Cutwater Asset Management has over 17 years of capital markets experience. During that time, Cutwater has managed the issuance of over $75 billion of guaranteed investment contracts (GICs), medium-term notes (MTNs) and term repurchase agreements (repos). We've established strong relationships with dealers and investors. Furthermore, we've structured and executed unfunded liquidity commitments for our clients.

August 2007 ushered in the beginnings of a tumultuous period in the capital markets. During this time, Cutwater stuck to its knitting and took the long view, studying the implications of these lightning-fast changes for the global fixed income markets. As a result of our analysis, we became active participants in government funding programs such as TALF and the CPFF, within which we tailor funding platforms that meet current market and regulatory requirements. We also consult on currently available sources of finance and the structural means of accessing them. A recent example is a project for which we consulted on the viability of aggregating a pool of UK PFI bonds and having the pool financed in the UK institutional market.

Cutwater Asset Management can offer tailored services for:

• Currently available sources of financing
• Structural means of accessing financing
• Management of medium-term note or commercial paper programs
• Advisory services for funded and unfunded liquidity solutions