DATA ROOM JULY / AUGUST 2013 PRIVATEDEBTINVESTOR.COM FOR THE WORLD S PRIVATE DEBT MARKETS DATA ROOM

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1 DATA ROOM JULY / AUGUST 213 PRIVATEDEBTINVESTOR.COM FOR THE WORLD S PRIVATE DEBT MARKETS DATA ROOM PUBLISHED: JULY / AUGUST 213

2 DATA data room Private Debt Investor july / august 213 Almost 2 private debt funds are chasing combined commitments of $17 billion, according to Private Debt Investor research, as managers look to exploit opportunities in the credit markets as banks rein in lending. Private debt funds in market FUND MANAGER FUND NAME HEADQUARTERS FUND STRATEGY TARGET (m) TARGET ($m) Global Funds AMP Capital Investors AMP Capital Infrastructure Debt Fund II Australia Infrastructure $1, $1, Western Asset Management Legg Mason Infrastructure Debt Fund United Kingdom Infrastructure 1, $1,64 AEA Investors AEA Mezzanine Fund III United States Private Equity $6 $6 Bamboo Finance The Emerging Markets Financial Access Fund Switzerland Private Equity $2 $2 CarVal Investors CVI Credit Value Fund II United States Private Equity N/A $ Commercial Intelligence Funds Group Global Distressed Alpha Fund III Switzerland Private Equity $1 $1 Cordiant Capital Cordiant Emerging Loan Fund IV Canada Private Equity $1, $1, Elanus Capital Management GBO Fund II United States Private Equity $2 $2 Gramercy Gramercy Distressed Opportunity Fund II United States Private Equity $7 $7 Kohlberg Kravis Roberts (KKR) KKR Special Situations Fund United States Private Equity $1, $1, Kreos Capital Kreos Capital IV United Kingdom Private Equity $2 $266 Northern Shipping Funds Northern Shipping Fund II United States Private Equity $2 $2 Oaktree Capital Management Oaktree Emerging Market Opportunities Fund United States Private Equity $ $ Och-Ziff Capital Management OZ Structured Products Domestic Partners II United States Private Equity N/A $ PineBridge Investments PineBridge Credit Opportunities Portfolio II United States Private Equity $37 $37 Shanghai International Group Sailing Capital International China Private Equity CNY, $8,148 The Blackstone Group GSO Capital Solutions Fund II United States Private Equity $4, $4, TPG TPG Opportunities Partners II United States Private Equity $1, $1, Westbourne Capital Westbourne Capital Infrastructure Debt Fund Australia Private Equity A$2, $1,888 Goldman Sachs Real Estate Principal Goldman Sachs Real Estate Mezzanine Partners II United States Real Estate $3, $3, Investment Area Oaktree Capital Management Oaktree Real Estate Debt Fund United States Real Estate $1, $1, Pacific Investment Management Co. PIMCO BRAVO Fund II United States Real Estate N/A $ The Blackstone Group Blackstone Real Estate Debt Strategies II United States Real Estate $3, $3, Americas Funds Stonebridge Financial Corporation Stonebridge Infrastructure Debt Fund II United States Infrastructure $3 $3 Adobe Capital Adobe Social Mezzanine Fund I Mexico Private Equity N/A $ American Securities American Securities Opportunities Fund III United States Private Equity $7 $7 Aldine Capital Partners Aldine Capital Fund II United States Private Equity $7 $7 Angelo Gordon AG Select Partners Advantage Fund United States Private Equity N/A $ Apollo Global Management Apollo Credit Opportunity Fund III United States Private Equity $7 $7 Ares Management Ares Special Situations Fund III United States Private Equity $6 $6 Arrowhead Mezzanine Arrowhead Mezzanine Fund III United States Private Equity $ $ Bain Capital Sankaty Middle Market Opportunities Fund II United States Private Equity $1, $1, Balance Point Capital Managers Balance Point Capital Partners