The New Generation in
Financial Guaranty
March 21, 2016
a CDC IXIS company
Contents
• Overview
• Strategic Objectives
• Business Focus
• Professional Team
• Corporate Structure and Capitalization
• Rating Agency Perspectives
• Underwriting and Risk Management
• Contact information
• Appendices
– Professional Staff Biographies
– Website
Page 2
Overview
• The CIFG Group consists of two direct financial guaranty
insurance companies, one in France and one in the U.S.,
and a dedicated financial guaranty reinsurance company
domiciled in France that supports both direct companies
• These three companies are owned by the group’s holding
company which is, in turn, owned by our parent, CDC IXIS
• All three companies, collectively capitalized with $500
million, are rated Triple-A by Moody’s, Standard & Poor's
and Fitch Ratings
• The business is managed with a unified approach to risk
management, finance and accounting, and systems and
operations
Page 3
Strategic Objectives
• To provide value to investors seeking liquidity and security
• To provide our global clients with consistent, long-term
trading value and unparalleled execution through a superior
understanding of risk and business needs
• To create a profitable, substantial Triple-A rated financial
guaranty organization with global reach
• To provide a new source of financial guaranty, allowing
investors to prudently diversify their exposure to the
industry
• To take advantage of the growing European opportunity for
financial guaranty by leveraging the market presence of our
parent, CDC IXIS
Page 4
Business Focus
• Three business units:
– US Public Finance
– US Structured Finance
– Europe
• Business mix reflective of current market activity
• Over 60% of business written is expected to be
structured finance (US and European)
Page 5
Business Focus – Public Finance
• Public Finance activity will be targeted to lower risk,
capacity constrained, and other opportunistic
situations
• Initial activity will be focused in the secondary
market to take advantage of pricing and competitive
dynamics
• Pre-approved list of credits will form the basis of our
initial efforts
• Over time focus will shift to new issue (competitive
and negotiated) markets
Page 6
Business Focus – Europe
•
A major focus of The CIFG Group plan
•
CDC IXIS, given its position in Europe, provides a strong platform
for CIFG business
•
Emphasis will be on structured finance, particularly:
–
–
–
•
Collateralized Debt Obligations
•
Cash
•
Synthetic
Consumer Assets
•
Trade receivables
•
RMBS and CMBS
Commercial Assets
•
Small ticket leases
•
Large Equipment leases
•
Whole business securitization
Selective emphasis on project finance and public-private partnership
(PPP) transactions and public sector financing
Page 7
Business Focus – US Structured Finance
• US Structured Finance activity will be focused
on:
– Residential Mortgage and Home Equity Loans
– Consumer Assets, including:
• Auto Loans
• Credit Card Balances
– Commercial Assets, including:
• Loans and Leases
• Business Securitizations
• Future Flow Transactions
– Financial Structures and CDOs, including:
• CBOs, Cash and Synthetic
• CLOs, Cash and Synthetic
Page 8
Professional Team
• Seasoned professionals in Europe and the
United States (see attached biographical
sketches) with extensive experience in:
– Capital markets
– Financial guaranty
– Quantitative risk analytics
– Credit markets
Page 9
Professional Team
Jacques Rolfo
CEO
Michael Freed
Jim O’Keefe
Chuck Webster
Marc de Bréchard
Steven Klein
Jeremy Reifsnyder
Serge Marlé
General Counsel
CFO
Chief Risk Officer
Financial Engineering
Municipal Group
US Structured Finance
European Group
Karen Braun
Asst. General Counsel
John Garrity
US Controller
Paul Kwiatkowski
Managing Director
John Calvao
Director
Bill Hogan
Director
Rita Duggan
Managing Director
Michel Rouzioux
Managing Director
Diane Nergaard
Sr. Legal Consultant
François Colinet
European Controller
Joseph Spivack
Director
Patrick Ahteck
Vice President
Michael Uhouse
Director
Victor Mahoney
Managing Director
Jérôme Bire
Director
Stan Cotek
Planning/Analysis
Julien Bramel
Vice President
Feng Li
Vice President
Michael Bartsch
Vice President
Abner Figueroa
Director
Patrick Daguet
Director
Joe Keepers
Director
Alan Douglas
Director
Zhengyuan Lu
Director
Pascale Viala
Director
Richard Zogheb
Director
Rémi Charrier
Deputy Director
Lionel Houbas
Harold Cornwall
Associate
Jonathan Sloan
Associate
Page 10
Corporate Structure and Capitalization
• The CIFG Group is structured to:
– Provide optimal utilization of our $500 million capital
base
– Support our direct companies with capital maintenance
and reinsurance agreements to satisfy rating agency
requirements to achieve Triple-A ratings
– Create financial guaranty insurance companies licensed
and active in our major markets
– Create a cohesive, unified business that can operate with
maximum efficiency to benefit our clients while adhering
to a conservative risk management philosophy on a global
basis
Page 11
Corporate Structure and Capitalization
CIFG Europe
CDC IXIS
CIFG Holding
THE CIFG GROUP
CIFG
French Reinsurance Company
Initial Capital 300 million Euros
CIFG Services
CIFG North America, Inc.
