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The New Generation in Financial Guaranty

The New Generation in Financial Guaranty. June 6, 2014. Contents. Overview Strategic Objectives Business Focus Professional Team Corporate Structure and Capitalization Rating Agency Perspectives Underwriting and Risk Management Contact information Appendices

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The New Generation in Financial Guaranty

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  1. The New Generation in Financial Guaranty June 6, 2014

  2. Contents • Overview • Strategic Objectives • Business Focus • Professional Team • Corporate Structure and Capitalization • Rating Agency Perspectives • Underwriting and Risk Management • Contact information • Appendices • Professional Staff Biographies • Website Page 2

  3. Overview • The CIFG Group consists of two direct financial guaranty insurance companies, one in France and one in the U.S., and a dedicated financial guaranty reinsurance company domiciled in France that supports both direct companies • These three companies are owned by the group’s holding company which is, in turn, owned by our parent, CDC IXIS • All three companies, collectively capitalized with $500 million, are rated Triple-A by Moody’s, Standard & Poor's and Fitch Ratings • The business is managed with a unified approach to risk management, finance and accounting, and systems and operations Page 3

  4. Strategic Objectives • To provide value to investors seeking liquidity and security • To provide our global clients with consistent, long-term trading value and unparalleled execution through a superior understanding of risk and business needs • To create a profitable, substantial Triple-A rated financial guaranty organization with global reach • To provide a new source of financial guaranty, allowing investors to prudently diversify their exposure to the industry • To take advantage of the growing European opportunity for financial guaranty by leveraging the market presence of our parent, CDC IXIS Page 4

  5. Business Focus • Three business units: • US Public Finance • US Structured Finance • Europe • Business mix reflective of current market activity • Over 60% of business written is expected to be structured finance (US and European) Page 5

  6. Business Focus – Public Finance • Public Finance activity will be targeted to lower risk, capacity constrained, and other opportunistic situations • Initial activity will be focused in the secondary market to take advantage of pricing and competitive dynamics • Pre-approved list of credits will form the basis of our initial efforts • Over time focus will shift to new issue (competitive and negotiated) markets Page 6

  7. Business Focus – Europe • A major focus of The CIFG Group plan • CDC IXIS, given its position in Europe, provides a strong platform for CIFG business • Emphasis will be on structured finance, particularly: • Collateralized Debt Obligations • Cash • Synthetic • Consumer Assets • Trade receivables • RMBS and CMBS • Commercial Assets • Small ticket leases • Large Equipment leases • Whole business securitization • Selective emphasis on project finance and public-private partnership (PPP) transactions and public sector financing Page 7

  8. Business Focus – US Structured Finance • US Structured Finance activity will be focused on: • Residential Mortgage and Home Equity Loans • Consumer Assets, including: • Auto Loans • Credit Card Balances • Commercial Assets, including: • Loans and Leases • Business Securitizations • Future Flow Transactions • Financial Structures and CDOs, including: • CBOs, Cash and Synthetic • CLOs, Cash and Synthetic Page 8

  9. Professional Team • Seasoned professionals in Europe and the United States (see attached biographical sketches) with extensive experience in: • Capital markets • Financial guaranty • Quantitative risk analytics • Credit markets Page 9

  10. Professional Team Jacques Rolfo CEO Michael Freed General Counsel Jim O’Keefe CFO Chuck Webster Chief Risk Officer Marc de Bréchard Financial Engineering Steven Klein Municipal Group Jeremy Reifsnyder US Structured Finance Serge Marlé European Group Paul Kwiatkowski Managing Director John Calvao Director Bill Hogan Director Karen Braun Asst. General Counsel John Garrity US Controller Rita Duggan Managing Director Michel Rouzioux Managing Director Joseph Spivack Director Patrick Ahteck Vice President Michael Uhouse Director Diane Nergaard Sr. Legal Consultant François Colinet European Controller Victor Mahoney Managing Director Jérôme Bire Director Julien Bramel Vice President Feng Li Vice President Michael Bartsch Vice President Stan Cotek Planning/Analysis Abner Figueroa Director Patrick Daguet Director Lionel Houbas Joe Keepers Director Alan Douglas Director Zhengyuan Lu Director Pascale Viala Director Richard Zogheb Director Rémi Charrier Deputy Director Harold Cornwall Associate Jonathan Sloan Associate Page 10

