CLO Asset Manager Handbook. April 2016 Fifth Edition

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1 CLO Asset Manager Handbook April 2016 Fifth Edition

2 Key Contacts Fund and Asset Manager Ratings Alastair Sewell Senior Director Russ Thomas Director Structured Credit Kevin Kendra Managing Director Matthias Neugebauer Managing Director Derek Miller Managing Director Leveraged Finance Michael Simonton Managing Director Michael Paladino Managing Director Sharon Bonelli Senior Director Business and Relationship Management Jill Zelter Managing Director Andrew Cormack Senior Director Winnie Fong, CFA Senior Director Greg Hiltebrand Director

3 Welcome to the fifth edition of Fitch Ratings CLO Asset Manager Handbook. This edition includes profile reports for 69 CLO managers, with all data and information presented in a standardized format as of YE15. Managers included in the Handbook provide their data in recognition of the importance of increasing transparency and comparability in the CLO market. Through a combination of key manager facts and attributes including corporate structure, key personnel, assets under management and CLOs under management our profile reports provide investors with a consistent framework for evaluating and benchmarking managers against each other. New in this current edition, we present U.S. managers self-described risk retention strategies. Additionally, the customary CLOs Under Management tables now also display CLOs anticipated compliance with U.S. risk retention along with Volcker and CRR compliance status. In the case of 61 managers, our Fund and Asset Manager Ratings and Structured Credit teams conducted operational risk assessments and reviewed the managers investment processes. The profile reports for those managers include The Fitch View, which represents our summary assessment of the managers qualifications, strengths, potential areas of concern and any mitigating factors. The next edition of the Handbook will be published in 1H17, based on data as of YE16. If you have any suggestions or comments or if you are a manager that would like to participate in the next edition please clo.research@fitchratings.com. Note: CLO managers provided the information contained in their respective profile reports. All data are as of Dec. 31, 2015 unless otherwise specified. CLOs priced after Dec. 31, 2015 are not listed. Numbers may not add due to rounding. CLO Asset Manager Handbook i

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5 Manager Profile 3i Debt Management Group Advisors, Inc Alcentra Allianz Global Investors American Money Management Corporation Anchorage Capital Group, L.L.C Apex Credit Partners LLC Apollo Global Management, LLC Ares Management LLC Arrowpoint Asset Management, LLC AXA Investment Managers S.A Babson Capital Management LLC Bain Capital Credit, LP Ballyrock Investment Advisors LLC BlackRock, Inc BlueMountain Capital Management, LLC BNP Paribas Investment Partners Cairn Loan Investments LLP Carlyle Group, The Chenavari Investment Managers CIFC Asset Management LLC Commerzbank Debt Fund Management CQS Investment Management Limited Credit Suisse Asset Management, LLC Crescent Capital Group LP Crestline Denali Capital, L.P CVC Credit Partners, LP Fortress Investment Group LLC GLG Partners LP GoldenTree Asset Management, LP GSO / Blackstone Debt Funds Management LLC Guggenheim Investments Halcyon Loan Management LLC HarbourView Asset Management Corporation Highbridge Principal Strategies, LLC Highland Capital Management, L.P Insight Investment Intermediate Capital Group KKR Credit Advisors (US) LLC Kramer Van Kirk Credit Strategies LP LCM Asset Management LLC Loomis, Sayles & Company, L.P Marathon Asset Management, LP MidOcean Credit Fund Management LP Monroe Capital, LLC Neuberger Berman Group LLC NewStar Financial, Inc NXT Capital Investment Advisers, LLC NYL Investors LLC Oak Hill Advisors, L.P Oaktree Capital Management, L.P Och-Ziff Loan Management LP Octagon Credit Investors, LLC Palmer Square Capital Management LLC PineBridge Investments LLC Prudential Fixed Income Rothschild Group Seix Investment Advisors LLC Silvermine Capital Management LLC Sound Harbor Partners LLC Sound Point Capital Management, LP Steele Creek Investment Management Symphony Asset Management LLC THL Credit Senior Loan Strategies LLC Tikehau Capital Europe Limited Triumph Capital Advisors, LLC Valcour Capital Management LLC Voya Investment Management Co. LLC ZAIS Group, LLC CLO Asset Manager Handbook iii

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7 3i Debt Management Group 3i Group plc consists of three business lines: private equity, infrastructure and debt management. 3i Debt Management Group (3iDM) was established in February 2011 following the acquisition of the Mizuho Investment Management European debt platform; 3iDM s U.S. operations were established in August 2012 following a strategic transaction with WCAS Fraser Sullivan. As of Dec. 31, 2015, 3iDM s U.S. and European entities had a combined $11.5 billion in global assets under management (AUM). 3 Manager Profile Address 16 Palace Street, London, SW1E 5JD, U.K. 60 E. 42nd Street, 41st Floor, New York, NY 10165, U.S. Website Year Founded Europe: 2011 (predecessor firm founded 2004) U.S.: 2012 (predecessor firm founded 2005) Ownership Structure Multistrategy asset management firm Parent(s) 3i Group plc Key Affiliate(s) N.A. Investment Profile Global Firm No. of Employees No. of Portfolio Managers AUM 46 (29 Europe/17 U.S.) Seven (Three Europe/Four U.S.) $11.5 Bil. Leveraged Loans Only No. of Employees 46 (29 Europe/17 U.S.) No. of Portfolio Managers Seven (Three Europe/Four U.S.) AUM $10.5 Bil. No. of Invested Credits Approximately 550 (220 Europe/330 U.S.) Credits per Analyst 37 U.S. CLOs (No./AUM) 12/$5.2 Bil. European CLOs (No./AUM) 17/ 4.6 Bil. U.S. Loans Managed via CLOs 94% European Loans Managed via CLOs 89% N.A. Not applicable. U.S. CLO Risk Retention Strategy Preferred Form of Interest Preferred Structure Overall Self-Described Risk Retention Strategy Varying on a deal-by-deal basis Varying on a deal-by-deal basis 3iDM is part of the 3i Group plc. The 3i Group is committed to ensuring that its CLO issuance activity can continue under current and soon-to-be-implemented regulatory requirements. 3i Group companies have been purchasing sufficient equity in 3iDM s European CLOs to comply with European risk retention regulations since the implementation of such regulations in Starting in 2015, 3i Group companies have begun investing sufficient capital in 3iDM s U.S. entity to demonstrate the ability to comply with U.S. risk retention regulations when they become effective in December Although the 3i Group has been lending risk retention investments in this way, the debt management team is working with several thirdparty investors to establish a risk retention platform that would combine 3iDM and third-party capital to support risk retention compliant 3iDM-managed CLO issuance for the foreseeable future. 3i Debt Management Group 5

