b'Its a WrapEfficient Solutionsfor InvestorsOur extensive background and activity in derivatives, structured products and insurance enables us to structure solutions that address the concerns of insurance investors. These structures typically enable insurance inves-tors to access a particular economic strategy through different wrappers that address their respective capital concerns and investment guidelines. For example, we work with dealer clients to structure credit repack prod-ucts. In a credit repack, the special purpose vehicle acquires a debt security and usually enters into one or more derivative transactions or securities lend-ing arrangements. The repack vehicle then issues a new debt security to the investor, representing an interest in this combination of assets. The holder of the repack-issued debt security may benefit from credit enhancement as well as from other attributes that this structure makes possible. Insurance companies also have traditionally invested in private funds. We advise on various wraps to provide economic exposure to funds without any direct investment. Exposure can be offered through notes or swaps. Structured notes also can provide exposure to private funds through bespoke indices that track and allocate exposure among the desired funds, or between a fund and a cash equivalent. We assist with wrap-ups as well. In these structures, an insurance company will consoli-date outstanding options positions into a single structured note. These structures, unlike traditional structured notes, do not require an initial principal investment, thus obviating the need to tie up additional capital. We also advise participants in connection with collateralized fund obli-gation transactions, or CFOs. Through these structured products, investors, typically insurance companies, are able to gain indirect access to interests in, or exposure to, private capital assets. Usually, the CFO issuer will offer and sell tranches of securities that are secured by the private fund assets. The majority of these securities are debt instruments, with only a small portion consisting of equity in the CFO issuer. Credit enhancement in the CFO is provided through overcollateralization. 9'