Gordon Brothers Europe

   Our approach to investing: o We provide debt financing to stressed companies from: • Our own capital, or • Our dedicated Debt Fund – GB Credit Partners What is creating these opportunities: o Dislocation in the European Credit market.

o Inability of traditional sources of capital to provide liquidity to mid-market companies. o o o Limited recovery in the CLO market.

Availability of capital variable jurisdiction to jurisdiction Investable companies with available assets on a balance sheet.

Assessing the opportunity: o Is there a clear and efficient insolvency regime? o Are relevant laws in place? o o o o Is there sufficient protection for Creditors?

Theory and Reality – what happens in practice?

Do we have the ability to leverage GBE’s core competencies? “Clarity, Transparency, Predictability” Gordon Brothers Europe - Distressed Investment Opportunities in Europe

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Presented by Eli J. Appelbaum

Eli Appelbaum Managing Director, International Investments +44 (0)207 647 5142 [email protected]

Nations House, 103 Wigmore Street, London W1U 1QS

Eli Appelbaum joined the European team in April 2011 and is responsible for identifying opportunities for Gordon Brothers Europe’s various practice groups outside of North America, as well as originating and executing investment opportunities in the UK and Europe.

Previously, Eli spent five years in Tokyo growing the Gordon Brothers Japan practice, which he still helps oversee. Most recently he was responsible for working with private equity and corporate clients to formulate asset restructuring and disposition strategies for their Japanese operations. Eli was instrumental in the formation and start-up of Gordon Brothers Japan, a joint venture between Gordon Brothers Group and the Development Bank of Japan. He also established the Appraisal and Disposition practices, in addition to overseeing the analytics on all major transactions in the Japanese market.

Eli holds a BA in Economics from Brandeis University, and the Lemberg MA in International Economics and Finance from the Brandeis University International Business School, and has conducted research on the structure of national bankruptcy regimes at Keio University, Tokyo.

Eli is fluent in Russian and Japanese.

Gordon Brothers Europe - Distressed Investment Opportunities in Europe

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