THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY The world’s largest investment community. Now every investor taking charge of their financial future can cut through the noise with peer-reviewed professional investment research from top analysts and rising stars in the asset management industry.

SUMZERO HEADLINES

SumZero analyzes the key points of Biden's $2T infrastructure proposal and what it might mean for steel, basic materials, transportation, wind energy, and industrials.

SIGN IN | SUMZERO

Quality peer-reviewed investment research from top analysts and rising stars in the fund industry. THE TOP STOCKS FOR 2020 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2020 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from France, Germany, London, Canada, and across the United States. SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our THE 5G LANDSCAPE TAKES SHAPE: RAKUTEN, T-MOBILE, MICRON As 5G-enabled devices come on line, we take a look at the emerging field of 5G players with SumZero members Stewart Gronek and Billy Duberstein. Gronek shares his thesis on Rakuten as they build out a virtualized network and Duberstein sheds light on SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

IRRATIONAL EXUBERANCE: AN INTERVIEW WITH WALLSTREETBETS While SumZero has served the professional BuySide community since 2008, we would be remiss if we did not comment on trends that affect the financial ecosystem. As many have noted in recent weeks, there is an undeniable impact being made by retail investors that affect the

market as a

PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, LETTER TO CROWN MEDIA BOARD OF DIRECTORS: SELL THIS No industrial logic supports the continuation of CRWN as an independent company (or, technically, an affiliate of Hallmark Cards, Inc.). A sale of the Company to a larger cable programmer would result in immediate and significant cost savings as THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY The world’s largest investment community. Now every investor taking charge of their financial future can cut through the noise with peer-reviewed professional investment research from top analysts and rising stars in the asset management industry.

SUMZERO HEADLINES

SumZero analyzes the key points of Biden's $2T infrastructure proposal and what it might mean for steel, basic materials, transportation, wind energy, and industrials.

SIGN IN | SUMZERO

Quality peer-reviewed investment research from top analysts and rising stars in the fund industry. THE TOP STOCKS FOR 2020 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2020 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from France, Germany, London, Canada, and across the United States. SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our THE 5G LANDSCAPE TAKES SHAPE: RAKUTEN, T-MOBILE, MICRON As 5G-enabled devices come on line, we take a look at the emerging field of 5G players with SumZero members Stewart Gronek and Billy Duberstein. Gronek shares his thesis on Rakuten as they build out a virtualized network and Duberstein sheds light on SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

IRRATIONAL EXUBERANCE: AN INTERVIEW WITH WALLSTREETBETS While SumZero has served the professional BuySide community since 2008, we would be remiss if we did not comment on trends that affect the financial ecosystem. As many have noted in recent weeks, there is an undeniable impact being made by retail investors that affect the

market as a

PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, LETTER TO CROWN MEDIA BOARD OF DIRECTORS: SELL THIS No industrial logic supports the continuation of CRWN as an independent company (or, technically, an affiliate of Hallmark Cards, Inc.). A sale of the Company to a larger cable programmer would result in immediate and significant cost savings as

SUMZERO HEADLINES

The SumZero Cap Intro team is pleased to share results and key findings from our 2021 Allocator Survey. In this report, we touch on the measured rise of ESG and single-asset deals as well as the market exuberance and high valuations which make inv PRESS ROOM | SUMZERO Why Ulta Beauty Shares Can Gain 55%: Portfolio Manager July 24, 2020 Eldorado Resorts Stock Can Rally 150%: Analyst July 13, 2020 Caterpillar Stock on Track for 30% Gain, Analyst Says

SUMZERO

The SumZero team interviewed Walter Nasdeo and Nicholaus Rohleder, co-PMs of New American Energy on the opportunities, bottlenecks, and policy tailwinds in renewable energy. We touch on a range of related topics including the semiconductor shortage, the electrification of major automakers, the Le THE MOST DANGEROUS TRAP FOR STOCK PICKERS (AND 9 WAYS TOP In the career of all investors there comes a time where you'll get excited about an investment. I f you’ve done your homework (if not, check out the 15 favorite books of hedge fund analysts), then you already know the maxim that emotions and investing shouldn't mix.Facts, logic, hard work, and careful due diligence need to take precedence in order to outperform the vast body of THE $900 BOOK THAT'S THE FAVORITE OF HEDGE FUNDS (AND 14 As the world's largest network of investment professionals, we've got a lot of data about analysts, portfolio managers, principals, and CIOs at hedge funds, mutual funds, and other buyside shops. One optional question that SumZero members can fill out on their membership profiles is what their f EXCLUSIVE: TWO HOURS WITH THE WINKLEVOSS TWINS ON Gemini founders Cameron and Tyler Winklevoss are probably the most well-known Bitcoin and cryptocurrency investors in the world and for good reason: according to the New York Times, the two were early acolytes of blockchain-powered currency, having held positions in Bitcoin since 2012 before expanding to other coins and eventually launching the Gemini trading platform in 2015. TOP HEDGE FUND IDEAS THAT OUTPERFORM THE MARKET Investor sentiment towards the hedge fund industry has been overwhelmingly negative since the financial crisis. Chronic underperformance, the rise of passive and quant strategies, and mounting pressure on fees have dogged the the sector, leading the most optimistic analysts to claim that active management is in secular

decline.

