Fig partners fi overview 2.24.14

Ideas & Execution on Financial InstitutionsIdeas & Execution on Financial Institutions
Fixed Income Overview
Sales, Trading and Advisory
February 2014

Ideas & Execution on Financial Institutions 2Ideas & Execution on Financial InstitutionsIdeas & Execution on Financial Institutions
FIG Partners Overview
 FIG Partners, LLC is an employee-owned broker/dealer specializing in bank and
thrift stocks.
 FIG Partners is owned and led by its managing principals who have deep
experience in Research, Capital Raises, Strategic Advisory, Trading and Sales.
 FIG Partners has created over 3,500 new relationships between Community
Banks & Investors since inception in 2003.
 Our expertise includes independent research on over 100 public banks and the
industry at large, completion of over 60 transactions to raise new capital and
provide strategic advice, and OTC market-making for 200+ banks nationwide.
Our acquisition and merger depth includes over 90 transactions during the past 10
years.

Fixed Income Business Overview
 FIG Partners’ fixed income business is led by Ricardo Diaz, who has
over 15 years experience in the fixed income markets at major
investment banks and asset managers.
 The fixed income business offers the following services to the clients of
FIG:
 Fixed Income Sales & Trading
 Fixed Income & Balance Sheet Advisory Services
 Securitization, Debt Underwriting and Asset Purchase/Sales

Fixed Income Sales & Trading
 The fixed income team at FIG offers securities sales and trading in a number of asset
classes including:
 Treasuries
 Agencies
 Pass-throughs
 Collateralized Mortgage Obligations
 Municipals
 Corporate Bonds & Commercial Paper
 Small Business Adminstration Pools & Debentures
 Non-Agency Residential Mortgage Backed Securities (RMBS)
 Commercial Mortgage Backed Securities (CMBS)
 Asset Backed Securities (ABS)
 Collateralized Debt Obligations (CDOs)
 Hybrid Capital and Preferred Securities

Fixed Income Advisory Services
 Interest Rate Hedge Advisory
 Assess risks, objectives, and constraints
 Identify structures to address risks (Interest Rate Swaps, Caps,
Floors, Collars, Treasury Locks, etc…)
 Select provider, arrange credit, and negotiate documentation
 Provide hedge effectiveness testing, accounting and ongoing
management and board level support.
 Accurate, transparent pricing and efficient execution
 FIG Analysis & Reporting
 Credit review (Muni Reviews, Pre-Purchase Analysis, etc.)
 Portfolio Monitoring & Review
 FIG Benchmark

Fixed Income Advisory Services
 Independent Valuation for all securities, loans and derivatives
 Transparency in pricing sources and derivation of values
 Scalable batch processing for large and recurring valuation projects
 Experience with accounting and financial reporting considerations
 Price Verification and Reconciliation
 Level I: Mark-to-Market using market price points and sources;
 Level II: Fair Market Valuation using standard models; and
 Level III: Fair Market Valuation and cash flow analysis using stress tests,
scenario and loan level data
 Significant pricing experience in ABS, RMBS, CMBS, CDOs, credit, interest
rates, FX and commodities
 Experience with all major derivative pricing models

Fixed Income Advisory Services (continued)
 Risk Assessment
 Expertise in Loan/Issuer level cash flow and loss analysis across all mortgage
and credit products
 Underlying collateral risk and stress analysis
 Transparent methodology for input variables including prepayment, default
rates, recoveries
 Team has significant experience in running asset level scenario/horizon
analysis and Asset & Liability Management
 Review of Deal Structures
 Priority of payments/cash diversion triggers/acceleration risk
 Rate and currency risk/hedge exposure risk
 Counterparty, legal, rating agency, regulatory, and accounting implications
 Full capability in portfolio level Value at Risk (“VAR”) analysis and
calculations, stress testing.