CIFG Europe
Monoline incorporated in the U.S.
Initial capital $100 million
Monoline incorporated in France
Initial capital 32 million Euros
Page 12
Corporate Structure and Capitalization
CIFG Europe
• French monoline insurance company, regulated by the
French insurance regulator, Commission de Contrôle
des Assurances (CCA)
• Initially capitalized with €32 million
• Supported by:
– Stop Loss reinsurance protections from CIFG attaching after €20
million of losses, and
– Capital support agreement from CIFG, if capital falls below €20
million
– Both facilities are enforceable under French law
• CIFG Europe is rated Triple-A by Moody’s, S&P and
Fitch
Page 13
Corporate Structure and Capitalization
CIFG North America Inc. (NA)
CDC IXIS
CIFG Holding
THE CIFG GROUP
CIFG
French Reinsurance Company
Initial Capital 300 million Euros
CIFG Services
CIFG North America, Inc.
CIFG Europe
Monoline incorporated in the U.S.
Initial capital $100 million
Monoline incorporated in France
Initial capital 32 million Euros
Page 14
Corporate Structure and Capitalization
CIFG North America Inc. (NA)
• CIFG North America, Inc. (CIFG NA) is a monoline
financial guaranty company, domiciled in New York
and currently negotiating the purchase of licenses in
other states
• CIFG NA will underwrite all US business for the
group, both structured finance and public finance
• CIFG NA is capitalized with US$100 million and is
supported by reinsurance and keep well agreements
from CIFG
Page 15
Corporate Structure and Capitalization
CIFG
CDC IXIS
CIFG Holding
THE CIFG GROUP
CIFG
French Reinsurance Company
Initial Capital 300 million Euros
CIFG Services
CIFG North America, Inc.
CIFG Europe
Monoline incorporated in the U.S.
Initial capital $100 million
Monoline incorporated in France
Initial capital 32 million Euros
Page 16
Corporate Structure and Capitalization
CIFG
• CIFG is a single purpose, dedicated reinsurance company
established to provide reinsurance to CIFG Europe and
CIFG North America
• CIFG is organized as a reinsurer under French law and is
overseen by the Commission de Contrôle des Assurances
(CCA)
• CIFG was initially funded with €300 million by CDC IXIS
• CIFG provides reinsurance and capital support to both
CIFG Europe and CIFG North America, pursuant to
binding legal agreements between the parties
• CIFG is rated Triple-A by Moody’s, S&P and Fitch
Page 17
Corporate Structure and Capitalization
CIFG – Reinsurance Agreements
• CIFG provides Stop Loss reinsurance coverage for all
business written by CIFG Europe (net of third party
reinsurance). The cover will pay all claims incurred by
CIFG Europe in excess of €20 million during its term. The
facility runs for eight full years and is automatically
renewable
• CIFG provides quota share reinsurance coverage for all
business written by CIFG NA (net of third party
reinsurance). This cover will pay a proportionate share of
all claims incurred by CIFG NA. CIFG NA may cede as
much as 75% of any risk underwritten to CIFG
Page 18
Corporate Structure and Capitalization
CIFG – Keep Well Agreements
• CIFG has executed irrevocable keep-well (capital
maintenance) agreements with each of the two direct
writers
• Each agreement requires CIFG to contribute capital to
either operating company at any time that the capital
of that operating company falls below a pre-set level
• Those levels are €20 million for CIFG Europe and
$80 million for CIFG NA
Page 19
Corporate Structure and Capitalization
CIFG Holding
CDC IXIS
CIFG Holding
THE CIFG GROUP
CIFG
French Reinsurance Company
Initial Capital 300 million Euros
CIFG Services
CIFG North America, Inc.