8 3 Global Assets Under Management (As of Dec. 31, 2015) Global Assets Under Management ($ Bil.) Breakdown by Asset Type Breakdown by Region High Yield Bonds 4.1% CLOs 1.0% Other 4.0% U.S. 48.2% Europe 51.8% Syndicated Loans 90.9% Breakdown by Product Type Breakdown by Investor Type Managed Funds 5.6% Managed Accounts 0.2% Other 4.0% Other 9.8% CLOs 90.2% CLO Investors 90.2% Source: 3i Debt Management Group. 6 3i Debt Management Group

9 U.S. Credit Committee Experience (Years) Name Title Role Company Industry John Fraser Managing Partner CIO David Endler Portfolio Manager Portfolio Manager David Nadeau Portfolio Manager Portfolio Manager Matthew Sosland Portfolio Manager Portfolio Manager European Credit Committee Experience (Years) Name Title Role Company Industry Jeremy Ghose Managing Partner CEO Peter Goody COO COO 8 21 Neil Rickard Head of Credit/Portfolio Manager Head of Credit/Portfolio Manager David Stanbrook Senior Credit Analyst Credit Analyst 5 24 U.S. CLOs Under Management Portfolio Balance ($ Mil.) Issue Size ($ Mil.) Compliance Name Pricing Status Target Current Original Current Volcker CRR U.S. RR a Fraser Sullivan CLO I 3/06 Called No No No Fraser Sullivan CLO II 12/06 Amortizing No No No COA Caerus CLO 12/07 Amortizing No No No COA CLO Financing 1/09 Called No No No COA Tempus CLO 4/10 Called No No No Fraser Sullivan CLO V 2/11 Called No No No Fraser Sullivan CLO VI 11/11 Called No No No Fraser Sullivan CLO VII 4/12 Amortizing Yes No No Jamestown I CLO 11/12 Revolving Yes No No Jamestown II CLO 2/13 Revolving Yes No No Jamestown III CLO 12/13 Revolving No No No COA Summit CLO 3/14 Amortizing Yes No No Jamestown IV CLO 6/14 Revolving Yes No No Jamestown V CLO 12/14 Revolving Yes No No Jamestown VI CLO 2/15 Revolving Yes No No Jamestown VII CLO 8/15 Revolving Yes No Yes Jamestown VIII CLO 12/15 Revolving Yes No Yes Total 7,943 5,186 7,991 5,284 a Anticipated U.S. Risk Retention compliant. Note: Numbers may not add due to rounding. 3i Debt Management Group 7

10 3 European CLOs Under Management Portfolio Balance ( Mil.) Issue Size ( Mil.) Compliance Name Pricing Status Target Current Original Current Volcker CRR Harvest I 4/04 Amortizing No No Petrusse 6/04 Amortizing No No Alzette 12/04 Called No No Harvest II 4/05 Amortizing No No Harvest III 4/06 Amortizing No No Harvest IV 6/06 Amortizing No No Garda 1/07 Amortizing No No Coniston 2/07 Amortizing No No Harvest V 4/07 Amortizing No No Axius 10/07 Amortizing No No Windmill 10/07 Amortizing No No Harvest VII 9/13 Revolving No Yes Harvest VIII 2/14 Revolving No Yes Harvest IX 7/14 Revolving Yes Yes Harvest X 11/14 Revolving Yes Yes Harvest XI 3/15 Revolving Yes Yes Harvest XII 8/15 Revolving Yes Yes Harvest XIV 11/15 Revolving Yes Yes Total 8,191 4,647 8,328 5,053 Note: Numbers may not add due to rounding. Organizational Structure 3i Group plc 100% 100% Intermediate 3i Subsidiaries 3i Debt Management Ltd 100% 100% 3i Debt Management US LLC 3iDM US 3i Debt Management Investments Ltd 3iDM Europe 8 3i Debt Management Group

