Pangaea Asset Management, LLC Company Overview

Pangaea Asset Management, LLC

Company OverviewMarch 2009

STRICTLY CONFIDENTIAL

Additional Disclosures

This material is intended as a broad overview of the portfolio manager's current style, philosophy and process. This material is presented solely for informational purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Readers should not assume that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Certain products and services may not be available in all jurisdictions or to all client types. Investing entails risks, including possible loss of principal.

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Table of Contents

1. Pangaea Asset Management Overview– History– Asset Management Experience– Organizational Chart– Timeline

2. Pangaea Investment Activity – Portfolio Management– Investment Philosophy– Investment Sourcing– Investment Monitoring

3. Conclusion

Appendix A: Biographies



• Pangaea Asset Management, LLC (“Pangaea”) is a Registered Investment Advisor based in Chicago, Illinois. The firm was founded in February 2007 by Barry Shear, David Schmuck and Michael King (the “Founders”).– The Founders and Norwest Equity Partners have made a $75 million equity commitment to Pangaea. – Norwest Equity Partners has capital under management that totals $4.6 billion.– The Founders have 70 years of combined experience in lending and asset management. – Pangaea currently manages senior secured debt investments in over 200 below investment grade

companies.

• The Founders were previously partners in Antares Capital Corporation. Antares Capital was formed in 1996 in partnership with MassMutual. From 1996 to 2005:

– Antares Capital became the recognized leader in arranging syndicated middle-market loans for companies controlled by private equity firms.

– Antares Asset Management, a subsidiary of Antares Capital, grew assets under management for primarily non-affiliated investors to over $2 billion.

• Antares Capital and Antares Asset Management were sold to General Electric in October 2005. – Barry Shear became President and Michael King became Managing Director and head of credit

underwriting at GE Antares. The GE Antares middle market lending business doubled in size to approximately $8 billion(1) after this combination.

– David Schmuck joined GE Asset Management as Managing Director, CLO Portfolio Manager.

Pangaea Asset Management Overview

(1) Crain’s Chicago Business article dated October 11, 2005.


Asset Management Experience(1)

Legal Name Type Original Size Vintage Targeted Collateral Composition

Antares Funding (2) CLO/CDO $600MM 1999 75% Senior Secured Loans, 25% High Yield Bonds(3)

Nova CDO 2001 (2) CLO/CDO $300MM 2001 33% Senior Secured Loans, 67% High Yield Bonds(3)

Mariner CDO 2002 (2) CLO $400MM 2002 Primarily Senior Secured Loans

Navigator CDO 2003 (2) CLO $450MM 2003 Primarily Senior Secured Loans




Pangaea CLO 2007-1 Ltd. CLO $295MM 2007 100% Senior Secured Loans

Sargas CLO I Ltd. (4) CLO $314MM 2006 100% Senior Secured Loans

Merrill Lynch CLO 2007-I Ltd. (5) CLO $408MM 2007 100% Senior Secured Loans

(1) Does not reflect assets managed in separate accounts or on the Antares Capital Corporation balance sheet.(2) Management company sold to GE in October 2005. GE Asset Management became manager and Pangaea is not affiliated with GE Asset

Management and has no current management responsibility with respect to these funds.(3) High Yield Bonds were not managed by Antares Asset Management (“AAM”). AAM was the loan advisor for the Nova transaction. (4) Acquired the portfolio manager in February 2008.(5) Appointed sub servicer by 250 Capital, LLC. in February 2008. 250 Capital, LLC resigned as manager in December 2008 and sub servicing

agreement was terminated in March 2009.

Pangaea Organization Chart

Investment CommitteeInvestment Committee

David R. SchmuckSenior Managing

Director (24 years)

David R. SchmuckSenior Managing

Director (24 years)

Michael P. KingSenior Managing

Director (15 years)

Michael P. KingSenior Managing

Director (15 years)

Thomas J. BaxChief Financial Officer, Chief

Compliance Officer (27 years))

Thomas J. BaxChief Financial Officer, Chief

Compliance Officer (27 years))

Douglas CrimminsManaging Director

(19 years)

Douglas CrimminsManaging Director

(19 years)

Barry N. ShearSenior Managing Director and

President (30 years)

Barry N. ShearSenior Managing Director and

President (30 years)

Sean TreanorDirector of Operations(11 years)

Sean TreanorDirector of Operations(11 years)

