SYMPHONY’S CREDIT CAPABILITIES

Q2 2017

555 California Street, Suite 3100

San Francisco, CA 94104

Tel: 415.676.4000
Fax: 415.676.2480

marketing@symphonyasset.com

FOR ONE-ON-ONE PRESENTATIONS WITH INVESTMENT PROFESSIONALS AND INSTITUTIONS ONLY.

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION.
Agenda

1. Firm Overview and Value Proposition

2. Investment Process
3. Select Credit Strategies
4. Appendix

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 2
Firm Overview and Value Proposition

CR02
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION.
Firm Overview and Value Proposition AS OF 6/30/2017

SYMPHONY TODAY VALUE PROPOSITION

■■ SEC - registered alternatives manager founded in 1994 with offices ■■ Experienced Team
in San Francisco (headquarters) and New York Integrated Credit and Equity Research, industry-focused,
fundamental and quantitative research spanning the capital
■■ Corporate valuation expert managing long-only and hedged
structure
investments
■■ Proven Investment Process
■■ $19.5 billion in assets under management, $7.6 billion in
Global Macroeconomic Outlook, our investment process
alternatives*
incorporating a global macroeconomic outlook is critical to
■■ 83 employees and 33 investment professionals attaining desired risk-reward outcomes
■■ Indirectly wholly-owned by TIAA since October 2014 but has ■■ Comprehensive Risk Management
investment independence A deep understanding of the downside risks of each investment
■■ Client focused, solutions oriented opportunity is complemented by robust systems and processes
monitoring systemic risk at the portfolio level
■■ Culture of integrity, team work and diversity
■■ Exceptional Client Service
Supported by world-class infrastructure and robust compliance
culture

* Estimated as of 6/30/2017. Denotes assets including leverage.

FR03
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 2
4
Assets Under Management AS OF 6/30/2017

Symphony’s investment platform is designed around the firm’s core competency – in-depth credit and equity research – and delivered in traditional and
alternative vehicles

Alternative Investments Traditional Investments

HEDGED LONG-ONLY
ALTERNATIVES CREDIT
CREDIT $11,548 M*
$1,286 M*
High Yield (1999)
(1997) Loans (2001)
HEDGED
STRUCTURED ALTERNATIVES LONG-ONLY
CREDIT EQUITY EQUITY
$6,123 M* $146 M $444 M

(2005) (1994) (2005)

* Includes leverage.
Dates above indicate the year in which first strategy within category was launched. Assets estimated as of June 30, 2017.

FR05
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 3
5
Firm Structure: Experience and Continuity AS OF 6/30/2017

Symphony employs 83 professionals, including an equity and credit investment team of 33 individuals and a senior management team led by
Gunther Stein, CIO/CEO and Anne Popkin, President.

GUNTHER STEIN ANNE POPKIN

CIO & CEO PRESIDENT

NUVEEN HEAD OF
COMPLIANCE

Credit Equity Analytic Solutions Client Client Service & Operations, IT & Legal & Compliance
PM/Research PM/Research Group (ASG) Portfolio Managers Business Development Finance
21 Professionals1 9 Professionals1 4 Professionals 3 Professionals 7 Professionals 34 Professionals2 2 Professionals 4 Professionals3

Investment Management Business Management

1
Included in the credit investment team count are Research Analysts, Portfolio Managers and our CIO Gunther Stein. Included in the equity investment team count are Research Analysts and Portfolio Managers; 2 Led by David Goldstein (COO) and
Angela McKillen (CFO); 3 Judith MacDonald (General Counsel) and Amy Chen (CCO and Legal Counsel) are counted in both Legal and Compliance.

FR06
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 4
6
Integrated Research Team AS OF 6/30/2017

Gunther Stein
CIO & Co-Portfolio Manager
18 32

RESEARCH GROUP
EQUITY CREDIT

Ross Sakamoto, CFA Marc Snyder Jenny Rhee Ron Yee Sutanto Widjaja Scott Caraher
Co-Director of Equity, Co-PM Co-Director of Equity, Co-PM High Yield Co-PM Convertible Bonds Co-PM Multi-Strategy Co-PM Senior Loans Co-PM
Technology Financials Trader Trader Healthcare, Biotech Trader
13 28 10 17 15 18 14 23 14 20 15 18

Ventsislav Stoichev James Kim Himani Trivedi Chris Beard, CFA Phillip Graf, CFA
Gabriel Mass, CFA
Healthcare Co-Head of Research Structured Products Co-PM Media, Transportation Technology
Basic Materials, Energy
Distressed, Energy
7 13 4 10 13 17 13 19 13 18 13 16

Dat San Martin Kemnec, CFA Bernard Wong, CFA Chris Lai Carlos Gonzalez Petros Karasakalidis
Quantitative Systems Industrials Airlines, Retail Convertible Bonds Trader Leisure & Lodging, Housing Structured Products
17 17 3 10 12 15 6 19 7 11 6 10

Leo Chu Will Weitzman Erica Gagliardi Aaron Deering, CFA Yang Hong Andy Pham, CFA
Quantitative Systems Equity Trader Consumer Products, Biotech Paper & Packaging Structured Products Energy

2 4 21 21 10 10 10 10 4 8 3 12

Total Years at Symphony

Eric Peterson, CFA Maxx Kauffman Dasol Park Bobby Groat Coale Mechlin
Total Years of Investment Consumer Financials, Telecom Energy, Services Autos, Industrials Technology
Experience
10 12 2 6 2 4 <1 8 <1 5

FR09
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 6
7
Symphony’s Open Trading Floor

Symphony’s integrated credit and equity research teams sit

shoulder-to-shoulder to facilitate fluid communication and
real-time information flow.

This layout enables:

■■ Efficient and effective dissemination of information
■■ More collaborative research environment
■■ Cross-industry research and coverage across the capital
structure

●■Gunther Stein, CIO/CEO ■Location of Daily Meetings

●■Credit Portfolio Manager ●■Credit Research Professional

●■Equity Portfolio Manager ●■Equity Research Professional
●■Dedicated Trader

For illustration purposes only. Seating arrangement subject to change.

FR21
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 7
8
Investment Process

CR03
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION.
Investment Process: Overview

TOP DOWN APPROACH: MACRO OVERVIEW

Critical Factors Driving Asset Allocation

■■ Macroeconomic landscape
■■ Political considerations
■■ Market sentiment
■■ Technical indicators such as market flows
■■ Relative value of asset classes
■■ Management of inter-related risk factors
■■ Data points from capital market and street trading desks PORTFOLIO CONSTRUCTION
RISK MANAGED
PORTFOLIOS
FOCUS LIST
BOTTOM-UP APPROACH: FUNDAMENTAL RESEARCH

Critical Factors Driving Sector and Company Selection

■■ Historical financial data and projections
■■ Relative value analysis
■■ Industry/competitor analysis
■■ Collateral/recover analysis
■■ Financial metrics/covenant analysis

CR05
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY
SYMPHONYASSET
ASSETMANAGEMENT
MANAGEMENT | | 10
8
Investment Process: Top-Down Analysis

TOP DOWN APPROACH: MACRO OVERVIEW

Macro Views Drive Interrelated Portfolio Risk Parameters

■■ Market Direction Market Exposure
■■ Asset Class Relative Value Capital Structure Exposure
■■ Corporate Credit Quality Credit Rating Exposure
■■ Individual Sector Views Sector Exposure
■■ Market Volatility Leverage
■■ Monetary Policy / Interest Rates Duration

INPUTS TO PORTFOLIO CONSTRUCTION

CR06
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY
SYMPHONYASSET
ASSETMANAGEMENT
MANAGEMENT | | 11
9
Investment Process: Bottom-up Fundamental Analysis

BOTTOM-UP APPROACH: FUNDAMENTAL RESEARCH

U.S. Corporate Credit Market

Positive Bias Leveraged Loans | High Yield | High Grade| Convertibles Negative Bias*

■■ Issuers with significant EBITDA ■■ Skeptical of niche deals

■■ Underwriter committed to ■■ Avoid offerings led by 2nd-tier
Liquidity Screen
leveraged finance syndicates
■■ Focus on actively traded names ■■ No illiquid situations

■■ Strong asset coverage ■■ Weak liquidity

■■ Free cash flow generation Fundamental Analysis ■■ Overleveraged capital structure
■■ Strong covenants ■■ Limited access to capital

■■ Restructuring ■■ Downgrades
■■ Refinancing / debt pay down Catalyst ■■ Earnings miss
■■ Upgrade, positive earnings ■■ Default / negative liquidity event

Trade Action Trade Action

■■ Long Credit FOCUS LIST ■■ Short Credit
■■ Convertible Arbitrage SECURITY / SECTOR SELECTION ■■ Portfolio Hedge
■■ Directional Credit ■■ Directional Short Trade

*Short reference typically equates to underweight or avoidance in long-only strategies.

