cypresstree investment management company, inc. general overview *

*To be used only in conjunction with a CypressTree Investment Management Company oral presentation.www.cyptree.com

December 2005

CypressTree Investment Management Company, Inc.General Overview*

CypressTree Investment Management Co., Inc. CypressTree General Overview, December 2005

www.cyptree.com

Overview 3

Loan Investment Process 13

Systems 27

Administrative 35

Appendix: CypressTree Investment Management Team 38

Table of Contents


www.cyptree.com

Overview


www.cyptree.com

An established platform for managing leveraged loans and high yield bonds• Size required to compete effectively: $2.0 billion in assets under management• Product offerings include: CLO’s, Synthetic CDO’s, institutional separate accounts, and offshore funds • High quality systems and infrastructure • Formed in 1988, with 17-years of experience over various economic cycles• Experience managing public and private investment vehicles• Strong risk-adjusted return profile

An experienced investment team• Four portfolio managers and seven credit analysts• Principals each have at least 24 years or more experience in the asset class• Long-term relationships with issuers, underwriters, trading desks

and research groups• Fully-developed policies and procedures and strong investment

process• Significant marketing and client service experience

Investment Advisor Overview

CypressTree Investment Management Company, Inc. is a premier manager of leveraged loans and high yield bonds. CypressTree offers investors:


www.cyptree.com

Founded in 1988 under the name of Prospect Street Investment Management Co., Inc.

In 2001, Principals of Prospect Street purchased CypressTree (founded in 1996)

CypressTree and Prospect Street business merged under the name of CypressTree

Company Milestones:• The first managed, institutional CLO, Prospect Street Senior Portfolio, L.P., in 1990

• Prospect Street High Income Portfolio (PHY) a NYSE-listed public high yield bond fund in 1988

• CypressTree Senior Floating Rate Fund, First no-load, monthly liquid, loan fund in 1997

• CIP I and CIP II Two multi-manager CLOs in 1997 and 1998

• CypressTree: Focused Investment Fund, LLC. Two commingled pools for insurance companies in 1997 and 1998

• Prospect International Debt Strategy Fund, First loan/high yield fund for offshore investors in 1999

• Hewett’s Island CDO, Ltd., in 2002

• CypressTree Alternative Income Fund, a loan fund for offshore investors, in 2003

• CypressTree Leveraged Alternative Income Fund, a leveraged, loan fund for offshore investors, in 2004

• Hewett’s Island II CLO, Ltd., closed in 2004

• Hewett’s Island III CLO, Ltd., closed in 2005

• Whitebark Pine I, Ltd., closed in 2005

Company History


www.cyptree.com

I. Low Leveraged FundsCypressTree Alternative Income Fund (CAIF) launched successfully in the second quarter 2003• CAIF is a low leveraged, open-ended loan fund, registered in Guernsey and listed on the Irish

Stock Exchange• CAIF utilizes leverage of 25-30% of assets• Weekly liquidity

II. Medium Leveraged FundsCypressTree Leveraged Alternative Income Fund launched, August 2004• CLAIF is a leveraged, open-ended loan fund, registered in Guernsey and listed on the

Channel Islands Stock Exchange• CLAIF is designed to offer a more liquid, less volatile alternative to CLO equity investments• CLAIF utilizes up to 6 times leverage• Monthly liquidity

Product Overview


www.cyptree.comProduct Overview

III. Structured Products – CLO’sExisting CDO’s/CLO’s

• CypressTree Investment Partners I, Ltd. (1997)$575MM assets(70% Loans, 20% HY Bonds, 10% Emerging Markets Bonds)

• CypressTree Investment Partners II, Ltd. (1998)$250MM assets(70% Loans, 30% HY Bonds)

• Hewett’s Island CDO, Ltd. (2002)$250MM assets(85% Loans, 15% HY Bonds)