  11. Corporate Structure and Capitalization • The CIFG Group is structured to: • Provide optimal utilization of our $500 million capital base • Support our direct companies with capital maintenance and reinsurance agreements to satisfy rating agency requirements to achieve Triple-A ratings • Create financial guaranty insurance companies licensed and active in our major markets • Create a cohesive, unified business that can operate with maximum efficiency to benefit our clients while adhering to a conservative risk management philosophy on a global basis Page 11

  12. Corporate Structure and Capitalization CIFG Europe CDC IXIS CAPITAL COMMITMENT OF $220 MILLION CIFG Holding THE CIFG GROUP CIFG French Reinsurance Company Initial Capital 300 million Euros REINSURANCE REINSURANCE CAPITAL SUPPORT CAPITAL SUPPORT CIFG Services CIFG North America, Inc. Monoline incorporated in the U.S. Initial capital $100 million CIFG Europe Monoline incorporated in France Initial capital 32 million Euros Page 12

  13. Corporate Structure and Capitalization CIFG Europe • French monoline insurance company, regulated by the French insurance regulator, Commission de Contrôle des Assurances (CCA) • Initially capitalized with €32 million • Supported by: • Stop Loss reinsurance protections from CIFG attaching after €20 million of losses, and • Capital support agreement from CIFG, if capital falls below €20 million • Both facilities are enforceable under French law • CIFG Europe is rated Triple-A by Moody’s, S&P and Fitch Page 13

  14. Corporate Structure and Capitalization CIFG North America Inc. (NA) CDC IXIS CAPITAL COMMITMENT OF $220 MILLION CIFG Holding THE CIFG GROUP CIFG French Reinsurance Company Initial Capital 300 million Euros REINSURANCE REINSURANCE CAPITAL SUPPORT CAPITAL SUPPORT CIFG Services CIFG North America, Inc. Monoline incorporated in the U.S. Initial capital $100 million CIFG Europe Monoline incorporated in France Initial capital 32 million Euros Page 14

  15. Corporate Structure and Capitalization CIFG North America Inc. (NA) • CIFG North America, Inc. (CIFG NA) is a monoline financial guaranty company, domiciled in New York and currently negotiating the purchase of licenses in other states • CIFG NA will underwrite all US business for the group, both structured finance and public finance • CIFG NA is capitalized with US$100 million and is supported by reinsurance and keep well agreements from CIFG Page 15

  16. Corporate Structure and Capitalization CIFG CDC IXIS CAPITAL COMMITMENT OF $220 MILLION CIFG Holding THE CIFG GROUP CIFG French Reinsurance Company Initial Capital 300 million Euros REINSURANCE REINSURANCE CAPITAL SUPPORT CAPITAL SUPPORT CIFG Services CIFG North America, Inc. Monoline incorporated in the U.S. Initial capital $100 million CIFG Europe Monoline incorporated in France Initial capital 32 million Euros Page 16

  17. Corporate Structure and Capitalization CIFG • CIFG is a single purpose, dedicated reinsurance company established to provide reinsurance to CIFG Europe and CIFG North America • CIFG is organized as a reinsurer under French law and is overseen by the Commission de Contrôle des Assurances (CCA) • CIFG was initially funded with €300 million by CDC IXIS • CIFG provides reinsurance and capital support to both CIFG Europe and CIFG North America, pursuant to binding legal agreements between the parties • CIFG is rated Triple-A by Moody’s, S&P and Fitch Page 17

  18. Corporate Structure and Capitalization CIFG – Reinsurance Agreements • CIFG provides Stop Loss reinsurance coverage for all business written by CIFG Europe (net of third party reinsurance). The cover will pay all claims incurred by CIFG Europe in excess of €20 million during its term. The facility runs for eight full years and is automatically renewable • CIFG provides quota share reinsurance coverage for all business written by CIFG NA (net of third party reinsurance). This cover will pay a proportionate share of all claims incurred by CIFG NA. CIFG NA may cede as much as 75% of any risk underwritten to CIFG Page 18

  19. Corporate Structure and Capitalization CIFG – Keep Well Agreements • CIFG has executed irrevocable keep-well (capital maintenance) agreements with each of the two direct writers • Each agreement requires CIFG to contribute capital to either operating company at any time that the capital of that operating company falls below a pre-set level • Those levels are €20 million for CIFG Europe and $80 million for CIFG NA Page 19