Numbers in parentheses represent years of experience

Ryan MetcalfeDirector (10 years)

Ryan MetcalfeDirector (10 years)

Mark MaglayaSenior Analyst

(10 years)

Mark MaglayaSenior Analyst

(10 years)

Matt TuchbandAnalyst (9 years)

Matt TuchbandAnalyst (9 years)

Jeff CupplesAssociate (5 years)

Jeff CupplesAssociate (5 years)

Ross Van DrunenSenior Analyst

(11 years)

Ross Van DrunenSenior Analyst

(11 years)

Matt NelsSenior Analyst

(11 years)

Matt NelsSenior Analyst

(11 years)

James JagoAssociate(3 years)

James JagoAssociate(3 years)

Nathan HarrellAssociate(4 years)

Nathan HarrellAssociate(4 years)

Teri MarusOffice Manager

Teri MarusOffice Manager


John ThiesOperations Analyst

(8 years)

John ThiesOperations Analyst

(8 years)

Chris BrownManaging Director

(12 years)

Chris BrownManaging Director

(12 years)

Seth FriedmanOperations Analyst

(4 years)

Seth FriedmanOperations Analyst

(4 years)

Timeline

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

AntaresCapital

Founded

AntaresCapital

Founded

GECCPurchase

sAntaresCapital

GECCPurchase

sAntaresCapital

PangaeaFoundedPangaeaFounded

AntaresFunding

CLO

AntaresFunding

CLO

NovaCDO2001

NovaCDO2001

MarinerCDO2002

MarinerCDO2002

NavigatorCDO2004

NavigatorCDO2004

NavigatorCDO2006

NavigatorCDO2006

PangaeaCLO

2007-1

PangaeaCLO

2007-1

CS Advisors LLC

Acquired

SubservicingAgreement forMerrill LynchCLO 2007-1

CS Advisors LLC

Acquired

SubservicingAgreement forMerrill LynchCLO 2007-1

Separate Account -

Loans

Separate Account -

Loans

NavigatorCDO2003

NavigatorCDO2003

Separate Account – Stressed

Loans

Separate Account – Stressed

Loans

Separate Account -

Loans

Separate Account -

Loans

NavigatorCDO2005

NavigatorCDO2005

AntaresAsset Mgmt.

Founded

AntaresAsset Mgmt.

Founded


Portfolio Management • Defensive Portfolios

– Broad deal flow from which to select investments.– Obligor concentrations that generally don’t exceed 1.5%.– Industry concentrations that generally don’t exceed 10%.– Forward looking credit analysis.

• Trading strategies– Adjust portfolios within portfolio guidelines based on relative value analysis.– Credit risk sales across portfolios and no sales between portfolios. Trade allocations

are documented.– Focus on par preservation.

• Transparency, accessibility, and accountability.– Quarterly investment manager report.– E-mail, telephone, and in-person updates.– Password protected investor portal via Pangaea website.– Members of the Pangaea team have managed portfolios for over 50 different institutional

investors, both within and outside the US.

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Investment Philosophy • Due diligence focuses on an analysis of free cash flow and fundamental business value.

Investment underwritings cover the following:

– Diversity of products, customers, suppliers, and geographic markets.

– Raw material risk.

– Historical and projected financial performance.

– Industry/business economic cycle risk.

– Level of equity sponsor involvement.

– History of capital market access.

– Management team experience.

– Structural and legal analysis.


Investment Sourcing• Pangaea has significant market experience and long-standing relationships to generate broad

deal flow.

– Analyst team is in constant contact with other institutional debt investors and agent banks due to managing debt investments in over 275 non-investment grade companies.

– Experienced manager of credit risk, including investments in both middle market and broadly syndicated credit facilities.

– Over 100 different private equity firms are represented within the managed portfolios.

– Pangaea managed portfolios have purchased debt investments from 20 or more different agent banks, the top five agent banks where Pangaea sourced investments in the larger credit facilities were JP Morgan, CSFB, BofA, Citi, and GS.


Investment Monitoring• Active participant with forward looking analysis:

– Bank meetings, lender calls, management presentations, equity sponsor updates, industry conferences, investor dialogue, and trade publications.

• Pangaea’s proprietary investment monitoring model (“PARM”) is used to monitor portfolio investments:

– Forward looking model.– Assesses risk of payment default, borrower fundamentals and potential recovery values.