Hewett’s Island CLO II, Ltd. (2004)$315MM assetsUp to 5% for HY Bonds

• Hewett’s Island CLO III, Ltd. (2005)$400MM assetsUp to 5% for HY Bonds

• Whitebark Pine I, Ltd. (2005)Market Value CLO$170MM notional assets(100% Bank Loans)

• CypressTree Synthetic CDO I (2005)Portfolio of credit default swaps$110MM of tranches


www.cyptree.com

Investment/Finance Below Investment Grade

Richard E. Omohundro, Jr. 36 years 32 years

John A. Frabotta 36 37

Martha Hadeler 26 24

Robert E. Weeden 28 20

Preston I. Carnes, Jr. 42 30

Loans & Bonds

Principals


www.cyptree.com

Investment Products Offered• CLOs• Offshore funds• Institutional separate accounts• Leveraged loan trusts

Staff Depth• 4 senior portfolio managers• 7 analysts• 1 trader• 1 risk manager• Systems technicians• Experienced marketing/client service team members• Product development specialists• Compliance analysts• Experienced operations team

Established Systems and Infrastructure• Wall Street Office• Wall Street Analytics• LoanX• Portfolio Management Analytics (PMA)• Bloomberg• Secure Network

CypressTree Platform


www.cyptree.comCypressTree Organization*

CypressTree Investment Management Co.

Investment Management

Dan Zou

Client Service

Client ServiceCynthia Wong

Marketing/ProductDevelopment

Office Mgmt. &Technology

Technology

Katie O'Connor

Manager

Laura Hawes

Operations &Administration

Finance

Regulatory

External Reporting &Compliance

Joseph Canavan, CPA, CFA,CCO

Richard E. Omohundro Jr., CFAJohn Frabotta

Head of Research

ChairmanCredit Investment Committee

Martha Hadeler

Peter Carnes

Senior ManagingDirector

Richard E. Omohundro Jr., CFA

Nora Boukus

Assistant

Daniela Visita

Joseph Canavan, CPA, CFA,CCO

Patrick O'Keefe, CFARisk Manager

Damien MountOperations Manager

Ryan EckertTrade Coordinator

Gerald Brant

* Certain individuals perform multiple roles

Vivian MengController

Operations

Burke MalekFund Accountant

Rodney Landis

CIO John Frabotta

Credit Analysts

Michelle Patterson

Ricardo Cardona

Portfolio Managers

Martha Hadeler

Peter CarnesBob Weeden

TraderJeremy Roberts

Receptionist

KatherineWilkins

John Frabotta

Brendan RyanFile Clerk

MichaelDavalla

Alex SchillingDan Downey

Bob Weeden


www.cyptree.com

- Past performance is not indicative of future results

Composite Loan Performance (2000-2005)

Performance versus Index

* Performance shown is gross average annual rate of return for all portfolios managed.** S&P/LSTA Leveraged Loan Index Monthly Returns*** The CFSB Leveraged Loan Upper Tier Index

YTD Oct 2005*

1 year 2004*

3 year 2002*

5 year 2000*

CypressTree Composite 4.75% 5.17% 6.77% 6.36%LSTA ** 4.09% 5.13% 5.64% 5.97%CSFB *** 4.59% 4.41% 4.26% 6.00%

CypressTree Composite

S&P/LSTA Leveraged Loan Index Composite Difference

1997 (3/97 - 12/97) 6.71% 5.33% 1.38%1998 7.67% 5.25% 2.42%1999 4.04% 3.65% 0.39%2000 4.33% 4.92% -0.59%2001 3.01% 4.21% -1.20%2002 2.90% 2.16% 0.74%2003 12.49% 9.77% 2.72%2004 5.17% 5.13% 0.04%


www.cyptree.com 2004-2005 Monthly Performanceby Portfolio Type

*S&P/LSTA Leveraged Loan Index Composite**The CFSB Leveraged Loan Upper Tier Index***CIP II no longer under management as of October 2004.