11 The Fitch View Key Considerations Established and institutionalized leveraged loan management platform with long track record. Benefits from the substantial scale and resources of its strong and stable parent, 3i Group plc. Experienced team with a long track record of successful CLO issuance and administration. Senior management averages 20 years of relevant investment experience and has worked together for almost a decade. A continuing challenge for 3iDM will be to manage potential conflicts of interest by maintaining the company s effective wall of separation between the CLO platform and 3i Group plc s private equity business. Company 3iDM in its current form results mainly from the acquisition of the Mizuho Investment Management European debt platform in 2011, the acquisition of five European CLOs from Invesco in 2012 and a strategic U.S.-based transaction with WCAS Fraser Sullivan in iDM (and its predecessors) has been managing European CLOs since 2004 and U.S. CLOs since New CLO issuance represents an important part of 3i Group plc s corporate strategy to grow third-party income along with loan funds. 3i Group plc has a global presence with three distinct investment businesses: private equity; infrastructure focused on utilities, transportation and social infrastructure; and debt management. All portfolio management, credit analysis and loan operations functions are conducted in-house, with non-investment-related functions like human resources, information technology and back-office operations handled by 3i Group plc. Investments Focus is on broadly syndicated loans, specifically companies with EBITDA of greater than $50 million and facilities greater than $300 million, with strong management teams. Predominantly senior debt. Formalized investment process based on bottom-up fundamental credit selection conducted by an analyst team organized by sector and geography. Credit analysis formalized in internal ratings and short memos of sufficient quality. Credit buy and sell decision (and material waivers) approved by investment committee of four. Minutes of credit committee decision documented. Strong market access capacity via 3iDM s established position in leveraged loans. Controls Risk oversight effected via 3i Group plc s compliance, internal audit and committee structures (group risk committee, conflict committee and audit and compliance committee). Strong focus on compliance from being publicly listed and registered; Global Investment Performance Standards compliant. 3iDM has various compliance and governance processes in place to support accuracy of trading, portfolio management and administration functions. Operations Operational procedures are sound, supported by fund administration team of four and industry-standard tools such as Wall Street Office (WSO) for loan/clo administration. Scalability of processes demonstrated through integration of previously acquired CLOs and new mandates to 3iDM s platform. Daily cash and weekly position reconciliations with the trustee. Technology Appropriate blend of third-party and proprietary systems used, including WSO and Everest, integrated via a proprietary data warehouse. Technology and systems support is managed and maintained by parent company, which also provides appropriate disaster recovery services. External data feeds for pricing (Markit and Bloomberg) integrated to WSO and Everest. 3 3i Debt Management Group 9

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13 40 86 Advisors, Inc. Founded in 1981, Advisors, Inc. (40 86) is a wholly owned subsidiary of CNO Financial Group, Inc. (CNO). As of Dec. 31, 2015, had approximately $25.5 billion in assets under management (AUM) across a wide range of fixed-income securities, including structured finance bonds, investment-grade and high-yield corporate bonds, bank loans, commercial mortgage loans and government securities mainly serves insurance companies; it also manages six CLOs that invest in broadly syndicated loans. Manager Profile 4 Address Website 535 N. College Drive, Carmel, IN 46032, U.S. Year Founded 1981 Ownership Structure Parent(s) Key Affiliate(s) Multistrategy asset management firm CNO Financial Group, Inc. (NYSE: CNO) CreekSource, LLC Investment Profile Global Firm No. of Employees 75 No. of Portfolio Managers AUM Three $25.5 Bil. Leveraged Loans Only No. of Employees No. of Portfolio Managers AUM No. of Invested Credits Credits per Analyst U.S. CLOs (No./AUM) European CLOs (No./AUM) Five One $1.9 Bil. 172 a 23 a Six/$1.9 Bil. Zero/ 0 U.S. Loans Managed via CLOs 88% European Loans Managed via CLOs N.A. a Leveraged loans only, across all vehicles. N.A. Not applicable. U.S. CLO Risk Retention Strategy Preferred Form of Interest Preferred Structure Overall Self-Described Risk Retention Strategy Horizontal interests Majority-owned affiliate of manager Advisors affiliate, CreekSource, is a capitalized manager and serves as: Collateral Manager: anagement fees from collateral management agreement used to pay sub-advisory fees and company-related expenses Trade decisions executed based on information provided by the sub-advisor. Retention Holder: Minimum equity investment of 5% of total issuance. Loan Origination: Maintain 5% minimum of CLO portfolio sourced from CreekSource. Loans are seasoned for 10 business days and sold at the offer price, with CreekSource taking price and credit risk origination fee paid by CLO used to cover trading expenses Advisors, Inc. 11

14 4 Global Assets Under Management (As of Dec. 31, 2015) Global Assets Under Management ($ Bil.) Breakdown by Asset Type Middle Market Loans 6.5% CLOs 0.7% Syndicated Loans 6.7% Structured Products Other 26.8% High Yield Bonds 2.6% Investment Grade Bonds 40.2% 16.5% Note: Other includes municipal bonds, commercial mortgage, emerging markets, equities, alternatives and cash. Breakdown by Region Other 14.4% Europe 5.9% U.S. 79.7% Breakdown by Product Type CLOs 7.3% Breakdown by Investor Type CLO Investors 6.3% FHLB Program 5.5% CNO HoldCo 1.3% Managed Accounts 92.7% FHLB Federal Home Loan Banks. Insurance 85.9% Source: Advisors, Inc Advisors, Inc.

15 U.S. Credit Committee Experience (Years) Name Title Role Company Industry Eduardo Piedra Vice President Bank Loans and CLOs 8 19 Matt Hall Senior Vice President Head of Credit Research 9 18 Bryan Higgins Associate Vice President Bank Loan Trader U.S. CLOs Under Management Portfolio Balance ($ Mil.) Issue Size ($ Mil.) Compliance Name Pricing Status Target Current Original Current Volcker CRR U.S. RR a SERVES /99 Matured No No N.A. SERVES /01 Matured No No N.A. Fall Creek CLO, Ltd. 9/05 Called No No N.A. Eagle Creek CLO, Ltd. 2/06 Amortizing No No N.A. Mill Creek CLO, Ltd. 12/11 Amortizing Yes No N.A. Sugar Creek CLO, Ltd. 5/12 Revolving Yes No N.A. Cedar Creek CLO, Ltd. 3/13 Revolving Yes No N.A. Silver Creek CLO, Ltd. 7/14 Revolving Yes No N.A. Bean Creek CLO, Ltd 12/15 Revolving Yes No N.A. Total 3,284 1,552 3,341 1,715 a Anticipated U.S. Risk Retention compliant. Note: Numbers may not add due to rounding. Organizational Structure CNO Financial Group Advisors CreekSource Washington National Bankers Life and Casualty Company Colonial Penn Life Insurance Company Advisors, Inc. 13

