Crescat Capital Investor Presentation — November 2021

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The Catalyst for The Great Rotation

Based on the firm’s current equity and macro models, and our investment team’s analysis, we believe we are in

the explosive first wave of an inflationary cycle in the US and globally that will elevate consumer prices at a

much higher annualized rate and for significantly longer than priced into financial markets today. The factors

driving our view include structural shortages in primary resource industries due to chronic underinvestment,

incipient wage -price spirals, and unsustainably high government debt -to-GDP imbalances which make a new

inflationary trend the policy path of least resistance.

As an overarching macro investment theme at Crescat today, we are calling for what we have dubbed the Great

Rotation. This theme is a highly probable and pending shift, in our view, out of crowded, hyper -overvalued, long -

duration financial assets, including mega -cap tech and negative -real-yielding fixed income securities, and into

the less populated and more underv alued segment of the market that is focused on the tangible assets at the

core of the global economy. In our analysis, the companies involved in these industries are driven by both

intrinsic and calculable fundamental value and offer some of the best value and appreciation potential in the

Rising inflation expectations and the Fed attempting to tighten financial conditions are the catalyst for this

critical inflection point. Crescat Capital LLC

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Policy makers are far from doing what is necessary to halt what is alrea dy the most inflationary environment

since the 1970s when they are instead:

• Running twin deficits at double digit percentages of GDP.

• Holding the Fed funds rate at 0% for another seven months.

• Planning to add $400 billion more in QE before beginning to rai se rates.

• Restricting commodity companies from exploring, developing, and producing natural resources.

Crescat’s Global Macro and Long/Short Equity strategies are hedge funds with significant short positions in the

overvalued areas that we believe the investor masses will be rotating out of, as well as long positions in the

undervalued areas, where we believe the smart money will be rotating into, in this likely -to-be epic regime

change. At Crescat, these two strateg ies are the most comprehensive ways to play the Great Rotation. Large Cap

and the Precious Metals strategies, on the other hand, are ways to play the long side of the Great Rotation

without the short component.