Well-known and established brand in fixed-income investment management with good distribution capability Experienced management team Strong investment performance track record Beneficial Carlyle ownership and increased management ownership Fixed income represents 70% of total assets under management Low on-balance-sheet liquidity Considerable debt leverage Litigation history Negative tangible equity Standard&Poor's Ratings Services' ratings on Clipper Acquisitions Corp. are based on the company's solid franchise (especially in U.S. fixed-income investment management), good distribution capability, experienced management team, and strong investment performance track record. Clipper is a newly formed entity that was acquired by the Carlyle Group and the management of The TCW Group. Clipper owns 100% of TCW Group Inc. In our view, the increased management ownership and TCW's expected access