United States Private Equity $7 $7 Bay Capital Group BCA Mezzanine Fund II United States Private Equity $9 $9 BHC Interim Funding BHC Interim Funding IV United States Private Equity $2 $2 Canal Holdings Canal Mezzanine Partners II United States Private Equity $ $ Capital Point Partners Capital Point Partners II United States Private Equity $2 $2 CapitalSouth Partners CapitalSouth SBIC Fund IV United States Private Equity $1 $1 CapitalSpring CapitalSpring Direct Lending Partners United States Private Equity $2 $2 Cerberus Capital Management Cerberus Levered Loan Opportunities Fund II United States Private Equity $1, $1, Chatham Capital Chatham Investment Fund IV United States Private Equity $3 $3 Claritas Capital CCSD II United States Private Equity $1 $1 Community BanCapital Community BanCapital United States Private Equity $1 $1 Congruent Investment Partners Congruent Credit Opportunities Fund III United States Private Equity N/A $ Cyprium Partners Cyprium Investors IV United States Private Equity N/A $ Enlightenment Capital Enlightenment Capital Solutions Fund I United States Private Equity $1 $1 Equity Group Investments Zell Opportunities Fund II United States Private Equity $1, $1, Falcon Investment Advisors Falcon Strategic Partners IV United States Private Equity $8 $8 Farragut Capital Partners Farragut Mezzanine Partners III United States Private Equity $7 $7 Freeport Financial Freeport Financial SBIC Fund United States Private Equity 7 $7 FrontPoint Partners FrontPoint-SJC Direct Lending Fund II United States Private Equity N/A $ G2 Investment Group MB Global Partners Fund United States Private Equity $ $ Garrison Investment Group Garrison Lending Fund United States Private Equity $ $ Garrison Investment Group Garrison Opportunity Fund III United States Private Equity $7 $7 Golub Capital Partners Golub Capital Pearls Direct Lending Program United States Private Equity N/A $ Graycliff Partners Graycliff Mezzanine II United States Private Equity $7 $7 Green Brook Capital Management Green Brook Principal Opportunities Fund II United States Private Equity $2 $2 Greyrock Capital Group GCG Investors III United States Private Equity $2 $2 Hancock Capital Management Hancock Capital Partners V United States Private Equity N/A $ Harbert Management Corporation Harbert Mezzanine Partners III United States Private Equity $7 $7 Highland Capital Management Highland RCP II United States Private Equity $4 $4 Highland Capital Management Highland Loan Fund United States Private Equity $1, $1, 34 Private Debt Investor july / august 213

3 DATA Private debt funds in market FUND MANAGER FUND NAME HEADQUARTERS FUND STRATEGY TARGET (m) TARGET ($m) Hunting Dog Capital HD Special Opportunities III United States Private Equity $1 $1 Huntington Capital Huntington Capital Partners III United States Private Equity $12 $12 Kohlberg Kravis Roberts (KKR) KKR Lending Partners United States Private Equity $ $ Lascaux Resource Capital Partners Lascaux Resource Capital Fund I United States Private Equity $3 $3 LBC Credit Partners LBC Credit Partners III United States Private Equity $6 $6 Levine Leichtman Capital Partners Levine Leichtman Capital Partners V United States Private Equity $1, $1, Lighthouse Capital Partners Lighthouse Capital Partners VII United States Private Equity $27 $27 Magnetar Capital Magnetar Constellation Fund IV United States Private Equity $ $ Maranon Capital Maranon Senior Credit Fund II United States Private Equity $2 $2 Medley Medley Opportunity Fund II United States Private Equity $1, $1, Midwest Mezzanine Funds Midwest Mezzanine Fund V United States Private Equity N/A $ Monroe