Contrarian Capital Management, LLC.

The European Strategy seeks to maximize total returns through investment in a broad-based distressed and event-driven value portfolio of predominantly Western European corporate debt, corporate restructurings, direct “rescue” financings and real estate debt.

The European Strategy has a pan-European mandate, but primarily focuses on the major Western European economies of France, Germany, Italy, Spain and the UK, and is permitted to invest throughout the capital structure.

The European Strategy does not employ leverage (except that inherent in short positions) and targets capital appreciation as opposed to yield capture.

A broadly-diversified portfolio of approximately 20-30 core positions

-Diversified across strategy, industry, capital structure and/or country to reduce risk

Targeted “70/30” portfolio construction principle, broadly similar to that employed in the firm’s Diversified Distressed strategy

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

-Targeting a maximum of 30% in equities

Dedicated team of 5 multi-lingual investment professionals, split between Paris (France) and Greenwich (CT)

English, French, German, Italian and Spanish language capabilities – crucial in sourcing deals and understanding local-language legal documentation

Ability to leverage off Contrarian’s entire intellectual capital base, facilitated by Greenwich-based team members

Broad network of pan-European industry contacts facilitating the identification of off-the-run, uncorrelated investment opportunities.

Portfolio Manager: Karim El Khoury