Reports are based on the information and data gathered by the manager and are believed to be accurate, but must be accepted with no guarantee of completeness or accuracy.Past Performance is not necessarily a guarantee of future performance.

2004 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Year To Date

Return

Higher Quality PortfoliosHewett's Island I (CLO) 0.34% 0.40% 0.47% 0.31% 0.24% 0.69% 0.35% 0.22% 0.29% 0.52% 0.45% 0.40% 4.77%CAIF 0.96% 0.27% 0.51% 0.45% 0.33% 0.77% 0.46% 0.20% 0.35% 0.59% 0.44% 0.50% 5.99% LSTA Index* 0.82% 0.29% 0.43% 0.45% 0.07% 0.71% 0.27% 0.21% 0.41% 0.45% 0.53% 0.37% 5.13% CSFB Upper Tier Index** 0.45% 0.35% 0.40% 0.33% 0.25% 0.45% 0.37% 0.29% 0.19% 0.41% 0.43% 0.40% 4.41%

CLAIF 0.64% 0.66% 0.49% 1.81% LSTA Index* 0.45% 0.53% 0.37% 1.36% CSFB Upper Tier Index** 0.41% 0.43% 0.40% 1.25%

Lower Quality PortfoliosCIP I & CIP II *** (CLO) 2.13% -1.26% 0.47% 1.20% -0.45% 0.15% 0.57% 0.10% 0.68% 0.16% 0.90% 0.33% 5.05%

2005 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Year To Date

ReturnHigher Quality PortfoliosHewett's Island I (CLO) 0.54% 0.54% 0.62% 0.13% -0.12% 0.11% 0.81% 0.60% 0.49% 0.44% 4.24%Hewett's Island II (CLO) 0.55% 0.69% 0.64% 0.20% -0.17% 0.33% 0.98% 0.58% 0.52% 0.42% 4.84%CAIF 0.43% 0.56% 0.55% 0.14% -0.08% 0.42% 0.62% 0.83% 0.43% 0.51% 4.49%CLAIF 0.40% 0.62% 0.57% 0.11% 0.07% 0.71% 0.68% 0.68% 0.52% 0.41% 4.88% LSTA Index* 0.36% 0.53% 0.48% -0.09% 0.20% 0.54% 0.70% 0.67% 0.37% 0.26% 4.09% CSFB Upper Tier Index** 0.47% 0.56% 0.54% 0.15% 0.22% 0.55% 0.66% 0.53% 0.42% 0.39% 4.59%

Lower Quality PortfoliosCIP I *** (CLO) 1.42% -1.89% -1.30% -0.27% 3.65% 0.76% 1.94% 0.67% 0.92% 0.82% 6.81%


www.cyptree.com

CypressTree Investment Management:Loan Investment Process Guidelines


www.cyptree.com

CypressTree’s overall approach is a bottom-up, credit intensive process, emphasizing creditquality and structure over yield spread

• Comprehensive analysis• Judgment developed over many economic cycles

Thorough credit analysis is combined with a defensive portfolio strategy• Close monitoring of assets and quick reaction to changes in credit quality• Disciplined emphasis on broad diversification

Maintain an investment team with many years of experience

Communicate regularly and openly with investors at www.cyptree.com

We believe that the key to delivering consistently superior investment performance lies in controlling risk.

Investment Philosophy


www.cyptree.com Credit Investment Team

Peter CarnesPortfolio Manager

John FrabottaHead of Credit Research

Bob WeedenPortfolio Manager

Richard E. OmohundroChairman-Credit Investment

CommitteeMartha Hadeler

Portfolio Manager

Credit Investment Committee

Ricardo CardonaCredit Analyst

• Airlines• Waste Services• Oil & Gas• Utilities

Rodney LandisCredit Analyst

• Media & Entertainment• Cable• Telecomm• Bus. Equipment & Services

Michelle PattersonSr. Investment

Analyst

• Beverage, Food, & Tobacco• Grocery & Retail• Consumer Products•Textiles

Brendan RyanCredit Analyst

• Automotive• Chemicals• Personal Transportation

Dan DowneyCredit Analyst

• Finance & Insurance• Healthcare• Printing & Publishing

Alex SchillingCredit Analyst

• Real Estate• Home & Office Furnishings• Diversified Manufacturing• Metals & Mining

