Asset Owners

Contact:

Rudy OrmanTel: (813) 632-0614Email: [email protected]

How Marathon Can Assist Asset Owners

• Marathon Asset Management is a global investment manager with approximately $10 billion in capital under management.

• Headquartered in New York with investment offices in London and Singapore

• The firm's investment management team specializes in global debt, including high yield, bank debt, distressed debt, emerging market debt, special situations, structured finance, structured debt transactions and real estate opportunities and investments.

• Marathon's core competency, disciplined investment approach and diversified portfolio management process are truly global in their reach and scope of investment activities. The firm prides itself on the synergy of the investment management team. Each Marathon professional strives to uphold the firm's rigorous investment process, opportunistic investment style and adhere to the highest principles of risk management and integrity, which creates an ideal environment for the team to operate in a productive and coordinated manner.

• Marathon can help financial institutions by investing in their assets, their debt and their equity

• Focus on High Yield Bonds and Bank Debt

• Securities trading at deep discounts with large upside potential

• Focus on undervalued, illiquid or complex securities either outright or against a short position that is deemed overvalued or a suitable hedge

• Dedicated leveraged finance team focused on middle market:

• Acquisition financing• Refinancing / recapitalization• Debtor-in-possession• Rescue financing• Special situations

Distressed Debt

Leveraged Finance

• Opportunistic investing in situations where Marathon can actively create value for its investors focusing on:

• Special situations and distress• Repositioning/Redevelopment

• Seek to partner with first class operators with “local” real estate expertise

Real Estate

Comprised of three sub-businesses:

• Asset Based Lending• Real Estate Finance• Structured Debt Transactions

• CDOs, CBOs and CLOs• ABS, RMBS and CMBS

Structured Finance

• Sovereign and corporate debt• Special Situations, Capital

Structure Arbitrage, Long / Short Equities, Long / Short Currencies, Distressed

• Special focus in Latin America, Eastern Europe and Asia

Emerging Markets

MARATHON ASSET MANAGEMENT

• “Off the radar screen” investments that require active investment management

• Corporate entities entering/exiting bankruptcy, default, restructuring or recapitalization events, liquidity shortfalls, breach of covenants or adverse business conditions

• Corporate “turn around” stories

Special Situations

• Pure-play distressed residential mortgage-related opportunities in U.S.:

• RMBS – Subprime, Alt-A, Prime

• Whole Loans – Performing / Non-Performing• Mortgage servicing capability

through Marix affiliate

Residential Mortgages

Purchase Nonperforming Residential Mortgage Loans

• 1st or 2nd lien

• All levels of delinquency (30 day to in foreclosure)

Purchase mortgage related securities across the capital structure

Purchase Level II and Level III type assets

• Corporate and Real Estate Related Assets that are hard to value

Service your loans through Marix Servicing LLC

• Full spectrum mortgage servicer, specializing in subservicing nonperforming residential mortgage loans

If you are a financial institution or asset owner, we may be able to assist.

Subservicing Of Sub and Nonperforming Loans

• Specialize in Loss Mitigation and Collections

• Online / Real Time reporting of loan performance to asset owner

• Assist borrowers with options which include loan modification

Borrower Outreach

• If you wish to keep your loans with the current servicer, but need assistance with borrower outreach for nonresponsive customer, Marix is licensed as a special debt collector and can assist your current servicer and your borrower through proactive customer contact.

Marix can

• Create multiple loss mitigation strategies

• Provide options for borrowers and investors

• Perform work outs, Short Sales, Foreclosure, REO

• This presentation is not intended as a solicitation for investment.

• Any person subscribing for an investment must be able to bear the risks involved and must meet the particular Fund’s suitability requirements. Some or all alternative investment programs may not be suitable for certain investors. No assurance can be given that any Fund will meet its investment objectives or avoid losses. Among the risks, which we wish to call to your attention, are the following:

• The Funds are speculative and involve varying degrees of risk, including substantial degrees of risk in some cases. The Funds may be leveraged and may engage in other speculative investment practices that may increase the risk of investment loss. Past results of the Funds’ investment managers are not necessarily indicative of future performance of the Funds, and the Funds’ performance may be volatile. The Net Asset Value in any Fund may go up as well as down. An investor could lose all or a substantial amount of his or her investment. The investment manager has total trading authority over the Funds, and the Funds are dependent upon the services of the investment manager. The use of a single advisor could mean lack of diversification and, consequently, higher risk. The Funds may have varying liquidity provisions and limitations. There is no secondary market for investors’ interests in any of the Funds and none is expected to develop. There are restrictions on transferring interests in the Funds. The Funds’ fees and expenses may offset the Funds’ trading and investment profits. The Funds may not be required to provide periodic pricing or valuation information to investors with respect to individual investments. The Funds are not subject to the same regulatory requirements as mutual funds. A portion of the trades executed for the Funds may take place in foreign markets. The Funds are subject to conflicts of interest. The private offering memorandum or similar materials for each Fund set forth the terms of an investment in such Fund and other material information, including risk factors, conflicts of interest, fees and expenses, and tax-related information. Such materials must be reviewed prior to any determination to invest in any Fund described herein.

• The positions set forth herein are intended to indicate approximate positions of the Funds (“Funds”) indicated herein as of the date set forth herein. Such positions are subject to change and do not necessarily reflect the Funds’ current positions. The information in this report is NOT intended to contain or express exposure recommendations, guidelines or limits applicable to the Funds. The information in this report does not disclose or contemplate the hedging or exit strategies of the Funds. While investors should understand and consider risks associated with position concentrations when making an investment decision, this report is not intended to aid an investor in evaluating such risk. A discussion of some, but not all, of the risks associated with investing in the Funds can be found in the Funds’ private placement memorandum, which must be reviewed carefully before making an investment in the Funds and periodically while an investment is maintained. Any person subscribing for an investment must be able to bear the risks involved and must meet the particular Fund’s suitability requirements. Some or all alternative investment programs may not be suitable for certain investors. No assurance can be given that any Fund will meet its investment objectives or avoid losses.

• Unless otherwise indicated, Performance Data is presented “net” of Management Fees and other Fund Expenses (i.e., legal and accounting and other expenses as disclosed in the relevant Fund’s Private Offering Memorandum) and “gross” of Performance Fees, which, when deducted, would lower the reported rate of return. Due to the format of data available for the time periods indicated, both gross and net returns are difficult to calculate precisely. Accordingly, the calculations have been made based on a number of assumptions. Because of these limitations, the performance information should not be relied upon as a precise reporting of gross or net performance, but rather merely a general indication of past performance. The performance information presented herein may have been generated during a period of extraordinary market volatility or relative stability in the particular sector. Accordingly, the performance is not necessarily indicative of results that the Funds may achieve in the future. In addition, the foregoing results may be based or shown on an annual basis, but results for individual months or quarters within each year may have been more favorable or less favorable than the results for the entire period, as the case may be. If index information is included, it is merely to show the general trend in the markets in the periods indicated and is not intended to imply that the portfolio was similar to the indices in either composition or element of risk.

• This material is not intended to represent the rendering of accounting, tax, legal or regulatory advice. A change in the facts or circumstances of any transaction could materially affect the accounting, tax, legal or regulatory treatment for that transaction. The ultimate responsibility for the decision on the appropriate application of accounting, tax, legal and regulatory treatment rests with the client and his or her accountants, tax and regulatory counsel. Potential Investors should consult, and must rely on their own professional tax, legal and investment advisors as to matters concerning the Fund and their investments in the Fund. Prospective Investors should inform themselves as to: (1) the legal requirements within their own jurisdictions for the purchase, holding or disposal of Shares; (2) and applicable foreign exchange restrictions; and (3) any income and other taxes which may apply to their purchase, holding and disposal of Shares or payments in respect of the Shares of the Fund.

• This communication is provided for your internal use only. The information contained herein is proprietary and confidential to Marathon Asset Management, LP and may not be disclosed to third parties or duplicated or used for any purpose other than the purpose for which it has been provided. Any unauthorized use, duplication or disclosure of this data is prohibited by law. Although the information provided on the preceding pages has been obtained from sources which Marathon Asset Management, LP believes to be reliable, we do not guarantee its accuracy, and such information may be incomplete or condensed. The information is subject to change without notice. This communication is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or of any fund Marathon Asset Management manages or offers. Since we furnish all information as part of a general information service and without regard to your particular circumstances, Marathon Asset Management, LP shall not be liable for any damages arising out of any inaccuracy in the information.