CR07
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 10
12
Investment Process: Ongoing Risk Monitoring

Function: On a daily basis, risks within the investment portfolios are monitored
and assessed.

■■ Risk management occurs at every stage of the portfolio construction process (security, industry/sector, and total
portfolio levels)
−■ Upside/Downside risk assessment is an essential component of security selection and other portfolio management decisions

■■ Analytic Solutions Group (ASG) provides ongoing checks and balances to monitor and assess risk
−■ ASG provides independent analysis and reporting on risk exposures that serve to either confirm exposure to desired risks or
inform of unwanted or unintended risks
−■ Regular qualitative assessments through ongoing dialogues with the PMs

■■ Compliance monitors portfolios for adherence to investment and regulatory guidelines

CR08
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 11
13
Select Credit Strategies

CR04
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION.
Loan Strategy: Overview

Since 2001, Symphony Loan Strategies seek to provide superior risk adjusted
returns in various macroeconomic and market environments.

Symphony believes that the management of downside risk with a direct focus on principal protection is the key
to success in the management of loan portfolios
■■ The asymmetric return profile of the loan asset class cannot be ignored
■■ Security selection in catalyst-driven positions determined by in-depth, bottom-up fundamental analysis
■■ Relative value research leads to security selection and position sizing, in light of prevailing market conditions and technicals
■■ Carry expected to be main driver of return with opportunistic investment in total return opportunities
■■ Active approach focusing on large liquid names in the loan asset class

Risk Management
■■ Downside analysis conducted for every holding and aggregate portfolio subject to various scenario stress testing
■■ Portfolio invests in actively traded names to ensure appropriate liquidity
■■ Typical maximum issue size 5%; Industry concentration limited to 25% per industry

CRLN03
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 15
Long-Only: Senior Loans

The Symphony Senior Loan Strategy seeks to outperform the Credit Suisse Leveraged Loan Index by investing in a USD-denominated, actively managed
portfolio of predominantly senior secured loans.

Senior Loans ■■ Active approach to manage downside risk and make catalyst-oriented total return
investments
■■ Team of industry experts manage risk across the corporate capital structure with a
focus on senior debt

PARAMETERS EXPECTED RANGE RISK LIMIT

Asset Allocation 90% to 100% Loans > 80% Loans

Geographic Concentration 100% U.S. Dollar denominated U.S. 80% to 100% (by issuer)
Non-U.S. 0% to 20% (by issuer)

Credit Quality Concentration BBB through B 90% to 100%

CCC and lower 0% to 10%

Industry Concentration 5% to 20% per industry 25% in a single industry

Issuer Concentration 1% to 5% 5% in a single issuer

In addition to the strategy parameters above, Symphony has the ability to customize loan portfolios with the ability to invest in second lien and middle market loans.
The expected ranges and risk limits may change over time dependent upon market environment and are subject to any investment guideline restrictions.

FR14
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 16
Symphony Loan Strategy:
Representative Account Portfolio Characteristics AS OF 6/30/2017

PORTFOLIO STATISTICS CREDIT QUALITY 3

Account Net Assets (millions) $623.6 M 0.8% 1.2%
Number of Issuers 217
8.1% 9.4%
Average Effective Maturity (yrs) 4.9 yrs
■ BBB
Effective Duration 0.06 yrs
■ BB
Current Yield 5.0%
■ B
36.8%
43.7% ■ CCC
TOP TEN GICS SECTORS (%) 1 % ACCOUNT % BENCHMARK 2
■ Equity
Information Technology 23.5% 12.4%
■■■NR
Consumer Discretionary 21.1% 34.9%
Industrials 10.4% 19.3%
Health Care 9.8% 10.4%
TOP TEN ISSUERS % WEIGHT
Consumer Staples 9.3% 3.1%
Telecommunication Services 9.2% 6.6% Albertson's Holdings Llc/Safeway Inc 2.9%

Energy 5.2% 2.0% IHeartCommunications Inc 2.8%

Financials 4.3% 4.3% First Data Corp 2.4%

Materials 3.1% 2.7% Intelsat Jackson Holdings Sa 1.8%

Utilities 1.9% 4.5% Avaya Inc 1.7%

New Red Finance Inc 1.7%
PORTFOLIO ALLOCATION % ACCOUNT Rite Aid Corp 1.7%
American Airlines 2016-1 Class B Pass Through Trust 1.6%
Senior Loan 97.2%
Dell Inc 1.6%
Equity Security 0.8%
Micro Focus International Plc 1.6%
Cash 2.1%
Total 20.0%
1
Excludes cash. 2 Data is for the S&P LSTA Leveraged Loan 100 Index. 3 Excludes cash. Ratings as depicted are the higher of Moody’s or S&P ratings.
Characteristics have been determined using a strategy representative account deemed appropriate by Symphony Asset Management. Representative account information is shown as supplemental to the Symphony Senior Loans (High Quality)
Composite presentation in the disclosure section. Such portfolio characteristics may not be the same as those for other products or accounts managed by Symphony that use the Senior Loan strategy. Important information, regarding the Symphony

CRLN04
Senior Loans (High Quality) Composite and comparisons to indexes, is included in the Disclosure page at the end of the presentation.

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 17
SYMPHONY ASSET MANAGEMENT | 20
Senior Loan (High Quality) Composite: Performance AS OF 6/30/2017

ANNUALIZED PERFORMANCE AND STRATEGY COMPOSITE STATISTICS

(PERFORMANCE FROM: 1/1/2006)

1 Year 3 Year 5 Year Since Inception

Return Std. Dev. Return Std. Dev. Return Std. Dev. Return Std. Dev.
Senior Loan Composite (Gross) 7.07% 1.64% 4.15% 2.39% 5.26% 2.11% 5.52% 7.04%
Senior Loan Composite (Net) 6.53% -- 3.64% -- 4.76% -- 5.07% --
CS Leveraged Loan Index¹ 7.50% 1.46% 3.49% 2.82% 4.83% 2.37% 4.57% 7.13%
S&P/LSTA Leveraged Loan 100 Index² 6.73% 1.80% 2.53% 3.34% 4.09% 2.91% 4.60% 8.27%
U.S. T-Bill³ 0.55% 0.07% 0.25% 0.08% 0.18% 0.07% 1.01% 0.48%
Relative Performance (Gross Basis)4 -0.43% -- 0.66% -- 0.43% -- 0.95% --

ANNUAL PERFORMANCE
(PERFORMANCE FROM: 1/1/2006)

YTD 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Senior Loan Composite (Gross) 1.84% 9.21% 1.16% 2.72% 6.59% 9.97% 3.15% 9.89% 47.32% -24.86% 2.50% 6.49%
Senior Loan Composite (Net) 1.59% 8.68% 0.67% 2.22% 6.14% 9.50% 2.74% 9.45% 46.75% -25.17% 2.09% 6.07%
CS Leveraged Loan Index1 1.97% 9.88% -0.38% 2.06% 6.16% 9.43% 1.81% 9.97% 44.87% -28.75% 1.87% 7.35%
S&P/LSTA Leveraged Loan 100 Index2 1.42% 10.88% -2.75% 0.99% 5.02% 10.51% 0.62% 9.65% 52.23% -28.18% 1.73% 6.60%
U.S. T-Bill3 0.37% 0.32% 0.05% 0.03% 0.06% 0.09% 0.05% 0.14% 0.15% 1.37% 4.40% 4.73%
Relative Performance (Gross Basis)4 -0.13% -0.67% 1.54% 0.66% 0.43% 0.54% 1.34% -0.08% 2.45% 3.89% 0.63% -0.86%
¹ Primary Benchmark. Returns source: Morningstar and Bloomberg. ² Comparative index source shown for illustrative purposes only. Returns source: Morningstar and Bloomberg. ³ Shown to illustrate the risk free rate of return. 4 Represents strategy
composite performance relative to the CS Leveraged Loan Index on a gross basis.
Past performance is no guarantee of future results. The net performance for the current month is estimated. This estimated performance for the current month is used in calculating the historic annualized performance. Annualized net performance calculated

CRLN05
using the final performance can be requested and will be provided as soon as it is available. Symphony has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). This report is not complete without the
accompanying Senior Loan (High Quality) Composite performance disclosure at the end of this presentation.