CIFG Europe
Monoline incorporated in the U.S.
Initial capital $100 million
Monoline incorporated in France
Initial capital 32 million Euros
Page 20
Corporate Structure and Capitalization
CIFG Holding
• CIFG Holding is The CIFG Group’s holding company and
is neither an insurance nor reinsurance company. It is a
general business corporation organized under French law
• CIFG Holding is the entity owned by CDC IXIS and to
which CDC IXIS is committed under the terms of the
subordinated loan agreement to fund the balance of its $500
(€ equivalent) investment in The CIFG Group
• CIFG Holding is unconditionally obligated to draw on the
subordinated loan facility if requested to do so by CIFG
• CIFG Holding is not rated by any of the rating agencies
Page 21
Corporate Structure and Capitalization
CDC IXIS
CDC IXIS
CIFG Holding
THE CIFG GROUP
CIFG
French Reinsurance Company
Initial Capital 300 million Euros
CIFG Services
CIFG North America, Inc.
CIFG Europe
Monoline incorporated in the U.S.
Initial capital $100 million
Monoline incorporated in France
Initial capital 32 million Euros
Page 22
Corporate Structure and Capitalization
CDC IXIS
• As sole owner, CDC IXIS has funded €300 million of its
commitment to invest $500 million (€ equivalent) in The
CIFG Group. The balance of $220 million (€ equivalent) is
committed pursuant to an irrevocable, subordinated loan
agreement
• The subordinated loan agreement allows CIFG Holding to
draw up to its full amount, if needed
– to accommodate growth,
– to pay claims or
– to avoid a rating action by any of the rating agencies
• Upon a draw, the loan amount can be converted into equity
at the option of CIFG Holding
Page 23
Corporate Structure and Capitalization
CDC IXIS
• CDC IXIS is a banking institution regulated by the
French banking regulator, Commission Bancaire, and
is subject to Bank for International Settlements (BIS)
capital adequacy guidelines
• CDC IXIS is owned by (see chart on next page):
– EULIA (53%), a joint venture of Caisse des Dépôts et Consignations
(CDC) and Caisse Nationale des Caisses d’Epargnes (CNCE), the
consortium of French mutual savings banks
– CDC, directly (43.5%), and
– San Paolo IMI, an Italian commercial bank (3.5%)
Page 24
Corporate Structure and Capitalization
CDC IXIS
35%
CNCE
49.9%
Caisse des
Dépôts
50.1%
43.5%
EULIA
San Paolo IMI
53%
3.5%
CDC IXIS
The CIFG Group
100%
CIFG Holding
CIFG
CIFG Services
CIFG Europe
CIFG NA
Page 25
Rating Agency Perspectives
• Moody’s, Standard & Poor's and Fitch have
determined that each of the financial guaranty
companies in The CIFG Group is Triple-A
• Each agency has reviewed:
–
–
–
–
–
our plan of operation
capitalization structure
our management team
policies and procedures, and
ownership
• Each believes that the structure, both legal and
financial, supports its assignment of the highest
ratings
Page 26
Rating Agency Perspective –
Fitch Ratings
• Deems the structure and capitalization appropriate to
support a AAA claims-paying rating
• Employs a comprehensive, qualitative approach
• Considers capitalization, ownership, business plan,
management and anticipated portfolio risk profile
Page 27
Rating Agency Perspective –
Standard & Poor’s
• Standard and Poor’s considers management and
corporate strategy, business plan and capitalization
• In addition to a qualitative review of these factors,
S&P employs a quantitative stress test that subjects
the company’s capital base to an unprecedented
depression scenario and assesses the adequacy of that
capital to pay assumed claims and continue its
business
• S&P applied this stress test to each of The CIFG
Group’s companies as well as to the consolidated
group and in every case, a AAA margin of safety was
attained
Page 28
Rating Agency Perspective –
Moody’s Investor Services
• Moody’s evaluated The CIFG Group on a
consolidated basis
• In addition to its qualitative review of management
expertise, risk management, ownership and business
plan, Moody’s utilizes a model that “estimates the
entire potential loss distribution associated with the
guarantor’s insured exposure”. The model assesses
risk by credit quality, maturity, distribution across
sectors and, importantly, risk concentrations
• The results of this assessment for The CIFG Group
compare favorably with the other Aaa rated financial
guaranty companies (see following chart)
Page 29
Rating Agency Perspective –
Moody’s Investor Services
Net Par
Expected 99.9%
Loss
Loss
$ Millions
146
572
1,062
3,715
274
1,044
365
1,452
1,412
5,135
37
278
99.99%
Loss
Credit
Quality
Ratio
Bps
26
38
17
24
34
35
CIFG*
55,720
667
Ambac
279,655
4,179
FGIC
156,401
1,190
FSA
154,021
1,725
MBIA
418,504
5,854
XLCA & 10,597
346
XLFA**
* Projected model results for 2006 portfolio
** Model results as of 2Q 2001. Others are as of year-end 2000.
Diversity Hard
Ratio
Capital
Ratio
3.92x
3.50x
3.82x
3.98x
3.64x
7.52x
1.
