Benefits of an AIPO

• Compressed timetable
  • Less complex than IPO, less time involvement from management
  • Negotiated direct with Public Vehicle owners and with sophisticated PIPE investors
• SEC process post fund-raising not before – i.e. opposite of IPO
  • Reduces transaction execution risk
  • Speeds time to raise funds and for investors to put funds to work
• Impervious to market conditions: timing means not constrained by market “windows”
• Lower cash costs