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 18
SYMPHONY ASSET MANAGEMENT | 21
Consistent Excess Returns in Multiple Market Environments AS OF 6/30/2017

Monthly 3-Year Rolling Gross Return

■■ Symphony has outperformed in 99 out of 103 rolling 20%

3-year periods
■■ Average rolling 3-year gross alpha has been 1.17%
16%
■■ Average rolling 3-year net alpha has been 0.71%

Symphony Institutional Loan Composite

■■ Gross Upside Capture has been ~103%
12%
■■ Gross Downside Capture has been ~88%
■■ Outperformed in 21 out of 30 negative monthly
periods or 70% 8%

4%

0%
0% 4% 8% 12% 16% 20%

Credit Suisse Leveraged Loan Index

Excess Returns refers to Symphony Senior Loan (High Quality) Composite’s investment returns minus the benchmark returns over the period indicated.
The net performance for the current month is estimated. This estimated performance for the current month is used in calculating the historic annualized performance. Annualized net performance calculated using the final performance can be requested

CRLN11
and will be provided as soon as it is available.

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 19
SYMPHONY ASSET MANAGEMENT | 18
Default and Recovery Data: Principal Protection AS OF 12/31/2016

Symphony’s success in managing credit risk is evident in our lower average annual default rate and higher recovery rate versus the loan market:

■ Symphony Loans Across Platform ■ JPM Loan Market Data*

15.00%

12.00%

9.00%

6.00%

3.00%

0.00%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

AVERAGE ANNUAL DEFAULT RATE AVERAGE ANNUAL RECOVERY RATE

Symphony Loans Across Platform 0.85% 78.76%

JPM Loan Market Data* 2.82% 67.65%

*Loan market default rate was sourced from JP Morgan and pertains to North American loans reviewed by JP Morgan. Symphony’s default universe and recovery rate calculation methodologies may differ materially from JP Morgan’s. Symphony default
rates are calculated as the total loan par value that defaulted, divided by the ending par value of all loans at year-end, except that for the CLOs all invested assets and cash-equivalent are included. Symphony includes in its default calculation loans that
have stopped paying interest and does not include the loans of companies in bankruptcy which continue to make payments. Recovery rates are based on the first lien recovery and are calculated as the sum of all cash flows after the default date plus the
residual market value of the asset (as of 12/31/2016), divided by the weighted-average cost of the asset. Symphony began managing bank loans in November 2001. This analysis illustrates default rate information beginning in 2002. There were no

CRLN06
defaults in Symphony’s loan portfolios during the last two months of 2001. There is no guarantee that Symphony will be able to maintain such default and recovery rates relative to the loan market as measured by the JP Morgan data.

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 20
SYMPHONY ASSET MANAGEMENT | 22
Credit Opportunities Strategy: Overview

Launched in 2010, the Symphony Credit Opportunities Strategy seeks to

provide superior risk adjusted returns in various macroeconomic and market
environments primarily through investing in high yield bonds.

Total Return Generation Through Industry/Quality Rotation, Credit Selection and Asset Allocation
■■ Strategic allocation to high yield, and tactical exposure to bank loans and convertibles provides flexibility to perform in changing market conditions
■■ Asset allocation and sector/quality rotation informed by top-down macroeconomic insights combined with bottom-up research
■■ Security selection in catalyst-driven positions determined by in-depth, bottom-up fundamental analysis
■■ Relative value research leads to security selection and position sizing, in light of prevailing market conditions and technicals
■■ Price appreciation along with carry are expected to be drivers of return

Risk Management
■■ Downside analysis conducted for every holding and aggregate portfolio subject to various scenario stress testing
■■ Portfolio invests in actively traded names to ensure appropriate liquidity
■■ Typical maximum issue size 5%; Industry concentration limited to 25% per industry

CRCO03
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 21
Investment Process: Portfolio Construction

High conviction ideas with various catalysts are expressed through the most attractive part of the capital structure. This strategy uses a flexible approach to
express relative value opinions across below investment grade corporate credit including high yield bonds, bank loans and convertible securities.

TACTICAL ALLOCATION

High Yield ■■ Diversified high yield exposure across and within favored sectors, as well as in
Allocation up to 100% loans with opportunistic investment in convertibles

Loans ■■ Credit quality composition reflective of active management of the portfolio’s

Allocation up to 35% risk profile

Convertibles ■■ Conviction driven sizing of individual credits

Allocation up to 30% ■■ Relative value and outlook determine allocation to loans and convertibles

CRCO04
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 22
Symphony Credit Opportunities Strategy:
Portfolio Characteristics AS OF 6/30/2017

PORTFOLIO STATISTICS CREDIT QUALITY 3

Strategy Net Assets (millions) $1,228.7 M 0.5%
3.1% 4.3%
Number of Issuers 233
Average Effective Maturity 5.5 yrs
15.6%
■ BBB
Effective Duration 2.5 yrs
■ BB
Current Yield 7.2%
36.9% ■B
TOP TEN GICS SECTORS (%) 1 % ACCOUNT % BENCHMARK 2 ■ CCC or lower
Consumer Discretionary 19.9% 21.6% 39.5%
■ NR (Not Rated)
Information Technology 19.3% 6.2% ■ Other4
Energy 11.3% 13.6%
Industrials 11.1% 12.3%
Telecommunication Services 10.1% 10.3% TOP TEN ISSUERS % WEIGHT
Health Care 7.0% 9.6% Clear Channel Communications Inc 2.3%
Materials 6.6% 11.2% Scientific Games International Inc 2.1%
Financials 4.5% 8.0% Bmc Software Finance Inc 2.1%
Consumer Staples 4.3% 3.5% Sprint Nextel Corp 1.8%
Real Estate 3.6% 0.7% Avaya Inc 1.6%
Rite Aid Corp 1.5%
PORTFOLIO ALLOCATION % ACCOUNT
Ceva Group Plc 1.3%
Corporate Bonds 73.0% Communications Sales & Leasing Inc 1.3%
Loans 23.8% Intelsat (Luxembourg) Sa 1.3%
Cash and Cash Equivalents 2.6% Advanced Micro Devices Inc 1.3%
Other4 0.5%
Total 16.5%
1
Excludes cash. 2 Data is for the BoFA Merril Lynch U.S. High Yield Master II Index. 3 Excludes cash. Ratings as depicted are the higher of Moody’s or S&P ratings 4 Other assets are equity securities. Assets may not sum due to rounding.
All characteristics, aside from Strategy Net Assets have been determined using a strategy representative account deemed appropriate by Symphony Asset Management. Such characteristics may not be the same as those for other products or accounts

CRCO05
managed by Symphony that use the Credit Opportunities strategy. Representative account information is shown as supplemental to the Credit Opportunities (Long-Only) Composite presentation in the disclosure section.

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 23
SYMPHONY ASSET MANAGEMENT | 19
Strategy Performance and Historical Asset Allocation AS OF 6/30/2017

ANNUALIZED STRATEGY COMPOSITE PERFORMANCE AND STATISTICS

(PERFORMANCE FROM JUNE 1, 2010)

Sharpe Ratio1 1 Year 3 Year 5 Year Since Inception

Return Std. Dev. Return Std. Dev. Return Std. Dev. Return Std. Dev.
Credit Opportunities (Long-Only) Composite (Gross) 1.33 14.92% 4.03% 3.69% 6.68% 7.03% 5.67% 8.65% 6.41%
Credit Opportunities (Long-Only) Composite (Net) 1.15 13.79% -- 2.64% -- 5.94% -- 7.53% --
Merrill Lynch High Yield Master II Index2 1.31 12.75% 3.31% 4.48% 6.11% 6.92% 5.29% 8.13% 6.09%
Blended Index 1 3
1.45 10.61% 2.46% 4.10% 4.66% 6.09% 4.01% 6.96% 4.69%
Relative Performance (Gross Basis)4 -- 2.17% -- -0.79% -- 0.11% -- 0.52% --

HISTORICAL MONTHLY ASSET ALLOCATION - SYMPHONY CREDIT OPPORTUNITIES PORTFOLIO 5

■ High Yield Bonds ■ Loans ■ Convertible Bonds

100% ■ High Yield Bonds ■ Loans ■ Convertible Bonds

80%

60%

40%

20%

0%
6/10 9/10 12/10 3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17

1
Since start date of composite data June 1, 2010. 2 Comparative index source shown for illustrative purposes only. Returns source: Morningstar and Bloomberg. 3 Primary Benchmark. Blended Index 1 is 60% Merrill Lynch High Yield Master II Index/40%
Credit Suisse Leveraged Loan Index. Returns source Morningstar and Bloomberg. 4 Represents strategy composite performance relative to the Merrill Lynch High Yield Master II on a gross basis. 5 Excludes cash and equivalents.
Historical monthly asset allocation information reflects that of a strategy representative account deemed appropriate by Symphony Asset Management.
Past performance is no guarantee of future results. The net performance for the current month is estimated. This estimated performance for the current month is used in calculating the historic annualized performance. Annualized net performance

CRCO07
calculated using the final performance can be requested and will be provided as soon as it is available.