Expected Loss: present value based on portfolio and Moody’s Default studies
2.
99.9% Loss: present value of portfolio losses at the 99.9% confidence interval
3.
99.99% Loss: present value of portfolio losses at the 99.99% confidence interval
4.
Credit Quality Ratio: expected losses/Adjusted Net Par outstanding; Lower is better
5.
Diversity Ratio: 99.9 Percentile Losses/Expected Losses; lower is better (more diversity)
6.
Hard Capital Ratio: Hard Capital/99.9 percentile losses; higher is better
7.
Total Capital Ratio: Total Capital/ 99.99 percentile losses; higher is better
1.45x
1.32x
2.32x
1.65x
1.49x
1.76x
Total
Capital
Ratio
1.24x
1.27x
2.12x
1.46x
1.40x
1.63x
Page 30
Underwriting and Risk Management
• The CIFG Group employs modern, conservative risk
management and credit underwriting techniques and
methods
• Comprehensive underwriting and risk management policies
and procedures are designed to ensure zero-loss
underwriting and diversified portfolio structure
• CIFG will only insure investment grade obligations and
will require shadow ratings of all transactions
• Considerations include:
–
–
–
–
Single risk limits
Geographic and sectoral concentration limits
Correlation effects
Ratings volatility analysis
Page 31
Underwriting and Risk Management
• On the underwriting and risk control side, CIFG has taken the
best of traditional practices and new ideas and forged an
identity that learns from the past but is not constrained by it
• Risk practices
– CIFG can build on best existing practices
– No legacy systems
– Impose the risk technology built in the past 10 years
• Risk systems
– CIFG can use “best in breed” risk analytics
– No legacy systems
• Transparency: CIFG process is as transparent as possible
Page 32
Surveillance, Workout and Remediation
• CIFG has developed a comprehensive surveillance plan for
all sectors of business
• The surveillance plan details:
– ongoing information requirements and credit quality parameters
to be be monitored
– Surveillance requirements and frequency of reviews, riskweighted by sector and customized for individual transactions
• Deal performance will be measured against expectations,
with variance from expectations analyzed and rated
• If slippage is noted, deal terms provide for early
intervention
• CIFG management has extensive workout experience in
financial guaranty business as well as related capital
markets and banking businesses
Page 33
Investor Reporting
• The CIFG Group produces full financial statements.
Reports include:
– Consolidated group statements
– French or US GAAP and Statutory statements for the
constituent companies of The CIFG Group
• Reports are available in French and English
• Portfolio data will also be available via periodically
produced supplements
• Other information will be made available as requested
Page 34
Key Contacts
• Chief Executive Officer
– Jacques Rolfo
(212) 909-3936
j.rolfo@cifg.com
(212) 909-3927
s.klein@cifg.com
• Public Finance
– Steven Klein
• US Structured Finance
– Jeremy Reifsnyder
(212) 909-3946
j.reifsnyder@cifg.com
• Europe
– Serge Marlé
+33 1 4049 3480 s.marle@cifg.com
• Chief Financial Officer
– James O’Keefe
(212) 909-3930
j.okeefe@cifg.com
Page 35
Appendix
Professional Staff
Biographies
Page 36
Corporate Group
Jacques Rolfo: Chief Executive Officer
Jacques Rolfo is in charge of The CIFG Group. From 1990 to 2000, Jacques was an Executive Vice President of the CDC Group in
New York, where he was one of the founding managers of the asset management and capital market operations. Prior to CDC, Jacques
worked for the World Bank in Washington, DC, for 11 years – primarily in the Investment Department – where he was Division Chief,
and with Lehman Brothers for three years, where he created and headed the Derivative Research Group. Jacques holds a Ph.D. from
Stanford University (Finance), an M.B.A. from the University of Pennsylvania, a Master’s in Mathematics from Paris University, and a
diploma of engineering from L'Ecole des Mines de Paris.