16 4 The Fitch View Key Considerations Benefits from support and resources of its parent company, CNO. Robust oversight and control environment. Experienced structured vehicle issuer, having managed 16 CDOs/CLOs since Committee process is ad hoc rather than formalized. However, investment approval typically requires unanimous consent from team members. Company is the investment arm and wholly owned subsidiary of CNO, a publicly traded insurance company with approximately $25.5 billion in AUM as of Dec. 31, In anticipation of upcoming CLO risk retention rules, CNO has formed CreekSource, LLC, a majority-owned affiliate, alongside 40 86, to hold the retention interest (CLO equity) and related payments on future CLOs. CreekSource, LLC is wholly owned by affiliates of CNO. Senior members of the bank loan team average 17 years of industry experience. CLO platform head Eduardo Piedra has eight years of direct CLO management experience, in addition to broader bank loan experience. The CLO platform is a cooperative effort primarily involving the bank loan group, credit research, operations and IT resources. Investments The bank loan team has four members dedicated to bank loan trading and management of the CLO portfolios. Credit research has 10 members covering an average of 28 high-yield credits and 51 investment-grade credits. Prescreened investments undergo a three-stage analytical process consisting of industry, company and capital structure analyses, followed by an ad hoc committee process. Portfolio credit scoring model is based on a three-tier system designed to capture obligor performance volatility. The team has four specialists dedicated to working out distressed credits. The loan portfolio has experienced an annualized default rate of 2.0% since Controls Strong oversight provided by parent CNO, including annual internal audits and risk assessments of all essential investment management functions has been an SEC-registered investment adviser since An SEC review was conducted in February 2012; no material findings were reported. The firm monitors indenture compliance daily to review any issues from the previous day s trading. Operations Procedures for trade settlement and cash flow and holdings reconciliation with CLO trustees are comprehensive and conducted by a dedicated operations team. Portfolios are priced daily through Markit Loan Pricing, and Intex is used to model and project cash flows. Timely trade settlement is a high priority for the operations team currently averages between four and 15 business days to settlement for par loans. Technology Disaster recovery and business continuity plans are well documented and tested quarterly. The IT platform is fully integrated through central databases where portfolio records, analytics and live market data are stored has access to multiple third-party analytical tools, including Intex, Yield Book, IDC, Markit and rating agency data feeds and research subscriptions Advisors, Inc.

17 Alcentra Alcentra NY, LLC and Alcentra Ltd. (together, Alcentra) are wholly owned subsidiaries of The Bank of New York Mellon Corporation (BNY). Alcentra is a specialist manager of sub-investment-grade debt; it manages strategies across senior-secured loans, high-yield bonds, structured credit, direct lending, special situations and multistrategy credit. As of Dec. 31, 2015, Alcentra had approximately $27.8 billion in assets under management (AUM), including approximately $11.8 billion in CLO assets. Manager Profile Address Website Year Founded Ownership Structure Parent(s) Key Affiliate(s) 10 Gresham Street, London EC2V 7JD, U.K. 200 Park Avenue, New York, NY 10166, U.S (Alcentra NY, LLC U.S. operations) 2002 (Alcentra Ltd. European operations) Multistrategy asset management firm The Bank of New York Mellon Corporation N.A. A Investment Profile Global Firm No. of Employees 128 No. of Portfolio Managers Nine AUM $27.8 Bil. Leveraged Loans Only No. of Employees 113 No. of Portfolio Managers Two AUM $19.9 Bil. No. of Invested Credits 523 Credits per Analyst Approximately 25 U.S. CLOs (No./AUM) 16/$5.0 Bil. European CLOs (No./AUM) 18/ 6.2 Bil. U.S. Loans Managed via CLOs 69% European Loans Managed via CLOs 72% N.A. Not applicable. U.S. CLO Risk Retention Strategy Preferred Form of Interest Vertical interests Preferred Structure Majority-owned affiliate of manager Overall Self-Described Risk Retention Strategy With the introduction of risk retention rules in Europe in 2013, Alcentra NY s affiliate, Alcentra Ltd., has taken 5% vertical strips in its five European CLOs. These interests will be held for the life of the deal. When risk retention becomes required in the U.S., Alcentra fully expects to achieve compliance under a similar approach. Ultimately, Alcentra may choose to finance a portion of the risk retention capital; however, it is unlikely to be the first to test financing strategies and will likely wait for confirmation of acceptance of these structures in both the marketplace and with regulators. Risk retention compliance is not expected to materially change Alcentra s business model or investment strategy. Alcentra 15

18 Global Assets Under Management (As of Dec. 31, 2015) A Global Assets Under Management ($ Bil.) Breakdown by Asset Type CLOs 13.8% Special Situations 0.8% Multistrategy 2.8% Breakdown by Region High Yield Bonds 11.1% Middle Market Loans 12.9% Syndicated Loans 58.5% U.S. 47.8% Europe 52.2% Breakdown by Product Type Breakdown by Investor Type Managed Accounts 14.9% Insurance 4.0% Other 11.2% Endowment 0.3% CLOs 42.4% Pension/ Retirement 23.3% CLO Investors 42.4% Managed Funds 42.7% Banks 18.7% Source: Alcentra. U.S. Credit Committee Experience (Years) Name Title Role Company Industry Paul Hatfield Global Chief Investment Officer Global Chief Investment Officer William Lemberg Managing Director Head of U.S. Loans 8 29 Kevin Cronk Managing Director Head of U.S. Research 3 20 Frank Longobardi Managing Director Deputy Total Return Portfolio Manager Edward Vietor Senior Vice President Deputy CLO Portfolio Manager Alcentra