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 24
SYMPHONY ASSET MANAGEMENT | 21
Long-Short Credit Strategy: Overview

Launched in 1999, the Symphony Long-Short Credit Strategy seeks to

provide superior risk adjusted returns in both up and down markets primarily
through investing long and short in high yield bonds.

Alpha Generation Through Credit Selection

■■ Portfolio comprised of catalyst-driven, high conviction individual single name positions
■■ Invests directionally in U.S. high yield bonds, investment grade bonds and credit default swaps through most efficient instruments possible
■■ Carry is not a major driver of returns: not invested in basis or senior/sub trades historically

Market Direction
■■ Bottom-up, fundamental process leads to trade selection complemented by active resizing of exposures to express conviction on macro themes

Risk Management
■■ Maximum issue size can be up to 10% but typically large single name positions are 4-5%
■■ Portfolio invests in actively traded names to ensure ample liquidity exists to accommodate portfolio trading

CRLSC03
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 25
Investment Process: Portfolio Construction

For the Long-Short Credit Strategy, portfolio construction revolves around dynamically positioning the portfolio on the long
and short side through total return ideas and rotating through high and low beta names.

STRATEGY EXPOSURES GIVEN VARIOUS MARKET OUTLOOKS

High Beta
Higher correlation to market, cyclical sectors,
lower credit quality, more levered

Low Beta
Lower correlation to the market, non-cyclical
sectors, higher credit quality, less levered

Total Return
More focused on near term company-specific Uncorrelated
catalysts and events

HIGH GDP LOW GDP VOLATILITY

Economic expansion/ Economic General economic and
growth contraction market volatility

CRLSC04
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 26
Long-Short Credit: Target Risk Parameters and Performance AS OF 6/30/2017

INVESTMENT PARAMETERS

Gross/Net Leverage Issuer Industry Credit Quality Duration Geographic Annual

Exposure Concentration Concentration Concentration Concentration Turnover
Expected Range 200% to 400% 1.0x to 2.0x 1% to 5% 5% to 20% CCC and lower 10% to 60% +/- 3 Years U.S. 100% 200% to 400%
(10%) to 40% per industry Distressed 10% to 20%

NET ANNUALIZED PERFORMANCE AND PORTFOLIO STATISTICS (STRATEGY REPRESENTATIVE ACCOUNT – INCEPTION 10/1/1999)
1 Year 3 Year 5 Year Since Inception
Return Std. Dev. Return Std. Dev. Return Std. Dev. Return Std. Dev.
Long-Short Credit Strategy 10.44% 4.88% 2.27% 4.67% 4.75% 3.93% 11.04% 7.22%
BAML U.S. High Yield Master II Index¹ 12.75% 3.31% 4.48% 6.11% 6.92% 5.29% 7.19% 9.39%
HFR Fixed Income Corporate Index² 10.06% 2.34% 2.98% 3.84% 5.13% 3.42% 5.41% 5.40%
HISTORICAL NET MONTHLY AND ANNUAL PERFORMANCE (STRATEGY REPRESENTATIVE ACCOUNT)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2017 1.96% 0.94% -2.06% 1.06% -0.51% -1.01% 0.32%
2016 0.62% -3.08% -3.00% -1.86% 2.52% -0.59% 0.90% 2.05% 1.32% 2.25% 0.58% 2.61% 4.15%
2015 0.24% 0.53% -0.19% 0.59% 0.83% -0.76% 1.19% -0.53% -0.27% -0.55% 0.12% 0.28% 1.48%
2014 1.19% 0.81% 1.02% 0.74% 0.22% 0.19% -0.42% 0.41% 0.99% -0.47% 0.11% 0.28% 5.17%
2013 1.12% 0.14% 0.49% 0.89% 0.05% -0.61% 2.13% -0.31% 0.76% 1.96% 0.35% 0.80% 8.03%
2012 2.55% 1.65% 0.72% 1.52% -0.35% 0.64% 0.91% 0.49% 0.69% 1.05% 0.43% 1.06% 11.95%
2011 1.46% 0.75% -0.26% 0.85% 0.80% -0.01% 1.82% -2.20% -1.15% 1.76% -0.53% 1.59% 4.88%
2010 4.39% 1.52% 5.61% 4.27% -3.76% -1.66% 0.85% -1.61% 0.90% 1.89% -0.92% 1.52% 13.32%
2009 3.38% 3.66% -1.71% 2.02% 6.79% 5.84% 11.40% 9.42% 14.91% 4.38% 6.95% 6.25% 101.81%
2008 -0.27% 1.94% -0.24% -1.17% 1.37% 1.53% 0.31% 0.68% -3.02% -1.64% 1.36% -1.80% -1.08%
2007 1.10% 0.47% 1.22% 0.85% 0.20% 0.40% 0.96% -0.40% 0.72% 1.40% 0.41% 0.25% 7.85%
¹ Primary Benchmark. Benchmark returns source: Morningstar. ² Secondary Benchmark. Comparative index shown for illustrative purposes only. Returns source: HFR. Past performance is no guarantee of future results. The net performance for the
current month is estimated. This estimated performance for the current month is used in calculating the historic annualized performance. Annualized net performance calculated using the final performance can be requested and will be provided as
soon as it is available. Representative account information is shown as supplemental information only and must be accompanied by the Symphony Long-Short Credit Composite performance presentation.

CRLSC04
Profile is of a representative account. Such portfolio characteristics may not be the same as those for other products or accounts managed by Symphony that use the Long-Short Credit strategy. The Target Risk Parameters for the strategy may change over
time dependent upon market environment and are subject to any guideline restrictions.

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 27
SYMPHONY ASSET MANAGEMENT | 18
Appendix

CR10
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION.
Symphony Senior Loan Commingled Account Investment
Terms and Service Providers

INVESTMENT TERMS

Minimum Investment $5M

Subscriptions Monthly, first day of the month

Withdrawal Monthly, with 60 days’ written notice

Management Fee First $50M 0.55%

$50 M - $100 M 0.50%
$100 M+ 0.45%

Plus Additional Operating At current fund size of over $400M annualized operating expenses are
Expenses: 13 - 18 bps per annum

These expenses include Administration, audit and tax, legal, portfolio/custodian,

and other expenses. These expenses could continue to lower as the fund grows

SERVICE PROVIDERS

Legal Counsel Shartsis Friese LLP

Auditor PricewaterhouseCoopers LLP

Custodian State Street Bank and Trust Company

Administrator JP Morgan Hedge Fund Services

CRLN07
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 29
SYMPHONY ASSET MANAGEMENT | 25
Symphony Credit Opportunities Strategy:
Fund Fees and Investment Terms

Separately Managed Account

■■ Symphony offers separately managed accounts with a minimum investment of $100 million. The fee arrangement is dependent on account size and
custodian utilized, plus additional portfolio expenses.

Institutional Commingled Fund

■■ Symphony launched a commingled fund on February 1, 2015 for the Symphony Credit Opportunities Strategy.
■■ Fund fees and terms are included below. However, Symphony would be pleased to discuss preferential terms for founding investors in this new fund.

INVESTMENT TERMS SERVICE PROVIDERS

Minimum Investment $5 M Legal Counsel Shartsis Friese, LLP

Subscriptions Monthly, first day of the month Auditor PricewaterhouseCoopers LLP

Withdrawal Monthly, with 60 days’ written notice Custodian State Street Bank and Trust Company

Management Fee First $50M 0.60% Administrator J. P. Morgan Hedge Fund Services
$50M+ to $100M 0.55%
$100M+ 0.50%

Plus Additional Annualized operating expenses are estimated by

Operating Expenses
total net assets in the commingled fund:
• At $100m net assets, 20 - 24bps
• At $200m net assets, 16 -18bps
These expenses include Administration, audit and
tax, portfolio/custodian, ongoing legal (including
startup costs over 5 years) and other expenses.