BLOOMBERG CONFIRMS SUMZERO CAP INTRO DRIVES INSTITUTIONAL Manager: Josh Young Firm: Young Capital Management/Bison Interests Firm Type: Hedge Fund Location: Houston . A new Bloomberg article highlights the power of the SumZero Cap Intro platform to drive institutional exposure (and ultimately large investments of capital) toward the funds who utilize the feature:. Joshua Young started his hedge fund less than a year ago. A CONVERSATION WITH ALCHEMY CAPITAL GROUP, FIRST-LOSS Bruce Lipnick, Founder/CEO. In an area historically dominated by behemoths such as Blackstone, KKR, and Oaktree Capital Management, the Alternative Asset Management industry is in the midst of a THIS PITCH ON HERTZ JUST WON $100K AT THE PERSHING SQUARE We recommend investors buy Hertz shares with a 12-month target share price of $36, which represents ~52% upside to the current share price. There are four main points to our investment thesis: 1) The market significantly underestimates the impact of Hertz's recent merger with

Dollar Thrifty on c

THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY The world’s largest investment community. Now every investor taking charge of their financial future can cut through the noise with peer-reviewed professional investment research from top analysts and rising stars in the asset management industry.

SIGN IN | SUMZERO

Quality peer-reviewed investment research from top analysts and rising stars in the fund industry.

SUMZERO HEADLINES

Published: February 25, 2021. Boomer Naturals/Facebook. SumZero offers the research insights of Scott Preston, Albert Lee, and Arham Khan on nano-cap wellness brand, Boomer Holdings. Ten of the top-performing ideas on SumZero last year fell under the small, micro, or nano-cap

categories.

THE TOP STOCKS FOR 2020 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2020 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from France, Germany, London, Canada, and across the United States. SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our THE 5G LANDSCAPE TAKES SHAPE: RAKUTEN, T-MOBILE, MICRON As 5G-enabled devices come on line, we take a look at the emerging field of 5G players with SumZero members Stewart Gronek and Billy Duberstein. Gronek shares his thesis on Rakuten as they build out a virtualized network and Duberstein sheds light on IRRATIONAL EXUBERANCE: AN INTERVIEW WITH WALLSTREETBETS Irrational Exuberance: An Interview With WallStreetBets Founder Jaime Rogozinski. “Irrational exuberance is the psychological basis of a speculative bubble. I define a speculative bubble as a situation in which news of price increases spurs investor enthusiasm, which spreads by psychological contagion from person to person, in the process PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, THIS PITCH ON HERTZ JUST WON $100K AT THE PERSHING SQUARE A trio of 1st year students at Columbia Business School took home a $100,000 cash prize this past week at the annual Pershing Square Challenge after presenting their pitch on Hertz Global Holdings (NYSE: HTZ). Two of the presenters are members of SumZero. We recommend investors buy Hertz shares with a 12-month target share price of $36,

which

THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY The world’s largest investment community. Now every investor taking charge of their financial future can cut through the noise with peer-reviewed professional investment research from top analysts and rising stars in the asset management industry.

SIGN IN | SUMZERO

Quality peer-reviewed investment research from top analysts and rising stars in the fund industry.

SUMZERO HEADLINES

Published: February 25, 2021. Boomer Naturals/Facebook. SumZero offers the research insights of Scott Preston, Albert Lee, and Arham Khan on nano-cap wellness brand, Boomer Holdings. Ten of the top-performing ideas on SumZero last year fell under the small, micro, or nano-cap

categories.

THE TOP STOCKS FOR 2020 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2020 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from France, Germany, London, Canada, and across the United States. SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our THE 5G LANDSCAPE TAKES SHAPE: RAKUTEN, T-MOBILE, MICRON As 5G-enabled devices come on line, we take a look at the emerging field of 5G players with SumZero members Stewart Gronek and Billy Duberstein. Gronek shares his thesis on Rakuten as they build out a virtualized network and Duberstein sheds light on IRRATIONAL EXUBERANCE: AN INTERVIEW WITH WALLSTREETBETS Irrational Exuberance: An Interview With WallStreetBets Founder Jaime Rogozinski. “Irrational exuberance is the psychological basis of a speculative bubble. I define a speculative bubble as a situation in which news of price increases spurs investor enthusiasm, which spreads by psychological contagion from person to person, in the process PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, THIS PITCH ON HERTZ JUST WON $100K AT THE PERSHING SQUARE A trio of 1st year students at Columbia Business School took home a $100,000 cash prize this past week at the annual Pershing Square Challenge after presenting their pitch on Hertz Global Holdings (NYSE: HTZ). Two of the presenters are members of SumZero. We recommend investors buy Hertz shares with a 12-month target share price of $36,

which

LETTER TO CROWN MEDIA BOARD OF DIRECTORS: SELL THIS Dear Sirs and Madam: Twinleaf Management LLC (“Twinleaf”) is an investment advisor to client accounts that own approximately XXX,000 shares of Crown Media (“CRWN” or “the Company”) common stock. While CRWN shares have risen in recent months, multi-year shareholder returns are abysmal. Accordingly, we urge the board to pursue a sale

SUMZERO HEADLINES

Published: February 25, 2021. Boomer Naturals/Facebook. SumZero offers the research insights of Scott Preston, Albert Lee, and Arham Khan on nano-cap wellness brand, Boomer Holdings. Ten of the top-performing ideas on SumZero last year fell under the small, micro, or nano-cap

categories.