• In addition, analysts follow these other key variables:

– Cash flow forecast, covenants, market position, key personnel, and loan to value.

• Pangaea has actively repositioned portfolios to protect downside risk and gain added relative value.

• Buy/Sell/Hold recommendation by analyst with Pangaea Investment Committee oversight and approval.


Conclusion• Pangaea is uniquely situated to see performance across a broad cross-section of U.S.

companies:

– Investments in approximately 200 different below investment grade companies across 32 different industry groups.

– Long-standing and active relationships with agent banks and the private equity sponsor community.

• The Pangaea team has demonstrated success in building a niche financial service firm and has managed credit risk through multiple business cycles.

– The founding partners of Pangaea also held key leadership roles at Antares Capital which was a leading provider of debt financing to mid-market companies.

– Over the past nine years the team has managed over $3 billion in investments for third party investors in both leveraged and unleveraged portfolios.


Appendix A - BiographiesBarry N. Shear, Senior Managing Director and President

Mr. Shear is a founding partner of Pangaea Asset Management, LLC and Chairman of the Pangaea Investment Committee.

Prior to founding Pangaea, Mr. Shear was President and Senior Managing Director of GE Antares. Prior to GE Antares, Mr. Shear was President and a co-founder of Antares Capital Corporation and its wholly owned subsidiary, Antares Asset Management. Antares Capital Corporation was founded in 1996. Mr. Shear was also a member of the Antares Asset Management Investment Committee.

In 2005, General Electric Capital Corporation (“GECC”), an affiliate of GE, acquired Antares Capital Corporation (“ACC”) and Antares Asset Management, Inc. (“AAM”). Prior to the acquisition, ACC and AAM were engaged in the management of the following CDO transactions: Antares Funding L.P., Nova CDO 2001, Ltd. (as Advisor), Mariner CDO 2002, Navigator CDO 2003, Navigator CDO 2004, Navigator CDO 2005.

Prior to forming Antares Mr. Shear spent ten years at Heller Financial, Inc. where he was involved in new business development within the Corporate Finance Group. Prior to Heller, Mr. Shear spent five years as a Regional Marketing Manager in Chicago with Bank of America’s Business Credit Group. He has been a lender to the leveraged buyout community since 1980.

Mr. Shear has a B.S. degree from University of Illinois and an M.B.A. from University of Southern California.


Appendix A - BiographiesDavid Schmuck , Senior Managing Director and Chief Operating Officer

Mr. Schmuck is a founding partner of Pangaea Asset Management, LLC and member of the Pangaea Investment Committee. He is responsible for communicating to the Investment Committee managed portfolio guidelines. He is also responsible for communication with the firm’s investor base.

Previously he was Managing Director and CLO Portfolio Manager at GE Asset Management (“GEAM”), where he, as part of the bank loan team, was responsible for management of approximately $2.1 billion in collateralized loan obligation (“CLO”) transactions. He had portfolio management responsibility for Antares Funding, LP, Nova CDO 2001, Mariner CDO 2002, Navigator CDO 2003, Navigator CDO 2004, Navigator CDO 2005 and Navigator CDO 2006. Mr. Schmuck joined GEAM in November 2005 when General Electric Capital Corporation (“GECC”), an affiliate of GE, acquired Antares Capital Corporation (“ACC”) and Antares Asset Management (“AAM”).

Prior to GEAM, Mr. Schmuck was a member of the Investment Committee for AAM and also Chief Financial Officer of ACC. Prior to the acquisition by GECC, ACC and AAM managed the following transactions: Antares Funding L.P., Nova CDO 2001, Ltd. (as Advisor), Mariner CDO 2002, Navigator CDO 2003, Navigator CDO 2004, Navigator CDO 2005.

Mr. Schmuck worked for nearly 11 years at Heller Financial, Inc. prior to Antares. Most recently he served as Senior Director of Asset Distribution at Heller focused on asset-backed securitization transactions. Mr. Schmuck has been an active participant in the leveraged loan market since 1988.

Mr. Schmuck is a Certified Public Accountant (inactive) and received a B.S. degree in accounting from Miami University (Oxford, Ohio) and his Master’s degree from Northwestern University’s Kellogg School of Management.


