Steppes Private Equity Partners 1 LP

1 Steppes Private Equity Partners 1 LP. Overview 3. introduction 4. Investment Landscape - Why Private Equity 5. Historic Portfolio NAV Performance 11. Investment Profiles 13. Private Equity Valuations 15. Driving Value Creation 17. Summary and Outlook 19. Appendix I: Valuation Policy and Disclaimer 22. 2018. Overview Steppes Private Equity Partners 1 LP is a Cayman Island limited partnership that was established in September 2018 when investors subscribed Private Equity assets into the fund. The fund is managed by Steppes Management who have produced an annualised return of per annum since 2010. The portfolio of Steppes Private Equity Partners 1 LP. consists of assets focused upon essential natural resources that are projected to benefit from the next phase of the natural resource valuation cycle. 2018. 3. introduction Steppes Private Equity Partners 1 LP is a closed ended fund that has a ten year lifespan from September 2010.

2 The majority of the assets in the fund were acquired at reasonable valuations during recent lows in the natural resource cycle and are ideally positioned to take advantage of the projected upturn in the natural resources valuation cycle. The portfolio of assets has been purchased over a period of 5 years prior to being subscribed into Steppes Private Equity Partners 1 LP. The portfolio currently consists of 24 investments in portfolio companies and has an average ownership interest in the portfolio companies of with the highest being and the lowest being Long-term outlook for portfolio is extremely positive, projecting significant returns over a 5-year timeframe as demand for natural resources increases in line with economic growth, population growth and urbanisation. 2018 4. Investment Landscape Shift Towards Private Equity . 2018. 5. Why Private Equity ?

3 Private Equity has out performed public market performance Source : Prequin as of August 2018. 2018. 6. Outperformance vs Public Markets Private Equity performance vs public markets Source: S&P500, Barclays Aggregate Bond Index, Cambridge Associates Private Equity Index. Each rolling 10 year period is from January 1 to December 31 of the years indicated. 2018. 7. Reducing Number of Public Companies The number of publicly listed companies in a range of countries including US, Germany, France, Brazil, Argentina, Mexico, South Africa and Israel, has reduced by 45% since 1996. The decline in the number of publicly listed companies in the US has been the most dramatic having fallen 50%. since its peak in 1996. 2018. 8. A reduction in Breadth The public market no longer offers the breadth it used to. Over the last two decades, half as many companies of the S&P 500 see revenue growth greater than 20%.

4 2018. 9. US Pension plans turning to Private Equity US Pension plans have turned to investing in Private Equity . 2018. 10. Manager's Historical NAV Performance 2018 11. Manager's Historic NAV Performance Historical Return of Manager Historical Return of S&P 500. Annualised Annualised 450. 3000. 416. 400. 327 2500 350. 271. 300. 2000 250 218 184. 200 1500. 144. 150. 115. 1000. 100. 50 500. 0. 31st Dec 31st Dec 31st Dec 31st Dec 31st Dec 31st Dec 31st Dec 0. 2011 2012 2013 2014 2015 2016 2017. 31st Dec 2011 31st Dec 2012 31st Dec 2013 31st Dec 2014 31st Dec 2015 31st Dec 2016 31st Dec 2017. 2018 12. Investment Profiles 2018 13. Fund Profile Diversified Private Equity portfolio focused on natural resources with demand pressure Portfolio construction Investments by type Strategy: investment in natural resources with demand pressure Direct Investments Co-Investment Policy: diversification via exposure to other leading managers with no additional fee layer Direct Investments: Projecting significant increase in value over the life of Funds the fund.

5 Fund portfolio: Increases and diversifies natural resource exposure Investments by geography Investments by investment year 2018 2014. North America Europe 2015. 2017. Asia, Middle East &. Africa 2016, 2018 14. Private Equity Valuations 2018. 15. Current Private Equity Valuations 2018 16. Driving Value Creation 2018. 17. Driving Value Creation Evolution of Return Drivers in the PE Industry Our approach to value creation is driven by nurturing access to deal origination Through an extensive network of global contacts with lawyers, accountants, corporate finance houses, investment banks, other funds, financial services companies and consultants, and the Steppes group, the fund has access to various levels of deal valuation levels. Our manger has an inhouse team that has in excess of 100 years of deal making experience, with multi jurisdictional cross border experience.