  20. Corporate Structure and Capitalization CIFG Holding CDC IXIS CAPITAL COMMITMENT OF $220 MILLION CIFG Holding THE CIFG GROUP CIFG French Reinsurance Company Initial Capital 300 million Euros REINSURANCE REINSURANCE CAPITAL SUPPORT CAPITAL SUPPORT CIFG Services CIFG North America, Inc. Monoline incorporated in the U.S. Initial capital $100 million CIFG Europe Monoline incorporated in France Initial capital 32 million Euros Page 20

  21. Corporate Structure and Capitalization CIFG Holding • CIFG Holding is The CIFG Group’s holding company and is neither an insurance nor reinsurance company. It is a general business corporation organized under French law • CIFG Holding is the entity owned by CDC IXIS and to which CDC IXIS is committed under the terms of the subordinated loan agreement to fund the balance of its $500 (€ equivalent) investment in The CIFG Group • CIFG Holding is unconditionally obligated to draw on the subordinated loan facility if requested to do so by CIFG • CIFG Holding is not rated by any of the rating agencies Page 21

  22. Corporate Structure and Capitalization CDC IXIS CDC IXIS CAPITAL COMMITMENT OF $220 MILLION CIFG Holding THE CIFG GROUP CIFG French Reinsurance Company Initial Capital 300 million Euros REINSURANCE REINSURANCE CAPITAL SUPPORT CAPITAL SUPPORT CIFG Services CIFG North America, Inc. Monoline incorporated in the U.S. Initial capital $100 million CIFG Europe Monoline incorporated in France Initial capital 32 million Euros Page 22

  23. Corporate Structure and Capitalization CDC IXIS • As sole owner, CDC IXIS has funded €300 million of its commitment to invest $500 million (€ equivalent) in The CIFG Group. The balance of $220 million (€ equivalent) is committed pursuant to an irrevocable, subordinated loan agreement • The subordinated loan agreement allows CIFG Holding to draw up to its full amount, if needed • to accommodate growth, • to pay claims or • to avoid a rating action by any of the rating agencies • Upon a draw, the loan amount can be converted into equity at the option of CIFG Holding Page 23

  24. Corporate Structure and Capitalization CDC IXIS • CDC IXIS is a banking institution regulated by the French banking regulator, Commission Bancaire, and is subject to Bank for International Settlements (BIS) capital adequacy guidelines • CDC IXIS is owned by (see chart on next page): • EULIA (53%), a joint venture of Caisse des Dépôts et Consignations (CDC) and Caisse Nationale des Caisses d’Epargnes (CNCE), the consortium of French mutual savings banks • CDC, directly (43.5%), and • San Paolo IMI, an Italian commercial bank (3.5%) Page 24

  25. CNCE Caisse des Dépôts 49.9% 50.1% 43.5% EULIA San Paolo IMI 53% 3.5% CDC IXIS 100% The CIFG Group CIFG Holding CIFG CIFG Europe CIFG Services CIFG NA Corporate Structure and Capitalization CDC IXIS 35% Page 25

  26. Rating Agency Perspectives • Moody’s, Standard & Poor's and Fitch have determined that each of the financial guaranty companies in The CIFG Group is Triple-A • Each agency has reviewed: • our plan of operation • capitalization structure • our management team • policies and procedures, and • ownership • Each believes that the structure, both legal and financial, supports its assignment of the highest ratings Page 26

  27. Rating Agency Perspective – Fitch Ratings • Deems the structure and capitalization appropriate to support a AAA claims-paying rating • Employs a comprehensive, qualitative approach • Considers capitalization, ownership, business plan, management and anticipated portfolio risk profile Page 27

  28. Rating Agency Perspective – Standard & Poor’s • Standard and Poor’s considers management and corporate strategy, business plan and capitalization • In addition to a qualitative review of these factors, S&P employs a quantitative stress test that subjects the company’s capital base to an unprecedented depression scenario and assesses the adequacy of that capital to pay assumed claims and continue its business • S&P applied this stress test to each of The CIFG Group’s companies as well as to the consolidated group and in every case, a AAA margin of safety was attained Page 28