Jim O’Keefe: Chief Financial Officer
Jim is responsible for The CIFG Group’s overall financial practices in North America and Europe. He joins The CIFG Group from
MBIA, where he spent nine years in various financial roles, with significant responsibilities for MBIA’s non-US financial guaranty
activities. Prior to his tenure at MBIA, Jim worked at Coopers & Lybrand as a manager in the Insurance Services Group and did a stint
in the firm’s National Accounting and Auditing directorate. Jim, a C.P.A., holds a B.A. from PACE University.
Chuck Webster: Chief Risk Officer
Chuck is responsible for all risk management functions at The CIFG Group in North America and Europe. He was most recently
Director of Fixed Income Research at Brown Brothers Harriman and prior to that, was a senior member of the Fixed Income Division at
Sanford Bernstein. Chuck also spent nine years at Lehman Brothers, serving in various research and strategy groups. Prior to working
in the private sector, Chuck taught economics at Washington University and Fordham University. Chuck holds a Ph.D. in Economics
from University of Michigan and Master’s and Bachelor’s degree from University of Missouri.
Paul Kwiatkoski: Head of Surveillance
Paul is responsible for surveillance activities for The CIFG Group and is a member of the Risk Management Group. In 1986, Paul was a
founder of Enhance Reinsurance Company – the first monoline financial guaranty reinsurer – and served as its President from 1996-99.
He also served as an Executive Vice President of Asset Guaranty, an affiliate company. Prior to that, Paul was a Vice President and
Underwriter with FGC Services – a financial guaranty intermediary. He was also with Moody’s Investors Service, where he was an
Assistant Vice President in the Municipal Research Group where he managed the Bond Insurance Unit . Paul holds an M.P.A. from
Syracuse University’s Maxwell School and a B.A. from Cornell University.
Page 37
Corporate Group
Michael Freed: General Counsel
Michael is the chief legal representative for The CIFG Group in North America and Europe. From 1997 to 2001, he served as General
Counsel and Managing Director of ACA Financial Guaranty Corporation . Michael also served as an Executive Vice President of ACA,
with responsibility for the public and structured finance underwriting, secondary markets, surveillance and legal departments. Prior to
ACA, Michael served as an attorney in private practice and as corporate counsel for a variety of corporations. Michael received his J.D.
from U.C.L.A. Law School, M.A. from U.C.L.A., and B.A. from University of California at San Diego.
Karen M. Braun: Assistant General Counsel
Karen is responsible for transactional and corporate legal matters for The CIFG Group. She has over 15 years of experience in public
finance, structured finance and investment management. Karen comes to CIFG from CDC Investment Management Corporation and
CDC IXIS North America Inc. where she held the position of Senior Counsel. Prior to that, she was with Orrick, Herrington &
Sutcliffe. Karen is the author of “Basic Issues in Secondary Market Municipal Derivative Products” in Frontiers in Derivatives (1997).
She holds a J.D. from The University of Virginia School of Law and a B.A. from Cornell University.
Marc de Bréchard: Head of Systems, Technology, and Financial Engineering
Marc is responsible for all aspects of technology for The CIFG Group. Prior to his role at The CIFG Group, Marc served as a Vice
President, Applications Development at CDC Investment Management Corporation, where he developed trading and reporting systems.
Marc also worked for CDC North America as a quantitative analyst and developer. From 1994 to 1995, Marc completed his military
obligations during a 16-month internship with CDC Investment Management. Marc received his Master’s degree in Physics from
University of Paris VI and graduated from France’s Ecole Normale Supérieure de Paris.
Page 38
Public Finance Group
Steven Klein: Managing Director, Head of Public Finance Group
As the Head of the Public Finance Group, Steven is responsible for all public finance transactions in North America. Prior
to leading the Public Finance Group, Steven served as Senior Vice President at Enhance Reinsurance Company and Asset
Guaranty Insurance Company, with responsibility for marketing and business development. From 1990 to 1994 he served as
a Vice President for Product and Business Development at FGIC. From 1983 – 1990, Steven was a public finance
investment banker at Donaldson, Lufkin and Jenrette. A graduate of Harvard University’s Kennedy School of Government
(MPA), Steven received his J.D. from Boston University’s Law School and B.A. from Haverford College (BA).