19 European Credit Committee Experience (Years) Name Title Role Company Industry David Forbes-Nixon CEO/Chairman CEO/Chairman Paul Hatfield Global Chief Investment Officer Global Chief Investment Officer Graham Rainbow Managing Director Senior Loan Portfolio Manager 7 23 Kevin Lennon Managing Director Head of European Research Joanna Layton Executive Director Deputy Head of European Research Russell Holliday Executive Director Deputy Loan Portfolio Manager 2 15 A U.S. CLOs Under Management Portfolio Balance ($ Mil.) Issue Size ($ Mil.) Compliance Name Pricing Status Target Current Original Current Volcker CRR U.S. RR a Pacifica CDO II 7/03 Matured N.P. N.P. N.P. Pacifica CDO III 5/04 Matured N.P. N.P. N.P. Veritas CLO I b 8/04 Called N.P. N.P. N.P. Pacifica CDO IV 12/04 Called N.P. N.P. N.P. Prospero CLO I b 4/05 Amortizing N.P. N.P. N.P. One Wall Street CLO I c 11/05 Amortizing N.P. N.P. N.P. Westwood CDO I 1/06 Amortizing N.P. N.P. N.P. Pacifica CDO V 1/06 Matured N.P. N.P. N.P. Veritas CLO II b 6/06 Amortizing N.P. N.P. N.P. Pacifica CDO VI 8/06 Amortizing N.P. N.P. N.P. Prospero CLO II b 10/06 Amortizing N.P. N.P. N.P. One Wall Street CLO II c 3/07 Amortizing N.P. N.P. N.P. Archstone II 3/07 Called N.P N.P. N.P. N.P. Westwood CDO II 4/07 Amortizing N.P. N.P. N.P. Shackleton CLO I 9/12 Revolving N.P. N.P. N.P. Shackleton CLO II 11/12 Revolving Yes N.P. N.P. Shackleton CLO III 3/13 Revolving Yes N.P. N.P. Shackleton CLO IV 12/13 Revolving Yes N.P. N.P. Shackleton CLO V 5/14 Revolving Yes N.P. N.P. Shackleton CLO VI 7/14 Revolving Yes N.P. N.P. Shackleton CLO VII 3/15 Revolving Yes N.P. N.P. Shackleton CLO VIII 8/15 Revolving Yes N.P. N.P. Total 8,453 5,000 8,895 5,036 a Anticipated U.S. Risk Retention compliant. b Legacy Rabobank transaction; acquired by Alcentra in c Legacy Hamilton Loan Asset Management transaction; acquired by Alcentra in N.P. Not provided. Note: Numbers may not add due to rounding. Alcentra 17

20 European CLOs Under Management A Portfolio Balance ( Mil.) Issue Size ( Mil.) Compliance Name Pricing Status Target Current Original Current Volcker CRR Jubilee CDO I 3/02 Called N.P. N.P. Jubilee CDO II 6/02 Matured N.P. N.P. Jubilee CDO III 12/03 Matured N.P. N.P. Hamlet 3/05 Called N.P. N.P. Jubilee CDO V 5/05 Amortizing N.P. N.P. Jubilee CDO IV 7/05 Amortizing N.P. N.P. Wood Street CLO I 9/05 Amortizing N.P. N.P. Wood Street CLO II 2/06 Amortizing N.P. N.P. Wood Street CLO III 5/06 Amortizing N.P. N.P. Jubilee CDO VI 7/06 Amortizing N.P. N.P. Jubilee CDO VII 10/06 Amortizing N.P. N.P. Wood Street CLO IV 12/06 Amortizing N.P. N.P. Jubilee CDO I-R 3/07 Amortizing N.P. N.P. Wood Street CLO V 5/07 Amortizing N.P. N.P. Wood Street CLO VI 8/07 Amortizing N.P. N.P. Jubilee CDO VIII 12/07 Amortizing N.P. N.P. ECF Financing CLO B.V. 3/08 Called N.P. N.P. Jubilee CDO IX a 6/08 Called N.P. N.P. Silver Birch CLO B.V. b 6/08 Matured N.P. N.P. Jubilee CLO 2013-X B.V. 7/13 Revolving N.P. Yes Jubilee CLO XI 1/14 Revolving N.P. Yes Jubilee CLO XII 7/14 Revolving N.P. Yes Jubilee CLO XIV 9/14 Revolving N.P. Yes Jubilee XV 4/15 Revolving N.P. Yes Jubilee XVI 11/15 Revolving N.P. Yes Total 11,376 6,247 11,363 6,247 a Merged into Jubilee CLO 2013-X B.V. b Originated by West LB; acquired by Alcentra in June N.P. Not provided. Note: Numbers may not add due to rounding. 18 Alcentra

21 Organizational Structure The Bank of New York Mellon Corporation A 100% BNY Alcentra Group Holdings, Inc. (Delaware) 100% 100% 100% Alcentra Asset Management Limited European Investment Activities Alcentra NY, LLC U.S. Investment Activities Alcentra Investments Limited Bermuda Investment Activities 100% Alcentra Limited (U.K. and Wales) Fund Management Activities Alcentra 19