Capital Monroe Capital Senior Secured Direct Lending Fund United States Private Equity $4 $4 Multiplier Capital Multiplier Capital United States Private Equity $7 $7 New Health Capital Partners New Health Capital Partners Fund II United States Private Equity $ $ Partners for Growth Partners for Growth IV United States Private Equity $1 $1 Penta Mezzanine Fund Penta Mezzanine Fund I United States Private Equity $1 $1 Penta Mezzanine Fund Penta Mezzanine SBIC Fund I United States Private Equity $13 $13 RLJ Companies RLJ Credit Opportunity Fund United States Private Equity $1 $1 San Juan Holdings SJH Equity Partners I Puerto Rico Private Equity $2 $2 Saybrook Capital Saybrook Corporate Opportunity Fund II United States Private Equity 3 $3 Silver Lake Silver Lake Waterman Fund United States Private Equity $1 $1 Spell Capital Partners Spell Capital Mezzanine Partners United States Private Equity $12 $12 Spell Capital Partners Spell Capital Mezzanine Partners SBIC United States Private Equity $33 $33 The Brookside Group Brookside Mezzanine Fund III United States Private Equity $7 $7 Thomas H. Lee Partners THL Credit Greenway Fund II United States Private Equity $2 $2 Thrivent Financial for Lutherans Thrivent White Rose Fund V Mezzanine Direct United States Private Equity $1 $1 Urban Capital of America Urban Capital Royalty Fund I United States Private Equity $12 $12 Veronis Suhler Stevenson VSS Debt Capital Fund United States Private Equity $22 $22 Versa Capital Management Versa Capital Fund III United States Private Equity $7 $7 Vista Equity Partners Vista Debt Partners Fund I United States Private Equity $6 $6 WP Global Partners WP Global Partners Private Debt Strategy III United States Private Equity N/A $ Brookfield Asset Management Brookfield Real Estate Finance Fund III Canada Real Estate $ $ Canopy Investment Advisors Canopy Commercial Real Estate Debt Opportunities United States Real Estate $3 $3 Colony Capital Colony Distressed Credit Fund III United States Real Estate $ $ First Equity Capital First Equity Assets III United States Real Estate $ $ Garrison Investment Group Garrison Real Estate Fund III United States Real Estate $7 $7 Investcorp Investcorp Real Estate Credit Fund III Bahrain Real Estate N/A $ Latitude Management Real Estate Investors Latitude Management Real Estate Capital III United States Real Estate $ $ LEM Capital LEM Real Estate High-Yield Debt & Preferred Equity Fund III United States Real Estate $3 $3 Madison Realty Capital Sullivan Debt Fund United States Real Estate $4 $4 Mesa West Capital Mesa West Core Lending Fund United States Real Estate $ $ Mesa West Capital Mesa West Real Estate Income Fund III United States Real Estate $6 $6 Pacific Coast Capital Partners PCCP First Mortgage II United States Real Estate $ $ Paramount Group Paramount Group Special Situations Fund United States Real Estate $2 $2 Pearlmark Real Estate Partners Pearlmark Mezzanine Realty Partners IV United States Real Estate $4 $4 Permit Capital Permit Capital Mortgage Fund United States Real Estate N/A $ Quadrant Real Estate Advisors Core Mortgage Fund III United States Real Estate $2 $2 Ramius RCG Longview Debt Fund V United States Real Estate $ $ Stabilis Capital Management Stabilis Fund III United States Real Estate $3 $3 Terra Capital Partners Terra Academy Partners California Realty Income Fund United States Real Estate $2 $2 Torchlight Investors Torchlight Debt Opportunity Fund IV United States Real Estate $1, $1, Tourmalet Advisors Tourmalet Matawin Fund V United States Real Estate N/A $ US Debt Ventures USDV Encore Fund United States Real Estate $ $ ValStone Partners