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CM Finance Inc

Investor Presentation

As of September 30, 2015

Not for Publication or Distribution

This presentation has been prepared for informational purposes only from information supplied by CM Finance Inc (“CMFN” or the “Company”) and from third party sources indicated herein. Such third-party information has not been independently verified. The Company makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information.

This presentation contains forward-looking statements which are based on current expectations and assumptions about future events. Forward-looking statements describe future financial or business performance, strategies, or expectations, and are generally identified by words or phrases such as “trend,” “opportunity,” “pipeline,” “believe,” comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “plan,” “potential,” “project,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future of conditional verbs as “will,” “would,” “could,” “should,” “may,” or similar expressions. You are cautioned that such statements are subject to a multitude of risks and uncertainties. Actual results could differ materially from those expressed or implied in the forward-looking statements, and future results could differ materially from historical performance. These forward-looking statements are subject to risks that include, but are not limited to, the following:

– Future operating results, including the performance of our existing loans and warrants;

– Business prospects and the prospects of our portfolio companies;

– The effect of investments that we expect to make;

– Contractual arrangements and relationships with third parties;

– Actual and potential conflicts of interest with our investment adviser, CM Investment Partners LLC (the “Adviser”);

– The dependence of our future success on the general economy and its effect on the industries in which we invest;

– The ability of our portfolio companies to achieve their objectives;

– The use of borrowed money to finance a portion of our investments;

– The adequacy of our financing sources and working capital;

– The timing of cash flows, if any, from the operations of our portfolio companies;

– The ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

– The ability of the Adviser to attract and retain highly talented professionals;

– The ability to qualify and maintain our qualification as a regulated investment company and a business development company; and

– Other risks and uncertainties described in our prospectus relating to the securities described herein.

You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward looking statements speak only as of the date they are made, and we undertake no obligation to update such statements.

Forward-Looking Statements

CM Finance

1 Not for Publication or Distribution

CM Finance

CM Finance- Overview

Issuer

(1) A (1) Please see form 10-Q filed with the SEC for details. (2) Not a guarantee of future distribution amounts or yield.

CM Finance Inc- NASDAQ: CMFN

2

Investment Manager CM Investment Partners LLC (“CMIP” or the “Advisor”)

Formation IPO in February 2014

Market Capitalization (as of September 30, 2015)

$140.0 million

Investment Portfolio (1)

(as of September 30, 2015) $321.4 million

Leverage (as of September 30, 2015)

Debt-Equity of 0.75x (BDC regulations limit leverage to a maximum of 1.0x)

CMFN’s internal target leverage range: 0.70x - 0.80x

13.6% annualized distribution yield (based on quarterly distribution of $0.3469 per share and price of $10.24 per share as of Sept 30, 2015) Distribution Yield (2)


CMIP - STIFEL STRATEGIC PARTNERSHIP

Under a Personnel sharing arrangement with Stifel Venture Corp. (“Stifel”), five of the investment professionals that form CMIP’s investment team may also provide services to Stifel. In addition, pursuant to the terms of our relationship with Stifel and subject to certain restrictions, Stifel must use its commercially reasonable efforts to present to CMFN to review and bid on, Stifel Nicolaus & Company, Incorporated-originated leveraged finance and high yield corporate debt opportunities consistent with CMFN’s investment strategy.

Stifel Financial Corp. (“Stifel Financial”), an affiliate of Stifel, is a full-service retail and institutional brokerage and investment banking firm. As of December 31, 2014, Stifel Financial covered over 1,434 companies and was ranked the largest equity research department, as measured by domestic equities under coverage, by StarMine.

Stifel Financial’s investment banking activities include the provision of financial advisory services principally with respect to mergers and acquisitions and the execution of public offerings and private placements of debt and equity securities. The investment banking group, consisting of 370 professionals and support associates, focuses on middle-market companies as well as on larger companies in targeted industries where Stifel Financial has particular expertise, which include real estate, financial services, healthcare, aerospace/defense and government services, telecommunications, transportation, energy, business services, consumer services, industrial, technology, and education.

CMIP - CYRUS STRATEGIC PARTNERSHIP

Pursuant to a long term agreement with Cyrus Capital Partners, L.P. (“Cyrus”), CMIP has access to additional investment professionals of Cyrus who will provide industry expertise and investment services to CMIP from time to time, on an as-needed basis.