  29. Rating Agency Perspective – Moody’s Investor Services • Moody’s evaluated The CIFG Group on a consolidated basis • In addition to its qualitative review of management expertise, risk management, ownership and business plan, Moody’s utilizes a model that “estimates the entire potential loss distribution associated with the guarantor’s insured exposure”. The model assesses risk by credit quality, maturity, distribution across sectors and, importantly, risk concentrations • The results of this assessment for The CIFG Group compare favorably with the other Aaa rated financial guaranty companies (see following chart) Page 29

  30. Rating Agency Perspective – Moody’s Investor Services • Expected Loss: present value based on portfolio and Moody’s Default studies • 99.9% Loss: present value of portfolio losses at the 99.9% confidence interval • 99.99% Loss: present value of portfolio losses at the 99.99% confidence interval • Credit Quality Ratio: expected losses/Adjusted Net Par outstanding; Lower is better • Diversity Ratio: 99.9 Percentile Losses/Expected Losses; lower is better (more diversity) • Hard Capital Ratio: Hard Capital/99.9 percentile losses; higher is better • Total Capital Ratio: Total Capital/ 99.99 percentile losses; higher is better Page 30

  31. Underwriting and Risk Management • The CIFG Group employs modern, conservative risk management and credit underwriting techniques and methods • Comprehensive underwriting and risk management policies and procedures are designed to ensure zero-loss underwriting and diversified portfolio structure • CIFG will only insure investment grade obligations and will require shadow ratings of all transactions • Considerations include: • Single risk limits • Geographic and sectoral concentration limits • Correlation effects • Ratings volatility analysis Page 31

  32. Underwriting and Risk Management • On the underwriting and risk control side, CIFG has taken the best of traditional practices and new ideas and forged an identity that learns from the past but is not constrained by it • Risk practices • CIFG can build on best existing practices • No legacy systems • Impose the risk technology built in the past 10 years • Risk systems • CIFG can use “best in breed” risk analytics • No legacy systems • Transparency: CIFG process is as transparent as possible Page 32

  33. Surveillance, Workout and Remediation • CIFG has developed a comprehensive surveillance plan for all sectors of business • The surveillance plan details: • ongoing information requirements and credit quality parameters to be be monitored • Surveillance requirements and frequency of reviews, risk-weighted by sector and customized for individual transactions • Deal performance will be measured against expectations, with variance from expectations analyzed and rated • If slippage is noted, deal terms provide for early intervention • CIFG management has extensive workout experience in financial guaranty business as well as related capital markets and banking businesses Page 33

  34. Investor Reporting • The CIFG Group produces full financial statements. Reports include: • Consolidated group statements • French or US GAAP and Statutory statements for the constituent companies of The CIFG Group • Reports are available in French and English • Portfolio data will also be available via periodically produced supplements • Other information will be made available as requested Page 34

  35. Key Contacts • Chief Executive Officer • Jacques Rolfo (212) 909-3936 j.rolfo@cifg.com • Public Finance • Steven Klein (212) 909-3927 s.klein@cifg.com • US Structured Finance • Jeremy Reifsnyder (212) 909-3946 j.reifsnyder@cifg.com • Europe • Serge Marlé +33 1 4049 3480 s.marle@cifg.com • Chief Financial Officer • James O’Keefe (212) 909-3930 j.okeefe@cifg.com Page 35

