Credit Suisse Investment Banking Pitch Book

PRELIMINARY | SUBJECT TO FURTHER REVIEW & REVISION Relative overview of business model and financial profile Osprey Asset-based lending & leasing companies Commercially focused banks Products Operations Legal & tax structure Commercial middle- market direct lending, primarily secured by cash flow ■ Most loans to sponsored companies ■ Focus on lower-yielding, lower risk profile assets, including focus on broadly- syndicated loans (BSL) ■ Limited investment in other asset classes Internally managed ■ Unregulated with no asset or structure requirements - Includes both balance sheet lending and asset management businesses ■ Market limitations on leverage Increased cost of funds post-crisis as securitization markets became more expensive C-Corporation ■ Taxpayer Business development companies ("BDCs") Commercial middle- market direct lending, primarily secured by cash flow Most loans to sponsored companies Invest in other asset classes (equity investments, CLO securities, etc.) Source: Osprey management and public filings. Note: "REITS denotes Real Estate Investment Trusts. Higher yielding investments relative to Osprey Internally or externally managed ■ 70% of assets must be qualifying assets, generally meaning securities in small or middle-market U.S. firms that are private or small-cap Leverage constrained to 1.0x debt / equity; BDCs generally operate at 0.60x- 0.80x debt / equity Pass-thro entity - Distributes >90% of pre- tax income to avoid corporate-level or excise tax Regulated under Investment Company Act of 1940 Act as a regulated investment company ("RIC") Asset-based niche lending Element Fleet: fleet leasing (vehicles as collateral); real assets, high depreciation ■ ECN Capital: mostly equipment financing; real assets, depreciation Marlin: small-ticket asset- based lending and equipment leasing, ancillary property insurance All internally managed Variety of regulation around leverage and structure - ECN includes both balance sheet lending and asset management businesses Market limitations on leverage Easy access to ABS markets (e.g., fleet, aviation, rail) ☐ Marlin bank lding company and financial holding company with bank & insurance subsidiaries ■ Element Fleet & ECN both Canadian corporations ■ Taxpayers More similar ■ Diversified loan assets with regulated concentration restrictions (<25% limit for any given asset class) ■ Since 2013, subject to leveraged lending guidelines that effectively limit participation in most middle- market lending Highly regulated ■ Able to operate at significant leverage levels ☐ Low financing risk and cost of funds from access to depository funding - Leverage as high as -9.0x, including deposit funding Bank holding company ■ Taxpayer Commercial mortgage REITS Commercial real estate loans or commercial mortgage-backed securities - In the case of direct mortgages loans, tangible underlying collateral Generally more focused on credit-sensitive assets with less interest rate risk than residential mortgage REITS ■ REIT diversification tests require at least 75% of total assets be in real estate Additionally, must derive at least 75% of gross income from rents from real property, interest on mortgages financing real property or from sales of real estate ☐ Leverage generally 2.0x- 3.0x debt / equity Pass-through entity - Distributes >90% of pre- tax income to avoid corporate-level or excise tax ■ Exempt from Investment Company Act of 1940 and RIC regulations Less similar Confidential 32 Ⓒ Credit Suisse Group AG and/or its affiliates. All rights reserved.

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