ABOUT SUMZERO

About SumZero. SumZero is the world's largest community of investment professionals working with the industry’s most prominent hedge funds, mutual funds and private equity funds. With more than 16,000 pre-screened professionals collaborating on a fully transparent platform, SumZero provides direct access to thousands of proprietary

investment

JOBS AT SUMZERO

First and foremost, the opportunity to work with an incredible team. We have all worked together for a number of years and have launched and exited numerous other start-ups successfully. Competitive base salary, equity, bonus, health benefits, professional development training. True potential for career growth. PRESS ROOM | SUMZERO Reuters: SumZero Updates Rankings for Top 25 US Universities by Stock Performance. December 21, 2015. Yahoo! Finance: Top SumZero Fund

Member Pitches

SUMZERO PARTNERS

SumZero partners globally with the Sohn Conference Foundation to market the Foundation's investment conferences and promote its mission. The Foundation is proud to offer tickets to its events for winners of SumZero's research contests. The Sohn Conference Foundation is dedicated to supporting innovative initiatives to cure and treat

pediatric

EXCLUSIVE: TWO HOURS WITH THE WINKLEVOSS TWINS ON Gemini founders Cameron and Tyler Winklevoss are probably the most well-known Bitcoin and cryptocurrency investors in the world and for good reason: according to the New York Times, the two were early acolytes of blockchain-powered currency, having held positions in Bitcoin since 2012 before expanding to other coins and eventually launching the Gemini trading platform in 2015.

SUMZERO

The SumZero team interviewed Walter Nasdeo and Nicholaus Rohleder, co-PMs of New American Energy on the opportunities, bottlenecks, and policy tailwinds in renewable energy. We touch on a range of related topics including the semiconductor shortage, the electrification of major automakers, the Le A CONVERSATION WITH ALCHEMY CAPITAL GROUP, FIRST-LOSS As a first-loss allocator—Alchemy requires the investment manager or investor with Alchemy to contribute a certain percentage (usually 10%) of capital to the firm. In the instance of loss, the capital posted by the first loss provider is used to cover the losses, thus the term “first loss.”. Alchemy also arranges for the remaining 90% of TOP HEDGE FUND IDEAS THAT OUTPERFORM THE MARKET Investor sentiment towards the hedge fund industry has been overwhelmingly negative since the financial crisis. Chronic underperformance, the rise of passive and quant strategies, and mounting pressure on fees have dogged the the sector, leading the most optimistic analysts to claim that active management is in secular

decline.

IRRATIONAL EXUBERANCE: AN INTERVIEW WITH WALLSTREETBETS Irrational Exuberance: An Interview With WallStreetBets Founder Jaime Rogozinski. “Irrational exuberance is the psychological basis of a speculative bubble. I define a speculative bubble as a situation in which news of price increases spurs investor enthusiasm, which spreads by psychological contagion from person to person, in the process THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY Access to Thousands of Buyside Ideas. SumZero’s research database is 100% comprised of actionable, peer-reviewed, long-form research from members of the hedge fund, mutual fund, and private equity fund analyst community. Research is 100% transparent, including analyst name, fund name, and disclosure status. In-Depth Analysis on

Actionable Ideas.

SIGN IN | SUMZERO

Quality peer-reviewed investment research from top analysts and rising stars in the fund industry.

SUMZERO HEADLINES

Published: February 25, 2021. Boomer Naturals/Facebook. SumZero offers the research insights of Scott Preston, Albert Lee, and Arham Khan on nano-cap wellness brand, Boomer Holdings. Ten of the top-performing ideas on SumZero last year fell under the small, micro, or nano-cap

categories.

THE TOP STOCKS FOR 2019 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2019 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. QUALITY GUIDELINES & KEY ACCEPTANCE CRITERIA SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

SEAWORLD IS A NEW COMPANY AFTER BLACKFISH , BUT THE MARKET SeaWorld Entertainment (SEAS:US) operates 12 theme parks in 5 US states with Orlando (~50% revenue) and San Diego (~20% revenue) being the biggest markets and having ~8% market share in the theme park industry. SEAS owns 5 out of the top 20 US parks by attendance. These parks provide both entertainment and educational value, having 800

animal

PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, THIS PITCH ON HERTZ JUST WON $100K AT THE PERSHING SQUARE A trio of 1st year students at Columbia Business School took home a $100,000 cash prize this past week at the annual Pershing Square Challenge after presenting their pitch on Hertz Global Holdings (NYSE: HTZ). Two of the presenters are members of SumZero. We recommend investors buy Hertz shares with a 12-month target share price of $36,

which

THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY Access to Thousands of Buyside Ideas. SumZero’s research database is 100% comprised of actionable, peer-reviewed, long-form research from members of the hedge fund, mutual fund, and private equity fund analyst community. Research is 100% transparent, including analyst name, fund name, and disclosure status. In-Depth Analysis on

Actionable Ideas.

SIGN IN | SUMZERO

Quality peer-reviewed investment research from top analysts and rising stars in the fund industry.

SUMZERO HEADLINES

Published: February 25, 2021. Boomer Naturals/Facebook. SumZero offers the research insights of Scott Preston, Albert Lee, and Arham Khan on nano-cap wellness brand, Boomer Holdings. Ten of the top-performing ideas on SumZero last year fell under the small, micro, or nano-cap

categories.

THE TOP STOCKS FOR 2019 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2019 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. QUALITY GUIDELINES & KEY ACCEPTANCE CRITERIA SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

SEAWORLD IS A NEW COMPANY AFTER BLACKFISH , BUT THE MARKET SeaWorld Entertainment (SEAS:US) operates 12 theme parks in 5 US states with Orlando (~50% revenue) and San Diego (~20% revenue) being the biggest markets and having ~8% market share in the theme park industry. SEAS owns 5 out of the top 20 US parks by attendance. These parks provide both entertainment and educational value, having 800

animal

PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, THIS PITCH ON HERTZ JUST WON $100K AT THE PERSHING SQUARE A trio of 1st year students at Columbia Business School took home a $100,000 cash prize this past week at the annual Pershing Square Challenge after presenting their pitch on Hertz Global Holdings (NYSE: HTZ). Two of the presenters are members of SumZero. We recommend investors buy Hertz shares with a 12-month target share price of $36,

which

ABOUT SUMZERO

About SumZero. SumZero is the world's largest community of investment professionals working with the industry’s most prominent hedge funds, mutual funds and private equity funds. With more than 16,000 pre-screened professionals collaborating on a fully transparent platform, SumZero provides direct access to thousands of proprietary

investment

SUMZERO TEAM

Divya Narendra CEO & Co-Founder. Before founding SumZero, Divya was an Associate at Sowood Capital Management, a $3.5B multi-strat hedge fund located in Boston, MA. At Sowood, Divya analyzed investment opportunities across the capital structure. Prior to this, he was an analyst in the M&A Group at Credit Suisse in NYC. PRESS ROOM | SUMZERO Reuters: SumZero Updates Rankings for Top 25 US Universities by Stock Performance. December 21, 2015. Yahoo! Finance: Top SumZero Fund

