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Axonic Capital Overview History Of TICKER|CUSIP AAIDX |05465F103 AXONIC ALTERNATIVE INCOME FUND managed by Axonic Capital LCC Axonic Capital Overview BUSINESS OUR COMPETITIVE EDGE Axonic Capital (“Axonic”) is an independent financial Axonic Capital’s investment philosophy centers on services firm headquartered in New York City offering asset rigorous fundamental analysis. Investment decisions management services across structured credit, systematic aremadebasedontheprofileoffuturecashflows fixed income and commercial lending. Our business model is associated with asset-backed securities. The Firm’s providing opportunistic investment solutions from an belief is that the most informed, sophisticated and experienced team with expertise in creating unique knowledgeable investors have an advantage over other advantages through sourcing and asset allocation. market participants. The Firm seeks to constantly Founded in 20101, Axonic manages approximately $3.92 create or improve an edge over other market billion. participants through a comprehensive understanding of security structure and underlying collateral Axonic invests in structured credit instruments, including performance. commercial mortgage-backed securities and loans, non- agency residential mortgage-backed securities, agency Axonic’s investment professionals are experienced in credit risk transfers, private debt, mortgage and real estate- many facets of the market, including sourcing, related credit and equities, and various single-name and structuring and trading of structured credit securities. index credit default swaps. Axonic believes that integrating its extensive networks Axonic strives to protect and compound client capital into individual investment processes creates a through superior investment due diligence, robust use of significant investment edge. technology analytics and opportunistic themes. History of Axonic Capital Axonic has a decade of structured credit, fixed income and commercial real estate experience offered through a variety of investment vehicles. Axonic founded in 2010 Launched ABS with ~110m1 business Split Level Launched the LLC founded Launched CMBS Alternative Income March 2009; business Fund (AAIDX), a predecessor AXSIX surpasses closed-end interval to Axonic $900mm in fund Capital LLC AUM 2009–2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Axonic began Launched Special Launched Axonic operations in Firm reached Firm reached Strategic Income $2B in AUM Opportunities SBL January 2011 $1B in AUM Strategy Fund (AXSIX), a daily mutual fund Launched RMBS business 1. Axonic began trading in 2009 through Split Level LLC, Axonic’ s predecessor. The Firm officially began operations as Axonic Capital in January 2011. 2. Estimated as of March 31, 2021 3. As of December 31, 2010 AXONIC CAPITAL LLC | www.axonicfunds.com 1 AXONIC ALTERNATIVE INCOME FUND AAIDX What is an Interval Fund? Open-End Interval Fund Closed-End Mutual Fund Mutual Fund Daily Continuously Valuation offered (POP Trades on the Unrestricted at NAV) secondary market access to both at the market Daily 1099 Tax Reporting private and price (at a Redemptions public discount or investments premium to NAV) Repurchased Regulated under at NAV the Investment Company Act of 1940 An Interval Fund is a registered closed-end fund regulated under the Investment Company Act of 1940. It provides the continuous sale of shares and the portfolio management flexibility of a closed-end fund through the use of sophisticated strategies, which include investments in illiquid assets. Provides individual investors access to alternative investments typically limited to institutional investors, hedge funds and private equity firms . Continuously offered registered closed-end fund that can be purchased daily at the Net Asset Value (NAV) . Unrestricted access to illiquid investments. Not limited to the 15% threshold of an open-end mutual fund . Implement illiquid strategies that play out over a longer period of time that can deliver returns that are uncorrelated to equity markets . Allows for a portfolio to be constructed with a greater concentration of potentially higher returning assets with a wide range of liquidity profiles without the asset liability mismatch of a daily liquidity mutual fund . Invests in income-producing products and strategies and offers investors periodic distributions . Provides limited liquidity to investors on a periodic basis via repurchasing of the fund shares at NAV . Issues Tax Form 1099 AXONIC CAPITAL LLC | www.axonicfunds.com 2 AXONIC ALTERNATIVE INCOME FUND AAIDX Repurchase of Shares An interval fund offers to repurchase shares at a periodic interval (monthly, quarterly, bi-annually, annually) at the specified NAV. The fund will offer to repurchase a minimum of 5% (or as determined by the prospectus) of the total fund assets during the repurchase period.