Game Creek Capital, L.P.

G A M E C R E E K C APITAL, L.P.

JACKSON HOLE

GAME CREEK CAPITALSM

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Two International Place, Suite 2620, Boston, MA 02110

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July 2019 // INVESTOR PRESENTATION

UNCERTAINTY IS THE ENEMY OF THE BUSINESS CYCLE

“A Washington and Beijing ceasefire raises prospects of the US directing trade heat towards Europe” - Financial Times, 6/29/19

“Tension between Japan and South Korea is rising, and it looks set to drag down trade”

“With Trump making trade the dominant narrative, the danger is it might derail the US-India relationship” - Financial Times, 6/3/19

“What I’m hearing is nervousness” - Thomas Barkin, Richmond Federal Reserve President, 2019

- CNBC, 6/8/19

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July 2019 // INVESTOR PRESENTATION

MARKET STRUCTURE

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The World Now Has Over $13 Trillion Of Debt With Below-Zero Yields.

Global ETF Assets Over $5 Trillion.

S&P Stock Buybacks Approaching $1 Trillion Per Year.

HISTORY LESSON

“These funds are built on a lie, which is that you can have daily liquidity for assets that fundamentally aren’t liquid.

The lie leads to an expectation for individuals that it’s not that different from having money in a bank.”

- Mark Carney, Bank of England Governor

Source: Philipp Carlsson-Szlezak, Ph.D. (AllianceBernstein report, 6/24/19) 3

July 2019 // INVESTOR PRESENTATION

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