building products, industrial, metals & mining, oil & gas, real estate, technology, and utilities.* Participated in mentor program for junior analysts through continuous monitoring of mentee performance, timely feedback designed to strengthen credit skill sets and advance career goals as well as physical preparation/presentation of topical credit –related themes.

* Developed marketing/pitch materials for the origination of high yield fixed income securities in support of sovereign, quasi-sovereign and corporate issuers across Southeast Asia.* Provided country coverage support for Malaysia, India and Indonesia.

* Provided general analytical support for investments in US high-yield corporate bonds and leveraged loans by creating cash flow models, analyzing comparable companies and assessing business/industry/competitive dynamics. * Advised portfolio managers on salient relative-value issues and prepared credit memos for the investment committee. * Monitored the performance of existing fund assets.* Helped devise and execute interest rate hedging strategies.* Performed interest rate sensitivity analysis in order to meet certain risk compliance requirements. * Helped prepare marketing material to attract new institutional investors.

* Conducted portfolio reviews of clients that were US subsidiaries of European companies, domestic diversified conglomerates, and domestic food, beverage, & tobacco companies. * Analyzed comparable company financials for pitching purposes and aided in the preparation of information memoranda for various products including sale-leasebacks and re-financings.