TRANSACTION SUMMARY

On 7 October 2015, Chenavari Investment Managers (Chenavari) and Dyal Capital Partners (Dyal) announced that Dyal has acquired a passive minority interest in the controlling company of Chenavari.

Chenavari will continue to be led by Loic Fery, CEO & Co-CIO, and Frederic Couderc, Co-CIO. They will retain complete control over the firm's operations and investment process. Dyal's strategic minority interest will be passive with no oversight into Chenavari's governance. The vast majority of Chenavari's economic interests remain in the hands of Chenavari's existing shareholders.

DYAL CAPITAL PARTNERS

Dyal Capital Partners is a permanent capital private equity fund managed by Neuberger Berman Group LLC, a private, independent, employee-owned investment manager with $251 billion in client assets.

Dyal seeks to acquire minority equity interests in institutional alternative asset management companies worldwide and its portfolio of alternative asset managers has access to its Business Services Platform, a dedicated team of professionals whose sole responsibility is to ensure the availability of industry best practices.

CHENAVARI FINANCIAL GROUP

Chenavari is a diversified alternative asset management group focused on credit, structured finance, real estate and private debt strategies, with approximately $5.4 billion of assets under management as of September 1, 2015.

ROLE

SHP acted as financial adviser to Dyal Capital Partners.