Member Pitches

SUMZERO PARTNERS

SumZero partners globally with the Sohn Conference Foundation to market the Foundation's investment conferences and promote its mission. The Foundation is proud to offer tickets to its events for winners of SumZero's research contests. The Sohn Conference Foundation is dedicated to supporting innovative initiatives to cure and treat

pediatric

THE TOP STOCKS FOR 2019 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2019 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. SUMZERO TERMS OF USE FOR SUMZERO CONTENT SUBSCRIBERS Last updated August 29th, 2011. SumZero, Inc provides electronic content outside of the SumZero community to subscribers and potential subscribers with trial access. This Information is provided by SumZero, Inc and its third party suppliers (collectively, "Information Providers"). SumZero may modify, add or delete portions of the terms

of this

SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

THE 5G LANDSCAPE TAKES SHAPE: RAKUTEN, T-MOBILE, MICRON 5G has been widely discussed and widely misunderstood for years now. With the unveiling of Apple's 5G-enabled iPhone 12 models last month and mounting trade tensions between the US and China, we are taking a deep dive into the 5G landscape coalescing across the globe and the national security implications at play. A CONVERSATION WITH ALCHEMY CAPITAL GROUP, FIRST-LOSS As a first-loss allocator—Alchemy requires the investment manager or investor with Alchemy to contribute a certain percentage (usually 10%) of capital to the firm. In the instance of loss, the capital posted by the first loss provider is used to cover the losses, thus the term “first loss.”. Alchemy also arranges for the remaining 90% of IRRATIONAL EXUBERANCE: AN INTERVIEW WITH WALLSTREETBETS Irrational Exuberance: An Interview With WallStreetBets Founder Jaime Rogozinski. “Irrational exuberance is the psychological basis of a speculative bubble. I define a speculative bubble as a situation in which news of price increases spurs investor enthusiasm, which spreads by psychological contagion from person to person, in the process THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY Access to Thousands of Buyside Ideas. SumZero’s research database is 100% comprised of actionable, peer-reviewed, long-form research from members of the hedge fund, mutual fund, and private equity fund analyst community. Research is 100% transparent, including analyst name, fund name, and disclosure status. In-Depth Analysis on

Actionable Ideas.

SIGN IN | SUMZERO

Quality peer-reviewed investment research from top analysts and rising stars in the fund industry.

SUMZERO HEADLINES

Published: February 25, 2021. Boomer Naturals/Facebook. SumZero offers the research insights of Scott Preston, Albert Lee, and Arham Khan on nano-cap wellness brand, Boomer Holdings. Ten of the top-performing ideas on SumZero last year fell under the small, micro, or nano-cap

categories.

THE TOP STOCKS FOR 2019 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2019 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. QUALITY GUIDELINES & KEY ACCEPTANCE CRITERIA SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

SEAWORLD IS A NEW COMPANY AFTER BLACKFISH , BUT THE MARKET SeaWorld Entertainment (SEAS:US) operates 12 theme parks in 5 US states with Orlando (~50% revenue) and San Diego (~20% revenue) being the biggest markets and having ~8% market share in the theme park industry. SEAS owns 5 out of the top 20 US parks by attendance. These parks provide both entertainment and educational value, having 800

animal

PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, THIS PITCH ON HERTZ JUST WON $100K AT THE PERSHING SQUARE A trio of 1st year students at Columbia Business School took home a $100,000 cash prize this past week at the annual Pershing Square Challenge after presenting their pitch on Hertz Global Holdings (NYSE: HTZ). Two of the presenters are members of SumZero. We recommend investors buy Hertz shares with a 12-month target share price of $36,

which

THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY Access to Thousands of Buyside Ideas. SumZero’s research database is 100% comprised of actionable, peer-reviewed, long-form research from members of the hedge fund, mutual fund, and private equity fund analyst community. Research is 100% transparent, including analyst name, fund name, and disclosure status. In-Depth Analysis on

Actionable Ideas.

SIGN IN | SUMZERO

Quality peer-reviewed investment research from top analysts and rising stars in the fund industry.

SUMZERO HEADLINES

Published: February 25, 2021. Boomer Naturals/Facebook. SumZero offers the research insights of Scott Preston, Albert Lee, and Arham Khan on nano-cap wellness brand, Boomer Holdings. Ten of the top-performing ideas on SumZero last year fell under the small, micro, or nano-cap

categories.