6 We also engage outside experts on an outsource basis to provide expert insight. Source : Partners Group : Estimated Contributors of PE Value creation (Operational Improvement, Multiple arbitrage, Leverage) based on E&Y Study, Brigl, Herrera, Meerkatt, Lichstenstein, Prats & Rose, 2008. 2018 18. Summary & Outlook 2018. 19. Outlook for Steppes Private Equity Partners 1 LP. For the period from - Steppes Private Equity Partners 1 LP is forecasting double digit annual returns continuing for the five year period ending $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Year Ended Year Ended Year Ended Year Ended Year Ended 2018. 20. Summary Steppes Private Equity Partners 1 LP is poised for significant value creation over the 10 year life of the fund. Manager has historically outperformed the market making annualised returns of The Majority of the investment portfolio assets were purchased at cyclical low in natural resource valuation cycle, which coupled with strong demand growth for natural resources going forward should result in continued outperformance.

7 Global platform supports strong deal flow and implementation of global relative value investment strategy Maintain investment selectivity and focus on core investment theme De risked model focused on holding minority investments thereby reducing ownership risk in traditional resources cyclical markets. 2018 21. Appendix 1. Valuation Policy 22. Steppes Private Equity Partners 1 LP Valuation Policy The Net Asset Value (NAV) of Steppes Private Equity Partners 1 LP ( Steppes PE 1 LP) investment holdings is calculated on the last business day of the reporting period, or the last business day prior to such date). The date of the NAV is referred to as the NAV Date . Steppes PE 1 LP determines the NAV of its investment holdings according to the following guidelines, which are in line with International Private Equity and Venture Capital Valuation guidelines as at the date hereof.

8 Valuation of Underlying Investments Steppes PE 1 LP classifies the investments that it holds as either direct investments in companies or liquid investments in companies. Direct Investments in Companies Direct investments in Private companies may be completed as co-investments alongside Private Equity funds. To determine the value of these investments, Steppes PE 1 LP begins with the valuation of the company as reported in the most recent quarterly report of the Private Equity fund as a starting point for determining the value. Any new material information related to the company's value is also taken into account so that the NAV is as current as possible. Steppes PE 1 LP generally carries co-investments at the same value as is reported by any co-investing entity, and typically changes the valuation only where such new interim information is received.

9 Direct investments may be completed without a co-investor. In these investments, Steppes PE 1 LP confirms the value of the company every 6 months, as part of the review of the company's performance. Material changes in value intra-reporting period are reflected in the NAV on the NAV date immediately following the documentation of the appropriate valuation revision. In the cases of direct investments without a mark-to-market transaction, Steppes PE 1 LP values the investment based upon the company's net asset value as at its last balance sheet date or at cost. In the event that there is no mark to market transaction or audited financials then Steppes PE 1 LP will enter into a contingent value rights agreement with the investee company based upon Steppes PE 1 LP's cost basis. The contingent value rights agreement protects Steppes PE 1 LP's investment and ensures that if the next valuation event is below Steppes PE 1 LP's cost basis then Steppes PE 1 LP will receive additional Equity to adjust Steppes PE 1 LP's cost basis.

10 If there has been a transaction affecting the value of the company (such as a new third party transaction, an IPO, or a sale of the company) between reports, Steppes PE 1 LP will reflect the new valuation of the company in the calculation of the NAV on the next NAV Date after learning that such transaction has been completed. If there is evidence that the value of the investment has been impaired then Steppes PE 1 LP will write down the value of its investment. Steppes PE 1 LP may hold direct investments in publicly traded companies as a result of an IPO or other transaction. Direct investments in publicly traded companies are valued at their closing bid price on the last trading day prior to the NAV Date. Steppes PE 1 LP may apply a discount to the public market price where contractual lock-up's or other similar restrictions on trading exist, based on established industry guidelines as well as guidance received from third parties in a position to assess the liquidity of the investment.