Unlocking Value

Now there’s a better way to manage alternative asset investments.

INTRODUCING THE BEN™ WAY

For Financial Professional Use Only

2

Alternative asset investments, such as private equity funds, venture capital funds, and fund of funds, can o� er attractive returns but may require longer-term commitments versus traditional investments — some as long as 10 to 12 years or longer.

With Ben liquidity solutions, your clients can enjoy the best of both worlds: potentially higher returns from their alternative assets and the opportunity to exit when the time is right for them.

Individual and small-to-mid-sized institutional investors in the U.S. have more than $1.2 trillion worth of alternative assets in their portfolios. Many of these investments are well past their peak performing periods, yet exiting these investments has proved to be challenging, if not impossible. Until now.

LIQUIDITY IS OPPORTUNITY WHEN YOU MANAGE ALTERNATIVE ASSET INVESTMENTS THE BEN™ WAY.

For Financial Professional Use Only

40% of all US alternative assets are owned by HNW individuals and small-to-mid- sized institutions.

“ “

3

A Growing NeedU.S.-based individual and institutional investors currently own more than $3 trillion worth of alternative investments, with projections to exceed $4.5 trillion by 2023. Large institutions, such as pension plans, endowments and foundations have routinely allocated a large portion of their investments to alternatives. This investor class owns nearly $2 trillion worth of alternatives and regularly bene� ts from access to liquidity through secondary market transactions. In fact, more than $75 billion of liquidity transactions were conducted in 2019 by large U.S. institutions.Why do large institutions liquidate alternative assets? Because they understand that liquidity is opportunity– and they have the size and scale to liquidate alternatives on their own terms and timelines.

For high net worth individuals and small-to-mid-sized institutions, however, realizing liquidity from alternative investments has been much more di� cult–and much more costly. As a result:

Many investors forego the opportunity to diversify their portfolios into alternative assets because they don’t want to be locked in for 10 to 12 years or longer.

Some investors hold on to alternative asset investments well beyond their peak performance periods.

Investors who choose to liquidate typically do so at a deep discount, through a long and costly process and only when absolutely necessary.

For Financial Professional Use Only

• Ben rapidly delivers early liquidity options for those who want to secure needed cash, rebalance their portfolio, take advantage of another opportunity, or plan for the future.

• Our ExAlt Plan™ o� ers a cost-e� ective and simple process that has many bene� ts over traditional liquidity providers, including less paperwork and no hidden costs.

• We act as a principal in all transactions and use our own balance sheet to provide liquidity. Ben is not an intermediary, secondaries agent or investment adviser.

Introducing BenThe Bene� cient Company – Ben, for short – is a � rst mover in the growing and largely untapped market of high net worth individuals and small- to-mid-sized institutions seeking liquidity from alternative assets.

So what does this mean for you and your clients?

More cost-e� ective and simpler process

Potentially higher advance rates

Rapid time to close

An excess of $30 billion is the estimated additional unmet annual demand for liquidity among HNW individuals and small-to-mid sized institutions in the US.

““

4

“ “

The Ben WayBen liquidity solutions help to reduce many of the challenges, accelerate the timelines, and lower the costs of securing liquidity so that your clients can have access to the same investment � exibility as large institutional investors when considering an alternative asset investment or managing one that is already in their portfolio.

• Clients who already own alternative assets can use Ben's ExAlt Plan for enhanced portfolio management, custody and administration or to obtain much-needed liquidity in a simple, rapid and cost-e� ective manner.

• Investors who are considering an alternative asset investment can do so with the con� dence of knowing, prior to investing, that they may have a better liquidity option in the future if they need, or want one.

• With Ben, institutional investors such as foundations, endowments and publicly or privately held companies can mimic the early liquidity tactics of large institutions to redeploy capital to seek greater rates of return.

• Manage portfolio construction risks

• Change investment objectives or liquidity horizons

• Fund college or retirement

• Respond to unexpected life events

• Supplement estate planning strategies

• Simplify division of assets

• Facilitate payment of tax liabilities and administration expenses

• Complement generational wealth transfer

• Rebalance investment allocations

• Access working capital

• Adjust vintage year exposures

• Redeploy into newer investments with greater future return potential

COUNT ON BEN FOR

Liquidity when it’s needed

Liquidity when it’s wanted

Liquidity when it makes � nancial sense

Ben liquidity solutions alleviate the challenges that owners of alternative investments have faced when looking for liquidity.

For Financial Professional Use Only

5For Financial Professional Use Only

Flexible OptionsBen o� ers a range of liquidity solutions customized to suit individual circumstances. Ben liquidity solutions are potentially available for taxable and tax-deferred accounts.

• The Ben™ ExchangeTrust™ o� ers liquidity through equity or debt securities.

• The Ben™ InterchangeTrust™ o� ers liquidity through a mix of cash plus equity or debt securities.

• The Ben™ LiquidTrust® o� ers cash liquidity.