  36. Appendix Professional Staff Biographies Page 36

  37. Corporate Group Jacques Rolfo: Chief Executive Officer Jacques Rolfo is in charge of The CIFG Group. From 1990 to 2000, Jacques was an Executive Vice President of the CDC Group in New York, where he was one of the founding managers of the asset management and capital market operations. Prior to CDC, Jacques worked for the World Bank in Washington, DC, for 11 years – primarily in the Investment Department – where he was Division Chief, and with Lehman Brothers for three years, where he created and headed the Derivative Research Group. Jacques holds a Ph.D. from Stanford University (Finance), an M.B.A. from the University of Pennsylvania, a Master’s in Mathematics from Paris University, and a diploma of engineering from L'Ecole des Mines de Paris. Jim O’Keefe: Chief Financial Officer Jim is responsible for The CIFG Group’s overall financial practices in North America and Europe. He joins The CIFG Group from MBIA, where he spent nine years in various financial roles, with significant responsibilities for MBIA’s non-US financial guaranty activities. Prior to his tenure at MBIA, Jim worked at Coopers & Lybrand as a manager in the Insurance Services Group and did a stint in the firm’s National Accounting and Auditing directorate. Jim, a C.P.A., holds a B.A. from PACE University. Chuck Webster: Chief Risk Officer Chuck is responsible for all risk management functions at The CIFG Group in North America and Europe. He was most recently Director of Fixed Income Research at Brown Brothers Harriman and prior to that, was a senior member of the Fixed Income Division at Sanford Bernstein. Chuck also spent nine years at Lehman Brothers, serving in various research and strategy groups. Prior to working in the private sector, Chuck taught economics at Washington University and Fordham University. Chuck holds a Ph.D. in Economics from University of Michigan and Master’s and Bachelor’s degree from University of Missouri. Paul Kwiatkoski: Head of Surveillance Paul is responsible for surveillance activities for The CIFG Group and is a member of the Risk Management Group. In 1986, Paul was a founder of Enhance Reinsurance Company – the first monoline financial guaranty reinsurer – and served as its President from 1996-99. He also served as an Executive Vice President of Asset Guaranty, an affiliate company. Prior to that, Paul was a Vice President and Underwriter with FGC Services – a financial guaranty intermediary. He was also with Moody’s Investors Service, where he was an Assistant Vice President in the Municipal Research Group where he managed the Bond Insurance Unit . Paul holds an M.P.A. from Syracuse University’s Maxwell School and a B.A. from Cornell University. Page 37

  38. Corporate Group Michael Freed: General Counsel Michael is the chief legal representative for The CIFG Group in North America and Europe. From 1997 to 2001, he served as General Counsel and Managing Director of ACA Financial Guaranty Corporation . Michael also served as an Executive Vice President of ACA, with responsibility for the public and structured finance underwriting, secondary markets, surveillance and legal departments. Prior to ACA, Michael served as an attorney in private practice and as corporate counsel for a variety of corporations. Michael received his J.D. from U.C.L.A. Law School, M.A. from U.C.L.A., and B.A. from University of California at San Diego. Karen M. Braun: Assistant General Counsel Karen is responsible for transactional and corporate legal matters for The CIFG Group. She has over 15 years of experience in public finance, structured finance and investment management. Karen comes to CIFG from CDC Investment Management Corporation and CDC IXIS North America Inc. where she held the position of Senior Counsel. Prior to that, she was with Orrick, Herrington & Sutcliffe. Karen is the author of “Basic Issues in Secondary Market Municipal Derivative Products” in Frontiers in Derivatives (1997). She holds a J.D. from The University of Virginia School of Law and a B.A. from Cornell University. Marc de Bréchard: Head of Systems, Technology, and Financial Engineering Marc is responsible for all aspects of technology for The CIFG Group. Prior to his role at The CIFG Group, Marc served as a Vice President, Applications Development at CDC Investment Management Corporation, where he developed trading and reporting systems. Marc also worked for CDC North America as a quantitative analyst and developer. From 1994 to 1995, Marc completed his military obligations during a 16-month internship with CDC Investment Management. Marc received his Master’s degree in Physics from University of Paris VI and graduated from France’s Ecole Normale Supérieure de Paris. Page 38

