PPM America

PPM America, Inc. and its affiliates manage in excess of $72 billion of assets in the United States. PPM America is registered with the SEC under the Investment Advisers Act of 1940. PPM America is an indirect subsidiary of Prudential plc, a company incorporated in the United Kingdom which is a publicly traded holding company ("UK Parent").* Our UK Parent and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has $309 billion in assets under management as of June 30, 2004. * Our UK Parent is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. PPM America and its affiliates provide investment advisory services to a variety of portfolio product types originated by affiliates of our UK Parent including Jackson National Life in the US, and a number of UK affiliates and Asian affiliates. PPM also provides services to other affiliated and unaffiliated institutional clients, including collateralized debt obligations (CDOs), private investment funds, institutional accounts, and mutual funds. Our commercial mortgage loan efforts focus on five main property types in the $7 to $40 million range: office, retail, multifamily, industrial, and hotel. We have a strategic relationship with an established correspondent network that ascertains the viability of the property’s location and submarket and the integrity of the borrower with an emphasis on loan transactions that require structuring skills, meeting the needs of the borrower, and providing our client Jackson National a commensurate yield.