William J. Hogan: Director, Public Finance Group
Bill is responsible for underwriting, origination, and marketing for The CIFG Group’s North American public finance
business. Over the last fifteen years, Bill served as Managing Director of Secondary Market Underwriting and a member of
senior credit committee at ACA, Vice President and Senior Analyst at Financial Security Assurance, and Vice President and
Senior Analyst at Moody’s Investors Service. He is also a member of the board of governors for the National Federation of
Municipal Analysts. Bill received his B.A. from Rutgers College.
Michael J. Uhouse: Director, Public Finance Group
Mike is responsible for underwriting, origination, and marketing for The CIFG Group’s North American public finance
business. Prior to The CIFG Group, Mike was Vice President in Institutional Fixed Income for ABN-AMRO. From 1985 to
1995, Mike was a Vice President in the Public Finance Banking Group of Donaldson, Lufkin and Jenrette Securities
Corporation . Mike received his M.B.A. and B.S. from SUNY Albany.
Michael Bartsch: Vice President, Public Finance Group
Before joining CIFG NA, Michael was one of five Senior Analysts on the tax-exempt bond and money market desks at the Vanguard
Fixed Income Group, the bond department of a mutual fund with over $60 billion in municipal bond assets under management. While
there, he was the lead analyst for the Massachusetts, Ohio, and Pennsylvania State Specific Funds, and lead analyst of the transportation
sector. Before that, Michael was an AVP/analyst in the States and High Profiles Ratings Group at Moody’s Investors Service, the bond
rating agency. He has a Masters of Public Administration from New York University.
Page 39
European Group
Serge Marlé: Managing Director, Head of European Group
Serge is responsible for all of The CIFG Group’s European operations. Earlier in his career, Serge held senior positions in
Europe for both FGIC and MBIA. Prior to a career in the financial guaranty business, Serge was employed at a number of
major international banks, including Union Bank of Finland, the Paris branch of Mitsubishi Bank Limited, Citibank, and
Crédit Lyonnais. Serge is a graduate of Ecole Supérieure Libre des Sciences Commerciales Appliquées.
Michel Rouzioux: Managing Director, Deputy Head of European Group
Michel is responsible for local underwriting and day-to-day operations for The CIFG Group's European operations.
Previously, he worked at CDC Capital Markets as a Managing Director in charge of developing structured finance products
in Europe. Prior to his tenure at CDC, Michel worked from 1978 to 1998 at Crédit Agricole, where he held several senior
positions. He also spent six years working in London and Paris for Groupe des Banques Populaires. Michel holds a
Master's in Mathematics, a Diplôme d'Etudes Approfondies in Computer Science, and a Master of Economics from Paris
University. He is also a graduate of L'Ecole des Mines de Paris.
Pascale Viala: Director, Structured Finance
Pascale is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Most recently, she was Vice
President – Senior Analyst at Moody’s Investors Service Limited in London. Prior to that, Pascale worked at the European
Investment Bank in Luxembourg as an economist and as an Assistant Professor of economics at the University of Montreal.
Pascale holds a Ph.D. in Management Science from Groupe HEC and has degrees from the University of Paris – IX
Dauphine and the University of Montpellier I.
Page 40
European Group (continued)
Patrick Daguet, CFA : Director, Infrastructure Finance
Patrick is responsible for sourcing, analyzing, and arranging infrastructure finance transactions in Europe. Prior to joining CIFG Europe,
Patrick was Senior Structurer and Underwriter at Swiss Re, based in Zurich, where he primarily concentrated on the Project Finance,
CDOs and ABS activities of the lead reinsurance company. Before, Patrick worked at FGIC and in the MBIA*AMBAC joint venture
based in Paris as Senior Underwriter for Infrastructure Finance for a period of 6 years in total. He also spent 10 years at BNP in various
capacities. Patrick holds the CFA Designation and is a CFA Charterholder. He also holds an MBA in Information Technology and
graduated from the University of Paris V - René Descartes, where he earned a DESS Banque et Finance. Patrick also graduated from the
Conservatoire National des Arts et Métiers (CNAM), where he obtained the Diplôme d'Etudes Supérieures Bancaires (DESB-ITB) and two
other undergraduate degrees.