Securitization, Debt Underwriting and Asset
Purchase/Sales
 Securitization underwriting for originating banks across asset classes:
 Consumer assets such as Auto Loans, Credit Card Receivables and
Student Loans
 Residential Real Estate Loans
 Commercial Real Estate Loans
 SBA pools
 Equipment finance and other commercial assets
 Asset Acquisition and Disposition Services
 Working with banks and other financial services firms that have
securities or loans backed by consumer or commercial borrowers to
find suitable buyers
 Working with investors that are searching for investment opportunities
from the banking or financial services sector

Biographies
 FIG Partners – Fixed Income Division
 Ricardo Diaz (rdiaz@figpartners.com)
Senior Vice President – Head of Fixed Income
Ricardo joined FIG Partners in 2010 to launch the fixed income business focusing on sales and trading, advisory and
capital markets. Ricardo has 17 years of experience in the fixed income markets as an investment banker and portfolio
manager. Prior to joining FIG, Ricardo was a founding partner of Vertical Capital Solutions, a valuation and advisory firm
in the structured products market. Previously, he was a Managing Partner and Founder of Angel Oak Capital Partners, a
hedge fund investing in fixed income securities. He was also a Managing Principal and Founder of Terminus Asset
Management Company, an asset management platform specializing in fixed income instruments. Prior to this, Ricardo was
a Managing Director in the Principal Finance Group at SunTrust Robinson Humphrey. Ricardo was also a Portfolio
Manager at AIG Sun America Life Insurance and worked in Fixed Income Capital Markets at both Merrill Lynch and
Bank of America. He received his Bachelor of Arts degree in Economics and Political Science from Northwestern
University.
 Pete Vaky (pvaky@figpartners.com)
Senior Vice President - Fixed Income
Pete joined FIG Partners in 2012 to expand the firm’s Fixed Income business. Pete has over 30 years of investment
banking experience across a wide range of sectors. Prior to joining FIG, Pete was the Co-Founder and Managing Partners
at VVS Capital, a private equity firm based in Atlanta focused on middle market corporations. Pete spent much of his
career at SunTrust, where he served as a Managing Director and Head of Debt Capital Markets Distribution and
Syndicated Finance in Atlanta. Pete also held management roles at Bank of America, Continental Illinois, Bank of
Montreal, and Wells Fargo. In addition, he previously served as the co-chair of the Loan Sales and Trading Association
(LSTA), is currently on the Board of Trustees at Holy Innocents’ Episcopal School in Atlanta, and is an official observer
on the Board of Directors for Brown Integrated Logistics Inc. Pete received his Bachelor of Arts degree from DePauw
University in Indiana and a Masters of Business Administration from DePaul University in Illinois.

Biographies
 Brian Zwerner (bzwerner@figpartners.com)
Senior Vice President - Fixed Income
Brian joined FIG Partners in 2010 to launch the Fixed Income business line focusing on sales and trading, advisory and
capital markets. Brian has 16 years of trading and structuring experience across a number of fixed income asset classes.
Prior to joining FIG, Brian was a founding partner of Vertical Capital Solutions, a valuation and advisory firm in the
structured products market. Previously, he was a Managing Director in the Fixed Income division of Wachovia from
2005 to 2007, where he was responsible for fixed income trading across credit, interest rates, foreign exchange and
commodities. From 1998 to 2005, Brian held a number of roles at Bank of America in London and Chicago. Most
recently he was a Managing Director and head of Europe and Asia Rates at Bank of America. Brian worked in trading
and marketing at Chase Manhattan Bank and First Union (now Wachovia) prior to joining Bank of America. He
received his Bachelor of Science degree in Economics from the Wharton School at the University of Pennsylvania.
 Christopher Wood (cwood@figpartners.com)
Vice President - Fixed Income
Christopher Wood has 16 years of experience in the trading and risk management of fixed-income securities. Prior to
joining FIG, Chris was a Principal at Vertical Capital Solutions, a valuation and advisory firm in the structured products
market. Previously he was a trader of an equity and fixed-income portfolio at Cielo Alternatives, a hedge fund based in
Atlanta. Prior to that, he was a Senior Trader and Manager with Breakwater Trading in Chicago, where he managed a
portfolio of Treasury securities and Financial Futures, and a partner at Adirondack Capital LLC, a Financial Futures
Trading firm. He began his career in the pits of the Chicago futures exchanges. He received his Bachelor of Arts
degree in Economics from St. Lawrence University.