Cyrus invests on a global basis in securities and loans issued by corporates and sovereigns. It invests across the entire capital structure of companies, takes long and short positions in debt, equity and derivative instruments traded publically and over the counter, directly structures capital solutions for companies, and leads capital raises. Cyrus is an active investor that is deep value-focused and experienced in legal and process-oriented opportunities. The Cyrus team is comprised of professionals with skill sets including bankruptcy and restructuring, industry, legal, private equity, capital structure, derivatives, trading, and capital markets.

Through its two strategic relationships and the proprietary networks of its investment team, CMIP is positioned to call on high quality industry, product and situational expertise as well as see greater proprietary deal flow than many other credit asset managers currently in the market.

CM Finance

CMIP - Strategic Partnerships


• Middle-market focus

– Research-driven, industry-specialist approach

– Commitment to small/mid-cap companies

• Broad product portfolio

– Equities, Fixed Income, M&A Advisory

– Commitment to private equity and venture investors

• Proven growth, stability, and scale

– $2.2 billion in equity capital

Competitive Positioning Key Facts Platform $3.2 billion market capitalization(1)

One of the largest U.S. equity research platforms

2,085 financial advisors with over $173 billion in combined client assets – national presence

History Stifel Financial founded in 1890; publicly listed since 1983

Acquired Legg Mason’s Capital Markets Division (2005), Ryan Beck (2007), 56 UBS Private Client Group branches (2009), Thomas Weisel Partners (2010), Stone & Youngberg (2011), Miller Buckfire & Co. (2012), KBW, Inc. (2013), Knight Capital Group’s Institutional Fixed Income Brokerage unit (2013), CM Finance JV (2014), De La Rosa (2014) and Oriel Securities (2014), Legg Mason Investment Counsel (pending)

Associates Over 5,800 associates in approximately 361 locations

350+ investment banking professionals

Industry Expertise

Aerospace, Defense

& Government Services

Cleantech

Consumer & Retail

Diversified Industrials

Education

Energy & Natural Resources

Financial Institutions

Gaming & Leisure

Healthcare

Maritime

Real Estate

Technology, Media & Telecom

Transportation

Capabilities Equity & Convertible Capital Raising (Public & Private)

Debt Capital Raising (Public & Private)

Lending

M&A Advisory

Restructuring Advisory

Financial Sponsors Group

Institutional Brokerage

Private Client Services

Asset Management

Stifel Financial Stock Price (NYSE: SF)

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Stifel Financial Overview

Premier Middle-Market Investment Bank

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(1) As of 8/25/15


Leadership team has more than 50 years experience in investing and lending leveraged finance across several market

cycles.

Prior experience in investment and management positions at investment banks, commercial banks, private

investment funds and privately held companies.

Acute focus on capital preservation has yielded low losses on invested capital

Demonstrated ability to effectively originate, evaluate, structure and manage investments through cycles and market

dislocations

Invested in excess of $600 million in 45 lower middle market portfolio companies since founding CM Finance and its

predecessor fund

CM Finance

Experienced Management Team – U.S Middle Market Investing

(1) Role at CMIP

Professionals Role at CMFN/CMIP Experience

Michael Mauer Chairman and CEO Ichan Capital, Citigroup, JPMorgan, Price Waterhouse

Chris Jansen President and Secretary Stanfield Capital Partners, Chancellor Senior Secured, Manufacturers Hanover

Jai Agarwal Chief Financial Officer The Blackstone Group, Capital Trust, iStar Financial

Ed Cook Chief Compliance Officer Alaric Compliance Services, Solar Capital Partners, Whitehorse Finance Inc.

