International Game Technology Stock: First Share Repurchase (NYSE:IGT)

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Unique stock ideas taken from fund letters published by Seeking Alpha.

Additional disclosure: Additional Information: The use of the MSCI ACWI in this document has not been chosen to represent an appropriate benchmark against which to compare the performance of an investor in the Mittleman Global Value Equity Fund (MGVEF), but rather has has been provided to allow comparison of this performance to that of some well-known and widely recognized general index. The MSCI ACWI is an unmanaged index compiled by MSCI. The index is weighted by market capitalization and its returns include the reinvestment of dividends. The index does not take into account transaction costs or other expenses an investor may incur in attempting to achieve such returns. The Index has been drawn from published sources and believed to be reliable. You cannot invest directly in an index. Investments made by Mittleman Investment Management, LLC (MIM) for its clients’ portfolios, including MGVEF, differ significantly from this index (and any other) in terms of holdings, sector weightings and allocations. of assets. Accordingly, investment results and volatility will differ from those of the benchmark.

Performance figures are presented in AUD on a net pre-tax basis and assume the reinvestment of distributions. Past performance is not an indicator of future performance. The portfolio statistics on page 2 are expressed in USD and are as of December 31, 2021. The statistics are updated in the report at the end of each quarter. All dollar amounts in this report are in USD, unless otherwise specified.

All information provided herein is for informational purposes only and should not be considered a recommendation to buy or sell any securities. This material may not be redistributed without the express written consent of MIM and does not constitute an offer to sell or the solicitation of an offer to buy any security or investment product. All investments involve risk, including loss of principal. The specific companies or securities featured in this presentation are intended to demonstrate MIM’s investment style and the types of securities we invest in and are not selected on the basis of past performance. MIM’s analyzes and conclusions contained in this presentation include certain statements, assumptions, estimates and projections that reflect MIM’s various assumptions regarding expected results that are inherently subject to significant economic, competitive and other uncertainties and contingencies and have been included for illustrative purposes only. purposes. No representation, express or implied, is made as to the accuracy or completeness of any such statements, assumptions, estimates or projections or with respect to any other material contained herein. The securities identified and described herein do not represent all securities purchased, sold or recommended for MGVEF. The reader should not assume that an investment in the securities identified has been or will be profitable. There can be no assurance that the securities discussed herein will remain in the portfolio at the time you receive this report, or that the securities sold have not been redeemed. There can be no assurance that the investment objectives will be achieved. Past performance does not guarantee or indicate future results. MGVEF’s portfolio holdings, country allocation and sector allocation are as of December 31, 2021 and are subject to change and should not be considered investment recommendations for trading individual securities. Country allocation does not include cash. The upward graph estimates of fair value reflect various assumptions by MIM regarding expected results that are inherently subject to significant economic, competitive and other uncertainties and contingencies and have been included for illustrative purposes only. No representation, express or implied, is made as to the accuracy or completeness of such assumptions, estimates or projections.

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This document has been prepared and published by Mittleman Investment Management, LLC. (MIM) (AFSL 528365) and is intended for the general information of ‘wholesale customers’ (as defined in the Corporations Act 2001). MIM is not authorized to provide financial services to retail clients in Australia. MIM is regulated by the United States Securities and Exchange Commission under US laws, which differ from Australian laws. Equity Trustees Limited (Equity Trustees) (ABN 46 004 031 298, AFSL 240975) is a subsidiary of EQT Holdings Limited (ABN 22607 797 615), a company listed on the Australian Securities Exchange (ASX: EQT). Equity Trustees is the entity responsible for the Mittleman Global Value Equity Fund (ARSN 161 911 306). This document is neither an offer to sell nor a solicitation of an offer to acquire an interest in any investment. The information contained in this document is of a general nature only. Accordingly, such information should not be relied upon in making any investment, financial or other decision. In preparing this document, MIM has not taken into account the investment objectives, financial situation and needs of any particular person. Before making an investment decision, you must determine whether the investment is appropriate in light of these questions. While every effort is made to ensure the accuracy of the information contained herein, MIM and Equity Trustees make no warranties as to the accuracy, reliability and completeness of the information contained herein and you rely on this information at your own risk. To the extent permitted by law, MIM and Equity Trustees disclaim all liability to any person relying on the information contained herein for any loss or damage (including consequential loss or damage) howsoever arising. either cause, which may be suffered or arise directly or indirectly with respect to such information. Past performance is not a reliable indicator of future performance. Repayment of principal or any particular rate of return is not guaranteed. The target market determination of the Mittleman Global Value Equity Fund is available here. A Target Market Determination is a document to be made available from 5 October 2021. It outlines who this financial product is likely to be suitable for (i.e. the target market) and any terms relating to how proceeds may be distributed to investors. . It also describes the events or circumstances in which the determination of the target market for this financial product may require revision.


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