Fieldstone Private Capital Group

Carol S. Bunevich is the Managing Director of Fieldstone Capital Group responsible for the CDO business. She has been involved in the financial services industry and investing since the early 1980s. Prior to joining Fieldstone Capital, Ms. Bunevich was a Portfolio Manager of ACK Capital Partners, a hedge fund targeting technology and telecommunications. Before that, she was a Senior Vice President at Schroder & Co. from 1994 to 2000. Ms. Bunevich was both a Managing Director and Partner at the Merrion Group, a broker-dealer specializing in fixed income securities, from 1992 to 1994. Before joining Merrion Group, she spent five years at R.D. Smith & Co., a special situations boutique broker-dealer, where she was both a Partner and Director. Ms. Bunevich began her career in the securities industry at Bear Stearns & Co. as an institutional sales equity products representative. Ms. Bunevich earned a B.A. with a dual major in Economics and History from Connecticut College, and spent her junior year at The Wharton School (University of Pennsylvania). She received an M.B.A. in Finance and Marketing from New York University.

Robert Franz is the Managing Director of Fieldstone Capital Group responsible for the High Yield/Distressed business. He has been involved in the financial services business for 10 years and joined Fieldstone in 2002. Prior to joining Fieldstone Capital, Mr. Franz was in a similar role at Service Asset Management Company, a subsidiary of Penson Worldwide. Mr. Franz has complete transactions of over $2 Billion in fixed income securities, equities and structured products. Mr. Franz was a Garden State Scholar, and earned a B.A. in Economics from Rutgers College, The State University of New Jersey with concentrations in Finance and Accounting. He received a M.S. in Management from Troy State University.

Sundar K. Sundaresan joined Fieldstone in 1995 as a principal at the New York office and was later involved in establishing Fieldstone's Indian operations, in 1996. Mr. Sundaresan is currently in charge of the South Asian operations of Fieldstone as the managing director of the Indian office in Hyderabad. Before joining Fieldstone, Mr. Sundaresan was president of the New York office of ICME International Corporation, a leading Switzerland-based management consultancy firm. Prior to that, he was a vice president in the New York office of International Financial Services Group of Banque Nationale de Paris (BNP). Mr. Sundaresan has more than 25 years of diverse international experience as an engineer, transportation management consultant, shipping company executive, and investment banker in the U.S. and Europe. He has also been part of various investment banking transactions and consultancy assignments in the U.S., Europe, and the Middle East.

Clive Ferreira is a founding director of Fieldstone Africa (Pty.) Ltd., a financial advisory company that is a wholly owned subsidiary of Fieldstone, Inc. Mr. Ferreira has 16 years of experience in corporate and project finance. He holds a B.Sc. in civil engineering from Stellenbosch University, a degree in commerce from the University of South Africa, and an M.B.A. in finance from the University of Oregon. Mr. Ferreira has been actively involved with projects in a number of African countries, including South Africa, Zambia, Zimbabwe, Tanzania, Uganda, Mozambique, Nigeria, and Ghana, to name just a few. Specifically, some of the projects Mr. Ferreira has been working on include the following: the privatization of Uganda Electricity Board; advising the government of Mozambique on the restructuring of Cahora Bassa; advising the Greater Johannesburg Metropolitan Council both on the formation of the Kelvin IPP and the privatization of Metrogas; and forming a new IPP hydro power plant in Zambia.

Jason Harlan joined Fieldstone in 2003, bringing a broad experience as a senior industry executive and project attorney in transactions and privatizations in Europe as well as in South America and Asia. As head of European Development and chief executive of the Germany office for Mirant, Mr. Harlan led transactions and development efforts on the continent from 1994 until that company's exit from Europe in 2002. He worked and partnered with a range of large utility companies in Western and Central Europe, and established market presence in the Swiss, Italian, and Nordic markets. Mr. Harlan was the principal architect of the $1.7 billion Bewag investment in 1996 and 1997, and oversaw the successful collaboration with Bewag and its shareholders as it moved from a state company to a profitable private enterprise. He began his career as a public finance and infrastructure attorney with Katten Muchin Zavis, a national practice based in Chicago, and later represented Southern Electric International as project and finance counsel in investments in the Caribbean, South America, and Asia. Mr. Harlan holds a J.D. degree from Cornell Law School, an M.A. in classical philosophy from St John's (Annapolis), and a B.S.F.S. with distinction in Foreign Service from Georgetown School of Foreign Service.

Dr. Martin Andrews has a background in financial engineering in both the equity and credit markets. His areas of focus at Fieldstone are those of CDO modeling, valuation and structuring, as well as risk-adjusted methods of relative value analysis for High Yield companies. Prior to starting work with Fieldstone, Dr. Andrews founded HYmarket.com a pricing, research and analytics service for High Yield market professionals, which continues to thrive. Prior to that start-up experience, Dr. Andrews worked for the Schroder group as a structured products specialist. Initially, he worked in the equity derivative markets, based in London, and later moved to New York to help found a structured products group that created both equity-linked and credit-linked structured investments. Dr. Andrews has an M.A. in Mathematics and a Ph.D. in Artificial Intelligence, both from Cambridge University in the UK.

Prior to joining Fieldstone, Mr. Strauss was at Radian Asset Assurance, where he provided credit enhancement for structured products and securitized transactions through the use of credit derivatives and financial guaranties. Before Radian, he was at Mizuho Corporate Bank, where he was responsible for originating, marketing, structuring, and placing rated mortgage-backed and asset-backed securitizations with the Bank's asset-backed commercial paper conduit and with outside investors. Prior to Mizuho, Mr. Strauss was at Moody's Investor's Service, where he analyzed and rated mortgage-backed securities with primary focus on the home equity market. Earlier in his career, Mr. Strauss held positions in the financial guaranty industry and the public finance market. Mr. Strauss received his BA degree from Columbia University, and his MBA from New York University Stern School of Business.

Siyanga Malumo joined Fieldstone Southern Africa as a consultant in September 1996. Over the past 20 years, Mr. Malumo has held positions in many countries throughout Africa. From 1986 through 1995, Mr. Malumo worked for Meridien Bank in numerous capacities, both as executive vice president for corporate relations and chief executive responsible for the network of 16 West and Central African countries. From 1980 to 1986, Mr. Malumo worked at the African Development Bank as the chief of the Information Division. In 1993, he was on attachment to Banco Nacional Ultramarino in Lisbon. In addition, Mr. Malumo has lectured at numerous academic institutions; held directorships at many banks; published articles in magazines and newspapers worldwide; and published a book on marketing in Africa. In addition to travelled to more than 100 countries over the course of his career, Mr Malumo has served as the project leader on Phase I of the restructuring of the Cahora Bassa Dam (Mozambique); Inga-Kinshasa transmission line (Democratic Republic of Congo); Ivory Coast-Mali interconnection (Ivory Coast/Mali); and Dar-es-Salaam Mwanza Pipeline (Tanzania).

Wei Zhuo joined Fieldstone Capital Group in May 2003 to assist in its CDO valuation business. Prior to starting working for Fieldstone, Ms. Zhuo was a financial analyst at China International Trust & Investment Co. where she was involved in building up computation tables dealing with information on various high-tech companies for client and research purposes. Before that, she worked with Construction & Development Inc. in China as a data analyst, participating in development of pricing models, computation of risk-relevant analytics and construction of trading strategies. Ms. Zhuo received an M.A. in Statistics from Columbia University in New York, NY, and an M.A. in Economics from the University of Akron in Akron, OH. She obtained her CFA designation in 2007.