1. Smart Lenders Asset Management
December 2016
Key facts
 High yielding asset class, even in
its prime segment
 High transparency on borrower
information and strong big data
analysis
 Low correlation to other asset
classes
 Resilience to the down cycle –
proven through the 2008
financial crisis
 Low volatility in today's turbulent
markets
Key facts
 $20 bn issued by platforms out of
a total of $900 bn in 2015
 A huge potential
 A highly transparent and
documented market
 Platforms target highest-rated
borrowers, focusing on prime
and super prime segments
In short…
 Smart Lenders AM manages portfolios of loans issued through online lending
marketplaces in the US
 Target: 6.5% to 7.5% IRR net of fees and defaults (in USD)
 Short duration (around 18 months)
 Focus on quality (prime segment), security (high diversification) and transparency
 The only way to access consumer loans outside of ABS and other structured
products issued by banks and credit card providers
 Smart Lenders AM offers a simplified access to US marketplace lending for
European investors with the highest standards of professionalism and control,
through its AIFM Full Scope status
The Marketplace Lending Market
 A new access to the asset class, previously reserved for banks and commercial
lending corporations – but an old, tested asset class with a long track record
 Online marketplaces match savers/investors with prime borrowers being
overcharged by banks or credit cards companies for consumer loans
 The progress of Internet technology allowed new champions to seize this gigantic
opportunity and offer disintermediation; first in personal consumer loans, then in
auto loans, student loans, and now SMB loans
0
5
10
15
20
25
B$
Marketplace Lending Gross
Annual Volume
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Credit Card Performance for the Past Two Decades
Recessions
Interest Rate
Default rate
0 %
2 %
4 %
6 %
8 %
10 %
12 %
14 %
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Net return on Credit Cards for the Past Two Decades
Avg. Annual Return: 9.16%
Source: Board of Governors of the US Federal Reserve. Nov 1994 to Feb 2016

2. Key facts
 Levels of household debt over
income at their lowest in the US
 Delinquency rates below pre-
crisis levels
 A solution as a substitute to short
term bonds, for investors looking
for yield, but not duration
Key facts
 A conservative and low risk
investment objective
 Simple pass-through portfolios:
o No leverage
o No derivatives
o No tranching
 Selection of whole loans for an
optimally diversified portfolio
 No platform counterparty risk
The Investment Opportunity
Interest rates remain high in a yield-starved world
Historical performance by grade for all issued loans
(Lending Club)
Source: Lending Club, May 2016
This chart includes all loans that were issued 18 months or more before the last day of the
most recently completed quarter. The historical returns data in the chart is updated
monthly.
Adjusted Net Annualized Return ("Adjusted NAR") is a cumulative, annualized measure of
the return on all of the money invested in loans over the life of those loans, with an
adjustment for estimated future losses.
Our Investment Approach
A Data-driven Management Process
 Big data proprietary analysis enabling better risk forecasting than traditional
rating providers
 3-level selection:
1. Platform selection
2. Allocation across credit scores (macroeconomic expectations)
3. Individual Loan selection
 High diversification on individual loans to ensure optimal spreading of risk
 Added value:
o Alpha: proprietary credit scoring model targets 1-2% improvement in
annual default rates
o Allocation model within platforms
o Accredited investors with preferential access to key industry players
o Automated execution system: speed is a competitive advantage
77.5
82.5
87.5
92.5
97.5
102.5
Household Debt fo GDP for United States
(in%)
Source: FRED Economic Data, as of 01/01/2016
9.5
10.0
10.5
11.0
11.5
12.0
12.5
13.0
13.5
Household Debt Service Payments as a
Percent of Disposable Personal Income
Source: FRED Economic Data, as of 01/01/2016

3. Key facts
 A robust set-up
 A cost effective way to access
this market
 A reliable team with a long track
record in diverse asset
management functions
 A client-focused organization
Team & Track Record
 The Asset Manager
o Smart Lenders Asset Management Limited launched in 2014
o 100% dedicated to the online marketplace lending industry
o Regulated by the FCA (FRN 563498) – Full scope AIFM
o Advising and managing over USD 150mn (as of Nov 2016), using this
strategy with a positive track record, managing over 11.000 loans
 The team
o An 8-people team
o The partners average 25+ years of experience in asset management,
high yield, distressed credit, derivatives and illiquid credit portfolios
Track Record & Experience
 Private portfolio managed since 2013 (2000 loans)
 Note DL-1 was launched in March 2015, raising $31 million (2285 loans)
 Note DL-2 was launched in July 2015, raising $21 million (1570 loans)
 Note DL-3 was launched in November 2015, raising $25 million (1668 loans)
 Note DL-4 was launched in March 2016 (size N.D.)
 Note DL-5 was launched in September 2016 raising $36 million
 SICAV SIF was launched in July 2016
Available Investment Products
The Direct Lending SCA SIF SICAV
SICAV SIF registered in Luxembourg Target return: net annual IRR > 7% in USD
Custodian: Sal. Oppenheim jr. & Cie. Luxembourg Duration 18 to 20 months
Sub-custodian: Millennium Trust Company Minimum investment: $200K / €125K
Valuation Agent: MountainView IPS (Thomson Reuters Group) Monthly valuation
ISIN code EUR share class: LU1437625723
ISIN code USD share class: LU1437625301
Monthly liquidity – payments can be spread over 6
months
Fees: 1% + 10% High Water Mark Euro-hedged and USD share classes
Launch date: July 2016
Direct Lending Investment S.A. (Profit Participating Note)
PPN notes issued by a Luxembourg securitization vehicle 3-year maturity, USD-denominated
Fees (DL-5): 1% and 10% performance above 2% IRR Amortizing (self-liquidating) with monthly distribution
Registrar: Société Générale Bank & Trust, Luxembourg 18-month duration (at start)
DL-1 – ISIN code: XS1192681176 / DL-2 – ISIN code: XS1265216934
DL-3 – ISIN code: XS1310055550 / DL-4 – ISIN code: XS1408342381
DL-5 – ISIN code: XS1494683748
Weekly quotation on Bloomberg

4. Contact
Legal information
Smart Lenders Asset Management Limited
10-12 Emerald Street, London WC1N 3QA, United Kingdom
Phone + 44 2074 40 99 90
Fax: + 44 2072 42 26 98
www.smartlenders-am.com
Erich Bonnet
Phone + 44 2074 40 99 97
Email: ebonnet@smartlenders-am.com
Jérome Camblain
Phone + 44 2074 40 99 96
Email: jcamblain@smartlenders-am.com
Fabien Jullia
Phone + 44 2074 40 99 95
Email: fjullia@smartlenders-am.com
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