Michael Nitka Sr. Managing Director (1) Stifel Financial, Cantor Fitzgerald, Credit Suisse, Bank of America

Andrew Muns Sr. Managing Director (1) Stifel Financial, Cantor Fitzgerald, Icahn Associates

Independent Directors of CM Finance Inc

Robert Ryder Board of Directors Constellation Brands, IMG, American Greetings, PepsiCo, Price Waterhouse

Robert Wagner Board of Directors Silver Point Capital, Goldman, Sachs & Co, Bankers Trust Securities

Julie Persily Board of Directors Nomura Securities, Citigroup, Bankers Trust Securities, Drexel Burnham

Keith Lee Board of Directors H/2 Capital Partners, UBS, Goldman Sachs, & Co, Lehman Brothers


Senior secured investments are central to the portfolio composition

As of September 30, 2015, 1st lien and 2nd lien were 47% and 49%, respectively, of the portfolio

Geographical diversification across every region of the United States

Across seven different regions with no region greater than 25%

Industry diversification present across 14 different industries in the portfolio as of Sept 30, 2015

Largest concentration in Entertainment and Leisure at 16% of portfolio across two names

Diversified Across Industries

Well Secured

Geographically Diverse

CM Finance

CM Finance Inc. - Portfolio as of September 30, 2015


Mid-Atlantic

11% Southwest

23%

Midwest 21%

Europe 6%

West 15%

Southeast 14%

Northeast 10%

Second Lien 49%

First Lien 48%

Unsecured 3%

Other / Warrants

0.1%

Telecommunications

13% Healthcare-

Products/Services 13%

Oil and Gas 6%

Construction & Building

6% Oilfield Services 6%

Media 6%

Automobiles and Components

7%

Industrial 8%

Entertainment and Leisure

16%

Utilities 4%

Trucking and Leasing

5%

Chemicals 3% Services

3% Cable

4%

Use of Proceeds Borrower Focus

General Investment Parameters Investment Structures

Organic Growth

Acquisitions

Market / Product Expansion

Refinancings and Recapitalizations

Leading Market Positions

Significant Asset or Franchise Values

Strong Free Cash Flow

Experienced Senior Management

Revenues: $50MM+

EBITDA: $15MM+

Investment Size: $5MM -- $25MM

First and Second Lien Debt

Unitranche Facilities

Mezzanine and Unsecured Debt

Structured Equity / Warrants

CM Finance

CM Finance Inc. – Investment Criteria


CM Finance

Favorable Advisory Fee Structure

(1) NII means net investment income in accordance with US GAAP. (2) Based on the IPO price of $15 per share

Lower Fees and waiver provide more earnings for benefit of investors

Base Management Fee

Incentive Fee Hurdle

Incentive Fee

1.75% on gross assets (Ex. Cash)

8% annualized hurdle with 100% catching between 8% and 10%

Ordinary Income: 20% subject to a total return requirement over the current and 11

preceding quarters (see waiver below) Capital Gains: 20% of cumulative realized

capital gains less realized and unrealized depreciation, subject to cumulative total

return requirement

Adviser / Shareholder Alignment

Adviser agreed to waive incentive fees necessary for NII(1) to cover dividend at

9.0%(2), 9.25%(2) and 9.375%(2) in 2014, 2015 & 2016, respectively.

In 2014, Adviser waived $2.5M or 41% of the base and incentive fees,

During the first nine months of 2015, adviser waived $0.6M or 7% in incentive fees.


Maintain prudent credit profile and liquidity

Obtain SBIC license

Establish dividend alignment with management fee structure

Long-term, steadily increasing dividend

Target 2015 dividend yield of 9.25% on IPO price of $15 per share and growth in 2016

Target 2016 dividend yield of 9.375% on IPO price of $15 per share

Net Investment Income (NII) has covered dividend for every full quarter since IPO in February 2014

Harvest capital gains when possible

Virgin America – In June 2015, realized an IRR of 83% on common stock acquired from conversion of loan and warrant positions at a discount to November 2014 IPO price. Paid special dividend in September 2015.

CM Finance

Financial Objectives (1)

(1) The portfolio criteria information included in this presentation represents a target; actual terms may differ substantially from targets contained herein. CMFN makes no guarantee that it will be able to achieve these targets in the long term. Targets are objectives and should not be considered as providing any assurance as to the results that may be realized in the future from investments of the Company. Many factors affect Company investment performance including changes in market conditions and interest rates and changes in response to other economic, political or financial developments. These targets are being shown for information purposes only and should not be relied upon to make predictions or actual future performance.


CM Finance

APPENDIX

Not for Publication or Distribution 10

Realized Investments as of 9/30/15 (in millions)

* The above represents all realized investments for the period 2/2014 to 9/30/2015.