THE TOP STOCKS FOR 2019 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2019 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. QUALITY GUIDELINES & KEY ACCEPTANCE CRITERIA SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

SEAWORLD IS A NEW COMPANY AFTER BLACKFISH , BUT THE MARKET SeaWorld Entertainment (SEAS:US) operates 12 theme parks in 5 US states with Orlando (~50% revenue) and San Diego (~20% revenue) being the biggest markets and having ~8% market share in the theme park industry. SEAS owns 5 out of the top 20 US parks by attendance. These parks provide both entertainment and educational value, having 800

animal

PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, THIS PITCH ON HERTZ JUST WON $100K AT THE PERSHING SQUARE A trio of 1st year students at Columbia Business School took home a $100,000 cash prize this past week at the annual Pershing Square Challenge after presenting their pitch on Hertz Global Holdings (NYSE: HTZ). Two of the presenters are members of SumZero. We recommend investors buy Hertz shares with a 12-month target share price of $36,

which

ABOUT SUMZERO

About SumZero. SumZero is the world's largest community of investment professionals working with the industry’s most prominent hedge funds, mutual funds and private equity funds. With more than 16,000 pre-screened professionals collaborating on a fully transparent platform, SumZero provides direct access to thousands of proprietary

investment

SUMZERO TEAM

Divya Narendra CEO & Co-Founder. Before founding SumZero, Divya was an Associate at Sowood Capital Management, a $3.5B multi-strat hedge fund located in Boston, MA. At Sowood, Divya analyzed investment opportunities across the capital structure. Prior to this, he was an analyst in the M&A Group at Credit Suisse in NYC. PRESS ROOM | SUMZERO Reuters: SumZero Updates Rankings for Top 25 US Universities by Stock Performance. December 21, 2015. Yahoo! Finance: Top SumZero Fund

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SumZero partners globally with the Sohn Conference Foundation to market the Foundation's investment conferences and promote its mission. The Foundation is proud to offer tickets to its events for winners of SumZero's research contests. The Sohn Conference Foundation is dedicated to supporting innovative initiatives to cure and treat

pediatric

THE TOP STOCKS FOR 2019 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2019 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. SUMZERO TERMS OF USE FOR SUMZERO CONTENT SUBSCRIBERS Last updated August 29th, 2011. SumZero, Inc provides electronic content outside of the SumZero community to subscribers and potential subscribers with trial access. This Information is provided by SumZero, Inc and its third party suppliers (collectively, "Information Providers"). SumZero may modify, add or delete portions of the terms

of this

SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

THE 5G LANDSCAPE TAKES SHAPE: RAKUTEN, T-MOBILE, MICRON 5G has been widely discussed and widely misunderstood for years now. With the unveiling of Apple's 5G-enabled iPhone 12 models last month and mounting trade tensions between the US and China, we are taking a deep dive into the 5G landscape coalescing across the globe and the national security implications at play. A CONVERSATION WITH ALCHEMY CAPITAL GROUP, FIRST-LOSS As a first-loss allocator—Alchemy requires the investment manager or investor with Alchemy to contribute a certain percentage (usually 10%) of capital to the firm. In the instance of loss, the capital posted by the first loss provider is used to cover the losses, thus the term “first loss.”. Alchemy also arranges for the remaining 90% of IRRATIONAL EXUBERANCE: AN INTERVIEW WITH WALLSTREETBETS Irrational Exuberance: An Interview With WallStreetBets Founder Jaime Rogozinski. “Irrational exuberance is the psychological basis of a speculative bubble. I define a speculative bubble as a situation in which news of price increases spurs investor enthusiasm, which spreads by psychological contagion from person to person, in the process THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY Access to Thousands of Buyside Ideas. SumZero’s research database is 100% comprised of actionable, peer-reviewed, long-form research from members of the hedge fund, mutual fund, and private equity fund analyst community. Research is 100% transparent, including analyst name, fund name, and disclosure status. In-Depth Analysis on

Actionable Ideas.

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SUMZERO HEADLINES

Published: February 25, 2021. Boomer Naturals/Facebook. SumZero offers the research insights of Scott Preston, Albert Lee, and Arham Khan on nano-cap wellness brand, Boomer Holdings. Ten of the top-performing ideas on SumZero last year fell under the small, micro, or nano-cap

categories.

THE TOP STOCKS FOR 2019 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2019 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. QUALITY GUIDELINES & KEY ACCEPTANCE CRITERIA SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

SEAWORLD IS A NEW COMPANY AFTER BLACKFISH , BUT THE MARKET SeaWorld Entertainment (SEAS:US) operates 12 theme parks in 5 US states with Orlando (~50% revenue) and San Diego (~20% revenue) being the biggest markets and having ~8% market share in the theme park industry. SEAS owns 5 out of the top 20 US parks by attendance. These parks provide both entertainment and educational value, having 800

animal

PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, THIS PITCH ON HERTZ JUST WON $100K AT THE PERSHING SQUARE A trio of 1st year students at Columbia Business School took home a $100,000 cash prize this past week at the annual Pershing Square Challenge after presenting their pitch on Hertz Global Holdings (NYSE: HTZ). Two of the presenters are members of SumZero. We recommend investors buy Hertz shares with a 12-month target share price of $36,

which

THE WORLD'S LARGEST PROFESSIONAL INVESTOR COMMUNITY Access to Thousands of Buyside Ideas. SumZero’s research database is 100% comprised of actionable, peer-reviewed, long-form research from members of the hedge fund, mutual fund, and private equity fund analyst community. Research is 100% transparent, including analyst name, fund name, and disclosure status. In-Depth Analysis on

Actionable Ideas.

SIGN IN | SUMZERO

Quality peer-reviewed investment research from top analysts and rising stars in the fund industry.

SUMZERO HEADLINES

Published: February 25, 2021. Boomer Naturals/Facebook. SumZero offers the research insights of Scott Preston, Albert Lee, and Arham Khan on nano-cap wellness brand, Boomer Holdings. Ten of the top-performing ideas on SumZero last year fell under the small, micro, or nano-cap

categories.