Alan Douglas: Director, Infrastructure Finance
Alan is responsible for sourcing, analyzing, and arranging infrastructure finance transactions in Europe. Prior to joining CIFG Europe,
Alan was a Principal in the Bank of America Global Infrastructure department. There he worked as financial adviser and lead arranger on
a wide range of infrastructure transactions throughout Western Europe. Keynote transactions on which he worked included the first
limited recourse transaction in Greece, the first privately financed light rail system in the UK, the first toll road in the UK and the first
major PFI/PPP project to reach financial close in the UK. He has also worked on transactions in Portugal, France, Italy and Poland. He
holds a degree in Banking and Finance from Loughborough University.
Jérôme Bire: Director, Structured Finance
Jérôme is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Prior joining CIFG, he was a
Vice President with the Lehman Brothers securitisation group in London, focusing on cash transactions for banks and
corporates in France and Nothern Europe. Prior to Lehman, Jerôme was a senior structurer in the Paribas securitisation
group with responsibility of originating and executing ABS transactions in France and Iberia. Jerome holds a master degree
in engineering from the Ecole Nationale des Ponts et Chaussées.
Rémi Charrier: Deputy Director, Structured Finance
Remi is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Most recently, he was Deputy Director for
AGF Assurances Financières, supervising the launch of the financial guaranty business. Prior to that, Remi was the Associate Director of
Securitization at Standard & Poor’s, with responsibility for analyzing credit risks and legal issues. He began his career at Crédit Lyonnais
as a project manager specializing in market activities at the General Audit Office. Rémi is a graduate of the Ecole Supérieure de
Commerce de Paris.
Page 41
US Structured Finance Group
Jeremy Reifsnyder: Managing Director, Head of US Structured Finance Group
As the Head of the Structured Finance Group, Jeremy is responsible for all structured finance transactions in North America.
Before joining The CIFG Group, Jeremy was a Managing Director at MBIA Insurance Corporation and Capital Markets
Assurance Corporation (CapMAC), where he led the Corporate & Special Products Group as well as the Structured
Secondary Markets and Conduits Group. Prior to joining CapMAC, Jeremy was a consultant to the Global Asset Backed
Securities Group at Chase Manhattan Bank, and Managing Director of North American Structured Finance at Deutsche
Bank and Deutsche Morgan Grenfell. His previous experience included service with Continental Bank N.A. and Société
Générale. Jeremy holds an M.B.A. from the Wharton School of the University of Pennsylvania, an M.A. in East Asian
Studies from Harvard University, and a B.A. in political science from Columbia University.
Rita Duggan: Managing Director, US Structured Finance Group
Rita is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance
business. Prior to joining The CIFG Group, Rita was a Director at MBIA Insurance Corporation in the Structured Finance
Risk Management Group as the primary risk officer for both the CDO and the future flow new business groups. Prior to
that, she was a senior transactor for several years in the Corporate Asset-Backed & Special Products Group, specializing in
new assets. Rita’s experience prior to joining MBIA was at PPM America in the Structured Finance Group, where she
invested in asset-backed securities; Rothschild Inc. in the Capital Markets Group, where she structured asset-backed
transactions; Fitch in the Asset-Backed Securities Group, where she rated asset-backed transactions; and Daiwa Bank where
she was a lending officer for structured and project finance transactions. Rita received a Master’s degree in International
Affairs from Columbia University and a B.S. degree from Marymount College.
Victor Mahoney: Managing Director, US Structured Finance Group
Victor is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance
business. Prior to joining the CIFG Group, Victor was a Director in the Securitization Group of Dresdner Kleinwort
Wasserstein Securities, where he originated asset-backed transactions in the public, private and conduit markets. Prior to
that, Victor performed a similar role as a Vice President with Deutsche Bank Securities’ Mortgage and Asset-Backed Group.
Victor’s broad experience ranges across the highly liquid asset classes of credit cards, autos, trade receivables and student
loans to the more esoteric boat and RV loans, equipment leases, rental car leases, franchise loans and senior settlements.
Victor’s earlier experience also includes positions with the asset-backed groups at NatWest Markets and Sumitomo Bank.
Victor holds an M.B.A. from the Wharton School of the University of Pennsylvania, and a B.A. from Dartmouth College.
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US Structured Finance Group (cont.)
