Synergistic and strategic partnership will finance middle market companies of private equity sponsors

Webster Financial Corporation, the holding company for Webster Bank, N.A. (“Webster Bank”), a top performing commercial bank with $76 billion in assets, and Marathon Asset Management, L.P. (“Marathon”), a leading global credit manager with $23 billion in assets under management, today announced they are forming a private credit joint venture, which will deliver direct lending solutions to sponsor-backed middle market companies.

The partnership combines each firm’s credit expertise, private equity sponsor relationships and standing in the middle market with Webster Bank’s full banking product suite that serves companies primarily in the middle market and Marathon’s 26-plus years of experience in asset management. The joint venture will originate directly sourced senior secured loans across various industries in which Webster Bank and Marathon have established track records of investing, with more than 100 employees from both companies working closely together, including investment and business development professionals.

Webster Bank’s Sponsor & Specialty Finance Group has provided credit solutions and other banking services to the portfolio companies of private equity sponsors for two decades. Its dedicated team of over 50 bankers has fostered relationships with more than 125 sponsors nationwide.

“This joint venture allows Webster to better serve and support our clientele, while at the same time diversifying our revenue and realizing a greater portion of our Sponsor franchise’s capabilities,” said John Ciulla, Chairman and Chief Executive Officer, Webster Financial Corporation. “We will be able to offer our clients larger facilities and additional financing solutions alongside the outstanding client experience Webster has always provided. Expanding our capabilities with this venture will have the added benefit of generating asset management income.”

“We are excited to partner with Marathon as we augment the credit solutions available to our clients,” added Andre Paquette, Group Head of Sponsor & Specialty Finance at Webster Bank. “Webster has a strong sponsor finance business, reliable execution and client-centric approach. This will complement Marathon’s long operating history, deep knowledge of the credit markets and proven asset management expertise.”

“Marathon is proud to announce this unique private credit partnership with Webster Bank,” said Bruce Richards, CEO and Chairman, Marathon. “Both companies possess deep private equity sponsor relationships, a strong reputation in the middle market, and a renowned investment team dedicated to middle market lending. By combining our strengths, together we have created a powerful partnership in direct lending that will benefit our investors for years to come.”

Marathon’s direct lending business provides private equity sponsors with creative financing solutions for acquisitions, refinancings and recapitalizations, while also providing borrowers with private credit asset-based lending and capital solutions.

“This partnership with Webster Bank is a natural extension of our collaboration over several years,” added Curtis Lueker, Managing Director and Head of Direct Lending, Marathon. “Together, we look forward to serving private equity sponsors as a trusted and reliable capital provider with full capabilities.”

About Webster Financial Corporation

Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and Healthcare Financial Services, one of the country's largest providers of employee benefits and administration of medical insurance claim settlements solutions. Headquartered in Stamford, CT, Webster Bank is a values-driven organization with $76 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information, including past press releases and the latest annual report, please visit the company’s website at www.websterbank.com.

About Marathon Asset Management

Marathon is a leading global credit manager with $23 billion of capital under management. The firm was founded in 1998 and is managed by Bruce Richards, CEO & Chairman, and Louis Hanover, CIO, and employs approximately 190 professionals, with a 20-member Executive Committee and 8 Partners that include Christine Chartouni, Ed Cong, Jason Friedman, Jeff Jacob, Jamie Raboy, and Andy Springer. Its corporate headquarters are in New York City, and it has offices in London, Miami, Los Angeles, and Luxembourg. Marathon is a Registered Investment Adviser with the Securities and Exchange Commission. For more information, please visit the company’s website at www.marathonfund.com or contact Curtis Lueker, Managing Director and Head of Direct Lending at 212-500-3088 or clueker@marathonfund.com.

Webster Financial Corporation Media Inquiries Alice Ferreira acferreira@websterbank.com 203-578-2610

Webster Financial Corporation Investor Inquiries Emlen Harmon eharmon@websterbank.com 212-309-7646

Marathon Asset Management Media Inquiries Prosek Partners pro-marathon@prosek.com 646-818-9283

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