Biographies
 Sean McGlynn (smcglynn@figpartners.com)
Vice President – Fixed Income
Sean has ten years of experience in corporate and commercial real estate finance spanning senior and junior debt,
securitized products, and leveraged finance. Prior to joining FIG, Sean was a consultant to private equity firms and
hedge funds performing valuation and due diligence work on loan pool acquisitions and bank investments. Previously
he worked as a senior analyst for a commercial real estate debt fund, underwriting senior and junior debt both for an
investment fund and securitization. In this position he was also responsible for portfolio management, management of
internal credit facilities and marketing. Earlier in his career Sean was an Associate for Commerzbank AG in their Credit
Investment Group responsible for financial analysis and transaction management with respect to investments in
corporate debt and was also credit trained there. He received his MBA in Finance from American University and a BA
in Economics from Hobart College.
 Tim Horton (thorton@figpartners.com)
Tim joined FIG Partners in 2008 in the equity division and subsequently moved to focus on the growth of the FIG Asset
Management business with the Fixed Income team. Tim has over twenty-two years of experience in institutional sales,
research and trading. His broad background serving institutional clients includes tenures at Charles Schwab; Sterne,
Agee & Leach; Jones Institutional Trading; Wachovia Capital Markets; and Equitable Securities. He has an in depth
understanding of investment management, financial markets, and trading strategies across a wide range of assets. Tim
holds a BBA in Finance from The University of Texas and is a member of the CFA Society of Atlanta and the CFA
Institute.

Biographies
 Matthew Reid (mreid@figpartners.com)
Matt has eight-years of experience in trading and risk management with fixed-income products. Prior to joining FIG,
Matt was a Senior Trader and Partner at Breakwater Trading in Chicago where he managed a portfolio of U.S. Treasury
securities and financial futures. He began his career at Proudfoot Consulting working as a consultant implementing
process improvements and management systems across several industries. He received his Bachelor of Science degree
in Finance from Auburn University.

Disclaimer
• Confidentiality Agreement / Legal Disclaimer
• This presentation (the “Presentation”) is being furnished on a confidential basis to a limited number of sophisticated investors on a “one-on-one” basis
for informational and discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. The
information set forth herein does not purport to be complete and is subject to change.
• The information contained herein does not purport to contain all of the information that may be required to evaluate any securities or other
opportunities and any recipient hereof is encouraged and should conduct its own independent analysis of the data referred to herein. FIG Partners,
LLC (“FIG”) and its affiliates disclaim any and all liability as to the information set forth herein or omissions here from, including, without limitation
any express or implied representation or warranty with respect to such information.
• Certain information contained herein (including targets, forward-looking statements, economic and market information) has been obtained from
published sources and/or prepared by third parties and in certain cases has not been updated through the date hereof. While such sources are believed
to be reliable, none of FIG or any of their respective affiliates or employees assume any responsibility for the accuracy or completeness of such
information.
• Each party should seek advice based on its particular circumstances from an independent tax advisor. The use of this Presentation in certain
jurisdictions may be restricted by law. The products mentioned in this document may not be eligible for sale in some states or countries, nor suitable
for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates, interest rates, or other
factors. All parties should inform themselves as to the legal requirements and tax consequences of an investment in the products mentioned herein
within the countries of their citizenship, residence, domicile and place of business.
• No part of this document may be reproduced in any manner without the written permission of FIG. Information in this document has been obtained
from various sources; we do not represent that this information is accurate or complete and it should not be relied upon as such. Opinions expressed
herein are subject to change without notice.
• Certain information contained in this report constitutes “forward-looking statements,” which can be identified by the use of forward-looking
terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives
thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual
performance may differ materially from those reflected or contemplated in such forward-looking statements.
• To ensure compliance with Internal Revenue Service Circular 230, you are hereby notified that any discussion of tax matters set forth herein was not
intended or written to be used, and cannot be used by any party, for the purposes of avoiding penalties that may be imposed.

ATLANTA – HEADQUARTERS
1175 Peachtree St., NE
100 Colony Square, Suite 2250
Atlanta, Georgia 30361
(404) 601-7200
LOS ANGELES
350 Figueroa St.
Suite 550
Los Angeles. CA 90071
(213) 620-9556
CHICAGO
125 S. Wacker Dr.
Suite 225
Chicago, IL. 60606
(312) 583-9046
SAN FRANCISCO
201 Mission St.
Suite 500
San Francisco, CA 94105
(415) 284-2000

Fig partners fi overview 2.24.14

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Fig partners fi overview 2.24.14