Scoggin Worldwide Distressed Fund LLC (SWI LLC) which invests its assets through Scoggin Worldwide Fund, Ltd (the Fund) utilizes a research-intensive approach to identify and exploit opportunities in distressed securities. The Fund primarily invests in defaulted/performing bonds, bank debt, trade claims and post re-organization equities. The Fund maintains short exposure through cash bonds, CDS in single names/indices and options on equity indexes. The Fund is designed to be nimble (capacity $600mm) with the flexibility to invest in slightly off the run situations and large capitalization bankruptcies. Dev Chodry has successfully managed the distressed portfolio for the Scoggin funds since 2001. During previous market cycles where corporate distressed was most attractive, Mr. Chodry has demonstrated the ability to identify unique opportunities that are not highly correlated with the credit/equity markets. Mr. Chodry believes that the default rates experienced over the past 12 months have created a historic opportunity for classic distressed investing. The Fund is focused on capturing the relative value discounts available in the defaulted debt of quality companies relative to publicly traded equities. In addition, there are numerous headwinds such as sovereign risk that the Fund has hedged that we anticipate will result in renewed and consistent defaulted debt opportunities over the next 3-5 years. AUM reflects the aggregate of the onshore and the offshore funds.