Unique Strengths of Churchill Pacific's CDO Management Team

Established Team

• Senior portfolio management team has worked together for an average of 15 years.

Extensive Experience

• Issued and managed 8 CDOs since founding firm in 2000.

Superior Performance Record

• Track record of low defaults in leveraged loan assets since 1997.

Unique Portfolio Management / Credit Analyst Structure

• 3 senior credit professionals, all of whom perform corporate credit analysis.
• Consensus decision-making among senior professionals with portfolio manager override.
• "Trading floor" set-up that facilitates free flow of ideas and "constructive, rigorous debate" of credit stories and portfolio construction.
• All employees have direct financial incentives tied to the performance of CDOs.

Strong Sponsorship and Incentives

• Senior members have an equity ownership in Churchill Financial Group.
• Purchase of $48 million of equity in recently issued CDOs.