FAQsQ: What types of professionally managed alternative assets are eligible

for Ben liquidity solutions?

A:

“ “

Ben o� ers a range of liquidity solutions.

Q: What is the minimum transaction or fund size Ben will consider?

A: The minimum transaction is $100,000 USD.

Q: How long does the funding process take from start to close?

A: It takes as few as 30 days for the average process, varying with availability of prior underwriting information.

Private equity Feeder funds

Venture capital Fund of funds

Leveraged buyouts Life insurance policies

Special situations/structured credit

Natural resources

Private debt Non-traded BDCs

Real estate Non-traded REITs

6 For Financial Professional Use Only

Client identi� es need for liquidity from their alternative asset. Ben o� ers a range of liquidity solutions.

Client provides documentation through a safe and secure online portal to Ben. Ben underwrites and presents simpli� ed terms and product documents.

Client receives consideration of cash, equity or debt securities based on the Ben liquidity solution selected.

Client places all or part of the alternative asset into custody under the ExAlt Plan at Ben.

How Ben Works

7

Our CompanyWe custody, administer and also finance alternative assets following an endowment-like, collateral portfolio management approach with a strong emphasis on risk management. Our rapid and simplified transaction process lowers our costs of execution. Our proprietary technology seeks to lower our holding costs by increasing automation and throughput, to minimize redundancy, improve pricing and to embed security.

We are an operating subsidiary of GWG Holdings, Inc. (Nasdaq: GWGH), a financial services holding company committed to transforming the alternative asset industry through innovative liquidity products and related services for the owners of illiquid alternative investments. As a public company, our parent may access capital at lower capital costs compared to other liquidity providers.

These time and cost savings are passed onto your clients.

Corporate CitizenshipAt Ben, we also take our role as a responsible corporate citizen very seriously. In addition to supporting a variety of charitable initiatives within our community, we support the Ben HERO program, a charitable initiative designed to fund the research projects of Texas universities, primarily in the fields of the environment, arts and well-being.

Leadership

We are grounded with a strong leadership team and a board of directors with extensive experience in alternative assets and financial services.

Risk Acceptance

We have established robust risk management guidelines that anchor and drive our origination and underwriting strategies.

Information Security

We have adopted extensive data security measures to safeguard your information and transaction.

We bridge the gap between liquidity demand and supply in a way that has never been done before.

For Financial Professional Use Only

“ “

©2020. The Bene� cient Company Group, L.P. For Financial Professional Use Only 2020-030v1

888-877-8786 | askben@bene� cient.com | www.TrustBen.com

Getting StartedNo one understands your clients’ needs better than you do. And no one understands how to extract liquidity from alternative assets like we do. Together, we can help you bring new and never-before-available opportunities to your clients.

Ben: because liquidity is opportunity.

Providing a New Standard of TrustEverything we do at Ben, from the way we structured our company to the creation and delivery of our unique products and services, is designed to deliver on our promise of providing liquidity and opportunity. We pledge to do so with efficiency, transparency and the highest level of trust and integrity.

More cost-e� ective and simpler process

Potentially higher advance rates

Rapid time to close

Neither Ben nor any of its affi liates or representatives (i) makes any express or implied representation or warranty as to the accuracy or completeness of the information contained in these materials, or (ii) shall have any liability resulting from your use of these materials. These materials are not intended to provide the sole basis for evaluating any transaction with Ben or any other matter. These materials and any other documents or information provided by The Benefi cient Company Group, L.P. do not constitute an off er to sell or purchase any securities of Ben or any of its affi liates. Off ers to sell or purchase any security can only be made through defi nitive off ering materials and agreements with the applicable investor.Subject to qualifi cation. Securities products are off ered through Emerson Equity, LLC. Member FINRA/SIPC. Ben and Emerson Equity, LLC are separate, unaffi liated entities.The information in this material is not intended to replace any information or consultation provided by a fi nancial advisor or other professional nor shall be perceived to constitute fi nancial, legal, accounting or tax advice.These materials contain certain estimates, projections and forward-looking statements that contain substantial risks and uncertainties. Moreover, Ben has not independently verifi ed any of the third-party or publicly available information included herein nor has it ascertained the underlying assumptions relied upon therein. The estimates, projections and forward-looking statements contained herein may or may not be realized, accurate, or complete, and diff erences between estimated results and those realized may be material. Such estimates, projections and forward-looking statements are illustrative only and refl ect various assumptions of Benʼs management concerning the future performance of Ben and its affi liates, and are subject to signifi cant business, economic and competitive uncertainties and contingencies, many of which are beyond Benʼs control. Except as otherwise noted, the materials speak as of March 2020. Neither Ben nor any of its affi liates or representatives undertakes any obligation to update or revise any of the information contained herein or to correct any inaccuracies which may become apparent. Sources: Preqin, Eurekahedge, Capgemini, Spectrem Group, Private Equity International, S&P Money Market Directories, Setter Capital, and Ben estimates.