ValStone Opportunity Fund V United States Real Estate $2 $2 Window Rock Capital Partners Window Rock Residential Recovery Fund United States Real Estate $1 $1 Europe funds Allianz Allianz Infrastructure UK Debt Fund Germany Infrastructure 1, $1,64 Aviva Investors Aviva Investors Hadrian Capital Fund I United Kingdom Infrastructure 1, $1,64 Barclays Infrastructure Funds Barclays Senior Debt Infrastructure Fund I United Kingdom Infrastructure $782 Harbourmaster Capital Management Harbourmaster Infrastructure Debt Fund Ireland Infrastructure 2, $2,662 Sequoia Investment Management Company The Sterling Fund United Kingdom Infrastructure 7 $1,9 123Venture Trocadero Capital & Transmission II France Private Equity 1 $133 Apollo Global Management Apollo European Credit Fund United States Private Equity N/A $ Ares Management Ares Capital Europe II United States Private Equity 1, $1,996 Argos Soditic Argos Expansion Switzerland Private Equity 12 $16 Babson Capital Europe Babson Capital Global Distressed Credit Fund United Kingdom Private Equity $2 $2 Babson Capital Management Almack Mezzanine III United States Private Equity $66 Beechbrook Capital Beechbrook Mezzanine II United Kingdom Private Equity 1 $133 CapMan CapMan Mezzanine V Finland Private Equity 1 $2 Capzanine Capzanine III France Private Equity 3 $399 july / august 213 Private Debt Investor 3

4 DATA data room Private Debt Investor july / august 213 Almost 2 private debt funds are chasing combined commitments of $17 billion, according to Private Debt Investor research, as managers look to exploit opportunities in the credit markets as banks rein in lending. Private debt funds in market FUND MANAGER FUND NAME HEADQUARTERS FUND STRATEGY TARGET (m) TARGET ($m) Connect Ventures Connect Ventures Fund I United Kingdom Private Equity 3 $ EQT EQT Credit Fund II Sweden Private Equity 7 $998 Harbert Management Corporation Harbert European Growth Capital Fund United States Private Equity 2 $266 Haymarket Financial Hayfin European Direct Lending Fund United Kingdom Private Equity 1,4 $1,863 Idinvest Partners Idinvest Private Value Europe France Private Equity 1 $2 Idinvest Partners Idinvest Senior Debt France Private Equity 2 $333 IPF Partners IPF Partners Fund France Private Equity 1 $133 Metric Capital Partners Metric Capital Partners I United Kingdom Private Equity 3 $399 Mezzanine Management Central Europe Accession Mezzanine Capital III Austria Private Equity 3 $466 MezzVest MezzVest III United Kingdom Private Equity 6 $798 Minority Capital Partners Minority Capital Partners United Kingdom Private Equity 1 $2 Neovara Neovara European Mezzanine 211 United Kingdom Private Equity 4 $32 New Russia Growth Volga River Growth Fund Russia Private Equity $2 $2 Oaktree Capital Management Oaktree European Dislocation Fund United States Private Equity $66 Oquendo Capital Oquendo Mezzanine II Spain Private Equity 1 $133 Prefequity Perfequity Fund I United Kingdom Private Equity $12 $12 Rantum Capital Rantum Mittelstand Capital I Germany Private Equity 2 $266 Rothschild Merchant Banking Rothschild Five Arrows Credit Solutions France Private Equity 4 $32 York Capital Management York European Distressed Credit Fund United States Private Equity $ $ Acofi Loan Management Services Predirec Immo 219 Fund France Real Estate 4 $32 Aeriance Investments OREL Luxembourg Real Estate 2 $313 AEW Global Senior European Loan Fund United States Real Estate $66 AgFe AgFe Senior Debt Fund United Kingdom Real Estate 1, $1,64 Amundi Real Estate Amundi RE Senior Debt Fund 213 France Real Estate 3 $399 AXA Real Estate AXA Commerical Real Estate Senior 2 France Real