Historical Performance: CM Finance 2/2014 - 9/30/2015*

Past performance is not indicative of future returns. IRRs are presented gross of fees. See important disclaimers, disclosures and risk factors included in this presentation.

CM Finance

Realized IRRs


Deal Name Industry Security Type Entry Date Exit Date Invested Capital

Realized Value

Gross IRR

New Standard Energy Texas LLC Oil and Gas First Lien 5/28/14 8/7/15 $7.212 $8.252 15.9%

Nathan’s Famous Food & Beverage First Lien 3/10/15 7/20/15 $4.000 $4.414 31.3%

Butler Burgher Group, LLC Services First Lien 6/30/14 7/1/15 $8.595 $10.357 22.5%

Road Infrastructure Investment Construction & Building Second Lien 04/02/14 06/18/15 $4.975 $5.235 4.5%

Virgin America Airlines Common Equity 11/19/14 06/12/15 $11.940 $16.480 80.9%

Capitol Petroleum Retail Senior Sec Notes 12/03/12 06/01/15 $13.200 $20.204 24.0%

Bennu Oil & Gas LLC Oil and Gas Second Lien 10/31/13 03/24/15 $11.852 $9.487 -4.2%

Ikaria Acquisition, Inc. Healthcare-Products/Services Second Lien 02/05/14 12/02/14 $1.985 $2.166 11.4%

CT Technologies (Healthport) Healthcare-Products/Services Second Lien 10/02/13 12/01/14 $11.820 $13.523 12.8%

Virgin America Airlines 1st & 2nd 05/10/13 11/19/14 $10.461 $15.372 31.0%

Active Media Services, Inc. Commerical Services First Lien 08/27/13 08/29/14 $4.863 $5.626 16.3%

Endeavour International (TLA) Oil and Gas First Lien 02/06/14 08/27/14 $9.656 $10.010 8.6%

Endeavour International (TLB) Oil and Gas First Lien 02/06/14 08/27/14 $10.043 $10.344 9.7%

MF Global Holdings Ltd Diversified Financial Services First Lien 06/04/13 07/18/14 $20.720 $21.845 14.1%

ICA Planeacion y Financiamiento Construction & Building First Lien 02/24/14 04/11/14 $14.813 $15.438 16.5%

YRC Worldwide Inc (FILO) Trucking and Leasing First Lien 03/07/12 02/13/14 $12.624 $14.855 13.0%

Michael Mauer – Managing Partner, Co-CIO of CMIP. Mr. Mauer currently serves as the CEO and Chairman of the Board of CMFN. Mr. Mauer served as Senior Managing Director and head of leveraged loans at Cyrus Capital Partners LLC from 2011 to February 2014. Mr. Mauer formerly worked for Icahn Capital where he was a Senior Managing Director and a member of the investment team. In addition, he was in charge of the firm’s Marketing and Investor Relations. Prior to that, Mr. Mauer spent over eight years at Citicorp, where he was a Managing Director. During that time he led several businesses including roles as the Global Co-Head of Leverage Finance and Global Co-Head of Fixed Income Currency and Commodity Distribution. In addition, during this period he was a senior member of Citigroup’s credit committee responsible for all underwriting and principal commitments of leverage finance capital worldwide. From 1988 to 2001, Mr. Mauer held several positions at JPMorgan including Head of North America Investment Grade and Leverage Loan Syndicate, Sales and Trading businesses. Mr. Mauer began his career in 1982 at Price Waterhouse & Co. where he was a Senior Accountant and a CPA. Mr. Mauer received a BS from the University of Scranton and an MBA from Columbia University.

Christopher Jansen – Co-CIO of CMIP. Mr. Jansen currently serves as the President and Secretary of CMFN as well a member of the board of directors of CMFN. Mr. Jansen served as Senior Managing Director at Cyrus Capital Partners LLC from 2012 to February 2014. Mr. Jansen was formerly a founding Managing Partner and Senior Portfolio Manager for Stanfield Capital Partners from it formation in 1998 through the sale of the Company in 2010. His responsibilities included investment oversight and administration of portfolio management procedures of the Company’s sub-investment grade leveraged loan businesses. In addition, as a member of the firm’s Management Committee, Mr. Jansen was involved in the strategic planning of the firm. Prior to founding Stanfield, Mr. Jansen was Managing Director and Portfolio Manager at Chancellor Senior Secured Management from 1990 to 1998. From 1983 to 1990, Mr. Jansen held various positions at Manufacturers Hanover Trust Company, serving as Vice President in the Bank’s Acquisition Finance Group and LBO Management Group. Mr. Jansen received a BA from Rutgers College and an MM from the Kellogg School of Management at Northwestern University.