22 A The Fitch View Key Considerations Specialized global credit asset manager with long track record, substantial CLO AUM and beneficial support of owner, BNY. Tenured and experienced professional team at all levels, demonstrating stability over time. Retaining sufficient depth of credit resources given the increased workload as Alcentra expands further into direct lending, which is more credit research intensive, especially during the initial ramp-up phase of funds. Willingness to continue diversifying Alcentra s asset base away from CLOs, raising additional assets and developing new product lines in uncertain market conditions. Company Established in 2002 via BNY Alcentra Group Holdings, Inc., Alcentra is a specialist sub-investmentgrade asset manager, 100% owned by its parent, BNY. Well capitalized, exhibiting robust financial performance with stable, term-financed asset base. Investment staff averages approximately 14 years of experience, with senior portfolio managers (PMs) possessing on average over 23 years experience. Diversified investor base (across investor types and regions), with good access to loan markets due to size, track record and experience within the industry. Investments Two-step credit selection process consisting of a prescreening phase and a full due diligence phase. Credits are then presented to a credit committee. Credit analysts allocated by sector, region and specialization. All analysts cover across the capital structure, meaning each analyst covers both high yield and loans. Presence of a dedicated workout specialist and a dedicated in-house lawyer, complemented by knowledge and experience of senior management and analysts. Relative value assessed through price feeds and judgments, formalized at the credit committee. Position sizing and portfolio diversification are at the discretion of the PM. Sell decisions are based purely on analysis of the underlying credit and recovery potential. Controls Monthly credit risk monitoring formalized via credit, liquidity and recovery internal ratings, the maintenance of a watchlist and quarterly full portfolio reviews. An independent monthly risk committee formalizes the risk management process. The risk committee discusses all risk and control issues facing the company, projects and funds, and can escalate issues to the Alcentra Ltd. board. Disciplined committee-based credit process, with PMs taking final investment responsibility. Public/private data issues managed in accordance with defined policies and compliance oversight. Oversight is provided by a team of nine risk and compliance professionals, including a dedicated risk manager and a chief compliance officer at Alcentra. Alcentra is audited by BNY s internal audit function biennially. Operations Administration based on Wall Street Office (WSO), which benefits from two-way flows to the front-office system, Everest. Scalability of processes demonstrated through integration of previously acquired CLOs and new mandates to Alcentra s platform. Loans are traded by the PM and an experienced trader. Trades have to be reviewed by the operations team before execution. Aged loan settlements are reviewed and monitored on a regular basis, with defined escalation procedures. Technology Everest, the front-office system, integrates the front-to-back-office trading and portfolio management systems. WSO, the back-office system, is used as a data repository. Intex is used to provide analysis on the entire European CLO universe. External data feeds for pricing (Markit, IDC) integrated to WSO (via WSO Fax) and Everest. 20 Alcentra

23 Allianz Global Investors Allianz Global Investors (AllianzGI) forms part of the broader Allianz Group, which also includes the PIMCO investment management business. As of Dec. 31, 2015, AllianzGI had approximately $480 billion in global assets under management (AUM), with a high diversity in both strategies and investor base. The income and growth team is responsible for overseeing CLOs, in addition to investments in high-yield bonds, fixed income and equity. The team has issued six CLOs since A Manager Profile Address Website Year Founded Ownership Structure Parent(s) Key Affiliate(s) 1633 Broadway, New York, NY 10019, U.S. a (Allianz SE) 2012 (Allianz Global Investors) Multistrategy asset management firm Allianz SE (ultimate parent) Refer to Organizational Structure diagram Investment Profile Global Firm No. of Employees 622 No. of Portfolio Managers 51 AUM $480 Bil. Leveraged Loans Only No. of Employees 15 No. of Portfolio Managers Four AUM $1.6 Bil. No. of Invested Credits N.P. Credits per Analyst N.P. U.S. CLOs (No./AUM) Four/$1.6 Bil. European CLOs (No./AUM) Zero/ 0 U.S. Loans Managed via CLOs 100% European Loans Managed via CLOs N.A. a U.S. headquarters. N.P. Not provided. N.A. Not applicable. U.S. CLO Risk Retention Strategy Preferred Form of Interest Preferred Structure Overall Self-Described Risk Retention Strategy Not provided Not provided As with all applicable regulations, AllianzGI intends to fully comply with all aspects of the final Risk Retention Rule upon its implementation. Allianz Global Investors 21

24 Global Assets Under Management (As of Dec. 31, 2015) A Global Assets Under Management ($ Bil.) Breakdown by Asset Type Breakdown by Region High Yield Bonds 2.4% Other 2.6% Equity 34.5% CLOs 0.3% Other Structured Products 0.8% Balanced 25.0% U.S. 17.1% Other 6.7% Fixed Income 34.3% Europe 76.2% Breakdown by Product Type Breakdown by Investor Type Other 46.5% CLOs 0.3% Managed Funds 53.1% Other 51.2% CLO Investors 0.3% Insurance 36.7% Pension/ Retirement Banks 10.7% 1.0% Note: Other asset type includes infrastructure investments, money market and other alternative. Fixed income asset type excludes syndicated loans, middle market loans, high yield bonds, investment grade bonds and CLOs. Source: Allianz Global Investors. 22 Allianz Global Investors

25 U.S. Credit Committee Experience (Years) Name Title Role Company Industry William (Brit) L. Stickney Managing Director Lead Portfolio Manager CLOs Douglas G. Forsyth Managing Director Portfolio Manager, CIO Fixed Income Justin M. Kass Managing Director Portfolio Manager Michael E. Yee Managing Director Portfolio Manager Note: AllianzGI does not have a regular credit committee. The investment team operates in an open environment, which results in real-time discussion of credits on a daily basis. All credit decisions are made by the investment team, and final investment decisions are made by William (Brit) L. Stickney, managing director, portfolio manager. A U.S. CLOs Under Management Portfolio Balance ($ Mil.) Issue Size ($ Mil.) Compliance Name Pricing Status Target Current Original Current Volcker CRR U.S. RR a NACM CLO I 6/06 Called N.P No N.P. No NACM CLO II 9/07 Called N.P No N.P. No West CLO /12 Revolving Yes N.P. Yes West CLO /13 Revolving Yes N.P. Yes West CLO /14 Revolving Yes N.P. Yes West CLO /15 Revolving Yes N.P. Yes Total 1,750 1,616 2,248 1,616 a Anticipated U.S. Risk Retention compliant. N.P. Not provided. Note: Numbers may not add due to rounding. Allianz Global Investors 23