THE TOP STOCKS FOR 2019 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2019 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. QUALITY GUIDELINES & KEY ACCEPTANCE CRITERIA SUMZERO BASIC TERMS OF USE Last updated November 8, 2012. SumZero Basic ("Basic") is a free investment research tool managed and owned exclusively by SumZero, Inc ("SumZero", we, us, and/or our SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

SEAWORLD IS A NEW COMPANY AFTER BLACKFISH , BUT THE MARKET SeaWorld Entertainment (SEAS:US) operates 12 theme parks in 5 US states with Orlando (~50% revenue) and San Diego (~20% revenue) being the biggest markets and having ~8% market share in the theme park industry. SEAS owns 5 out of the top 20 US parks by attendance. These parks provide both entertainment and educational value, having 800

animal

PROGRESSIVE INSURANCE VICTORIOUS IN 1ST WARREN BUFFETT Runners-Up (Unordered). Long on Cal-Maine Foods (CALM:US) Contributor Bio: Jennie I. Sanders, CFA is the Senior Investment Strategist at MJB Asset Management, a registered investment advisory firm in Manhattan serving the needs of high net worth individuals. Jennie began her career in 1999 as a Portfolio Manager in the Private Asset Management Group at Wells Fargo in San Francisco, THIS PITCH ON HERTZ JUST WON $100K AT THE PERSHING SQUARE A trio of 1st year students at Columbia Business School took home a $100,000 cash prize this past week at the annual Pershing Square Challenge after presenting their pitch on Hertz Global Holdings (NYSE: HTZ). Two of the presenters are members of SumZero. We recommend investors buy Hertz shares with a 12-month target share price of $36,

which

ABOUT SUMZERO

About SumZero. SumZero is the world's largest community of investment professionals working with the industry’s most prominent hedge funds, mutual funds and private equity funds. With more than 16,000 pre-screened professionals collaborating on a fully transparent platform, SumZero provides direct access to thousands of proprietary

investment

SUMZERO TEAM

Divya Narendra CEO & Co-Founder. Before founding SumZero, Divya was an Associate at Sowood Capital Management, a $3.5B multi-strat hedge fund located in Boston, MA. At Sowood, Divya analyzed investment opportunities across the capital structure. Prior to this, he was an analyst in the M&A Group at Credit Suisse in NYC. PRESS ROOM | SUMZERO Reuters: SumZero Updates Rankings for Top 25 US Universities by Stock Performance. December 21, 2015. Yahoo! Finance: Top SumZero Fund

Member Pitches

SUMZERO PARTNERS

SumZero partners globally with the Sohn Conference Foundation to market the Foundation's investment conferences and promote its mission. The Foundation is proud to offer tickets to its events for winners of SumZero's research contests. The Sohn Conference Foundation is dedicated to supporting innovative initiatives to cure and treat

pediatric

THE TOP STOCKS FOR 2019 We are honored to name the 5 Winners and 10 Finalists of the SumZero Top Stocks for 2019 Challenge, a research competition designed to showcase the best, forward-looking research and people for the year ahead.. Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. SUMZERO TERMS OF USE FOR SUMZERO CONTENT SUBSCRIBERS Last updated August 29th, 2011. SumZero, Inc provides electronic content outside of the SumZero community to subscribers and potential subscribers with trial access. This Information is provided by SumZero, Inc and its third party suppliers (collectively, "Information Providers"). SumZero may modify, add or delete portions of the terms

of this

SUMZERO HOSTS SPECIAL SITUATIONS EVENT Last Tuesday SumZero gathered highly ranked members at Bloomberg Headquarters in Midtown, NYC for liquid refreshment and pitches from three top fund managers on liquid special situation opportunities. Peter Lupoff of Tiburon Holdings, Daniel Lawrence of Elmrox Investment

Group, and David T

THE 5G LANDSCAPE TAKES SHAPE: RAKUTEN, T-MOBILE, MICRON 5G has been widely discussed and widely misunderstood for years now. With the unveiling of Apple's 5G-enabled iPhone 12 models last month and mounting trade tensions between the US and China, we are taking a deep dive into the 5G landscape coalescing across the globe and the national security implications at play. A CONVERSATION WITH ALCHEMY CAPITAL GROUP, FIRST-LOSS As a first-loss allocator—Alchemy requires the investment manager or investor with Alchemy to contribute a certain percentage (usually 10%) of capital to the firm. In the instance of loss, the capital posted by the first loss provider is used to cover the losses, thus the term “first loss.”. Alchemy also arranges for the remaining 90% of IRRATIONAL EXUBERANCE: AN INTERVIEW WITH WALLSTREETBETS Irrational Exuberance: An Interview With WallStreetBets Founder Jaime Rogozinski. “Irrational exuberance is the psychological basis of a speculative bubble. I define a speculative bubble as a situation in which news of price increases spurs investor enthusiasm, which spreads by psychological contagion from person to person, in the process

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THE WORLD’S LARGEST INVESTMENT COMMUNITY Now every investor taking charge of their financial future can cut through the noise with peer-reviewed professional investment research from top analysts and rising stars in the asset management industry. SumZero has been beyond helpful to my hedge fund career, giving me the exposure that eventually led me directly into not one, but two hedge fund jobs. For anyone who works on the buyside, if you can post your ideas on SumZero, I highly encourage you to do so as it's an increasingly competitive investment in your personal brand. As loyal and grateful as I am to Wharton, I have often said that SumZero has done more for my hedge fund career than my MBA ever did. I simply cannot thank you guys enough for this and for giving me the chance to compete for eight years in the world's biggest, most legit online community of hedge fund investors. – ANALYST AT $10B MULTI-STRAT HEDGE FUND

WHY SUMZERO?

WHY SUMZERO?

