Contrarian Capital Management, LLC.

The Emerging Markets Strategy seeks to maximize total returns through investment in a broad-based distressed and event-driven value portfolio of global emerging market debt and equity instruments.

Broadly-diversified, opportunistic multi-strategy portfolio of approximately 20-30 core positions

-The Strategy uses a combination of top-down and bottom-up analysis to identify what are believed to be the best risk/return opportunities given sovereign, currency, corporate, legal and other associated risks

-The Strategy is opportunistic and has the flexibility to invest across multiple strategies (sovereign obligations, arbitrage, directional longs and shorts, direct lending etc.) and asset classes (fixed income, equities, real estate etc.)

Strict “70/30” portfolio construction principle (similar to that employed by the Diversified-Distressed Strategy)

-Targeting 70% of total assets in top of the capital structure positions (including senior secured bank debt, bonds, trade claims and direct loans)

-Targeting a maximum of 30% of total assets in equities

Dedicated team of three multi-lingual investment professionals, split between Greenwich (CT) and Sao Paulo (Brazil)

-English, Spanish, Chinese (Mandarin & Cantonese), Japanese, Portuguese and French language capabilities – crucial in sourcing deals and understanding local-language legal documentation

-Ability to leverage off Contrarian’s entire intellectual capital base to source, analyze and execute investment opportunities, facilitated by Greenwich-based team members

Broad network of worldwide industry contacts facilitating the identification of off-the-run, uncorrelated investment opportunities (e.g. Brazilian factoring investments)

Portfolio Manager: Xiao Song