Dan ZouCredit Analyst

• Paper & Packaging• Electronics• Machinery• Structured Financial Obligations

Jeremy RobertsTrader


www.cyptree.com

Screen Select Credit Review & MonitoringConstruct Trade

ExecutionAnalyze

Universe of Corporate Leveraged Companies

Exclude

Exclude

Exclude

• High technology• Physical commodity• Real estate• Emerging market exposure

• Small company borrowings• Single asset financings

• Unsecured subordinated loans

Acceptable Investment for CypressTree Portfolio

Oversight Workout Policy

CypressTree Investment Process Guidelines


www.cyptree.com


ExecutionAnalyze

Management AnalysisAttend management presentationsAssess quality of management, commitment, ownership, and experience in industry and leveraged companiesSpeak with vendors, customers, research analysts and other relevant parties

Operating Business AnalysisAnalyze business type, track record, revenues, cost variables, capital requirements, labor relations, pension plan liabilities, litigationReview breadth of product line and product lifecycleCustomer base – concentration and qualityMarkets – regional, international, FX exposure

Industry AnalysisAnalyze competitive dynamics and future prospects for the industryReview competition, market shares, barriers to entry




www.cyptree.com


ExecutionAnalyze

Financial Statement AnalysisReview historical performance/ audited statementsPerform scenario analysis/ cash flow analysis & financial modeling/ sensitivity analysisReview management projectionsStress assumption of management case to determine liquidity -- Vary revenue growth, margins, capital spending

-- Analyze repayment capability absent asset sales and refinancingCompare leverage and coverage ratios to industry and market standards

Collateral Analysis & Debt CoverageLiquidation analysis vs. going concern value--Tangible property valuation--Trademarks/ patents appraisal




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Capital StructureSubordinated Debt (public or private), equityBorrowing Structure – Holding Co. vs. Operating Co., Subsidiaries

Transaction AnalysisAgent Bank - Reputation for Structuring Skills and Support of TransactionPurpose – Refinancing, Acquisition, Dividend, etcSponsor – Reputation, Industry Expertise, and Support of InvestmentsAvailability of Financing for Working CapitalMaturity, Amortization Schedule, Cash Flow SweepCredit Agreements – Financial Covenants, Cross DefaultRefinancing RiskLending Spread – Step-down FormulaRelative Value


ExecutionAnalyze Oversight Workout Policy



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ExecutionAnalyze

Formal Written

Analysis

Formal Written

AnalysisInvestment Committee

MeetingUnanimous Decision

Typical Meeting Format

Analyst presentation and discussionAdditional exogenous risksWorst-case scenarioRelative value comparisonVote




www.cyptree.com


ExecutionAnalyze

ConsiderationsIssuer diversificationIndustry diversificationImpact of other measures of diversification including geography, defensive vs. cyclical, etc.Risk/returnPortfolio credit qualityPortfolio liquiditySpecific investment criteria/objectives of each portfolio

Trade ExecutionFull-time trader in constant contact with the market

Each transaction is evaluated on its credit-worthiness and on its impact to the existing portfolio.




www.cyptree.com

Screen SelectCredit Review & Monitoring

ConstructTrade

ExecutionAnalyze

Credit Review and MonitoringEach analyst inputs updated information into PMA, an internal electronic credit and portfolio tracking system (PMA is a product of S&P)Regular Staff Meetings with Market Intelligence from TraderSecurity Prices from Capital MarketsFinancial Reports (at least quarterly) with results compared to covenants, prior periods, projections and other companies Outside 3rd Party Equity and Bond ResearchReview of requests for amendments and waivers – Portfolio Manager approval required