RESEARCH BY THE BUYSIDE. FOR THE BUYSIDE. SumZero Buyside’s research is published exclusively by professional investors. No day traders, no sell-side analysts, 100% quality, peer-reviewed research from professionals at legitimate Buyside funds. * ACCESS TO THOUSANDS OF BUYSIDE IDEAS SumZero’s research database is 100% comprised of actionable, peer-reviewed, long-form research from members of the hedge fund, mutual fund, and private equity fund analyst community. Research is 100% transparent, including analyst name, fund name, and disclosure

status.

* IN-DEPTH ANALYSIS ON ACTIONABLE IDEAS Research reports in SumZero are forward-looking with defined price targets, expected timeframes, valuation discussion, risk analysis, and

catalyst review.

* EITHER POST OR PAY FOR ACCESS Unable to post firm research? Switch to a read-only license to access the research database and skip the posting requirement. A popular option for large funds and asset allocators. Show me a Full Report on FRPH:US SumZero has been a fantastic platform for us to differentiate our fund by the quality of the ideas our process generates, as the transparency into each key position allows prospective investors to both understand how we research and execute investments, and holds us accountable to past decisions. We can’t think of a better way to promote transparency in the industry than by having access to our key investment decisions over time

– STEVEN WOOD

Founder/PM, GreenWood Investors FIND EXACTLY WHAT YOU NEED No noise. SumZero brings unprecedented clarity to the research discovery process with powerful, robust, and comprehensive filtering. * CUSTOM FILTERS AND SEARCHES Find the research that matters to you. Identify ideas with an extensive range of metrics including Market Cap, P/E, EV/EBITDA, as well as filters for catalysts, region, sector, and situation. * EMAIL ALERTS AND SAVED SEARCHES Save a search and let new research that matches your criteria be delivered directly to your email the moment it's published. One of the best characteristics about SumZero is not only the transparency but the users in general - and thus, the exclusivity - I have yet to reach out to someone who didn't reply within a few hours and offered to get on the phone and tell me everything. Prior to joining this platform, I had such a bad taste in my dealings with users from other mediums; this platform really changed the way I perceive the industry, and if anything, it gave me the confidence to speak with people that I otherwise would have assumed would've never responded - much less act like as an open book and offer a lending hand - you just don't get that anywhere else, not even close.

– TAYLOR MANN

Founder/PM, Pine Capital Partners EXCERPTS FROM SUMZERO RESEARCH > As the company is continuously buying back stock at the current > depressed share price, the earnings accretion drives the P/E down to > ~12x. This is at discount of 10%-15% to the high quality names in > the tobacco sector, which is a very significant de-rating from the > historic premium of ~4 multiple points. If we were to exclude that > from operating earnings the discount is ~20%. — Founder/PM at > $150M London-Based Long/Short Equity Hedge Fund > Off-balance sheet liabilities mostly relate to aging populations > with the future holding a much greater demand for pension and > welfare payments to older citizens as well as greater demands for > healthcare. Under-investment in infrastructure is another way > governments have been postponing expenditure. Bailouts of banks is > another iceberg that can cause a shipwreck, with Ireland’s > government debt to GDP ratio going from 44.5% to 121.7% in four > years primarily as a result of poor lending and bank bailouts. — > Founder/PM at $40M Sydney-Based Distressed Credit Hedge Fund > These changes in demand have not occured as rapidly as expected. > Extensive channel checks with suppliers in a dozen different > countries, done in the last week, showed that demand did not slow in > the 3rd quarter, though it has begun to slow very slightly in the > fourth, with suppliers in Italy expecting it to pick up with the > renewal of rebates in January. — PM at $275M NY-Based Long/Short > Equity Hedge Fund > 42% of SAFM’s COGS are feed costs comprised of 75% corn, 25% soy > meal. A $1.00/bushel decline in corn price adds $100mm of operating > income for SAFM. (However, on the risk side, a $1.00/bushel rise in > corn prices also detracts $100M in opinc. Keep in mind this leverage > when considering this idea.) — PM at $1T+ California-Based Credit

> Mutual Fund

> Chorus undertakes a dilutive equity issue to provide additional head > room under its debt covenants. Chorus has ruled out an equity issue > until the regulator's decision is given in April 2015. The market > had been concerned that a distressed equity raising may be possible > but that risk has now been eliminated due to the extension of debt > facilities including relaxation of key covenants. It is still > possible that the company may wish to raise equity if the regulatory > decision is positive in April and the stock prices rallies to more > attractive levels. — Senior Analyst at $80M Hong Kong-Based Event > Driven Hedge Fund > In terms of a potential take-out, a larger driller like Ensco (ESV), > Noble (NE), Transocean (RIG), or Seadrill (SDRL) would be attracted > to VTG b/c of its newer fleet, the ability to refinance the > high-cost leverage at much lower rates, and a fleet that is already > working instead of waiting 3yrs for a newbuild. Further, as MLPs are > formed (have SDLP and RIG likely to announce one in 2014), these new > entities should trade at higher multiples and thus be able to make > acquisitions accretive more easily - better buyers and new class of > potential buyers. — Analyst at $4.5T NY-Based Asset Manager DISCOVER THE FUND INDUSTRY'S TOP ALPHA GENERATORS SumZero offers the world's only buyside analyst performance rankings system. Our proprietary Rankings algorithm examines the returns of individual investment recommendations made by thousands of fund analysts/PMs since 2008, and then identifies the individuals that have most consistently beat the market. * OBJECTIVE, SKILL-BASED METHODOLOGY Rankings brings recognition to the most consistent alpha generators on the buyside using a methodology that is agnostic to pedigree, AUM, or seniority. Consistent benchmark out-performance on multiple recommendations is what you need to climb the Rankings ladder. * OPEN ELIGIBILITY/VISIBILITY All SumZero Buyside members are eligible to get ranked on SumZero after submitting a minimum number of research ideas. Rankings lists are updated each month. All Buyside and Allocator members can access

Rankings for free.