  39. Public Finance Group Steven Klein: Managing Director, Head of Public Finance Group As the Head of the Public Finance Group, Steven is responsible for all public finance transactions in North America. Prior to leading the Public Finance Group, Steven served as Senior Vice President at Enhance Reinsurance Company and Asset Guaranty Insurance Company, with responsibility for marketing and business development. From 1990 to 1994 he served as a Vice President for Product and Business Development at FGIC. From 1983 – 1990, Steven was a public finance investment banker at Donaldson, Lufkin and Jenrette. A graduate of Harvard University’s Kennedy School of Government (MPA), Steven received his J.D. from Boston University’s Law School and B.A. from Haverford College (BA). William J. Hogan: Director, Public Finance Group Bill is responsible for underwriting, origination, and marketing for The CIFG Group’s North American public finance business. Over the last fifteen years, Bill served as Managing Director of Secondary Market Underwriting and a member of senior credit committee at ACA, Vice President and Senior Analyst at Financial Security Assurance, and Vice President and Senior Analyst at Moody’s Investors Service. He is also a member of the board of governors for the National Federation of Municipal Analysts. Bill received his B.A. from Rutgers College. Michael J. Uhouse: Director, Public Finance Group Mike is responsible for underwriting, origination, and marketing for The CIFG Group’s North American public finance business. Prior to The CIFG Group, Mike was Vice President in Institutional Fixed Income for ABN-AMRO. From 1985 to 1995, Mike was a Vice President in the Public Finance Banking Group of Donaldson, Lufkin and Jenrette Securities Corporation . Mike received his M.B.A. and B.S. from SUNY Albany. Michael Bartsch: Vice President, Public Finance Group Before joining CIFG NA, Michael was one of five Senior Analysts on the tax-exempt bond and money market desks at the Vanguard Fixed Income Group, the bond department of a mutual fund with over $60 billion in municipal bond assets under management. While there, he was the lead analyst for the Massachusetts, Ohio, and Pennsylvania State Specific Funds, and lead analyst of the transportation sector. Before that, Michael was an AVP/analyst in the States and High Profiles Ratings Group at Moody’s Investors Service, the bond rating agency. He has a Masters of Public Administration from New York University. Page 39

  40. European Group Serge Marlé: Managing Director, Head of European Group Serge is responsible for all of The CIFG Group’s European operations. Earlier in his career, Serge held senior positions in Europe for both FGIC and MBIA. Prior to a career in the financial guaranty business, Serge was employed at a number of major international banks, including Union Bank of Finland, the Paris branch of Mitsubishi Bank Limited, Citibank, and Crédit Lyonnais. Serge is a graduate of Ecole Supérieure Libre des Sciences Commerciales Appliquées. Michel Rouzioux: Managing Director, Deputy Head of European Group Michel is responsible for local underwriting and day-to-day operations for The CIFG Group's European operations. Previously, he worked at CDC Capital Markets as a Managing Director in charge of developing structured finance products in Europe. Prior to his tenure at CDC, Michel worked from 1978 to 1998 at Crédit Agricole, where he held several senior positions. He also spent six years working in London and Paris for Groupe des Banques Populaires. Michel holds a Master's in Mathematics, a Diplôme d'Etudes Approfondies in Computer Science, and a Master of Economics from Paris University. He is also a graduate of L'Ecole des Mines de Paris. Pascale Viala: Director, Structured Finance Pascale is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Most recently, she was Vice President – Senior Analyst at Moody’s Investors Service Limited in London. Prior to that, Pascale worked at the European Investment Bank in Luxembourg as an economist and as an Assistant Professor of economics at the University of Montreal. Pascale holds a Ph.D. in Management Science from Groupe HEC and has degrees from the University of Paris – IX Dauphine and the University of Montpellier I. Page 40

  41. European Group (continued) Patrick Daguet, CFA : Director, Infrastructure Finance Patrick is responsible for sourcing, analyzing, and arranging infrastructure finance transactions in Europe.  Prior to joining CIFG Europe, Patrick was Senior Structurer and Underwriter at Swiss Re, based in Zurich, where he primarily concentrated on the Project Finance, CDOs and ABS activities of  the lead reinsurance company.  Before, Patrick worked at FGIC and in the MBIA*AMBAC joint venture based in Paris as Senior Underwriter for Infrastructure Finance for a period of 6 years in total.  He also spent 10 years at BNP in various capacities. Patrick holds the CFA Designation and is a CFA Charterholder. He also holds an MBA in Information Technology and graduated from the University of Paris V - René Descartes, where he earned a DESS Banque et Finance. Patrick also graduated from the Conservatoire National des Arts et Métiers (CNAM), where he obtained the Diplôme d'Etudes Supérieures Bancaires (DESB-ITB) and two other undergraduate degrees. Alan Douglas: Director, Infrastructure Finance Alan is responsible for sourcing, analyzing, and arranging infrastructure finance transactions in Europe. Prior to joining CIFG Europe, Alan was a Principal in the Bank of America Global Infrastructure department. There he worked as financial adviser and lead arranger on a wide range of infrastructure transactions throughout Western Europe. Keynote transactions on which he worked included the first limited recourse transaction in Greece, the first privately financed light rail system in the UK, the first toll road in the UK and the first major PFI/PPP project to reach financial close in the UK. He has also worked on transactions in Portugal, France, Italy and Poland. He holds a degree in Banking and Finance from Loughborough University. Jérôme Bire: Director, Structured Finance Jérôme is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Prior joining CIFG, he was a Vice President with the Lehman Brothers securitisation group in London, focusing on cash transactions for banks and corporates in France and Nothern Europe. Prior to Lehman, Jerôme was a senior structurer in the Paribas securitisation group with responsibility of originating and executing ABS transactions in France and Iberia. Jerome holds a master degree in engineering from the Ecole Nationale des Ponts et Chaussées. Rémi Charrier: Deputy Director, Structured Finance Remi is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Most recently, he was Deputy Director for AGF Assurances Financières, supervising the launch of the financial guaranty business. Prior to that, Remi was the Assistant Director of Securitization at Standard & Poor’s, with responsibility for analyzing credit risks and legal issues. He began his career at Crédit Lyonnais as a project manager specializing in market activities at the General Audit Office. Rémi is a graduate of the Ecole Supérieure de Commerce de Paris. Page 41