CRCO08
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 30
SYMPHONY ASSET MANAGEMENT | 23
Long-Short Credit: Investment Terms and Service Providers

FUNDS SERVICE PROVIDERS

Master Fund BayCity Long-Short Credit Master Fund Ltd. Legal Counsel Shartsis Friese, LLP (Onshore)
Walkers (Offshore)
BayCity Long-Short Credit Fund L.P. (Onshore) Nishimura & Asahi (Unit Trust)
Feeder Funds BayCity Long-Short Credit (Offshore) Fund Ltd. BayCity
Long-Short Credit Unit Trust Auditor PricewaterhouseCoopers LLP

Prime Brokers JP Morgan Clearing Corporation

INVESTMENT TERMS (Active) Barclays Capital Inc.
Citigroup Global Markets Inc.
Pershing LLC
Minimum Investment Onshore $5 M
Wells Fargo
Offshore $5 M
Unit Trust $3M or ¥300M
Administrator BNY Mellon Alternative Investment Services Ltd.
Subscriptions Monthly, first day of the month

Lock-up Period 3% early withdrawal penalty before one year

anniversary, payable to the fund

Withdrawal Quarterly, with 30 days’ advance

written notice
Monthly, with 60 days’ advance written
notice

Management Fee 1.5% for quarterly liquidity

2.0% for monthly liquidity

Incentive Fee 20%

Highwater Mark Yes

CRLSC06
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 31
SYMPHONY ASSET MANAGEMENT | 21
Leadership Experience AS OF 6/30/2017

Start Intro Here WORK EXPERIENCE EDUCATION

Gunther Stein Wells Fargo University of California, Berkeley, B.A.

Chief Investment Officer
Chief Executive Officer
Investment Experience: 32
Firm Tenure: 18
First Interstate Bank
University of Texas at Austin, M.B.A.
Standard Chartered Bank
Citibank Investment Bank

Anne Popkin BlueCrest Capital Management Harvard University, B.A.

President Lehman Brothers
Kellogg School of Management,
Financial Risk Management
Northwestern University, M.B.A.
Investment Experience: 25 Goldman, Sachs & Co.
Firm Tenure: 7
Oxford University,
Rotary Foundation Scholar

Jenny Rhee Basso Capital Management University of California, Berkeley, B.S.

Co-Portfolio Manager Epoch Partners
Long-Short Credit Credit Suisse First Boston
Credit Opportunities Strategies

Investment Experience: 18
Firm Tenure: 15

Scott Caraher Deutsche Banc Alex. Brown Georgetown University, B.S.

Co-Portfolio Manager
Loan Strategies

Investment Experience: 18
Firm Tenure: 15

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 32
 Overview and History of Symphony AS OF 6/30/2017

Founded in 1994 and headquartered in San Francisco, CA with offices in New York, NY, Symphony is a SEC-registered investment manager offering
long-only equity, credit and multi-asset strategies, as well as alternatives and structured products to institutional investors globally.

Market-Neutral Long/Short Closed end Firm closes first Credit Event Driven Credit Offerings
Equity Credit strategies of 21 eventual and Equity Opportunities Loans | High Yield | CLO |■
CLO deals team integration Multi-Asset | Hedged Credit
INVESTMENT OFFERINGS

Strategies

Equity Offerings
Convertible Senior Long-only U.S. Corp. Arbitrage Low Volatility Equity | Large Cap
Arbitrage Loans and International & Relative Value Growth | Mid Cap Core | Small
Equity Cap Core | International Equity | ■■
Hedged Equity

1994
1994 1997 1999 2001 2002 2005 2009 2010 2012 2014 TODAY
OWNERSHIP/LEADERSHIP

■■■■Investment independence
Founding Gunther
Gunther Stein Symphony Founders
Founders retire
retire Anne Popkin Anne
Nuveen Popkin
■■■■Client focused
Partners and Stein
joinsjoins
the acquired by and
and Gunther
Gunther Stein
Stein joins the firm joins
acquired
the fibyrm
■■■■Solutions oriented
Barra form the
firm
firm Nuveen assumes
assumes role
role of
of as President as
TIAA
President
Symphony CIO/CEO ■■■■Driven to excellence
CIO/CEO
■■■■Integrity, Teamwork and Diversity
AUM

