Tabula Investment Management   6th Floor,  55 Strand,  London  WC2N 5LR      

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Important information
This document is issued by Tabula Investment Management Limited (“Tabula”), authorised and regulated by the Financial Conduct Authority (“FCA”). Tabula is a private limited company registered in England and Wales (Registered no. 11286661). Business address: 55 Strand, London WC2N 5LR. This email and any linked documents comprises an institutional presentation (the “Presentation”) which has been prepared by and is the sole responsibility of Tabula Investment Management Limited (the “Company”). This Presentation does not constitute or form part of an admission document, listing particulars or a prospectus relating to the Company or any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity under section 21 of the UK Financial Services and Markets Act 2000 (as amended). This presentation does not constitute a recommendation regarding any decision to sell or purchase securities in the Company. Notwithstanding the above, in the United Kingdom, this Presentation is only being given to persons reasonably believed by the Company to be investment professionals within the meaning of paragraph (5) of Article 19 persons in the business of disseminating information within the meaning of Article 47 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) or to high net worth companies or unincorporated associations within the meaning of paragraph (2)of Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529), and the proposed offer will only be available to such persons who are also qualified investors within the meaning of section 86(7) FSMA purchasing as principal or in circumstances under section 86(2) FSMA. This Presentation is only being sent to persons reasonably believed by the Company to be investment professionals or to persons to whom it may otherwise be lawful to distribute it. If you are not such a person (i) you should not have received this Presentation and (ii) please return this Presentation to the Company's registered office as soon as possible and take no other action. If you are not such a person you may not rely on or act upon matters communicated in this Presentation. By accepting this Presentation, the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive this Presentation. This document has not been approved by an authorised person under Section 21 of the Financial Services and Markets Act 2000 (“FSMA”). This Presentation is not intended to be distributed, or passed on, directly or indirectly, to any other class of person and in any event under no circumstances should persons of any other description rely or act upon the contents of this Presentation. This Presentation and its contents are confidential and must not be distributed or passed on, directly or indirectly, to any other person. This presentation is being supplied to you solely for your information and may not be reproduced, further distributed or published in whole or in part by any other person. No representation or warranty, express or implied, is made or given by or on behalf of the Company, its advisers or any of their respective parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of the directors, officers or employees of any such person as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions or for any liability, howsoever arising (directly or indirectly) from the use of this Presentation or its content or otherwise in connection therewith. No person has been authorised to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorised. The contents of this Presentation are not to be construed as legal, financial or tax advice. The information has not been verified nor independently verified by the Company’s advisers and is subject to material updating, revision and further amendment.The iTraxx European Performance Credit Index, iTraxx European Crossover Long Credit Index and iTraxx European Crossover Short Credit Index referenced herein are the property of Markit Indices Limited and are used under license. The J.P. Morgan Global Credit Volatility Premium Index referenced herein is the property of J.P. Morgan Securities PLC and is used under license.