  42. US Structured Finance Group Jeremy Reifsnyder: Managing Director, Head of US Structured Finance Group As the Head of the Structured Finance Group, Jeremy is responsible for all structured finance transactions in North America. Before joining The CIFG Group, Jeremy was a Managing Director at MBIA Insurance Corporation and Capital Markets Assurance Corporation (CapMAC), where he led the Corporate & Special Products Group as well as the Structured Secondary Markets and Conduits Group. Prior to joining CapMAC, Jeremy was a consultant to the Global Asset Backed Securities Group at Chase Manhattan Bank, and Managing Director of North American Structured Finance at Deutsche Bank and Deutsche Morgan Grenfell. His previous experience included service with Continental Bank N.A. and Société Générale. Jeremy holds an M.B.A. from the Wharton School of the University of Pennsylvania, an M.A. in East Asian Studies from Harvard University, and a B.A. in political science from Columbia University. Rita Duggan: Managing Director, US Structured Finance Group Rita is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance business. Prior to joining The CIFG Group, Rita was a Director at MBIA Insurance Corporation in the Structured Finance Risk Management Group as the primary risk officer for both the CDO and the future flow new business groups. Prior to that, she was a senior transactor for several years in the Corporate Asset-Backed & Special Products Group, specializing in new assets. Rita’s experience prior to joining MBIA was at PPM America in the Structured Finance Group, where she invested in asset-backed securities; Rothschild Inc. in the Capital Markets Group, where she structured asset-backed transactions; Fitch in the Asset-Backed Securities Group, where she rated asset-backed transactions; and Daiwa Bank where she was a lending officer for structured and project finance transactions. Rita received a Master’s degree in International Affairs from Columbia University and a B.S. degree from Marymount College. Victor Mahoney: Managing Director, US Structured Finance Group Victor is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance business. Prior to joining the CIFG Group, Victor was a Director in the Securitization Group of Dresdner Kleinwort Wasserstein Securities, where he originated asset-backed transactions in the public, private and conduit markets. Prior to that, Victor performed a similar role as a Vice President with Deutsche Bank Securities’ Mortgage and Asset-Backed Group. Victor’s broad experience ranges across the highly liquid asset classes of credit cards, autos, trade receivables and student loans to the more esoteric boat and RV loans, equipment leases, rental car leases, franchise loans and senior settlements. Victor’s earlier experience also includes positions with the asset-backed groups at NatWest Markets and Sumitomo Bank. Victor holds an M.B.A. from the Wharton School of the University of Pennsylvania, and a B.A. from Dartmouth College. Page 42