Credit Review and Monitoring– PMA SpecificsAppropriate financial informationComparison of current performance/projectionsQuarterly financial reports with results compared to covenants, prior periods, projections, competitors




www.cyptree.com


ExecutionAnalyze

Review of key credit statisticsTotal Debt/EBITDASenior Debt/EBITDAEBITDA/Interest

Covenant ComplianceLiquidity Analysis

Cash positionRevolver availabilityAccess to capital

Collateral coverage analysisPositioning of the credit in capital structure relative to the overall company valuationRelative value analysisCurrent trading levels of debt/equity as well as comparability with similar transactionsOther appropriate industry and/or company news




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Screen Select Construct Trade Execution

Credit Review & Monitoring OversightAnalyze Workout Policy

AmendmentsFormal watch list review

Review compliance tests

Forward calendar

Assets reviewed promptly upon

ratings, downgrades, or

sudden price declines

Formal review of all assets, including updating financial

models

Industry reviewMarket feedbackTrading deskMarket intelligence

Fund performance review

Industry reviewFund performanceLiquidity reviewRating Actions

Fund complianceCovenant compliance

Reconciliation with Trustee/Swap Counterparty

Analysis on all watch list credits

Price Movements

OngoingQuarterlyMonthlyWeeklyDaily



www.cyptree.com

Workout strategy in CLOs is to maximize recovery without jeopardizing diversification and other tests.

Portfolio team has substantial workout experience.

Credits stay with the originating analysts when they become problems.

Analyst is responsible for identifying problem credits and all monitoring.Monitor results vs. planPrice action on stocks and bondsResearch news that impacts company and industry

Problem credits monitored weekly.

Screen Select Construct Trade Execution

Credit Review & Monitoring Workout PolicyAnalyze Oversight



www.cyptree.com Independent Risk Management

Richard E. Omohundro

Senior Managing Director

Patrick O’Keefe

Risk Manager

Operations Department

Damien MountOperations Manager

Burke MalekFund Accountant

Ryan EckertTrade Coordinator

• Participate in all investment committee meetings.

• Create weekly risk reports for all products.

• Weekly risk review meeting with SMD.

• Hedge foreign exchange risk of non-US dollar share classes of market value portfolios.

• Oversee Operations Department.

• Perform structural analysis of new and existing deals.

• Create cash projections and return analyses.

• Analyze firm-wide aggregate exposures

• Monitor external market indicators


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CypressTree Systems


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CypressTree maintains a highly experienced systems and reporting team with state-of-the-art technology, enabling it to produce accurate and timely portfolioanalyses as well as providing efficient monitoring and reporting capabilities

CypressTree advocates advanced technology at all times to facilitate the timely inflow and outflow of real time information on all of its investments and across all of its portfolios

CypressTree actively utilizes the following:− Portfolio Management Analytics (PMA)- Credit tracking system− Wall Street Office (WSO)- Administrative tracking system− Wall Street Analytics− iCDO− Loan X- Loan pricing service− Bloomberg- Research and analytic service− Dynamic Web Site: www.cyptree.com− A Secure Network

Technology


www.cyptree.com

PMA is a critical component of CypressTree’s portfolio monitoring system

PMA is a product of Standard & Poor’s Corporation

PMA is a comprehensive access based, database that was developed to track credit related issues such as trailing and projected credit statistics, financial ratios, financial covenants and collateral

PMA is an in-depth credit analysis tool that tracks portfolio statistics including weighted average spread, term, as well as concentration by industry, sector, rating, equity sponsor and agent/arranger

PMA has the ability to import balance information and market prices from third party sources on a real time basis

Portfolio Management Data Analytics (PMA)


www.cyptree.com PMA Sample Portfolio Deal Sheet


www.cyptree.com Wall Street Office (WSO)

WSO is a secure, web-based application provided by a JPMorgan Chase subsidiary. WSO is a low-cost data processing solution that allows the client access to real-time portfolio data anytime and anywhere via the internet.