Appendix A - BiographiesMichael King, Senior Managing Director and Executive Vice President

Mr. King is a founding partner of Pangaea and a member of the firm’s Investment Committee. He is responsible for the credit underwriting and monitoring functions at Pangaea. His team presents analysis and investment recommendations to the Pangaea Investment Committee.

Previously, Mr. King was a Managing Director at GE Antares where he managed over 60 deal professionals in structuring and underwriting all transactions for the leading originator of middle-market sponsored credits. Prior to GE Antares he managed the underwriting function at Antares Capital Corporation beginning in 1999. Prior to Antares, he worked with PPM America, Inc. where he co-managed a $700-million senior secured debt portfolio. Mr. King began his commercial lending career with First National Bank of Chicago structuring and underwriting leveraged media and communications debt facilities. He has more than fourteen years of commercial lending experience.

Mr. King has a B.A. in Economics from Marquette University and an M.B.A. from DePaul University.

Bruce Saewitz, Managing Director

Mr. Saewitz is responsible for marketing Pangaea to private equity firms and middle-market agent banks.

Previously, at the Blackstone Group, he established an organized national calling effort directed at buyout sponsors looking for mezzanine debt investment opportunities. Prior to Blackstone, Mr. Saewitz spent twelve years at PPM America where he was a leader in building a national sponsor customer base, initially looking for senior debt and one-stop debt financing opportunities. Later, the business was transitioned from debt to an equity model, whereby they invested in buyout funds and sourced direct equity co-investment opportunities from sponsors. Prior to PPM, Mr. Saewitz sourced mezzanine debt opportunities for Equitable Capital. He started his career at GE Capital in 1974, where he held various credit and marketing positions in their Corporate Debt Group over a fourteen-year period. He has over thirty years of experience in the private equity business, as both a lender and equity investor.

Mr. Saewitz received a B.A. Accounting from Queens College.


Appendix A - BiographiesChris Brown, Managing Director

Mr. Brown is responsible for sourcing and managing Pangaea’s distressed debt investments.

Previously, Mr. Brown was a founding partner of Newberry Capital Management, a distressed debt/special situations fund. He led Newberry’s research and due diligence efforts and closely oversaw monitoring of portfolio investments. Prior to Newberry Capital, Mr. Brown was a portfolio manager in the Special Credit Opportunities Group within Ritchie Capital Management. Mr. Brown joined Ritchie Capital in September 2004 where he was primarily responsible for the research efforts of the group. In this role he was actively involved in a number of bankruptcies and workouts. From 1999 until July 2004, Mr. Brown was a Vice President in the Special Investments Group of PPM America. The group managed four funds totaling over $1 billion that purchased and actively managed investments in the debt and equity of distressed and other leveraged companies. Prior to joining PPM, Mr. Brown worked for four years at the Bank of America, first as a Loan Officer in the middle-market lending group and later as an Associate Director on the Bank’s loan trading desk. Prior to that he was a financial analyst at the Federal Reserve Bank of Chicago.

Mr. Brown received his M.B.A from the University of Chicago in 1995 and his B.A. in economics from the University of Michigan in 1991. In

addition, he is a CFA charterholder and a member of the Investment Analysts Society of Chicago.


Appendix A - BiographiesDouglas Crimmins, Managing Director

Mr. Crimmins is responsible for business development and fund raising efforts.

Prior to joining Pangaea, Mr. Crimmins worked from 1993 through 2008 in fixed income sales at Citigroup and its predecessor firm Salomon Brothers. His most recent position was running Midwest distribution for structured credit and private placements. Distribution involved all aspects of the capital structure across all key asset classes including both cash and synthetics. From 1989 through 1991, Mr. Crimmins worked at Blackrock Financial Management as an Associate raising assets and working on financial advisory assignments. Prior to Blackrock, Mr. Crimmins worked two years at Lehman Brothers as a corporate finance analyst in the mortgage and financial institutions group.

Mr. Crimmins received his M.B.A. from the University of Chicago in 1993 and his B.A. in economics from Brown University in 1987.

Ryan Metcalfe, Director

Mr. Metcalfe is responsible for sourcing, evaluating and managing senior debt investments and conducting secondary trading activities.

Prior to joining Pangaea, Mr. Metcalfe was with GE Asset Management (“GEAM”) and prior to that he was with Antares Asset Management. At both firms he was responsible for sourcing, underwriting and managing broadly syndicated and middle-market investments for six CLOs that managed in total approximately $2 billion. Prior to Antares he spent five years with the Investment Banking Group of Robert W. Baird & Co., focusing on middle-market mergers and acquisitions and public and private equity offerings.