26 Organizational Structure A Allianz Group Allianz Asset Management PIMCO Allianz Global Investors Allianz Global Investors Europe Holdings Locations: France, Frankfurt, Munich, Stuttgart, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, Switzerland, U.K. Allianz Global Investors Asia-Pacific Holdings Locations: Australia, China, Hong Kong, Japan, Korea, Singapore, Taiwan Allianz Global Investors U.S. Holdings Locations: Dallas, New York, San Diego, San Francisco Allianz Global Investors U.S. LLC Allianz Global Investors Distributors LLC Allianz Global Investors Fund Management LLC NFJ Investment Group LLC 24 Allianz Global Investors

27 The Fitch View Key Considerations The company benefits from the substantial scale and resources of its strong and stable parent, Allianz Group: $1.91 trillion in AUM (including PIMCO and AllianzGI), with a very diversified asset and investor base. The company employs best-in-class risk management and compliance oversight, coupled with proprietary systems that integrate portfolio management tools, compliance and administrative functions. Maintaining consistent CLO AUM given runoff of legacy CLOs and challenging market conditions that affect new CLO issuance will be an ongoing challenge. Company AllianzGI is a diversified asset manager with a strong global parent. Portfolio managers (PMs) average more than 10 years of experience with the company. The income and growth team, responsible for overseeing CLOs, manages diversified strategies, including high yield, convertibles, CDOs (it has issued six CLOs since 2000) and traditional income and growth. Low senior management turnover, as evidenced by PMs on the team with an average of more than 22 years of industry experience and more than 15 years experience working together at AllianzGI. Four PMs supported by seven generalist research analysts. AllianzGI has a diversified global investor base consisting of both institutional and retail investors. Investments Buy-and-hold portfolio management strategy, with an underlying investment philosophy based on fundamental bottom-up research with a focus on minimizing credit risk. The team builds portfolios with a target of holding 100 names, all of equal weighting, focusing on credit selection in areas it views as having the best earnings visibility. Maintains internal ratings on all credits, based on eight factors: liquidity, capital structure, percentage of capitalization, asset utilization, coverage ratios, margins, cash flow and leverage ratios. Portfolios are constructed to consist of equally weighted positions, demonstrating equal conviction across names. Controls AllianzGI holds multiple risk monitoring reviews to ensure rule adherence. The culture is strongly focused on risk management due to the nature of the parent company s status as a large global insurer. The company has a deep risk management team, with more than 70 dedicated specialists globally who average more than 10 years of risk management experience. In addition to the presence of two compliance officers onsite who review all trades, an independent business risk group focuses on macro-level issues. The company employs additional risk oversight based on the underlying collateral being Global Investment Performance Standards compliant. Operations Three-way daily reconciliations are performed to tie out cash and positions among AllianzGI, Wall Street Office (WSO) and U.S. Bank, as trustee. Quarterly investor reporting includes the trustee report and a quarterly letter featuring market insight and commentary as well as deal-specific information. Administrative capabilities reflect the highly qualified and experienced staff interacting with appropriate systems and processes. Technology The integrated and flexible platform is based on a combination of proprietary Excel-based analytics and third-party administration systems, including widely accepted industry systems such as WSO. The business continuity plan is appropriate and tested. Multiple redundancies in the Dallas offices, Citrix, remote access and cloud servers have performed in disaster scenarios. A Allianz Global Investors 25

28 A 26 Allianz Global Investors

29 American Money Management Corporation American Money Management Corporation (AMMC) is a wholly owned subsidiary of American Financial Group, Inc. (AFG), an insurance holding company based in Cincinnati. AMMC was established in 1973 to provide investment management services to AFG and its subsidiaries as well as third-party pooled investment vehicles. As of Dec. 31, 2015, it managed approximately $3.8 billion of broadly syndicated loans across nine CLOs. A Manager Profile Address Website 301 East Fourth Street, Cincinnati, OH 45202, U.S. N.A. Year Founded 1973 Ownership Structure Parent(s) Key Affiliate(s) Investment Profile Global Firm No. of Employees 38 Wholly owned subsidiary of American Financial Group, Inc. American Financial Group, Inc. Great American Insurance Company Great American Life Insurance Company No. of Portfolio Managers AUM Two $3.8 Bil. Leveraged Loans Only No. of Employees 38 No. of Portfolio Managers Two AUM $3.8 Bil. No. of Invested Credits 448 a Credits per Analyst 32 U.S. CLOs (No./AUM) Nine/$3.8 Bil. European CLOs (No./AUM) Zero/ 0 U.S. Loans Managed via CLOs 100% European Loans Managed via CLOs N.A. a Leveraged loans only, across all vehicles. N.A. Not applicable. U.S. CLO Risk Retention Strategy Preferred Form of Interest Preferred Structure Overall Self-Described Risk Retention Strategy Vertical interests Majority-owned affiliate of manager Since 2011, AMMC s insurance affiliates have purchased debt and equity tranches in AMMC-managed CLOs, with a typical investment being in excess of 5.0% of each CLO s capital structure. While these investments were not specifically designed to be compliant with the risk retention requirements, the purchases are similar in type and size to the economic interest required to be retained under the rules. AMMC and its affiliates intend to be opportunistic in their retention strategy based on market conditions and continue to review alternatives as additional guidance on the rules is issued. American Money Management Corporation 27