BILLIONS $1.3
$XX $4.2
$4.2 $3.7
$3.7 $3.2
$5.6 $5.7
$5.7 $8.5
$8.5 $8.2
$11.8 1994
$11.8
$17.7 $17.7 BILLION
$19.5

FR04
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 13
33
Disclosures and Definitions
GENERAL DISCLOSURES AND DEFINITIONS
Symphony Asset Management LLC (“Symphony”), an investment advisor registered with the U.S. Securities and Exchange
Commission, is an indirect wholly-owned subsidiary of Nuveen, LLC (“Nuveen”). Strategies shown may not be available
in certain jurisdictions. Recipients should inform themselves about and observe any applicable legal requirements. For
prospective investors, this material is not intended to be a recommendation or investment advice, does not constitute a
solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into
account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial
professionals should independently evaluate the risks associated with products or services and exercise independent judgment
with respect to their clients. This material is presented only to provide information about Symphony investment strategies and
the firm’s views on market opportunities. Such information may change without notice. Symphony manages other strategies
that are not discussed herein; this presentation is limited to discussing those that exemplify the investment management
capabilities of Symphony for the purposes of this presentation. Certain information was obtained from sources that Symphony
believes to be reliable; however, there is no guarantee of its accuracy.
Any information regarding commingled funds, offshore funds, open-end funds, closed-end funds, collateralized loan
obligations, or collateralized debt obligation securities is for informational purposes only. Information provided about any
private investment fund (“Fund”) must be read in conjunction with its confidential offering document which contains additional
important information about the Fund, including risks associated with investing in it. This material does not constitute an offer
or solicitation to purchase interest in any security or Fund. Offers are made solely pursuant to a Fund’s confidential offering
document, and only qualified investors may invest in a Fund.
Symphony serves as the General Partner of certain of the Funds. As noted above, Symphony is an indirect, wholly-owned
subsidiary of Nuveen, which is a subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Ownership
interests in the Fund are not insured by the FDIC, and are not deposits of, obligations of, or endorsed or guaranteed in any way,
by TIAA or any of its subsidiaries or affiliates, including TIAA, FSB (collectively, the “TIAA Organization”). Any losses in the Fund
will be borne solely by investors in the Fund and not by any entity in the TIAA Organization, except to the extent of the TIAA
Organization’s ownership interest in the Fund or in its capacity as beneficiary of a restricted profit interest in the Fund (in which
case, the TIAA Organization may bear losses attributable to any such ownership interests or restricted profit interests).
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
INVESTMENT RISKS
All investments carry a certain degree of risk, including loss of principal, and there is no assurance that an investment will
provide positive performance over any period of time. Short selling involves certain risks, including the possibility of unlimited
loss on certain short sale positions. Derivative instruments for hedging purposes or as part of the investment strategy may
involve risks such as liquidity risk, interest rate risk, market risk, credit risk, or management risk. There is no guarantee that the
use of long and short positions will succeed in mitigating volatility and interest rate risk. The portfolios described herein are
dynamic and may change over time. Use of the investment process tools and techniques described herein is no guarantee of
investment success or positive performance.
There is no guarantee that any other product or account using the specific strategy will achieve such performance.
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION.
PERFORMANCE AND FEES
Past performance is no guarantee of future results. Annualized Returns or Performance figures are shown on a net basis
after the deduction of management fees, performance fees (if any), trading related and other expenses that an investor would
have or actually paid. Management Fees are described in Symphony’s Form ADV Part 2A which is available upon request and on
www.adviserinfo.sec.gov.
The Credit Opportunities (Long-Only) Composite contains all discretionary, fee-paying institutional portfolios managed within
the strategy. Composite performance is calculated on a total return basis, which includes the reinvestment of all income, plus
realized and unrealized gains and losses. Returns are presented net of the aggregated fees and trading expenses paid by
clients in the composite including actual investment advisory fees.
The Senior Loan (High Quality) Composite contains all discretionary, fee-paying institutional portfolios managed within the
strategy. Composite performance is calculated on a total return basis, which includes the reinvestment of all income, plus
realized and unrealized losses. Returns are presented net of the aggregated fees and trading expenses paid by clients in the
composite including actual investment advisory fees.
The performance data presented for the Low Volatility Equity Strategy reflects the performance of a representative account with
an inception date of October, 2007. Net performance for the Low Volatility Equity Strategy is shown after the deduction of an
expected institutional annual fee of 50 bps for the representative account.
Performance figures for the other strategies discussed are based on U.S. managed commingled funds invested in such
strategies whose performance Symphony believes is representative of the performance of accounts in the strategies. The one
exception to this statement is that the performance returns for the Long-Short Credit Strategy exclude the performance returns
on a pool of assets that were custodied at Lehman Brothers at the time of its bankruptcy. This pool of assets, approximately 19%
of the Fund’s net assets in September 2008, was segregated into a side pocket until December 31, 2009, at which time the side
pocket was closed and the Lehman claim was transferred to a liquidating fund set up to receive distributions for the sole benefit
of clients. Using the estimated recovery value of the side pocket as of December 31, 2009, the Fund’s combined September
2008 net return would have been -5.67%. Alternative methods in the treatment of the Lehman assets could yield different
performance returns. No management or performance fees were charged on the assets while in the Fund or liquidating fund
and none will be charged against subsequent recoveries. Further details are available upon request.
The annualized and cumulative returns presented for Managed CLOs illustrate cash on cash distribution to the equity tranche
of each Managed CLO. Returns for the Managed CLOs are shown as net, after the deduction of Management Fees, Performance
Fees and other expenses. Returns presented for the CLO Funds are also the net. To determine the net returns for CLO Funds, the
Management Fees, Performance Fees and other expenses for Symphony’s commingled CLO Opportunities Fund were used as
representative of fees and expenses that would be paid by an investor in a CLO Fund managed by Symphony.
Portfolio composition, statistics and asset breakdown are based on percentage of Net Asset Value (% of NAV). Strategy Assets
Under Management (“AUM”) are estimated. Leverage is presented as of the last day of the quarter prior to the date hereof.
CR12
SYMPHONY ASSET MANAGEMENT | 14
34
Disclosures and Definitions
INDEX DESCRIPTIONS
Index performance data has been provided for informational purposes only, and should not be considered as benchmark performance
for Symphony managed strategies. Comparisons are limited in their usefulness for a variety of reasons. No index may exist which
represents a similar composition of assets as its comparative strategy. Each strategy may differ materially from its comparative index in
terms of sector/industry exposures and investment position concentration. Index returns include reinvestment of income, but generally
do not reflect taxes, investment advisory and other fees that would reduce performance in an actual account. Indexes are unmanaged
and unavailable for direct investment. Index information has been obtained from public sources.
The Blended Hedged Index consists of 70% HFRI Convertible Arbitrage Index and 30% HFRI Fixed Income - Corporate Index.
The BofA Merrill Lynch U.S. High Yield Master II Index is a commonly used benchmark index for high yield corporate bonds. It is
administered by Merrill Lynch. The Master II is a measure of the broad high yield market, unlike the Merrill Lynch BB/B Index, which
excludes lower-rated securities. Index returns do not include any transactions costs, management fees, or other costs and include the
reinvestment of income and other earnings. Benchmark returns are not covered by the report of the independent verifiers.
Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the $U.S.-denominated leveraged loans rated by
Moody’s/S&P as Baa1/BB+ or Ba1/BBB+ or lower. Loan issuers are domiciled in developed countries and loans are funded term loans
with tenure of at least one year.
HFRI Convertible Arbitrage Index is an equally weighted performance index of convertible arbitrage hedge funds reported net of all
fees. Constituent funds must have either $50 million in assets under management or a performance history of greater than 12 months.
HFRI Event Driven (Total) Index is an equally weighted performance index of event driven hedge funds reported net of all fees.
Constituent funds must have either $50 million in assets under management or a performance history of greater than 12 months.
Benchmark returns are not covered by the report of the independent verifiers.
HFRI Fixed Income - Corporate Index is an equally weighted performance index of fixed income hedge funds reported net of all fees.
Constituent funds must have either $50 million in assets under management or a performance history of greater than 12 months.
MSCI EAFE Index is an equity index which captures large and mid cap representation across Developed Markets countries* around
the world, excluding the US and Canada. With 911 constituents, the index covers approximately 85% of the free float-adjusted market
capitalization in each country.
The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It represents approximately
92% of the U.S. market.
The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000®Index, which is made up of
3,000 of the largest U.S. stocks. The weighted average market capitalization for companies in the Russell 2000 is about USD $1.3 billion,
and the index serves as a benchmark for small-cap stocks in the United States.
The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes
those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell MidCap Index measures the performance of the mid-cap segment of the U.S. equity universe. It includes approximately 800 of
the smallest securities based on a combination of their market cap and current index membership.
S&P 500® Index is a capital-weighted index that includes 500 stocks representing all major industries. Returns are denominated
in USD and include dividends. The index is a proxy of the performance of the broad U.S. economy through changes in aggregate
market value.
The S&P/LSTA Leveraged Loan 100 Index is designed to track the market-weighted performance of the largest institutional leveraged
loans based on market weightings, spreads and interest payments.
Three Month Treasury Bill Index is representative of the average yield of 3 Month (or 90 Day) U.S. Treasury Bills. The index moves with
the market and responds quickly to economic changes.
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION.
AWARD AND RATINGS INFORMATION
Creditflux CLO Awards are based on the performance across the lifetime of a CLO up to the end of the year. Best performing CLOs
are considered to be those that have safeguarded debt investors’ principal and interest, while generating excellent returns for
equity investors.
Lipper Performance Rankings: Lipper Inc. ranks open-end and closed-end funds based on average annual total returns assuming
reinvestment of dividends, capital gains and distributions; at net asset value; and after the deduction of all fund expenses. Funds are
ranked on their performance versus their peers in the same investment category designated by Lipper. The ratings are subject to change
every month and are calculated for 3-year and 5-year time periods. Rankings and awards should not be construed as a statement of
client experience or endorsements. Lipper rankings shown are their respective funds’ positions within the Top Ten performing funds in
terms of total return, as assessed by Lipper, within Lipper’s U.S. Loan Participation Funds category.
Lipper Overall Fund Awards: In calculating the awards, Lipper considered funds registered for sale in the United States with at least 36
months of performance as of the end of the calendar year of the respective evaluation year. Classification averages are calculated with
all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper
Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over
three, five, or ten years. A detailed awards methodology can be found at http://excellence.thomsonreuters.com/award/lipper.
Fund groups with at least five equity, five bond and three mixed-asset funds are eligible for an overall group award. The award is given
to the group with the lowest average decile rank of the three years’ Consistent Return measure of the eligible funds. TIAA-CREF was
awarded the Best Large Fund Company in 2013, 2014 and 2015 based on risk-adjusted returns against 36, 48 and 48 fund companies,
respectively, over the three-year periods
Lipper Individual Fund Awards: Nuveen has also been awarded with several individual 2015 Lipper Best Fund Awards. For delivering
consistently strong, risk-adjusted performance, these Nuveen Mutual Funds Class I shares were honored as Best Fund among peers over
the 3-, 5-, or 10-year periods ending November 30, 2014.
Morningstar overall ratings may vary among share classes and are based on historical risk-adjusted total returns, which are not
indicative of future results. Some funds may have experienced negative returns over the time periods rated. Investment performance
reflects applicable fee waivers. Without such waivers, total returns would be reduced and ratings could be lower. For funds with at least a
three-year history, a Morningstar Rating™ is based on a risk-adjusted return measure (including the effects of sales charges, loads, and
redemption fees) with emphasis on downward variations and consistent performance. The top 10% of funds in each category receive
5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. Each share class is counted as
a fraction of one fund within this scale and rated separately. ©2014 Morningstar, Inc. All Rights Reserved. The information contained
herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be
accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any
use of this information. Past performance does not guarantee future results.
For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Risk-Adjusted Return measure
that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing
more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%,
35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within
this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against
U.S. domiciled funds. The Overall Morningstar Rating™ is based on the weighted average of the number of stars assigned to the fund’s
applicable time periods. In cases where the fund has changed investment categories, its historical information is given less weight. If the
fund has been in existence at least 10 years, the 10-year rating accounts for 50%, the 5-year for 30%, and the 3-year for 20%. If the fund
has been in existence at least 5 years, but less than 10 years, the 5-year rating accounts for 60% and the 3-year for 40%. If the fund has
been in existence for 3 years, but less than 5 years, the 3-year rating accounts for 100%.The Morningstar information contained herein:
(1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of this information. ©2013 Morningstar, Inc. All
Rights Reserved.
CR13
SYMPHONY ASSET MANAGEMENT | 15
35
Disclosures and Definitions
RISK REPORTING
Risk statistics are generated by MSCI Barra’s BarraOne multiple factor model. The Barra information may only be used for your
internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or
products or any indices. The Barra information is provided on an ‘as is’ basis and the user of this information assumes the entire
risk of any use made of this information. Barra, each of its affiliates and each other person involved in or related to compiling,
computing or creating any Barra information (collectively, the ‘Barra Parties’) expressly disclaims all warranties (including,
without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any
Barra Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation,
lost profits) or any other damages.
Individual assets may be rejected from the Barra model based on valuation, terms and conditions or market data issues.
Values are dollar-denominated unless otherwise noted. The benchmark for all benchmark-dependent statistics is the HFRI
Fixed Income - Corporate Index. Rejected assets are not included in any of the portfolio exposure statistics. Beta is ex-ante or
predicted beta, which indicates the sensitivity of the portfolio to movements of the benchmark. Exposures are calculated using
the Fund NAV as the denominator. Credit Default Swaps (CD Swap) and (CDS Basket) are represented by notional exposure.
Beta Adjusted Exposures are the product of the exposure and its respective beta. The Effective Duration and Spread Duration
are calculated using the option-adjusted spread. DV01 is the P&L impact on the portfolio, measured in basis points, for a 1 basis
point increase in the yield curve, calculated using the effective duration. CS01 is the P&L impact on the portfolio, measured
in basis points, for a 1 basis point increase in the OAS, calculated using the spread duration. Value-at-Risk is calculated for a 5
day period at a 95% confidence interval. GICS Sector Exposure: Market hedges are independently classified as ‘Broad Market
Indices’. Ratings as depicted in Ratings Exposure are the higher of Moody’s or S&P ratings. CDX high yield indices are assigned
a single B rating. High yield bonds and credit default swaps are classified as ratings below BBB-. Not rated fixed-income assets
are also classified as high yield. Investment grade bonds and credit default swaps are classified ratings above BB+. Further
information on Sub-Strategy (Profile) definitions is available upon request.
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION.
PORTFOLIO STATISTICS AND DEFINITIONS
Information regarding select industry terms has been provided below for informational purposes. Portfolio statistics are based
on total par assets gross of any fees or expenses, unless otherwise noted, and on a traded basis.
Cash-on-Cash Return: is the annual net cash flow of a CLO investment divided by net investment in the CLO, expressed as an
annualized percentage amount. It is net of management fees and other expenses.
Distressed Securities: Distressed securities are securities of companies that are either already in default, under bankruptcy
protection, or are heading toward such a condition.
Interest Diversion Cushion/Test: Interest diversion test is a tighter OC test which causes diversion of cash flows from CLO
equity tranche to bring the test back into compliance
Internal Rate of Return (“IRR”): The internal rate of return on an investment is the annualized effective compounded return
rate that can be earned on the original invested capital
Leverage: Leverage is defined as Long Market Value (“LMV”) divided by capital
Over Collateralization (“OC”) Test: A covenant that measures the actual subordination of a given tranche relative to a defined
requirement comparing the discounted collateral value to the outstanding debt at each tranche level. The OC tests will be
maintained if the debt outstanding is less than the discounted collateral value. A breach of an OC Test typically causes a
diversion of cash flows from the lower tranches to the higher tranches in order to restore the required subordination.
Quality Ratings: Standard & Poor’s (“S&P”) and Moody’s Investors Services Inc. (“Moody’s”) provide credit rating opinions on
stocks, bonds and loan issues. S&P/Moody’s credit ratings range from AAA/Aaa: highest rating and quality, extremely strong credit,
to D/C: lowest rated and quality, vulnerable to or in default. Details of quality ratings are available on S&P’s and Moody’s Internet
sites. Unrated securities (NR) have not been rated by either agency. They may be of any quality equivalent to an agency rating.
Weighted Average Rating Factor (“WARF”): A numerical mapping of rating of the instrument rated by Moody’s, higher the
number for a portfolio, worse the credit rating.
CR14
SYMPHONY ASSET MANAGEMENT | 16
36
GIPS Returns and Disclosures:
Symphony Senior Loans (High Quality) Composite