Estate 1, $1,331 CapitalM Consulting R.E.D. Athos Germany Real Estate 2 $266 DRC Capital DRC Capital European Debt Fund II United Kingdom Real Estate 4 $626 Henderson Global Investors Henderson High Income Real Estate Debt Fund United Kingdom Real Estate 2 $391 Henderson Global Investors Henderson Senior Secured Real Estate Debt Fund United Kingdom Real Estate 1, $1,64 ICG-Longbow Real Estate Capital Longbow UK Real Estate Debt Investments III United Kingdom Real Estate $782 iii-investments iii-investments Real Estate Debt Fund II Germany Real Estate 2 $333 La Française AM LFP Créances Immobilières France Real Estate 4 $32 Laxfield Capital Laxfield UK Commercial Mortgage Programme United Kingdom Real Estate 1, $1,64 M&G Investment Management M&G Real Estate Debt Fund II United Kingdom Real Estate $782 M&G Investment Management M&G Real Estate Debt Fund III United Kingdom Real Estate $782 Matrix Asset management Matrix Commercial Mortgage Fund United Kingdom Real Estate 2 $313 Pluto Capital Pluto/Mountgrange Residential Development Fund United Kingdom Real Estate $78 Pramerica Real Estate Investors Pramerica Real Estate Capital IV United Kingdom Real Estate N/A $ Renshaw Bay Renshaw Bay Real Estate Finance Fund United Kingdom Real Estate $782 Asia Pacific ArthVeda Fund Management ArthVeda Infrastructure Debt Fund India Infrastructure INR2, $34 Hastings Funds Management Hastings Infrastructure Debt Fund III Australia Infrastructure 1 $1,331 Infrastructure Leasing & Financial Services Ltd India Infrastructure Debt Fund India Infrastructure $2, $2, (IL&FS) L&T Infra Debt Fund L&T Infrastructure Finance India Infrastructure $ $ SREI Infrastructure Finance SREI Infrastructure Debt Fund India Infrastructure $ $ Westbourne Capital Westbourne Capital Infrastructure Debt Fund Australia Infrastructure A$2, $1,888 Adamas Asset Management Adamas Asset Management Fund II (Greater China Credit Fund) Hong Kong Private Equity $2 $2 Babson Capital Management Gateway Mezzanine Partners I United States Private Equity A$4 $378 Caspian Advisors Caspian Impact Investments (CII) India Private Equity $4 $4 China Everbright Investment Management Everbright Mezzanine Capital Fund Hong Kong Private Equity CNY3, $489 CITIC Private Equity Funds Management CITIC Mezzanine Fund I China Private Equity CNY, $81 CX Partners Intermediate Capital Fund India Private Equity $2 $2 Eight Capital Management Eight Capital Mezzanine and Special Situations Fund India Private Equity $2 $2 Kohlberg Kravis Roberts (KKR) India Alternative Credit Opportunities Fund I United States Private Equity INR2, $343 Pacific Habour Holdings Pacific Habour Fund Hong Kong Private Equity $1, $1, Sumitomo Mitsui Trust Capital Chuo Mitsui Private Equity Partners VIII Japan Private Equity 3, $312 AXA Real Estate Japanese Commerical Real Estate Debt Fund France Real Estate N/A $ Balmain Investment Management Balmain Investment Management Secured Private Debt Fund Australia Real Estate A$ $472 Bhartiya International Bhartiya International Development Debt Fund India Real Estate INR7, $12 Diamond Realty Management Diamond Realty Japan Mezzanine Fund II Japan Real Estate 1, $14 Essel Financial Services India Asset Growth Fund Series I India Real Estate INR, $86 36 Private Debt Investor july / august 213