  43. US Structured Finance Group (cont.) Richard J. Zogheb: Director, US Structured Finance Group Richard is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance business. Prior to joining The CIFG Group, Richard was a Vice President at MBIA Insurance Corporation in the Global Operating Assets Group as the primary deal manager for both aircraft and other operating asset transactions. Prior to that, he was a transactor in the Corporate Asset-Backed Group, specializing in CDO and small-ticket lease transactions. Before joining MBIA, Richard was a Vice President in the structured finance department at The Industrial Bank of Japan where he was a senior member of the team that structured CDOs from the bank’s balance sheet; Standard and Poor’s in the Structured Finance Group, where he rated esoteric asset-backed and CDO transactions; and Republic National Bank of New York where he was an officer in the Trading Risk Management group and risk officer for the Emerging Markets Trading group. Richard holds an M.B.A. from New York University’s Stern School of Business’ Executive Finance Program and a B.A. in economics from Hunter College. Abner Figueroa: Director, Structured Finance Group Abner is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance business. Prior to joining The CIFG Group, Abner was with the Asset Backed Finance Group at Prudential Securities, Inc. where he marketed the full range of investment banking services. Abner was also responsible for developing strategies to improve the effectiveness of client securitizations. Prior to that, he was a Vice President in the Residential MBS Group at Duff & Phelps Credit Rating Company, where he analyzed prime, alternative A, and sub-prime securitizations. While at Duff & Phelps, Abner developed the rating agency criteria for evaluating net interest margin securitizations. His previous experience included service in the MBS group at Financial Guaranty Insurance Company (FGIC), and at Lehman Brothers Inc. and Salomon Brothers Inc. Abner holds an M.B.A. from Columbia University and a B.B.A. from University of Notre Dame. Zhengyuan Lu: Director, US Structured Finance Group Lu is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance business. Prior to joining The CIFG Group, Lu was a Director at MBIA Insurance Corporation in the CDO and Structured Product Group, specializing in funded & synthetic CDOs and other credit derivative based products. Prior to MIBA, Lu was a senior transactor in the Structured Finance Group of Asset Guaranty Insurance Company, with responsibility of originating and executing ABS transactions. Lu's experience prior to joining Asset Guaranty was at PPM America in the Structured Finance Group, where he invested in asset-backed securities; Rothschild Inc. in the Capital Markets Group and Credit Suisse First Boston in the Asset Finance Group, where he structured asset-backed transactions. Lu received a B.A. degree in Economics and Computer Science from Middlebury College, and was elected as a member of Phi Beta Kappa Page 43

  44. US Structured Finance Group (cont.) Joe W. Keepers: Director, US Structure Finance Group Joe is responsible for transaction modeling for The CIFG Group’s North American structured finance business. Prior to joining The CIFG Group, Joe was a Senior Vice President with the Structured Finance Department at Mizuho Corporate Bank (formerly the Industrial Bank of Japan), where he was responsible for transaction modeling and deal support, working on transactions for the bank and it clients involving diverse asset types such as CDOs, CLOs, trade receivables, equipment leases, and high LTV mortgages. Joe was responsible for developing the capital models and getting rating agency approval for a new SIV, sponsored by the bank. Prior to that he was a Vice President at Rothschild, Inc., Wertheim Schroder & Co. J.P. Morgan Securities Inc., and Goldman Sachs & Co.  where he specialized in transaction modeling in CMOs, MBS, and Asset Backed Securities. Joe is a CFA and holds a Ph.D. in Pharmaceutical Chemistry, from The University of California at San Francisco. Harold Cornwall: Associate, US Structured Finance Group Harold is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance business. Prior to joining The CIFG Group, Harold was an Associate at Wachovia Securities on their Structured Funds Management team specializing in multi-sector CDOs. Before joining Wachovia, Harold was a Lieutenant in the United States Navy, with tours of duty on nuclear fast attack submarines in Charleston, S.C. and staff positions with the U.S.S. Independence Carrier Battlegroup in Tokyo, Japan. Harold received a M.B.A from the University of California at Berkeley and a B.S. in Systems Engineering from the United States Naval Academy. He has successfully completed CFA level three. Jonathan Sloan: Associate, US Structured Finance Group Jonathan Sloan is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance business. Prior to joining The CIFG Group, Jonathan was an Associate at J.P. Morgan Securities, Inc. in the North American Asset-Backed Securities Group where he marketed and executed securitization and synthetic portfolio transactions in several different asset classes including student loans and global residential mortgage backed securities.  His prior experiences included working as a senior accountant at the New York based hedge fund D.E. Shaw & Co. and in the Commercial Products division of Arthur Andersen LLP.  Jonathan graduated summa cum laude from Binghamton University where he received his M.S. and B.S. in Accounting. Page 44

  45. Website www.cifg.com Page 45

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