Provides clients the ability to enter trades, run reports, entermarks, update referential data and receive/reconcile cash. The application details all relevant facility information including active contract detail, principal pay down activity and pre-determined interest receivables.

WSO links the underlying investments across all client portfolios tracked in the application. This makes for more accurate and reliable holdings data for clients.


www.cyptree.com

Complete tracking of asset activity received via agent bank faxes forwarded from client.

Daily cash reconciliation between clients’ data in WSO and their trustees’ data.

Access to 125 standard accounting and portfolio analysis reports with dynamic properties.

Custom reports can be estimated and developed by consulting group based on client requirements.

Pricing dependent on client’s sourcing desires. Available sources include IDC, LoanX and LPC.

Update the ratings/SICs for fund securities from 3rd party data sources (Moody’s, S&P, etc.)

Client will have access to a copy of their database via secure FTP website for Disaster Recovery purposes.

WSO Functionality


www.cyptree.comWSO Sample Web Application

• Daily transactions processed• Trades entered and settled• Position details viewed• Records of all data stored• Track historical data: ratings, spreads

and industry codes• Performance calculated


www.cyptree.comiCDO

iCDO is a web-based portfolio management tool

iCDO Functionality

• Streamlines operations through seamless interfaces with Trustee, market data vendors and rating agencies

• Comprehensive compliance testing• Hypothetical trading• Real time inquiry/reports


www.cyptree.com

Administrative


www.cyptree.com

Online Instant Access to Financial Information. Visit www.cyptree.com for NAV, news, andgeneral information. Portfolios and confidential shareholder information are password protected.

Dedicated Client Service Team. Available to answer any questions about the fund and its performance.

Marketing Support. Written material, prospectuses, brochures. Portfolio Manager available for presentations semi-annually.

Sales Support. Marketing staff available for one-on-one presentations.

Investor Tools


www.cyptree.com

HOW TO CONTACT US:

CypressTree Investment Management CompanyOne Boston Place, 16th FloorBoston, Massachusetts 02108-4419Telephone: (617) 371-9300Facsimile: (617) 371-9362E-mail: [email protected]

Contact Information


www.cyptree.com

Appendix:CypressTree Investment Management Team


www.cyptree.com

Mr. Omohundro is Senior Managing Director and Portfolio Manager for CypressTree Investment Management Co., Inc. He is a Principal of CypressTree as well as founder of CypressTree affiliate, Harborview Capital (f.k.a. Prospect Street Affiliated Companies), in 1988. He is responsible for strategic corporate direction as well as having a senior role in investment policy for the various investment vehicles managed by CypressTree.

Prior to founding the company, he was a Managing Director of Capital Markets and a member of the Leveraged Transactions Commitment Committee at Merrill Lynch where he worked from 1978 to 1988.

While at Merrill Lynch, Mr. Omohundro had extensive experience with troubled companies in a wide range of industries. He has served on financial restructuring committees as well as in informal restructuring efforts since 1978.

Mr. Omohundro began his career with a Connecticut-based investment management firm where he was portfolio manager of a balanced investment company.

Mr. Omohundro is a graduate of the U.S. Naval Academy (B.S., 1963) and of the University of Virginia (M.B.A., 1969). He has been a CFA charter holder since 1975 and is a member of the CFA Institute and the Boston Security Analysts Society.

Richard E. Omohundro Jr., CFA


www.cyptree.com

Mr. Frabotta is the Chief Investment Officer and a portfolio manager for CypressTree Investment Management Company. He is also a Principal of CypressTree. As Chief Investment Officer, he is responsible for the daily management of investment strategy of all portfolios.

Mr. Frabotta was an original founder of CypressTree affiliate, Harborview Capital, which he joined in 1988. He also managed the high yield bond portfolios for CypressTree affiliated companies continuously since their inception. Prior to that, he spent nine years with Merrill Lynch as Director of High Yield Research. During his tenure, he gained extensive experience with below investment-grade securities, distressed securities, and structuring and marketing high yield issuers.

