Abu Dhabi meeting with CEO, page-59

Hottuna- Why don't you reach out to GMO and Harvard. Seriously! Takes a little time and effort but I was able to hear back from both of them. GMO in particular mentioned that their IRRs will exceed 10% even with the older vintages at lack luster survival and yield rates (even less than the Glaucus report suggests). GMO's comment was that if Quintis hit's the survival rates they are targeting that IRRs will reach silly levels. Much more than their investors require or that they underwrote when they invested in Quintis.

From my conversations with them it is my impression QIN is on track for notable cash incentive fees to the general partnership. IRRs look like they will be exceeding the targets.

GMO did not underwrite crazy yield assumptions for their investor group. It is my understanding they were highly conservative at the time of investment. From my call with them they seemed highly confident they were going to easily exceed their initial IRR target. Which means cash incentive fees to Quintis.

Also keep in mind negative / low interest rates across parts of the world create real demand from family offices and high net worth individuals. IRRs of 5-15% produced by entities such as GMO are highly attractive for many types of investors who view developed nation bonds as a risky alternative at the moment. It is legitimately a great option for a ~$1B net worth family that doesn't know where to stash their money.

Although, if you speak with the team at GMO I cannot promise you'll like what they have to say. Keep in mind these guys are also agnostic as to whether or not QIN exists. If QIN BKs they'll just hire the staff away from QIN to run their plantations for them.