Operational Due Diligence

Jerry D. Smith is listed as the CEO of the Covenant Group Inc. in Irvine, CA. The Covenant Group Inc. is listed as a financial capital management firm.

A long article from the 2004 The One Tower Show/ The PCIA Wireless Infrastructure Conference & Expo verifies Mr. Schmidt’s affiliation as Partner with Pilot Rock Capital.

A 2003 article entitled Tower CFOs at PCIA Show verifies that Pilot Rock Capital was a VIP guest at this event. The guests, including Pilot Rock, were to represent the range of financial and investment “super-stars, ” and included many major investors and equity analysts. Issues discussed at this event included the affect of emerging technologies on cash flows, results of cost cutting on customer retention, and overall diversification of tower businesses, among other topics.

An article dated from October of 2004 is an event briefing of the Q3 2004 GrafTech Inernational Ltd Earnings Conference. The section pertaining to Pilot Rock Capital is a question and answer piece with Pilot Rock, Craig Shular, and Corrado DeGasperis. Tom O’Malley of Pilot Rock Capital mentions that steel prices are up 100% and that companies are going to want to take on very large accounts in order to maintain that volume. He also commented that going into the contract season, pricing for some accounts was as high as $3,150, only to increase to 35,000. O’Malley asks Shular and DeGasperis for their thoughts on this.

A November 2005 article reported that Hong Kong-based SHK Fund Management was planning to launch The SHK Asset Backed Finance Fund. The fund of funds was being developed in partnership with British-based fund of funds specialist Eden Rock Capital Management, which is advising the fund.

In August 2004 the company launched a new fund of funds called The Eden Rock Finance Fund. The fund was registered in Delaware.

Eden Rock Capital is a related company to the core group of Lehner Investments. James Matthews, the CEO of Eden Rock Capital, is named as a principal of Lehner.

Eden Rock Securities is a subsidiary of Eden Rock Capital Management. In June 2004 Eden Rock Securities and Kaupthing ASA signed a market-maker agreement in the Norwegian derivatives market.

In 2002, Eden Rock Capital Management, a new London-based alternative asset manager, made its entrance with a fund of hedge funds and a quantitative equity arbitrage fund.

In June 2000 James Matthews left Nordic and founded Eden Rock Securities with Edward Horner and Santo Volpe.

In October 2005 Eden Rock Capital Management, with $730 million under management, redeemed its investments from several underlying managers in its multi-strategy Eden Rock Fund. Edward Horner, managing director, said the redeemed capital was largely reallocated to increase existing positions, but declined to comment on specific managers.

In August 2006, Eden Rock Capital hired Michael Staveley to be its new chief investment officer. Staveley, who was previously global head of credit markets at Commerzbank, took over the role last week from Santo Volpe, who remains as Eden Rock’s chairman, said Edward Horner, managing director. Volpe, who is an Eden Rock co-founder, has become increasingly involved with Heather Partners, a single-strategy asset-based lending fund seeded by the fund of funds firm in March 2005.

Edward Horner, managing director at Eden Rock, is quoted in a number of articles/interviews.

In 2002 Lehner Investments created a second alternative fund of funds, Solid Rock Fund Ltd, in cooperation with Eden Rock Capital Management Ltd.

Dipak Lalsodagar of Eden Rock Capital Management, Ltd.

On 2005, Edward Horner was listed in an article on Fund-of-Hedge Funds Bullish on Young, Unproven Talent.

Mr Horner is sponsored by and races for the Porsche GB Team in the Privilege Insurance British GT Series.

In August 2004 the company launched a new fund of funds called The Eden Rock Finance Fund. The fund was registered in Delaware.

Eden Rock Capital is a related company to the core group of Lehner Investments. James Matthews, the CEO of Eden Rock Capital, is named as a principal of Lehner.

Eden Rock Securities is a subsidiary of Eden Rock Capital Management. In June 2004 Eden Rock Securities and Kaupthing ASA signed a market-maker agreement in the Norwegian derivatives market.

Phil Wiseman of Palo Alto Asset Management, LLC

In February 2002, Cheyne recruited David Peacock and John Weiss from Goldman Sachs to head up the synthetic investment-grade team.

John Weiss is quoted about Cheyne’s decision to use Mark-it Partners credit derivatives swap data.

Tom Vecchione is listed as a trader with The Rockall Fund, managed by Meldrum Asset.

The company website is www.cheynecapital.com

David Peacock is listed as a co-head of structured credit at Cheyne Capital Management in London. He is quoted on his opinions on collateralized debt obligations in many different media publications.
David Peacock was previously the co-head of European credit derivatives marketing at JP Morgan in London.

Prior to joining JP Morgan, Mr. Peacock was the head of synthetic CDOs at Goldman Sachs in London.

David has been involved in many different money seminars in Europe, including the Credit Risk Summit and the Euromoney Seminars.