Definition of the Firm: Symphony Asset Management LLC is a diversified alternative investment manager headquartered in Composite Returns and Calculations: Composite performance is calculated on a total return basis, which includes the
San Francisco, CA with offices in New York, NY. reinvestment of all income, plus realized and unrealized gains/loss, if applicable. Returns are presented net of trading
expenses as well as all fees paid by clients including actual investment advisory fees.
Compliance Statement: Symphony Asset Management claims compliance with the Global Investment Performance Standards
(GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Symphony Asset Management has Internal Dispersion: Internal dispersion is calculated using the asset-weighted standard deviation of the net annual returns of
been independently verified for the periods January 01, 2006 to December 31, 2013. Verification assesses whether (1) the firm all portfolios included in the Composite for the entire year. Dispersion is not presented for periods where there are five or fewer
has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s accounts included in the Composite for the full year as it is not considered statistically meaningful.
policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Senior
List of Composites: A list of all composites and composite descriptions is available upon request.
Loans (High Quality) composite has been examined for the periods January 01, 2006 to December 31, 2013. The verification
and performance examination reports are available upon request. Ex-Post Standard Deviation: The three-year annualized standard deviation measures the variability of the composite and the
benchmark returns over the preceding 36-month period. The three-year annualized ex-post standard deviation is not presented
Composite Description: The Senior Loans (High Quality) Composite contains all discretionary, fee-paying institutional
when 36 monthly composite returns are not yet available.
portfolios managed within the strategy. The Senior Loans (High Quality) strategy invests primarily in adjustable rate senior
secured loans. The strategy differs from the long only senior loan strategy because the quality of the loan portfolios are superior Past Performance: Past performance is not indicative of future results. As with any investment, there is always the potential for
in that they typically have a greater concentration of first lien loans versus second lien and a greater allocation to higher credit gain, as well as the possibility of loss.
quality loans. The strategy does not make use of leverage.
History of GIPS Compliance: The Firm began claiming compliance with GIPS in 2012.
Senior Loans (High Quality) Composite Creation Date: January 1, 2012
Reporting Currency: USD
Net of Fee Returns: 2016: 8.7%; 2015: 0.7%; 2014: 2.2%; 2013: 6.1%; 2012: 9.5%; 2011: 2.7%; 2010: 9.4%; 2009: 46.8%;
2008: -25.2%; 2007: 2.1%; 2006: 6.1%
Benchmark Returns (CS Leveraged Loan Index): 2016: 9.9%; 2015: -.0.4%; 2014: 2.1%; 2013: 6.2%; 2012: 9.4%; 2011:
1.8%; 2010: 10.0%; 2009: 44.9%;
2008: -28.8%; 2007: 1.9%; 2006: 7.3%
Internal Dispersion for all periods: N/A
Composite 3-Yr Standard Deviation: 2016: 2.4%; 2015: 1.9%; 2014: 2.0%; 2013: 3.9%; 2012: 4.5%; 2011: 8.2%; 2010:
12.9%
Benchmark 3-Yr Standard Deviation: 2016: 2.8%; 2015: 2.1%; 2014: 2.0%; 2013: 3.6%; 2012: 4.1%; 2011: 7.6%; 2010:
13.1%
Composite Assets (USD million): 2016: 3,033.2; 2015: 1,883.6; 2014: 1,601.0; 2013: 1,117.4; 2012: 596.7; 2011: 221.1;
2010: 219.5; 2009: 209.8; 2008: 117.5; 2007: 215.8; 2006: 224.9
Firm Assets (USD million): 2016: 17,417; 2015: 16,563; 2014: 16,928; 2013: 15,358; 2012: 10,956; 2011: 7,681; 2010:
6,847; 2009: 7,635; 2008: 6,503; 2007: 9,345; 2006: 6,761
Number of Portfolios: The number of accounts included in the composite for years 2006 - 2015 is 8. The number of accounts
included in the composite for year 2016 is 10.
Policies: Symphony Asset Management’s policies for valuing portfolios, calculating performance, and preparing compliant
presentations are available upon request.
Benchmark: The Credit Suisse Leveraged Loan Index is designed to mirror the investible universe of the $US- denominated
leveraged loan market. Index returns do not include any transactions costs, management fees, or other costs and include the
reinvestment of income and other earnings. Benchmark returns are not covered by the report of the independent verifiers.