CM Finance

CMIP – Management Biographies


Jai Agarwal– Chief Financial Officer and Treasurer of CMIP and CMFN. Mr. Agarwal was a Senior Vice President at The Blackstone Group, a global investment and advisory firm, in its Real Estate Debt Strategies group from December 2012 to February 2014, where he was involved in financial reporting and investor reporting. Prior to that, Mr. Agarwal served as the Director of Finance and Accounting at Capital Trust, Inc. (now Blackstone Mortgage Trust, Inc. (NYSE: “BXMT”)), a commercial real estate investment trust, investment manager and rated special servicer from October 2008 to December 2012. From 2000 until 2007, Mr. Agarwal worked as Vice President and Assistant Controller and in other finance roles at iStar Financial, Inc. (NYSE: “STAR”), a finance and investment company focused on the commercial real estate industry. Mr. Agarwal received a BA from University of Mumbai and is a licensed Certified Public Accountant in New York.

Edward Cook– Chief Compliance Officer of CMIP and CMFN. Mr. Cook has been a Director of Alaric Compliance Services, LLC since November 2007, during which time he has been named as a chief compliance officer to both registered investment advisers and investment companies. He has also developed the compliance programs for funds of funds and business development companies (“BDCs”), and has worked in other supporting capacities for mutual funds, a closed end fund and BDCs.

Prior to joining Alaric, Mr. Cook was Counsel to the head of U.S. Immigration and Customs Enforcement at the Department of Homeland Security, where he served from April 2004 to October 2007, and he contributed to the development of national anti-money laundering strategy. Mr. Cook began his career as an attorney over 24 years ago, practicing initially with Cahill Gordon & Reindel LLP as a litigation associate with a securities practice that included several major financial industries clients. In addition to his commercial law practice and civilian government experience, Mr. Cook spent over twenty years with the U.S. Navy Judge Advocate General’s Corps, both active duty and reserves, serving as a trial attorney and later as legal advisor to several admirals, eventually holding the rank of Commander. His public sector experience also includes his role as a municipal judge elected for two terms.

Mr. Cook received his J.D. from the University of Virginia, School of Law, where he was an editor of the Journal of Law and Politics, and his A.B. from the College of William & Mary. Mr. Cook is admitted to practice law in New York and before the Second and Fourth Circuits of the U.S. Court of Appeals, the Southern and Eastern Districts of New York, and the U.S. Tax Court.

CM Finance

CMIP – Management Biographies


Andrew Muns is a Senior Managing Director at CMIP and Head of Research for the Credit Investments Group at Stifel as well as a research professional with CM Investment Partners. Previously, Mr. Muns helped to develop the credit research platform at Cantor Fitzgerald as a Managing Director with the Special Situations and Leverage Loans Desk. At Cantor, Mr. Muns served as a market facing senior credit analyst as well as overseeing the rollout of a new research distribution and publication model that significantly expanded the reach of the loan group. Before working at Cantor, Andrew Muns worked as a senior investment analyst with Icahn Associates, the manager of Carl Icahn’s activist hedge fund, and later as a managing director with Sabretooth Capital, a global multi-strategy hedge fund. From 2002 to 2006 Mr. Muns was a distressed desk analyst with Bank of America where he advised the firm’s proprietary secondary trading and interfaced with institutional investors through his coverage of distressed credits across multiple industry verticals. Prior to earning his M.B.A. from Columbia Business School, Mr. Muns worked as a math education volunteer for the Peace Corps in the Central African Republic and as a consultant with PDVSA in Venezuela. Mr. Muns is fluent in Spanish and conversant in French and Sango. Mike Nitka is a Senior Managing Director at CMIP and Head of Trading and Origination of all asset classes for the Credit Investments Group at Stifel as well as an origination professional for CMIP Investment Partners and a member of the CMIP credit committee. Mr. Nitka has over seventeen years of experience in leveraged finance and has been instrumental in building several businesses. Mr. Nitka joined Stifel from Cantor where he built a syndicated loan specialty banking, sales and trading business from 2009-2012. In this role, he oversaw the origination and execution of loan banking engagements, all riskless and proprietary secondary loan trading activity, and was also responsible for business oversight and administration. Mr. Nitka worked closely with Messrs Muns, Dibble and Alpern to build the various components of the Cantor business. Prior to Cantor, Mr. Nitka was a private credit sourcer and sales person at Credit Suisse where he had senior responsibility for originating, sourcing and selling distressed assets. From 2003-2007 Mr. Nitka was instrumental in the development of the Bank of America distressed business. Messrs Nitka, Muns and Dibble worked together at Bank of America to expand the group’s presence in middle market and illiquid distressed. Mr. Nitka managed his first trading business at Societe Generale, NY from 1999-2003.

