>	ABOUT MEDLEY & SIERRA
>	WHAT IS A BDC?
>	WHY SIERRA?
>	BANK CONSOLIDATION
>	THE MIDDLE MARKET
>	MIDDLE MARKET YIELDS
>	FOCUS ON SENIOR DEBT
>	INVESTMENT STRATEGY
>	INVESTMENT PROCESS
>	DISTRIBUTION HISTORY
>	TAX INFORMATION
>	MANAGEMENT TEAM

FOCUS ON SENIOR DEBT

Sierra’s focus on Senior Secured Debt helps provide a measure of downside protection:

Senior secured debt has a lower risk profile and higher payment priority than preferred and common equity.