His business career began in 1968 when he entered First National Bank of San Diego’s commercial division. After two years, he moved to the investment department as a research analyst. He remained there for three years before relocating to Boston to serve as Research Director for S-G Securities.

Mr. Frabotta holds a B.S. in Economics and Accounting from San Diego State University and an M.B.A. from Suffolk University.

John A. Frabotta


www.cyptree.com

Ms. Hadeler is Managing Director and a Portfolio Manager for CypressTree Investment Management Co., Inc. She is also a Principal of CypressTree.

Since joining a CypressTree affiliate in 1999, Ms. Hadeler has been responsible for CypressTree's corporate loan activity. She brings to this position 24 years of experience in capital markets and non-investment grade finance.

Ms. Hadeler joined CypressTree from Citicorp (1988-1999) where she was Managing Director in charge of U.S. Loan distribution. She managed the distribution of syndicated bank loans totaling $180 billion annually. Her responsibilities included establishing price, developing structure, determining syndication strategy, establishing commitment levels and fees and working with co-arrangers and relationships officers to ensure successful syndication of all deals.

Ms. Hadeler started her career in investment banking at Drexel Burnham Lambert (1981-1988) where initially she spent four years as General Manager of the Tokyo office. Ms. Hadeler is a graduate of Brown University (B.A., 1976) and Columbia University Graduate School of Business (M.B.A., 1981). Ms. Hadeler is fluent in Japanese.

Martha Hadeler


www.cyptree.com

Mr. Weeden joined CypressTree in 2002 as a Managing Director and Principal. He is a Portfolio Manager and he oversees the development of structured products. His 28 years of finance experience include LBO, merchant banking, high yield, mezzanine, and private placement transactions. He also has extensive restructuring and workout experience.

Before joining CypressTree, Mr. Weeden was Managing Director, Global Industrial Group in the Corporate Finance Division of UBS Warburg. Prior to the merger of PaineWebber into UBS Warburg in 2001, Mr. Weeden was Managing Director-Group Head in the Investment Banking Division of PaineWebber, Inc., managing the High Yield Origination and Global Industrial groups. From 1992 to 1996 Mr. Weeden was managing Director for High Yield Origination at Dillon, Read & Co.

Mr. Weeden started his career at Merrill Lynch Capital Markets in 1977.

Mr. Weeden has an M.B.A from The Wharton School and a B.A. in Economics from Stanford University and holds NASD Series 7, 24, and 63 licenses.

Robert E. Weeden


www.cyptree.com

Mr. Carnes is a Managing Director and Portfolio Manager for CypressTree Investment Management Co., Inc. He joined CypressTree affiliate, Harborview Capital (f.k.a. Prospect Street) more than fifteen years ago as one of the first institutional portfolio managers of bank loans. Currently, he directs all corporate loan activity.

Previously, he spent one year with a financial guaranty subsidiary of the Prudential Insurance Company. His primary role was to direct the development of a securitization program for middle market loans. His responsibilities included establishing an integrated credit process which met actuarial and regulatory standards.

Prior to joining CypressTree, Mr. Carnes had nearly fourteen years experience with bank loan asset management responsibilities. Most of that time was at Chemical Bank where he established asset pricing strategies and helped to develop the first bankwide loan sale program. His early experience at Chemical Bank covered seven years directing lending activities in a marketplace with a credit portfolio of about $1 billion.

Mr. Carnes began his business career in 1964 with American Airlines in various economic research and planning positions and later served for two years as Vice President and Corporate Treasurer.

Mr. Carnes holds an M.B.A. from Stanford University and received an undergraduate degree from Yale University.

Preston I. (Peter) Carnes, Jr.


www.cyptree.com

Mr. Brant joined CypressTree in 2005 as a Vice President. His 7 years of capital markets experience includes equity research and institutional sales both domestically and internationally.