Richard J. Zogheb: Director, US Structured Finance Group
Richard is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance
business. Prior to joining The CIFG Group, Richard was a Vice President at MBIA Insurance Corporation in the Global
Operating Assets Group as the primary deal manager for both aircraft and other operating asset transactions. Prior to that, he was
a transactor in the Corporate Asset-Backed Group, specializing in CDO and small-ticket lease transactions. Before joining
MBIA, Richard was a Vice President in the structured finance department at The Industrial Bank of Japan where he was a senior
member of the team that structured CDOs from the bank’s balance sheet; Standard and Poor’s in the Structured Finance Group,
where he rated esoteric asset-backed and CDO transactions; and Republic National Bank of New York where he was an officer
in the Trading Risk Management group and risk officer for the Emerging Markets Trading group. Richard holds an M.B.A. from
New York University’s Stern School of Business’ Executive Finance Program and a B.A. in economics from Hunter College.
Abner Figueroa: Director, Structured Finance Group
Abner is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance
business. Prior to joining The CIFG Group, Abner was with the Asset Backed Finance Group at Prudential Securities, Inc.
where he marketed the full range of investment banking services. Abner was also responsible for developing strategies to
improve the effectiveness of client securitizations. Prior to that, he was a Vice President in the Residential MBS Group at Duff &
Phelps Credit Rating Company, where he analyzed prime, alternative A, and sub-prime securitizations. While at Duff & Phelps,
Abner developed the rating agency criteria for evaluating net interest margin securitizations. His previous experience included
service in the MBS group at Financial Guaranty Insurance Company (FGIC), and at Lehman Brothers Inc. and Salomon Brothers
Inc. Abner holds an M.B.A. from Columbia University and a B.B.A. from University of Notre Dame.
Zhengyuan Lu: Director, US Structured Finance Group
Lu is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance
business. Prior to joining The CIFG Group, Lu was a Director at MBIA Insurance Corporation in the CDO and Structured
Product Group, specializing in funded & synthetic CDOs and other credit derivative based products. Prior to MIBA, Lu was a
senior transactor in the Structured Finance Group of Asset Guaranty Insurance Company, with responsibility of originating and
executing ABS transactions. Lu's experience prior to joining Asset Guaranty was at PPM America in the Structured Finance
Group, where he invested in asset-backed securities; Rothschild Inc. in the Capital Markets Group and Credit Suisse First Boston
in the Asset Finance Group, where he structured asset-backed transactions. Lu received a B.A. degree in Economics and
Computer Science from Middlebury College, and was elected as a member of Phi Beta Kappa
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US Structured Finance Group (cont.)
Joe W. Keepers: Director, US Structure Finance Group
Joe is responsible for transaction modeling for The CIFG Group’s North American structured finance business. Prior to
joining The CIFG Group, Joe was a Senior Vice President with the Structured Finance Department at Mizuho Corporate
Bank (formerly the Industrial Bank of Japan), where he was responsible for transaction modeling and deal support, working
on transactions for the bank and it clients involving diverse asset types such as CDOs, CLOs, trade receivables, equipment
leases, and high LTV mortgages. Joe was responsible for developing the capital models and getting rating agency approval
for a new SIV, sponsored by the bank. Prior to that he was a Vice President at Rothschild, Inc., Wertheim Schroder & Co.
J.P. Morgan Securities Inc., and Goldman Sachs & Co. where he specialized in transaction modeling in CMOs, MBS, and
Asset Backed Securities. Joe is a CFA and holds a Ph.D. in Pharmaceutical Chemistry, from The University of California at
San Francisco.
Harold Cornwall: Associate, US Structured Finance Group
Harold is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance
business. Prior to joining The CIFG Group, Harold was an Associate at Wachovia Securities on their Structured Funds
Management team specializing in multi-sector CDOs. Before joining Wachovia, Harold was a Lieutenant in the United
States Navy, with tours of duty on nuclear fast attack submarines in Charleston, S.C. and staff positions with the U.S.S.
Independence Carrier Battlegroup in Tokyo, Japan. Harold received a M.B.A from the University of California at Berkeley
and a B.S. in Systems Engineering from the United States Naval Academy. He has successfully completed CFA level three.
Jonathan Sloan: Associate, US Structured Finance Group
Jonathan Sloan is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured
finance business. Prior to joining The CIFG Group, Jonathan was an Associate at J.P. Morgan Securities, Inc. in the North
American Asset-Backed Securities Group where he marketed and executed securitization and synthetic portfolio transactions
in several different asset classes including student loans and global residential mortgage backed securities. His prior
experiences included working as a senior accountant at the New York based hedge fund D.E. Shaw & Co. and in the
Commercial Products division of Arthur Andersen LLP. Jonathan graduated summa cum laude from Binghamton University
where he received his M.S. and B.S. in Accounting.
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Website
www.cifg.com
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