SBSAA - Ravensource's Management's Letter To Unitholders

• Ravensource Fund’s NAV per unit increased by 11.9% over 2021, including distributions received by investors.
• Our success is predicated on reaching tangible milestones that mark fundamental change in our underlying investees.
• As we invest in underfollowed and unloved opportunities, Ravensource’s investments can be particularly exposed to temporary market losses during flights to quality.
• There has been no changeduring 2021 in the Fund’sstated investment strategyor in the executionof the investment mandate that would materially affect the risk ofinvesting in Ravensource.

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