30 Global Assets Under Management (As of Dec. 31, 2015) A Global Assets Under Management 4 ($ Bil.) Breakdown by Asset Type Breakdown by Product Type Syndicated Loans 100.0% CLOs 100.0% Source: American Money Management Corporation. U.S. Credit Committee Experience (Years) Name Title Role Company Industry Chester Eng Senior Vice President Portfolio Manager Dave Meyer Senior Vice President Portfolio Manager American Money Management Corporation

31 U.S. CLOs Under Management Portfolio Balance ($ Mil.) Issue Size ($ Mil.) Compliance Name Pricing Status Target Current Original Current Volcker CRR U.S. RR a AMMC CLO IX, Limited 11/11 Amortizing Yes No Yes AMMC CLO X, Limited 2/12 Revolving Yes No No AMMC CLO XI, Limited 9/12 Revolving Yes No No AMMC CLO XII, Limited 3/13 Revolving Yes No No AMMC CLO XIII, Limited 11/13 Revolving Yes No No AMMC CLO XIV, Limited 6/14 Revolving Yes No No AMMC CLO 15, Limited 11/14 Revolving Yes No No AMMC CLO 16, Limited 4/15 Revolving Yes No Yes AMMC CLO 17, Limited 11/15 Revolving Yes No Yes Total 3,814 3,815 3,913 3,893 a Anticipated U.S. Risk Retention compliant. Note: Numbers may not add due to rounding. A Organizational Structure American Financial Group, Inc. 100% American Money Management Corporation American Money Management Corporation 29

32 The Fitch View Key Considerations A Extensive experience and depth of staff at both management and research levels. Experienced CLO issuer showing stable performance. Strong commitment to CLO platform from AFG. The CLO compliance system is heavily reliant on manually maintained Excel spreadsheets rather than more industry-standard web applications. This is mitigated by the long-proven functionality of the system and the experience and stability of the compliance staff in maintaining and regularly enhancing it. Company As of Dec. 31, 2015, AMMC managed approximately $3.8 billion of senior loans across nine CLOs. It has issued 17 CLOs since The CLO platform is well staffed at all levels, and the investment team averages 20-plus years of industry experience. The credit research team has 15 members, including senior managers Chester Eng and Dave Meyer. AMMC or affiliates typically retain significant portions of equity in their CLOs, ranging between 30% and 51% per deal for more recent transactions. Investments AMMC s investment philosophy is value oriented, with a strong emphasis on fundamentals and experienced sector views. The team focuses primarily on first-lien senior-secured loans and tends to take a buy-and-hold approach to investments. Analysts are given a great deal of responsibility, forming sector weightings in addition to buy/sell/ hold recommendations. A team-and-consensus approach is employed, wherein input from all analysts, portfolio managers and traders is considered. Controls As a wholly owned subsidiary of publicly traded AFG, AMMC is subject to strong internal and external oversight. AMMC recently completed its SEC investment adviser registration process and will be subject to periodic reviews. Overall, AMMC operates under a sound control environment, with close oversight by AMMC and AFG senior management. Operations AMMC exhibits strong overall CLO administration capabilities, exemplified by the issuance of 17 transactions since When compared to S&P s LCD LoanStats, the CLO loan portfolio has outperformed the market in terms of defaults on an annualized basis since The CLO team uses proprietary cash flow models and Excel-based models for compliance and trustee cash/position reconciliation. AMMC provides commentary to its CLO investors on a quarterly basis via its investor letters, in addition to the monthly trustee reports. Commentary typically outlines portfolio developments, the current state of the market and ongoing management strategy. Technology AMMC shares IT resources with AFG. Portfolio management has access to third-party pricing services in addition to Bloomberg and several industry-level research publication subscriptions. Disaster recovery and business continuity plans are tested frequently, and remote access capabilities for all employees have been implemented within the past year. 30 American Money Management Corporation

33 Anchorage Capital Group, L.L.C. Anchorage Capital Group, L.L.C. (Anchorage) is a New York-based investment advisor founded in Its investments include a wide range of both liquid and illiquid assets across companies capital structures. As of Dec. 31, 2015, Anchorage had assets under management (AUM) of $15.4 billion in funds and $4.6 billion in CLOs. A Manager Profile Address 610 Broadway, 6th Floor, New York, NY 10012, U.S. Website Year Founded 2003 Ownership Structure Hedge fund-sponsored credit manager Parent(s) N.A. Key Affiliate(s) N.A. Investment Profile Global Firm No. of Employees 165 No. of Portfolio Managers Two a AUM $15.4 Bil. b CLOs Only No. of Employees 165 No. of Portfolio Managers Two a AUM $4.6 Bil. c No. of Invested Credits 150 Credits per Analyst N.P. U.S. CLOs (No./AUM) Nine/$4.6 Bil. c European CLOs (No./AUM) Zero/ 0 U.S. Loans Managed via CLOs N.P. European Loans Managed via CLOs N.A. a Senior portfolio managers only. b Fund AUM includes all pooled investment funds and single-investor funds, including the market value of direct investments in Anchorage-managed CLOs and CDOs held by such funds. The market value of any direct investments in CLOs and CDOs managed by Anchorage that are held by Anchorage funds is included in fund AUM. However, the total AUM of Anchorage CLOs and CDOs is not included in this figure. c CLO AUM reflects the notional value of the assets, plus cash, held by Anchorage CLOs and CDOs. Certain notes issued by Anchorage-managed CLOs and CDOs are owned by Anchorage-managed funds. N.A. Not applicable. N.P. Not provided. U.S. CLO Risk Retention Strategy Preferred Form of Interest Preferred Structure Overall Self-Described Risk Retention Strategy Not provided Not provided Anchorage is actively exploring different strategies to address the risk retention rules when they go into effect at the end of At this point in time, Anchorage has not reached any conclusions, but it is evaluating a number of potential approaches with its legal counsel, accountants and advisors. Anchorage Capital Group, L.L.C. 31

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