Mr. Metcalfe graduated with highest honors from the University of Illinois at Urbana-Champaign with a B.S. in Finance.


Appendix A - BiographiesMark Maglaya, Senior Investment Analyst

Mr. Maglaya is responsible for sourcing, underwriting and monitoring Pangaea’s senior debt transactions.

Prior to joining Pangaea, Mr. Maglaya served as an Assistant Vice President with CIT Group’s Global Sponsor Finance practice where he was responsible for the structuring, underwriting and documentation of CIT’s middle-market senior debt transactions. Before serving in this capacity, Mr. Maglaya spent 5 years with Antares Capital Corporation assisting in the structuring, underwriting, documentation and management of Antares’ middle-market senior debt transactions. Prior to Antares, Mr. Maglaya was an Investment Analyst for UBS O’Connor, LLC, a Chicago-based hedge fund manager and affiliate of UBS Investment Bank. Mr. Maglaya began his career at KPMG where he spent over two years as an auditor in the investment management services industry.

He received a B.S. in both Accounting and Finance from Indiana University.

Matthew Nels, Senior Investment Analyst

Mr. Nels is responsible for sourcing, underwriting and monitoring Pangaea’s senior debt transactions.

Prior to joining Pangaea, Mr. Nels was a Vice President with LaSalle Bank N.A. in the ESOP Financial Services Group where he was responsible for the design, structure and execution of leveraged ESOP transactions. Prior to LaSalle Bank, he spent four years at GE Healthcare Financial Services where he was responsible for the underwriting, documentation and monitoring of middle-market healthcare transactions. Prior to his employment with GE, Mr. Nels spent four years as a Portfolio Analyst with Heller Financial, Inc. and a Junior Trader/Operations Analyst with Deere Park Capital LLC.

Mr. Nels holds a B.S. in Finance and Marketing from Eastern Illinois University and an MBA in Finance from DePaul University.


Appendix A - BiographiesRoss Van Drunen, Senior Investment Analyst

Mr. Van Drunen is responsible for sourcing, underwriting and monitoring Pangaea’s senior debt transactions.

Mr. Van Drunen has seven years of direct experience managing credits within CLO vehicles. He was most recently an Investment Officer and Team Leader with Capital Source, Inc. and was with Denali Capital LLC in a similar role for over 5 years. Mr. Van Drunen’s primary responsibilities have included analyzing, underwriting and approving investment opportunities and portfolio oversight. Mr. Van Drunen also spent four years as a Tax Specialist with Heller Financial, Inc. and Ernst & Young, LLP.

Mr. Van Drunen holds a B.S. in Accounting from Trinity Christian College and an MBA from DePaul University.

Matt Tuchband, Investment Analyst

Mr. Tuchband is responsible for supporting the underwriting and monitoring of Pangaea’s senior debt transactions.

Prior to joining Pangaea, Mr. Tuchband was an investment Analyst and member of the bank loan team at GE Asset Management. Previously, he held various financial planning and analysis roles with The Quaker Oats Company and Follett Corporation, a privately held company in the education market.

Mr. Tuchband has his B.S. in Finance and Accounting from Indiana University. He holds a Master’s degree with concentrations in Finance, Strategy, and Entrepreneurship from Northwestern University’s Kellogg School of Management.


Appendix A - BiographiesJeff Cupples, Associate

Mr. Cupples is responsible for supporting the underwriting and monitoring of Pangaea’s senior debt transactions.

Prior to joining Pangaea, Mr. Cupples was a Corporate Banking Loan Officer with LaSalle Bank where he was responsible for monitoring 16 client relationships and a portfolio of $100-million in loans. Mr. Cupples began his career as a Credit Analyst with LaSalle’s Commercial Lending Trading Program where he gained well-rounded lending experience via four concentrated rotations through Non-Bank Financial Institutions, Cash Flow Lending to Educational Institutions, National Institutions Real Estate and ESOP Financial Services.

Mr. Cupples graduated with honors from Michigan State University with a B.A. in Finance.

Nathan Harrell, Associate

Mr. Harrell is responsible for supporting the underwriting and monitoring of Pangaea’s senior debt transactions.