* Interval fund shares do not trade on the secondary markets. Repurchase Request Date: the date in which the fund must receive shareholder’s repurchase request . Repurchase Pricing Date: The date by which the fund determines the NAV at which it will repurchase shares . Repurchase Payment Date: the date by which the fund must pay its shareholders for the repurchased shares (within 7 days of the repurchase pricing date) Notice to Repurchase Repurchase Repurchase Request Pricing Payment Shareholders Date Date Date 1-14 1-7 Payment of 21 days days days Proceeds Notice sent at least All repurchase requests NAV of shares to be 21 days before must be received repurchased is calculated request deadline The repurchase price of the Shares will be the NAV of the Shares as of the close of regular trading on the NYSE on the Repurchase Pricing Date Advantages of an Interval Funds . Interval funds can allow individual investors to pursue an institutional-style investment in alternative assets that may help to build a diversified portfolio. By investing in a range of non-correlated assets, an investor can smooth volatility while generating higher potential income and total returns. Interval funds are not subject to the daily trading volatility to which traditional mutual funds and exchange-traded funds are subject. Therefore, they experience moderate price fluctuations on a day-to- day basis. Investors in mutual funds can sell their shares at any time. As a result, they are susceptible to emotional trading. When markets fall, they may panic and sell their shares at a loss instead of remaining committed to their long-term investment plan. The interval fund structure may encourage investors to invest for the long term. * Unlike an investor in most closed-end funds, Shareholders should not expect to be able to sell their Shares regardless of how the Fund performs. An investment in the Fund is considered illiquid. An investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe. AXONIC CAPITAL LLC | www.axonicfunds.com AXONIC ALTERNATIVE INCOME FUND AAIDX Management Team Clayton DeGiacinto Managing Partner, Chief Investment Officer Prior to forming Axonic in 2010, Mr. DeGiacinto was responsible for building out the mortgage investment platform at Tower Research Capital LLC and was the Senior Portfolio Manager for Split Level LLC, the predecessor fund to the Axonic Credit Opportunities Funds. He previously led a mortgage trading desk in the Fixed Income, Currency and Commodities division at Goldman Sachs & Co. Mr. DeGiacinto’s duties included the securitization and retention of bonds backed by adjustable- rate and negatively amortizing residential mortgages. He was also responsible for running the RMBS credit book for all prime, alt-A and negatively amortizing structures. Mr. DeGiacinto previously served as a Captain in the U.S. Army in the 25th Infantry Division (Hawaii) after completing the U.S. Army Ranger School, Airborne School and Air Assault Course. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Wharton School at the University of Pennsylvania. Jamshed Engineer Partner, Co-Head of Credit Mr. Engineer has been with Axonic since inception and leads our residential and asset backed securities strategies. Prior to joining Axonic, Mr. Engineer worked at Tower Research Capital as Vice President of Mortgage Trading. Prior to Tower, he worked in the Fixed Income, Currency and Commodities group at Goldman Sachs & Co. with responsibilities including structuring, valuing and advising on diverse securitization products for both principal and third party transactions. Prior to Goldman, Mr. Engineer was at KPMG where he structured various securitization transactions in the structured products group. Mr. Engineer was previously employed at Tata TD Waterhouse and Tata Finance in Mumbai. Mr. Engineer received his Bachelor of Commerce in Finance and Accounting from University of Mumbai and holds an M.B.A. in Finance from the University of Southern California. Matthew Weinstein Partner, Co-Head of Credit Mr. Weinstein joined Axonic in 2012 and oversees the Firm’s CRE and CMBS investment teams. Mr. Weinstein is also the head of the CRE investment committee. Prior to joining the Firm, Mr. Weinstein was a Vice President at Macquarie Capital where he managed a Commercial Mortgage Backed Securities (CMBS) principal investment strategy from 2010 through 2012. From 2003 to 2008, he was an Associate Director in the CMBS group at Bear Stearns & Co. Mr. Weinstein received his MBA in Finance at the New York University Stern School of Business and graduated from Cornell University with a BS
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