Greylock Capital aims to generate capital appreciation by investing in distressed and high-yield debt instruments in emerging markets. Our goal is to achieve absolute returns, rather than an excess return over an index. We strive to achieve this through three principal types of investments: (i) restructurings, (ii) event-driven situations, and (iii) securities that are, in our view, undervalued when evaluated on their credit characteristics. For restructurings, capital appreciation is often generated by our involvement in any creditor committee and/or proceedings that may arise during our investment. In the case of event-driven and generally undervalued investments, our capital appreciation is generated when a specific catalyst materializes, or when the perception of other market participants towards the security changes.