Commercial Industrial Finance Corp. ("CIFC") is a top performing corporate credit asset management business. Led by Peter Gleysteen, CIFC's senior team has long experience working together since inception and previously at JPMorgan Chase. CIFC has a diversified, global international investor base and asset-sourcing relationships with all major lending institutions. CIFC is based in New York, manages $3.6 billion in assets across seven CLOs and is an SEC-registered investment adviser.

Top Performing Funds:
CIFC's primary investment objectives are to achieve the target returns marketed to investors and the sound stewardship of the capital invested. To date, CIFC has delivered continuous protection for debt investors across all its CLOs and consistently attractive returns to equity investors. Among large CLO managers (assets under management > $3 billion), CIFC is:

§ One of only three large managers who have maintained complete and uninterrupted compliance with overcollateralization tests across all its funds
§ One of only two large managers to have consistent top quartile equity returns
§ The only large manager with top rankings  in both of these key performance metrics

Unique Investment Model:
CIFC is a proactive, fundamentals-based corporate credit manager with best-in-class processes and controls, full transparency to investors and a proprietary credit technology platform. CIFC combines the best credit practices of banks and asset managers. A focus on loan repayment by borrowers, in contrast to dependency on asset sales as a primary risk management tool, is integrated with disciplined portfolio diversification, an adherence to strict risk/return criteria and an overlay of market value arbitrage to enhance the risk profile of funds managed. CIFC makes every investment decision under the assumption that the asset will be held to maturity, with emphasis on each loan's repayment prospects or collectability in the event of default. To that end, CIFC seeks loans with robust recovery values supported by a cushion comprised of collateral and enterprise value. Rather than relying on the views of rating agencies or implied signals from market prices, CIFC's credit analysis focuses on industry, the borrower's business, management capabilities, debt service capacity, legal structure, collateral value and use of proceeds. CIFC's fundamentals-based investing strategy incorporates an overlay of relative value loan trading and portfolio rebalancing in a continual, disciplined reassessment of every loan in the portfolios that it manages. In so doing, CIFC seeks to identify relative value differentials, loan market inefficiencies and technical imbalances in order to arbitrage differences between expected recovery rates and market prices, to build loan loss reserves, and to take defensive actions. Guided by its continuously updated credit views, CIFC sells loans when more attractive loans can be purchased at  comparable price points to optimize portfolio composition and target performance. In addition, CIFC employs a workout approach to stressed loans with a focus on ultimate recovery (soon-to-default or actual default sales are exceptions and undertaken only where price exceeds expected recovery). Within its diligent, detail-oriented fund management process, CIFC also prioritizes concentration and correlation avoidance and re-assesses investments relative to the target investment criteria of each fund. Ultimately, CIFC is focused on the preservation of capital invested, and seeks to deliver consistently attractive risk adjusted returns according to the original outlined investment strategy and to maintain high transparency and accountability with its investors.

  

Investment Platform:
CIFC has a team of 23 professionals with over 350 years of cumulative experience, built around a core of highly experienced credit and lending professionals. CIFC's highly seasoned investment team averages 17 years of experience and is led by Peter Gleysteen, a pioneer of the U.S. corporate loan market. Our 15 investment professionals -- most of whom worked together at JPMorgan Chase (and its predecessors Chase Manhattan Bank and Chemical Bank) -- have extensive experience in lending and credit, in addition to loan syndication, credit portfolio management and loan workout expertise.

CIFC's loan management business is supported by a sophisticated Information Technology ("IT") infrastructure comprised of both third party and proprietary systems. This IT platform is designed to support informed, timely and refined investment decisions, increase efficiency and produce uniform and consistent loan and fund performance tracking metrics.

Leadership:
Peter Gleysteen is the founder and CEO of CIFC. He had a 25-year career at JPMorgan Chase, where he co-founded and was responsible for the bank's global loan syndications business, and also served as the Chief Credit Officer. Mr. Gleysteen had a key role in developing both the bank loan syndications business as an essential global capital market and corporate loans as an asset class.

Capitalization & Strategic Partner Overview:
CIFC is well-capitalized with the objective of growing to be a leading global credit asset management business. CIFC's majority shareholders are funds managed by Charlesbank Capital Partners, a private investment firm with an established track record of success having invested approximately $2 billion in more than 60 companies since its inception in 1991. For more information on Charlesbank, visit www.charlesbank.com.

Charlesbank and CIFC management have together invested approximately $100 million in the equity capital of CIFC.