Team Leaders and Portfolio Management Mare Boatwright— Vice President, Portfolio Manager, Team Leader Mr. Boatwright is a Vice President Portfolio Manager and Team Leader in the ING Senior Loan Group and leads the group's Alternative Credit efforts. Mr. Boatwright and his team cover the media, cable. entertainment. leisure. restaurant and retail sectors. He and his team also manage special situations, structured finance and alternative investments. Mr. Boatwright serves as the lead portfolio manager for ING Investment Management CLO IV. Phoenix CLO I. Phoenix CLO II. Phoenix CLO III and the Issuer. Mr. Boatwright joined ING in 2007 to organize the ING Senior Loan Group's alternative credit business. From 2003-2007, Mr. Boatwright managed special situation assets for Providence Capital. a hedge fund in Minneapolis. Minnesota. From 2001-2003, Mr. Boatwright served as the Chief Operating Officer of Andes Industries. Inc. where he engineered the successful turnaround and sale of the company. From 1998 to 2001, he was the Managing Director of VillagePhone, LLC, a wireless telecommunications company in emerging markets. He also worked as a management consultant from 1994 to 2001. Mr. Boatwright was a research fellow at Harvard Business School in 1993 and began his career as an attorney with Katten, Muchin & Zavis in Chicago. Illinois from 1990 to 1992. Mr. Boatwright is a 1990 graduate of Harvard Law School. and received his B.A. from Wheaton College in 1987. Mark F. Haak — Vice President, Portfolio Manager, Team Leader Mr. Haak is a Vice President, Portfolio Manager and Team Leader in the ING Senior Loan Group. He and his team cover the automotive building products, consumer products, manufacturing and transportation sectors. Mr. Haak also serves as the lead portfolio manager for ING Prime Rate Trust and ING Senior Loan Collective Trust. Mr. Haak joined 1NG's predecessor in 1999. Prior to that. Mr. Haak was an Assistant Vice President in the Corporate