For boutique managers

Ascalon invests equity and our own human capital into asset management firms which we believe have the potential to be significant industry players. We are a patient and thoughtful partner and we only invest for the long term.

Ascalon approaches a prospective investment into an asset management firm using the following criteria:

• The asset class/investment style must be complementary to our existing businesses
• The main investment strategies of the business are in areas that we perceive to be high growth - such as high conviction and alternative assets
• The underlying asset class managed by the investment firm must be highly liquid.

Ascalon will only make an investment where it can take a minority equity position. Typically this equity position will range from 25% to 45%. Our investment philosophy, validated by experience, means Ascalon looks for boutique firms that are:

• Committed to building long term, sustainable and scalable partnerships
• Majority owned by the investment teams (we believe this is critical to achieving alignment and sustainable and superior business outcomes)
• Focused on creating alignment and synergies, so that boutiques primary concern is on investment management process and performance
• Patient and accept that value will be added incrementally through a partnership - not just on day one.

Ascalon's value proposition is differentiated from many firms in that we:

• Believe it is important to tailor the support and assistance to each partnership depending on its business lifecycle and needs; and
• Through the depth of our experience and the range of support services we offer we aim to add value right through the lifecycle of a business.