CRLN10
Composite Fee Schedule: The fee schedule for the Senior Loans (High Quality) composite is 0.4% per annum.

CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. 37
SYMPHONY ASSET MANAGEMENT | 32
GIPS Returns and Disclosures:
Credit Opportunities (Long-Only) Composite

Definition of the Firm: Symphony Asset Management LLC is a diversified alternative investment manager headquartered in Benchmark: The benchmark for this composite is a blended benchmark created by 60% weighing the Merrill Lynch High
San Francisco, CA with offices in New York, NY. Yield Master II Index and 40% weighing the Credit Suisse Leveraged Loan Index. Index returns do not include any transactions
costs, management fees, or other costs and include the reinvestment of income and other earnings. Benchmark returns are not
Compliance Statement: Symphony Asset Management claims compliance with the Global Investment Performance Standards
covered by the report of the independent verifiers.
(GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Symphony Asset Management
has been independently verified for the periods January 01, 2006 to December 31, 2010. The verification and performance Composite Fee Schedule: The fee schedule for the Credit Opportunities (Long-Only) composite is 0.64% per annum.
examination reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite
Composite Returns and Calculations: Composite performance is calculated on a total return basis, which includes the rein-
construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed
vestment of all income, plus realized and unrealized gains/loss, if applicable. Returns are presented net of trading expenses as
to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any
well as all fees paid by clients including actual investment advisory fees.
specific composite presentation.
Internal Dispersion: Internal dispersion is calculated using the asset-weighted standard deviation of the net annual returns of
Composite Description: The Credit Opportunities (Long-Only) Composite contains all discretionary, fee-paying institutional
all portfolios included in the Composite for the entire year. Dispersion is not presented for periods where there are five or fewer
portfolios managed within the strategy. The Credit Opportunities (Long-Only) strategy has the objective of providing current
accounts included in the Composite for the full year as it is not considered statistically meaningful.
income and capital appreciation. The strategy invests primarily in debt instruments such as high yield bonds, adjustable rate
corporate debt and convertible securities. A substantial portion of the positions may be rated below investment-grade. List of Composites: A list of all composites and composite descriptions is available upon request.
History of GIPS Compliance: The Firm began claiming compliance with GIPS in 2012. Ex-Post Standard Deviation: The three-year annualized standard deviation measures the variability of the composite and the
benchmark returns over the preceding 36-month period.
Credit Opportunities (Long-Only) Composite Creation Date: 1 January 2012
Past Performance: Past performance is not indicative of future results. As with any investment, there is always the potential for
Reporting Currency: USD
gain, as well as the possibility of loss.
Net of Fee Returns: 2012: 15.6%; 2011: 4.3%; 2010: 11.8% (Returns are for the period from 31 May, 2010 (inception date)
All performance data for 2013 and 2014 is preliminary.
through December, 2010).
Benchmark Returns (60% Merrill Lynch High Yield Master II Index and 40% Credit Suisse Leveraged Loan Index):
2012: 13.1%; 2011: 3.4%; 2010: 9.3%
Internal Dispersion: 2012: N/A; 2011: N/A; 2010: N/A
Composite Assets (USD million): 2012: 293.8; 2011: 112.5; 2010: 43.4
Firm Assets (USD million): 2012: 10,288; 2011: 7,697; 2010: 6,847
Number of Portfolios: The number of accounts included in the composite for years 2010-2012 is less than 6.
Policies: Symphony Asset Management’s policies for valuing portfolios, calculating performance, and preparing compliant
presentations are available upon request.

CRCO10
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 38
GIPS Returns and Disclosures: Long-Short Credit Composite

Definition of the Firm: Symphony Asset Management LLC is a diversified alternative investment manager headquartered in Composite Fee Schedule: The fee schedule for the Long-Short Credit composite includes a management fee of 1.5% and a
San Francisco, CA with offices in New York, NY. performance fee of 20% per annum.
Compliance Statement: Symphony Asset Management claims compliance with the Global Investment Performance Standards Composite Returns and Calculations: Composite performance is calculated on a total return basis, which includes the
(GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Symphony Asset Management reinvestment of all income, plus realized and unrealized gains/loss, if applicable. Returns are presented net of trading
has been independently verified for the periods January 01, 2006 to December 31, 2013. Verification assesses whether (1) expenses as well as all fees paid by clients including actual investment advisory fees and performance-based fees.
the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the
Internal Dispersion: Internal dispersion is calculated using the asset-weighted standard deviation of the net annual returns of
firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The
all portfolios included in the Composite for the entire year. Dispersion is not presented for periods where there are five or fewer
Long-Short Credit composite has been examined for the periods January 01, 2006 to December 31, 2013. The verification and
accounts included in the Composite for the full year as it is not considered statistically meaningful.
performance examination reports are available upon request.
List of Composites: A list of all composites and composite descriptions is available upon request.
Composite Description: The Long-Short Credit Composite contains all discretionary, fee-paying institutional portfolios
managed within the strategy. The Long-Short Credit strategy expresses long and short views in high yield, investment grade Ex-Post Standard Deviation: The three-year annualized standard deviation measures the variability of the composite and the
and credit default swap markets. The strategy seeks to generate alpha by taking high conviction names in individual positions benchmark returns over the preceding 36-month period. The three-year annualized ex-post standard deviation is not presented
and not by investing in carry or basis trades. This strategy uses leverage, typically 1.0-2.0x, and will occasionally have net when 36 monthly composite returns are not yet available.
exposure to credit markets. Past Performance: Past performance is not indicative of future results. As with any investment, there is always the potential for
History of GIPS Compliance: The Firm began claiming compliance with GIPS in 2012. gain, as well as the possibility of loss.
Long-Short Credit Composite Creation Date: 1 January 2012. All performance data for 2014 and 2015 is preliminary.
Reporting Currency: USD
Net of Fee Returns: 2013: 7.9%; 2012: 11.9% ; 2011: 4.9%; 2010: 13.2%; 2009: 90.1%; 2008: 2.2%; 2007: 8.1%;
2006: 5.5%
Benchmark Returns (ML High Yield U.S. Master Total Return): 2013: 7.4%; 2012: 15.6%; 2011: 4.4%; 2010: 15.2%;
2009: 57.5%; 2008: -26.4%; 2007: 2.2%; 2006:11.8%
Internal Dispersion for all periods: N/A
Composite 3-Yr Standard Deviation: 2013: 3.3%; 2012: 6.2%; 2011: 13.4%; 2010: 14.1%
Benchmark 3-Yr Standard Deviation: 2013: 6.5%; 2012: 7.1%; 2011: 11.2%; 2010: 17.2%
Composite Assets (USD million): 2013: 326.4; 2012: 148.3; 2011: 103.0; 2010: 87.0; 2009: 64.4; 2008: 121.8;
2007: 185.9; 2006: 199.8
Firm Assets (USD million): 2013: 15,358; 2012: 10,956; 2011: 7,681; 2010: 6,847; 2009: 7,635; 2008: 6,503;
2007: 9,345; 2006: 6,761
Number of Portfolios: The number of accounts included in the composite for years 2006 - 2013 is less than 6.
Policies: Symphony Asset Management’s policies for valuing portfolios, calculating performance, and preparing compliant
presentations are available upon request.
Benchmark: The Bank of America Merrill Lynch US High Yield Master II Index (H0A0) is a commonly used benchmark index
for high yield corporate bonds. It is administered by Merrill Lynch. The Master II is a measure of the broad high yield market,
unlike the Merrill Lynch BB/B Index, which excludes lower-rated securities. Index returns do not include any transactions costs,
management fees, or other costs and include the reinvestment of income and other earnings. Benchmark returns are not
covered by the report of the independent verifiers.

CRLSC11
CONFIDENTIAL AND NOT FOR DISTRIBUTION. SEE DISCLOSURES AND DEFINITIONS AT THE END OF THE PRESENTATION. SYMPHONY ASSET MANAGEMENT | 39