Prior to joining Pangaea, Mr. Harrell was an Investment Analyst at CapitalSource Finance where he was responsible for underwriting and monitoring over 50 senior debt transactions across three CLO platforms within the company’s asset management subsidiary. Previously, Mr. Harrell was an Underwriter with Chase Bank where he was responsible for monitoring over 20 client relationships and analyzing prospective clients’ creditworthiness for various commercial loans and other financing. Mr. Harrell began his career as a Credit Analyst with Chase’s Commercial Banking Training Program.

Mr. Harrell graduated from the University of Chicago with a B.A. in Law, Letters, and Society.


Appendix A - BiographiesJames Jago, Associate

Mr. Jago is responsible for supporting the underwriting and monitoring of Pangaea’s senior debt investments.

Prior to joining Pangaea, Mr. Jago was a Portfolio Analyst at Merrill Lynch Capital where he was responsible for monitoring 60 loan transactions aggregating over $500 million. Before working at Merrill Lynch Capital, Mr. Jago was a Consultant at Protiviti, providing risk consulting and internal audit services with a focus on financial institutions.

Mr. Jago graduated Cum Laude from the A.B. Freeman School of Business at Tulane University with a B.S.M. in Finance.

Thomas J. Bax, Chief Financial Officer and Chief Compliance Officer

Mr. Bax is responsible for all Pangaea corporate matters and directing the services of rating agencies and accounting firms in support of the CLO product. Mr. Bax is also Pangaea’s Chief Compliance Officer and responsible for maintaining compliance with Pangaea’s Registered Investment Adviser filing and requirements and also Pangaea’s internal policies and procedures.

Prior to joining Pangaea, Mr. Bax spent four years as Vice President—Treasury Operations at Career Education Corporation, a publicly traded firm offering education services across the world in a variety of career-oriented disciplines. Prior to joining Career Education, Mr. Bax spent 14 years at Heller Financial, Inc. in a variety of positions. At Heller, Mr. Bax was involved with several securitizations of Commercial Mortgage Backed Securities, a balance sheet Collateralized Loan Obligation transaction and timeshare securitizations. Mr. Bax also had experience with cash flow lending and internal audit while at Heller. Mr. Bax began his career at Deloitte and Touche where he worked for eight years attaining the position of Audit Manager.

Mr. Bax graduated from Bradley University with a B.S. in Accounting. Mr. Bax is a C.P.A.


Appendix A - BiographiesSean Treanor, Director of Operations

Mr. Treanor is responsible for Pangaea’s operations function.

Most recently Mr. Treanor was a Vice President of Derivative Operations with Goldman Sachs. At Goldman he led the implementation of automated process solutions for the trade capture system in support of credit derivates. He implemented straight through trade processing for loan credit derivatives and managed a global team to automate the linkage between trade booking and trade documentation systems. Prior to joining Goldman, Mr. Treanor was a Vice President of Securitization Operations with GE. In this capacity he was responsible for the securitization settlement & derivative operations and investor-reporting platform for GE Commercial Finance’s Capital Markets Group. Mr. Treanor started his career with Heller Financial, Inc. analyzing investments in asset-backed securities.

Mr. Treanor is a CFA charter holder and received his B.A. in Finance and Economics, Cum Laude, from the University of Illinois and his M.B.A. from New York University’s Stern School of Business.

John Thies, Operations Analyst

Mr. Thies is responsible for supporting Pangaea’s operations functions.

Previously Mr. Thies was a Financial Analyst at GE Asset Management. He was responsible for obtaining the required ratings from Standard & Poor's and Moody's Investors Service related to private loan collateral held by managed CLO transactions. He also provided analytic support for the Investor reporting function for managed CLO transactions. Prior to that he worked as a Financial Analyst at Antares Capital Corporation and as a Senior Financial Reporting Supervisor with Aon Warranty Insurance Group. He started his career with Arthur Andersen as an auditor.

Mr. Thies has his B.S. in Accountancy from Illinois State University.


Appendix A - BiographiesSeth Friedman, Operations Analyst

Mr. Friedman supports Pangaea’s operations function.

Previously Mr. Friedman was a Securitization Compliance Analyst at Capital Source Finance. Prior to that he was a Senior Associate Account Manager in the Global Securities Trust Services Unit at LaSalle Bank.

Mr. Friedman has his B.S. in Business from Indiana University, Kelley School of Business.


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Pangaea Asset Management, LLC Company Overview