Prior to CypressTree, Mr. Brant was Head of Research Sales at Rhodes Analytics a Boston based US Investment Strategy boutique research firm and Vice President, Business Development at Harborview International Fund Management.

From 1997 to 2000, Mr. Brant was a Research Assistant at Merrill Lynch where he worked on the Global Investment Strategy team in the office of Merrill’s Chief Investment Strategist.

Mr. Brant has a BA from Clark University. He is fluent in French, Spanish, and Portuguese.

Gerald A. Brant


www.cyptree.com

Ms. Wong joined CypressTree in 2002 as a Managing Director. Her 24 years of capital markets experience include equity and fixed income research, trading and distribution both domestically and internationally.

Before joining CypressTree, Ms. Wong was Global Head of Capital Markets at Citigroup Private Bank from 1997 to 2001.

From 1994 to 1997, Ms. Wong was a Managing Director of Global Securities Research at Citicorp Securities Inc. where she managed global equity and fixed income research in 15 countries.

Ms. Wong was a Senior Vice president, High Yield Bond Group with Donaldson Lufkin and Jenrette from 1989 to 1994, where she ran the Japan Desk in New York and opened the Fixed Income office in Tokyo.

Prior to DLJ, Ms. Wong was a Vice President of the High Yield Capital Markets with Merrill Lynch Capital Markets Group.

Ms. Wong has an MBA from Stanford Graduate School of Business and a BA in Economics from Smith College. She holds NASD Series 7, 63, and 24 licenses and is conversant in French, Spanish, and Chinese.

Cynthia M. Wong


www.cyptree.com Patrick O’Keefe

Mr. O’Keefe is the Risk Manager for CypressTree Investment Management Co., Inc. He is responsible for measuring and reporting the risks of CypressTree and its affiliated companies. He joined the firm in November 2003.

Prior to joining Cypress Tree, Mr. O'Keefe worked in the Market Risk Management Department at The Bank of Tokyo Mitsubishi. He performed a dual middle-office and risk management function supporting the North American derivative trading operations of the bank. Prior to that, Mr. O'Keefe worked for Natwest Markets Corp. as a Junior Equities Trader and also worked in the Derivative Operations Department of Bear Stearns.

Mr. O'Keefe is a graduate of Boston University (B.S. 1995) and is currently earning an MBA from New York University. He is scheduled to graduate in May, 2007. He holds a CFA Charter, awarded in 2003, and is a member of the CFA Institute and the Boston Society of Security Analysts.


www.cyptree.com CypressTree Analysts and Traders

Jeremy Roberts, Trader• Trading senior bank debt and high yield corporate bonds• Prior experience as a securities trader• BA from Boston University and MBA from Suffolk

University

Michelle Patterson, Senior Investment Analyst• Market research analysis and database management

experience• Familiarity with consumer goods and healthcare

industries• BS from Northeastern University

Ricardo Cardona, Credit Analyst• Financial and economic research experience• Familiarity with company valuation in mergers and

acquisitions• Double major in Business Administration/Finance &

Economics• BA from Boston University

Dan Zou, CFA, Creidt Analyst• 5 years industry experience• Prior experience in market research for the

telecommunication and technology industries. • MBA from Northeastern University

Brendan Ryan, Credit Analyst• Prior experience in accounting and IT development in

financial institutions• Interned at FMR Co. as equity research analyst• BS from Boston College and MBA from MIT Sloan

School of Management

Rodney Landis, Credit Analyst• 8 years experience in financial services industry• Experience in equities, options, fixed income• BS from UC Berkeley and MBA from Boston University

Alex Schilling, Credit Analyst• Prior experience at Wellington Management• Interned at CypressTree in 2004 as credit analyst• BS from Northeastern University

Dan Downey, Credit Analyst• Prior analytic experience in North American and

European telecommunications industry• Prior capital markets experience in high yield

investments • BA from Stanford University and MBA from NYU Stern

School of Business

cypresstree investment management company, inc. general overview *

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