INVESTMENT PROFESSIONALS:

James E. Kennedy, Jr. – Managing Director and Chief Investment Officer
Mr. Kennedy is the senior portfolio manager of Navigare and is responsible for setting investment policy and providing managerial oversight of the firm. Prior to founding Navigare in August 2005, Mr. Kennedy was employed by Alliance Capital Management Corp. as a Senior Vice President. At Alliance Capital, Mr. Kennedy was responsible for establishing the loan effort in 1997 and was the portfolio manager for the firm’s dedicated bank loan portfolios. Mr. Kennedy assumed responsibility for over $2 billion of Alliance Capital’s cash flow, credit-risk CDOs in 2000. While at Alliance Capital, Mr. Kennedy was the portfolio manager for certain offshore retail high yield portfolios from 2003-2005 and, prior to 1997, managed over $6 billion of corporate bonds and private placements. Prior to the merger of Alliance Capital and Equitable Capital Management Corporation, Mr. Kennedy was a Managing Director in the Corporate Finance Department of Equitable Capital specializing in restructuring distressed and defaulted investments. He also spent several years structuring and negotiating leveraged buyout and bank loan transactions. Mr. Kennedy is a graduate of the University of Alabama, holds an M.B.A. from the University of Virginia (Darden School), and is a Certified Public Accountant.

Email Address: jkennedy@navigarepartners.com

Sheryl A. Rothman, CFA – Managing Director
Ms. Rothman is an investment analyst and chief financial officer at Navigare. Prior to joining Navigare, Ms. Rothman was employed by Alliance Capital Management Corp. as a Senior Vice President. At Alliance Capital, Ms. Rothman was most recently a senior member of the high yield portfolio management team, which she joined in 1995, and was responsible for managing investments in Alliance Capital's institutional and retail high yield portfolios. From 1993-1995, she was a private debt specialist in the Credit Research group responsible for analyzing, negotiating, and documenting and monitoring new privately-placed fixed income investments. Ms. Rothman joined Alliance Capital in 1993 from Equitable Capital Management Corporation where she was a Managing Director in the Corporate Finance Department and was involved in structuring and negotiating the firm’s participation in various leveraged buyout and bank loan transactions. Ms. Rothman is a graduate of the Wharton School of the University of Pennsylvania, holds an M.B.A. from the University of Chicago and is a Chartered Financial Analyst.

Email Address: srothman@navigarepartners.com

Joel G. Serebransky – Managing Director
Mr. Serebransky is the chief credit officer of Navigare. Prior to joining Navigare, Mr. Serebransky was a Senior Vice President at Alliance Capital Management Corp. At Alliance Capital, Mr. Serebransky led Alliance Capital’s private debt credit research team from 1997-2005. His team supported over $6 billion of private placement bonds and bank loans. Mr. Serebransky was involved in developing Alliance Capital’s loan efforts. Responsibilities of his group included sourcing, analyzing, negotiating and documenting terms to leveraged loans and privately placed fixed income securities. Additionally, he was directly responsible for investments in the chemical, general industrial, and consumer products industries. Mr. Serebransky joined Alliance Capital in 1996 from a predecessor of J.P. Morgan. He joined Manufacturers Hanover Securities (MHS) in 1989 as a member of its Private Placements Group and worked in the Syndicated Loan distribution group following the merger of MHS and Chemical Bank. Mr. Serebransky earned a B.A. in Economics from Rutgers College and an M.B.A. with Distinction from The Wharton School of the University of Pennsylvania.

Email Address: jserebransky@navigarepartners.com

Scott Van den Bosch, CFA
Mr. Van den Bosch is a trader and investment analyst at Navigare. Prior to joining Navigare, Mr. Van den Bosch was a Vice President of Alliance Capital Management Corp. At Alliance Capital, Mr. Van den Bosch was responsible for all leveraged loan trading. He also was involved in leveraged loan and CLO portfolio management. Prior to joining Alliance Capital in 1996, Mr. Van den Bosch was a member of Lehman Brother's Managed Account group. Mr. Van den Bosch earned a Bachelor's degree from St. Lawrence University, Cum Laude, and a Masters degree from Boston University in London England and is a Chartered Financial Analyst.

Email Address: svandenbosch@navigarepartners.com

Michael Block, CFA
Mr. Block is an investment analyst at Navigare. Prior to joining Navigare, Mr. Block was a Director at Prudential Capital Group. At Prudential, Mr. Block was responsible for sourcing and underwriting private placements on behalf of Prudential and its third party managed funds. Prior to Prudential, Mr. Block worked in sellside equity research. At Donaldson, Lufkin and Jenrette he was focused on the Paper and Forest Products Sector and prior to that, at Smith Barney covering For-Profit Education companies. Mr. Block earned his Bachelor's degree in Finance, with honors, from Lehigh University, an MBA, with honors, from Columbia Business School, and he is a Chartered Financial Analyst.

Email Address: mblock@navigarepartners.com

Brian Shaltakoff, CPA
Mr. Shaltakoff is an investment analyst with Navigare. Mr. Shaltakoff’s recent experience includes Vice President of Strategy and Business Development at Collegiate Funding Services, a NASDAQ-listed portfolio company of Lightyear Capital. Mr. Shaltakoff joined Collegiate from Alliance Capital in 2004, where he was an investment analyst. Prior to joining Alliance Capital, Mr. Shaltakoff was at J.P. Morgan as an Associate in its Leveraged Finance Investment Banking Group. Mr. Shaltakoff earned a B.A. in Accounting & Finance from the University of Connecticut and an M.B.A. with Distinction from New York University’s Stern School of Business.

Email Address: bshaltakoff@navigarepartners.com

S. Juyoung Shin
Ms. Shin is an investment analyst covering various consumer and service companies. Her experience includes credit analysis at Commercial Industrial Finance Corporation, an investment fund focused on bank loans. Ms. Shin previously was a Vice President at BNP Paribas for two years in the syndicated loan structuring and trading group. Prior to BNP Paribas, she worked at JP Morgan from 1994-2000 in the advisory, equity and loan capital markets groups. Ms. Shin joined JP Morgan after receiving her M.B.A. from The Wharton School of the University of Pennsylvania, where she also received an M.A. in International Management. Ms. Shin earned a B.A. magna cum laude from Harvard College.

Email Address: jshin@navigarepartners.com

Lisa B. Wagemann
Ms. Wagemann is responsible for the daily loan settlement and administration at Navigare. Prior to joining Navigare, Ms. Wagemann was an Administrative Officer at Alliance Capital Management Corp. At Alliance Capital, Ms. Wagemann was responsible for the settlement and administration and reporting of loans managed by Alliance Capital. Ms. Wagemann has over twelve years experience in various administrative, portfolio management support, and client service functions.  Ms. Wagemann earned a B.A. in Economics from Fordham University.

Email Address: lwagemann@navigarepartners.com

Lily Chan
Ms. Chan is responsible for loan settlement and related administrative support of the Navigare portfolios. Prior to joining Navigare, Ms. Chan was an Associate with Strategic Value Partners. Ms. Chan has seven years of professional experience, including two years with Soros Fund Management and five years with Goldman Sachs & Co. Ms. Chan has a B.S. in Business from St. John’s University.

Email Address: lchan@navigarepartners.com