CM Finance

CMIP – Investment Team Biographies


Zach Alpern is a Director in the Credit Investments Group at Stifel and a research professional at CM Investment Partners. Mr. Alpern has over nine years of experience in leveraged finance. Mr. Alpern joined CMIP from Stifel, and Cantor Fitzgerald, where he was a trader focused on par and distressed loans, as well as post-reorganization private equities. Prior to Cantor, Mr. Alpern spent four years as part of the Leveraged Finance Group at Blackrock, where he was responsible for credit analysis, trading bank loans, as well as managing amendment and restructuring processes for loan positions across a variety of investment mandates. He was also responsible for day-to-day management of six active and three run-off CLOs, and assisted with the management of closed and open-ended mutual funds and separate accounts, as well as BCI, an $8bn levered credit dislocation fund. Mr. Alpern also helped develop a variety of bank loan-specific analytical tools to track relevant deal information, reporting, risk, and trade compliance across Blackrock’s loan mandates. John Dibble is a Director in the Credit Investments Group at Stifel and an origination and research professional with CM Investment Partners Mr. Dibble is responsible for executing primary and secondary trades for Stifel Bank & Trust and Stifel Credit Investments in the syndicated loan market, origination of deal/trade ideas and all operational aspects of the positions within the vehicles of Stifel Credit Investments. Mr. Dibble has over eleven years of experience in leveraged finance and in particular, loan and distressed sales and trading. Mr. Dibble joined Stifel from Cantor Fitzgerald, where he helped build the loan and distressed sales and trading platform. He was responsible for trading Cantor’s agented names as well as sourcing middle market trade ideas and product. Prior to Cantor, Mr. Dibble spent four years on the distressed sales and trading desk at Bank of America. At Bank of America he was responsible for the operational aspects of over $3bn of positions for the distressed trading desk including loans, bonds, trade claims, post-reorg equity, public equity, equity options and aircraft. Previously, he worked as an Associate at Deutsche Bank in their Private Wealth Management group where he helped structure and underwrite collateralized loans as well as monitor bank’s existing loan portfolio. Bill Eisenreich is an Analyst in the Credit Investments Group at Stifel and an origination and research professional for CM Investment Partners. Mr. Eisenreich supports the group’s origination and research functions through credit market research and distressed middle market prospecting. Through individual credit and sector analysis, Mr. Eisenreich helps the team in assigning value, projecting future value and identifying potential lending opportunities. Prior to Stifel, Mr. Eisenreich worked at Fairfield Advisors as a credit analyst and trader in their multi-strategy investment fund. Through fundamental and technical analysis, Mr. Eisenreich actively traded equities, ETFs and options as well as designed trading strategies surrounding various macro-economic and political events. Prior to Fairfield, Mr. Eisenreich graduated from Bucknell University.

CM Finance

CMIP – Investment Team Biographies


Dan Bordessa* is a Partner and Portfolio Analyst at Cyrus Capital Partners. At Cyrus, he is responsible for the identification and management of investments across a number of sectors in North America and Europe. Mr. Bordessa currently represents Cyrus on the board of directors of several portfolio companies. Prior to joining Cyrus Capital, Mr. Bordessa was an Executive Director at Lazard in their London office where he was responsible for providing restructuring and mergers and acquisitions advice. While at Lazard, Mr. Bordessa advised on many of Europe’s largest restructurings and was a frequent speaker at industry conferences and other events. Prior to joining Lazard in 1999, Mr. Bordessa worked at National Bank Financial, the investment banking arm of the National Bank of Canada. Mr. Bordessa has an MBA from the Schulich School of Business at York University in Toronto and holds an Honours Bachelor of Commerce degree.

