SINCE 1987, CARL MARKS MANAGEMENT COMPANY (CMMC) HAS MANAGED INVESTMENT FUNDS FOCUSED ON DISTRESSED CREDIT OPPORTUNITIES AND SPECIAL SITUATIONS, TYPICALLY IN MIDDLE-MARKET COMPANIES. CMMC TAKES AN ACTIVE APPROACH TO ITS DISTRESSED INVESTMENTS, SEEKING TO IMPROVE CORPORATE CAPITAL STRUCTURES AND FUNDAMENTAL BUSINESS OPERATIONS. CMMC OFTEN ACCUMULATES INFLUENTIAL POSITIONS AND ITS PROFESSIONALS WORK WITH MANAGEMENT AND OTHER INTERESTED PARTIES TO FINANCIALLY RESTRUCTURE BUSINESSES BOTH IN AND OUT OF BANKRUPTCY. OFTEN THESE RESTRUCTURINGS WILL RESULT IN AN EQUITY OWNERSHIP IN THE RESTRUCTURED BUSINESS, WITH CMMC TYPICALLY RETAINING BOARD REPRESENTATION. THE INVESTMENT HORIZON IS LONG-TERM WITH POSITIONS OFTEN HELD FOR SEVERAL YEARS. ADDITIONALLY, CMMC PURSUES SPECIAL SITUATIONS IN UNDERVALUED DEBT SECURITIES AND OTHER INSTRUMENTS WHICH CAN EARN A SUPERIOR RISK-ADJUSTED RETURN. CMMC’S FUNDS ARE LONG ONLY AND DO NOT EMPLOY LEVERAGE. THE FUNDS INCLUDE A SIGNIFICANT PERSONAL INVESTMENT FROM ITS PRINCIPALS.

CMMC, a registered investment advisor, is the investment manager of Carl Marks Strategic Investments, L.P.; Carl Marks Strategic Opportunities Fund, L.P.; and Carl Marks Strategic Opportunities Fund II, L.P.