5 data room Private assets, public debt may 213 data emea north america MEZZANINE Debt issuance, LTM MEZZANINE Debt issuance $49 $44 June12 Jul12 3 $37 $ $ $ $ $ $144 $1326 $114 $ $68 $736 $83 $1187 $144 $48 $1 $9 $92 $1 $48 $8 Aug12 Sep12 Oct12 Nov12 Dec12 Jan13 Feb13 Mar13 Apr13 May13 Jun12 Jul12 Aug12 Sep2 Oct12 Nov12 Dec12 Jan13 Feb13 Mar13 Apr13 May13 SPONSOR-BACKED PUBLIC Debt issuance SPONSOR-BACKED PUBLIC Debt issuance 6 12, 6 12, 1, 8, 6, 4, 2, Jun12 $3,61 $1,62 $2,738 $,768 $7,981 $,4 $1,926 $11,31 Jul12 Aug12 Sep2 Oct12 Nov12 Dec12 Jan13 1, 4 8, 4 3 6, 3 2 4, 2 1 2, Feb13 Mar13 Apr13 May13 Jun12 $1,66 $3,198 $8,291 $3,68 Volume Volume $4,847 $,32 $9,446 $12,142 $11,669 $3,321 $,668 $4,3 Jul12 Aug12 Sep2 Oct12 Nov12 Dec12 Jan Feb12 Mar12 Apr12 May12 $7,872 $13,118 $9,.3 $3,2 Volume Volume $2,42 April ISSUANCE BY SECtor APRIL ISSUANCE BY SECtor 6 2 1, $3, Volume 1, $82 $ $ Volume Financials $14 $4 Utilities Energy Consumer Industrials Information Discretionary Technology july / august 213 Private Debt Investor 37

6 DATA data room the leveraged loan markets in may 213 The data is drawn from all W. European and N. American sub-investment grade debt issuance totalling more than 1m and $1m respectively europe north america LEVERAGED Loan issuance BY DEAL TYPE LEVERAGED Loan issuance BY DEAL TYPE Add-on Acquisition $6,31m Dividend Recapitalisation 1,3m Repricing $18,99m Dividend recap $7,27m Dividend $2m Debt refinancing 2,649m Debt Refinancing $2,18m Exit Financing $34m LBO $3,741m LEVERAGED Loan issuance BY tenor LEVERAGED Loan issuance BY tenor Total value (m) ,397 1,24 Total value (m) $23, $16,28 12 $13, $2,731 $2,96 $ Tenor Tenor weighted average loan pricing comparison weighted average loan pricing comparison 6 6 Apr 13 May13 May 13 Apr 13 Pricing (bps over benchmark) bps 316bps Pricing (bps over benchmark) bps 31bps 341bps 337bps N/A* N/A* Senior secured term loan B Senior secured undrawn debt 1st lien cov-lite 1st lien w/ covs 38 Private Debt Investor july / august 213

7 data room the high yield bond market in may 213 data The data is drawn from all W. European and N. American sub-investment grade debt issuance totalling more than 1m and $1m respectively europe north america HIGH YIELD bond issuance BY DEAL TYPE Add-on Acquisition 62m HIGH YIELD bond issuance BY DEAL TYPE Spin-off $m Dividend Recapitalisation 2m Share Repurchase $41m Add-onAcquisition $4,2m Capital Expenditures $1m Debt refinancing 4,463m General Corporate Purposes 1,221m Debt Refinancing $8,37m Buyout Financing $3,9m Dividend Recapitalization $1,2m Project Finance $3,m HIGH YIELD bond issuance BY seniority PROFILE Payment-in-kind 2m HIGH YIELD bond issuance BY seniority PROFILE Senior Secured First Lien $1,7m Senior Secured Second Lien $1,2m Senior unsecured 2,72m Senior secured 3,84m Senior Unsecured $17,4m HIGH YIELD bond issuance BY tenor HIGH YIELD bond issuance BY tenor $123 Total Value (m) ,93 Total Value (m) $21 $ y y 6Y 7Y 8Y Tenor (years) 2 $178 $126 $116 $ 3y 4Y Y 7Y 9Y 1Y 11Y Tenor (years) july / august 213 Private Debt Investor 39

8 CONTACT US PEI London 14 London Wall London EC2Y DN T: +44 () PEI New York 16 West 46th Street, 4th Floor New York NY T: PEI Hong Kong 14/F, Onfem Tower 29 Wyndham Street Central, Hong Kong T: For more information, visit: Capital Structure LLP 213 No statement in this magazine is to be construed as a recommendation to buy or sell securities. Neither this publication nor any part of it may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval system, without the prior permission of the publisher. Whilst every effort has been made to ensure its accuracy, the publisher and contributors accept no responsibility for the accuracy of the content in this magazine. Readers should also be aware that external contributors may represent firms that may have an interest in companies and/or their securities mentioned in their contributions herein.

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