Key Personnel

Mr. Zarrilli is a founding member of CTL Capital. Since 1989 Tom has focused exclusively on financing lease revenue bonds and real estate related transactions such as construction funding, private placements and lease-leaseback transactions. During his career he has been responsible for over $7 billion in real estate financing, sales, and acquisitions including over $10 billion of Credit Tenant Lease loans.

Prior to forming CTL Capital, Mr. Zarrilli served as Executive Director of UBS (Dillon Read) Director of the Real Estate Investment Banking Department of Bear Stearns and prior to that as a partner of Sonnenblick-Goldman Corporation, a national real estate investment banking firm. Prior to 1982, Mr. Zarrilli was a Vice President of the Equity Investment Group of Citibank N.A., where he was responsible for real estate investments for pension fund clients. Mr. Zarrilli received a BS in engineering from Worcester Polytechnic Institute and an MBA from the Wharton School at the University of Pennsylvania.

Mr. Penney has been involved in securitized credit lease financing for over 20 years and is responsible for the origination and structuring of federal, corporate and credit tenant loans. Prior to joining CTL Capital Mr. Penney was a founding principal of Bostonia Incorporated and its predecessor Highland Funding Group which at the time were at the forefront of the credit tenant lease market. During his career he has been responsible for over $7 billion in credit tenant lease loans. Mr. Penney has also provided extensive financial advisory services on structured real estate and project finance transactions throughout Europe and Latin America. Mr. Penney worked in the New York City office of Cushman & Wakefield for over 10-years as Vice President in the Financial Services Group. Mr. Penney received a BS in Accounting from Central Connecticut State University.

Mr. Inglesby is also a founding member of CTL Capital and manages the trading/placement desk for CTL Securities. Mr. Inglesby worked at Dillon Read (subsequently UBS Warburg) for over eighteen years. He began his career in the Fixed Income Research Group, where he developed programs for fixed income securities analysis and corporate debt restructurings. Mr. Inglesby subsequently served as an Executive Director within the Structured Products Group where he was responsible for coordinating the underwriting, marketing and sales of new issuances federal agency, quasi-government agency backed issues and lease-backed debt and secondary trading. He received his MBA from Pace University.

Mr. Paylor, who directs transaction origination for CTL Capital, has over 25 years experience in banking, venture capital, and commercial real estate. His real estate background encompasses finance, development, asset acquisition and management. Mr. Paylor has been instrumental in completing transactions ranging from $1 million to over $100 million in commercial, retail, industrial and office developments. Through positions with public and privately held companies, Mr. Paylor has established a broad network of relationships spanning the national lending and commercial real estate communities. He holds a Bachelor of Science degree in Finance from the University of Northern Colorado and an M.B.A. from the University of Denver.

Mr. Bax is primarily responsible for origination, structuring, analytics and processing of transactions. Prior to CTL Anthony worked at Warburg Dillon Read where his primary responsibility was facilitating the structuring and marketing of the Structured Products Group’s transactions. Prior to his experience at Warburg Dillon Read, Mr. Bax worked as a Trust Officer at the Chase Manhattan Bank where he focused primarily on asset and mortgage backed securities. Anthony received his BA in History with a minor in Economics from the State University of New York College at Potsdam.

Mr. Gregory joined CTL Capital in 2001 and is a senior bond sales manager responsible for the placement of CTL’s Securities. Prior to joining CTL Capital, Mr. Gregory worked as an Institutional Sales Manager in the Fixed Income Department at First Union Securities and previously in the Corporate Bond department of Drexel Burnham Lambert and Dillon Read & Co. for over 15 years.