* MULTIPLE BEST-IN-CLASS CATEGORIES SumZero Rankings cover a variety of standard and proprietary categories, including: Long/Short, All-Time, LTM, Strategy, and many

more.

* Example of rankings page. Names and Funds in this example image are not intended to be

real.

EXCLUSIVE BUYSIDE JOB OPPORTUNITIES SumZero is the next step in buyside networking. Research you contribute on SumZero is tracked on a performance basis and allows you to build an independent track record. When you’re ready to go after a new position, SumZero has a dedicated full-time recruiting staff ready to leverage the performance of your work on the site. * HUNDREDS OF BUYSIDE JOBS More meaningful than just a resume and cover letter – SumZero gives you the added benefit of sending your top-performing research reports on the site along with your application directly to hiring managers at

top global firms.

* DEDICATED FULL-TIME RECRUITING STAFF Not your average recruiters. Our experienced staff works with hundreds of hiring managers and knows how to leverage your expertise to get results. Whatever your career goals, SumZero can help you reach them. SumZero has been a critical component in my job search. I had interviews with prominent hedge funds that I never would have had the chance to interview with. It's been a great experience all around. – ANALYST AT $6B EVENT DRIVEN HEDGE FUND KNOW WHAT YOU’RE WORTH...FOR FREE Are you making as much as your peers in the industry? Learn what fund professionals of all types earn with our 100% anonymous Compensation database, free to all members. * SEE WHAT YOUR PEERS ARE EARNING Smartly segmented by salary, bonus structure, carry, and other bonuses, as well as job title, location, experience, and several other metrics to give you a reliable picture for whatever role you’re

curious about.

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When you contribute your compensation, it can never be traced back to your name or your employer. The Compensation database is the only anonymous database on SumZero. A BETTER WAY TO RAISE CAPITAL Tired of constantly explaining and re-explaining the details of your fund to disinterested or unqualified investors? SumZero’s Cap Intro program puts the essential information of your fund in front of hundreds of pre-qualified institutional allocators in a passively managed, reverse-solicitation format. From returns to firm references to investor letters to your proprietary research on SumZero, all your materials are neatly contained in one protected page. * PITCH YOUR FUND EFFICIENTLY Show allocators why your fund is different. Remove barriers to your documents and data, and present the full picture of your expertise, process, performance, and infrastructure.

* GET INTRODUCED

Experience broad exposure to a high-quality group of investors that are actively allocating to funds and can radically change the future of yours. Get matched with capital allocators who reach out to you based on the quality of your fund's page. Show me a Full Fund Profile on SumZero SumZero was able to introduce us to high-caliber investors, and to generate feedback on our business from a wide swath of credible allocators in a short period of time. I’d highly recommend any new fund contemplating a launch to use SumZero’s capital introduction

services.

– STORMY SCOTT

President & COO, Banbury Partners FOR ALLOCATORS: NO MORE BAD FIRST DATES Finding a good fund is _work_...phone calls with fund managers can be exhausting and your inbox is often flooded with spam. SumZero Allocator was custom-built to address the needs of institutions looking to find unique funds which match the particulars of all investment mandates without adding to the problem. * FILTER BY FUNDS THAT MATTER TO YOU Browse and view hundreds of funds on the SumZero Cap Intro platform. Remove friction from the due diligence process with unrestricted access to all documents. Passively track, filter, and create email alerts for funds of all types.

* PRIVACY MATTERS

You are guarded from spam. Your name and contact information are never displayed on the site, and never made available to members without your explicit permission. SumZero Cap Intro is a reverse-solicitation

database.

We have been very impressed with the quality and pedigree of the investors on the SumZero platform. The capital raising process is inherently inefficient for both investors and fund managers and the SumZero platform addresses specific challenges for both sides. We have found the platform to be very productive in establishing a dialogue with emerging manager investors.

– JEFF KNUPP

Former COO, Cloud Gate Capital > “It’s pretty amazing that before you even meet the manager, > I’ve already done all the background research. It makes my job a > lot more efficient. It saves me a lot of time.” — Analyst, $400M NY-Based Hedge Fund of Funds via BLOOMBERG’S FULL REVIEW of SumZero Allocator

>

>  I am very impressed with the SumZero Cap Intro platform. We've had > several in-person interviews with prospective investors since > joining the platform. The interactions are far better than other cap > intro platforms we have tried in the past. As an emerging manager, I > value my partners above all else. SumZero has done an excellent job > bringing on institutions who are interested in my long-term success. >  – IAN CLARK

>

> Founder/Managing Partner, Dichotomy Capital

>

>  SumZero cap intro is an innovative platform that is leveling the > play field for emerging managers and allocators. Nick, Divya and > their team have taken feedback from both LPs and GPs to produce a > valued-added service that has a high return on time for all parties, > resulting in greater transparency and efficiency through the entire

> process.

>  – DANIEL W. LAWRENCE

>

> Founder/Managing Partner, Elmrox Investment Group JOIN THE COMMUNITY TRUSTED BY THOUSANDS OF TOP INVESTORS Not a Buyside Investor? Check out SumZero Basic

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FREE FACEBOOK REPORT FROM SUMZERO’S CEO Sign up for SumZero and receive the FREE FULL FB:US LONG REPORT from SumZero CEO Divya Narendra. Get the Report Close FREE FUND COMPENSATION REPORT Sign up for any SumZero account now to receive the 2018 SumZero Fund Compensation Report, containing a detailed account of what buyside professionals earn across varied situations with over 5,500 entries. Get the Report Close Launch Modal