Sam Edelson* is a Portfolio Analyst at Cyrus Capital Partners. Prior to joining Cyrus, Mr. Edelson was an Associate Director at Mount Kellett focusing on distressed and special situations investments in both the public and private markets. Prior to Mount Kellett he was an Analyst at Sankaty Advisors focusing on opportunities in performing high yield and distressed credit. Mr. Edelson has a B.S. in Economics from Wharton with concentrations in Finance and Real Estate.

Lucien Farrell* is a Partner of Cyrus Capital Partners and runs its European Operations. Mr. Farrell joined OZF Capital, the predecessor firm to Cyrus, in 2002 as a research analyst and later as Principal based in London and focused on European opportunities. Prior to joining OZF Capital, Mr. Farrell was a Principal at Apollo Management, L.P. based in London. At that firm, he was focused on private equity investments including those in distressed companies. From 1997 to 2000, Mr. Farrell was a member of the Mergers & Acquisitions Department and Principal Investment Area of Goldman Sachs in New York and London respectively. Mr. Farrell served on the Board of Directors of Unity Media, the second-largest cable company in Germany, from 2005 (and on its Audit Committee since 2007) until the successful sale of the company to Liberty Global Inc. in 2010. Mr. Farrell is a member of the Pembroke College Cambridge Campaign Board, which works to increase the College’s endowment, is a Director of Sigma Financial Limited, a UK business focused on the collection of consumer non-performing loans, and is a Director of various Cyrus affiliated companies. He has an M.A. in Economics from the University of Cambridge.

Sumaer Grewal* is a Portfolio Analyst at Cyrus Capital Partners. Prior to joining Cyrus (in its London office), Mr. Grewal was an analyst in the M&A and Restructuring Advisory departments of The Blackstone Group in London from 2008-2010. Mr. Grewal holds a BA degree in Philosophy, Politics and Economics from the University of Oxford.

Robert Jackson* is a Senior Managing Director of Cyrus Capital Partners. Prior to joining Cyrus, he spent seven years at Goldman Sachs in New York within the Fixed Income, Currency and Commodities Division. At Goldman Sachs, he was a senior trader with the Distressed Products Group. He was also a founding team member and head CDS trader in the Goldman Sachs Capital Structure Trading Group. Over this time Mr. Jackson has employed multiple credit related products to trade extensively across credit strategies including credit curve, convexity, capital structure and long short relative value trades. In addition, Mr. Jackson has traded and managed investments in the Automotive OEM, Auto Supplier, Specialty Finance, Broker-Dealer, Airline, Media and Distressed strategies, across multiple asset classes. Mr. Jackson has a B.S. in Economics from The Wharton School at the University of Pennsylvania, where he graduated summa cum laude.

*Individuals are partners or employees of Cyrus Capital Partners, L.P. provide their services to CMIP pursuant to a services arrangement on an as-needed basis and are not employees or investment professionals of CMIP or CMFN. CM Finance

CMIP – Additional Investment Professionals*


Joseph Kronsberg* is a Portfolio Analyst at Cyrus Capital Partners. Prior to joining Cyrus Capital, Mr. Kronsberg worked at Greenhill & Co. as a generalist in its Mergers & Acquisitions and Restructuring departments. Mr. Kronsberg has a B.S. in Economics from the Wharton School, where he graduated summa cum laude.

Robert Lentini* is the Head Trader at Cyrus Capital Partners. He was a senior fixed income and credit trader at OZF Capital in New York. Prior to joining OZF Capital, Mr. Lentini was a senior bond trader at GE Asset Management responsible for all high yield, crossover and distressed trading. From 2000-2002, he worked at Triton Partners as a high yield/CDO trader. Mr. Lentini also worked at Salomon Smith Barney in corporate sales trading and at Garban Securities as an institutional corporate bond broker. Mr. Lentini is a member of AIMR. He holds a B.S. in Business Management from St. Francis College and holds the Chartered Financial Analyst designation.

