Credit Renaissance Partners, LLC (CRP) was founded in 2000 by Steve Gallen Edersheim and Julian C. Schroeder; formerly with Schroder & Co. Inc., and Drexel Burnham Lambert, and is registered as an investment advisor with the US Securities and Exchange Commission since inception. We invest in undervalued assets with downside protection through Global Distressed Debt, including Stressed Mortgage and Asset Backed Securities.

The analytical core of Credit Renaissance Partners’s investment philosophy is a careful, bottom-up analysis of each opportunity. We apply a skeptical approach to markets and a contrarian scrutiny of 'out of favor' commercial sectors and corporations. In the aftermath of global industry reversals, dramatic commodity price shifts, or national systemic crises, the CRP team steps back and employs a measured, medium term perspective to identify what if any value there may be in public debt securities. We believe that the inevitable dislocations of globalization have exaggerated these shocks in recent decades; therefore, we are active in both emerging and developed markets. We review public documents, speak with industry experts, and assess the quality of management to identify intrinsic value and risk drivers. We judge each investment opportunity to determine sustainable asset value, projected revenues and earnings potential. Whether reviewing a mortgage in Tennessee or a chemical producer in Thailand, CRP applies proprietary analytical models which integrate fundamentals with local, in-country analysis and industry or sector data to consider different outcomes. We apply this disciplined and comprehensive approach to each significant investment opportunity we consider. We believe that as a result of this approach, CRP's strategies are well positioned to benefit from the disruptions which accompany globalization.

Credit Renaissance Partners maintains complementary core investment teams dedicated to single-credit and structured-credit analysis. We bring global experience and diverse cultural perspective and we invest with people in whom we believe.

The CRP team consists of 11 professionals who collectively speak many different languages. CRP team members have hailed from China, Thailand, South Korea, Togo, Zimbabwe, Turkey, the US and India. But they all received degrees in the US, which positions them to act as a bridge between cultures.

STEVEN GALLEN EDERSHEIM
Co-Founder
Portfolio Manager Global Distressed Debt Strategy

Mr. Edersheim founded CRP in June 2000 together with Julian Schroeder; and the two have co-led the firm for the last ten years. For the ten years prior to launching CRP, Mr. Edersheim was a Managing Director of Schroder & Co. Inc. where he established the firm's International illiquid debt group and was responsible for the management of inventory and proprietary positions in global high yield, special situations and distressed debt. From 1983 through 1990, Mr. Edersheim was with Drexel Burnham Lambert (DBL), where he was resident in Asia for three and a half years and established the company's Singapore securities office. During a thirty year investment career, Mr. Edersheim's experience has spanned a wide variety of global markets and valuation processes including foreign equity arbitrage, convertible bond arbitrage, structured products and institutional sales. He speaks Dutch, German and French, and holds a B.A. in English Literature from Dickinson College (1975).

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JULIAN C. SCHROEDER
Co-Founder
Portfolio Manager Global Distressed Debt Strategy

Mr. Schroeder, together with Steven Gallen Edersheim, founded CRP in June 2000. Together they have co-led the firm for ten years. Immediately prior, Mr. Schroeder was a Managing Director of Schroder & Co. Inc., responsible for international distressed research. Mr. Schroeder was previously a Managing Director in the Corporate Finance Department at Drexel Burnham Lambert; and then ran special situations research at BDS Securities. Mr. Schroeder has 30 years experience in investment banking and debt valuation with an emphasis on international and developing markets in recent years. Mr. Schroeder is a director of several for-profit and non-profit companies. Mr. Schroeder graduated from M.I.T. with a B.A. in Economics (1969) and from the Harvard Business School with an MBA in Finance (1975).

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PHILIP SCHOCKLING
Managing Director
Portfolio Manager Structured Products Strategy

Immediately prior to joining Credit Renaissance Partners in 2009, Mr. Schockling spent seven years at Millennium Partners LP. There he managed a $100 million+ portfolio and co-managed a $500 million portfolio of distressed ABS, MBS and derivatives. Among his specialties are airline transportation trusts. He has extensive experience in Risk Management that includes work at Deutsche Asset Management and The Federal National Mortgage Association. Mr. Schockling graduated from Auburn University with a B.S. in Electrical Engineering (1991); and University of Maryland with an MBA in Finance (1998).

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PAULINE MULLINGS
Chief Operating Officer and Chief Compliance Officer

Pauline Mullings holds a B.S. in Accounting. She has earned Investment Advisor Compliance Specialist Certification through the NRS (National Regulatory Services). She has over 19 years of experience in financial services at Barclays, Blackstone, Schroders, and CRP, with a concentration in internal audit, corporate finance and fund services.

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Global Distressed Debt
         We invest in undervalued, hard asset businesses globally in order to realize capital appreciation as these businesses recover or are restructured. Instruments include: loans, bonds, structured debt, claims and equity. Through existing international contacts in banking and professional circles, together with extensive travel, and the perusal of local information sources, we seek to identify investments which have superior risk/return characteristics. Because reorganization processes differ widely from country to country, CRP considers the specific laws and processes in the country of domicile. The team of distressed debt specialists is led by Steven Gallen Edersheim and Julian Schroeder.

Stressed Structured Products
         We seek to realize capital profit and capture attractive cash flows through investment in undervalued structured credit products. Our rigorous proprietary analysis combines a mathematical understanding of the cash waterfall with a granular credit review of specific assets. The integration of these perspectives is enhanced by our management team's extensive combined investment experience. The team of structured product specialists and credit analysts is led by Philip Schockling.

Credit Renaissance Partners
295 Madison Avenue, 21st Floor
New York, NY 10017
Tel: 212-935-0204
Fax: 212-935-4268


Amy D. Margolin
Product Manager and Investor Relations Associate
adm@creditrenaissance.com