Svetoslav Nikov* is a Portfolio Analyst at Cyrus Capital Partners. Mr. Nikov has over ten years of experience with sub-investment grade debt issuers. Prior to joining Cyrus Capital Partners, Mr. Nikov was a Director in the Leveraged Finance Group of Citigroup where he focused on debt financing transactions for leveraged companies controlled by financial sponsors as well as issuers in the chemicals, packaging and building materials industries. Prior to joining Citigroup in 2001, Mr. Nikov worked in the Leveraged Finance Group of JPMorgan and in the Emerging Markets Economic Research department of Goldman Sachs. Mr. Nikov holds an M.B.A. from Georgetown University and a B.A. with a dual major in Economics and Business Administration from the American University in Bulgaria.

John Rapaport* is a Partner and Portfolio Analyst at Cyrus Capital Partners. Prior to joining Cyrus Capital Partners, Mr. Rapaport was employed by Bain Capital, Sankaty Advisors in Boston from 2004–2008 where he was most recently an Associate focusing on Automotive OEM and Suppliers. As an analyst Mr. Rapaport has also focused on the Airline, Aerospace, Transportation, General Industrial and Energy Industries. Mr. Rapaport graduated magna cum laude with honors with an AB in Economics from Harvard University.

Peter Scott* is a Portfolio Analyst at Cyrus Capital Partners in Cyrus’ London office. Prior to joining Cyrus, Mr. Scott was an Associate at Sankaty Advisors in London focusing on European opportunities in performing high yield and distressed credit. From 2006 to 2007 he was an Analyst at Goldman Sachs. At Goldman he was a member of the Financing Group working on sovereign high grade debt syndication. He has a Ph.D. in Behavioural Economics and an M.A. in Land Economy from the University of Cambridge.

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*Individuals listed above that are partners or employees of Cyrus Capital Partners, L.P. provide their services to CMIP pursuant to a services arrangement on an as-needed basis and are not employees of CMIP or CMFN.

CMIP – Additional Investment Professionals


This presentation is confidential and is intended solely for the information and exclusive use of the person to whom it has been provided. It is not to be reproduced, or transmitted, in whole or in part to any third parties. The information contained herein is confidential, is intended only for the person or persons to whom it has been delivered and under no circumstances may a copy be shown, copied or transmitted or otherwise given to any person other than a recipient authorized by CMIP.

These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, an interest in CMFN or any other investment vehicles that may be managed by CMIP in the future (“other investment vehicles”). These materials and the presentations of which they are a part, and the summaries contained herein, do not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of CMFN or any other investment vehicles managed by CMIP.

Any references herein to CMFN’s (or its predecessor’s) past or present investments or its past or present performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments by CMFN or any other investment vehicles managed by CMIP will be profitable or will equal the performance of these investments.

The historical performance information included in this presentation may relate to the past performance of CM Finance LLC (“LLC”), the predecessor of CMFN. The investment strategy, goals, credit risk and investment horizons of CMFN may differ from LLC, and there can be no assurance that CMFN will achieve similar results. Future returns may be higher or lower than the results portrayed in this presentation. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Historical Performance depicting Realized and Unrealized Values and IRRs are presented gross of fees. Investors were or will be subject to management and incentive fees not reflected in the Realized and Unrealized Values presented.

All performance data is unaudited.

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Disclaimers, Disclosures and Risk Factors


Certain financial information and figures may be considered forward looking statements. Such forward looking

statements do not, nor are they intended to, constitute a promise of actual results. Such information and forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results, volatility, performance, achievements or industry results to differ materially from the financial information, projections and estimates included in this presentation.

Results contained herein may include information derived from financial statements and other documents provided by the portfolio companies and/or the third party manager of such portfolio companies.

ALL INVESTMENTS INVOLVE RISK. The information contained herein is for informational and discussion purposes only and is not intended to, nor shall it be construed as legal, tax or investment advice. The positions discussed in this document may not be suitable for all investors. No representations or warranties, express or implied, have been made as to the accuracy or the completeness of the information in this presentation and this presentation should not be relied upon for making an investment decision. Before making an investment or additional investment in CMFN or any fund or account managed by CMIP, its principals or any affiliate thereof, you should consult with your legal, tax and investment advisors to determine whether any such investment is suitable for you in light of your investment objectives and financial situation.

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Disclaimers, Disclosures and Risk Factors

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