Firm Overview

Cutwater Asset Management is a client-centric and solutions-based investment advisor focused exclusively on fixed income investments. With nearly $40 billion of assets under management, Cutwater Asset Management is one of the largest institutional fixed-income investment managers in the world. Cutwater's model combines world-class investment expertise and risk management capabilities with exceptional client service, in-depth consultation, and extensive interaction between clients and the investment team.

Investment Philosophy

Cutwater's investment philosophy is based on a set of fundamental tenets that define our approach to managing fixed income portfolios. The objective of our investment philosophy is to provide our clients with consistent, top quartile risk-adjusted portfolio performance through market cycles. We believe in:

• Taking a long-term view of the markets with an appreciation for the full business cycle.
• Applying a counter-cyclical approach to capital allocation, which is centered on adding risk to the portfolio when the margin of safety is high and de-risking when the margin of safety is low.
• Focusing on the spread sectors of the market, where the inefficiencies are greatest.
• A separation of fundamental credit research from relative value analysis.
• Utilizing the entire universe of fixed income instruments, including both index and non-index sectors, to maximize risk-adjusted returns for investors.
• Risk management as a cultural belief that permeates throughout the firm in all its activities.

This philosophy, and the investment process that supports it, has been shown over multiple cycles to produce risk-adjusted portfolio returns in excess of relevant benchmarks and peers, which gives us the confidence to continue to implement it through future market cycles.

Liability Driven Investing

Cutwater's LDI team has nearly 20 years of experience in executing LDI strategies. We've developed innovative de-risking solutions for defined benefit pension plans designed to minimize funded status volatility, meet liability payments and reduce contribution amounts. We currently manage over $10 billion of LDI strategies, serving a diverse client base, including corporations and state and local governments.

Janus Capital Group is an asset management firm founded in 1969. Headquartered in Denver, Colorado, with offices in nine different countries, Janus provides clients globally with a diverse range of research-driven growth and fixed income, mathematical and value equity strategies managed by Janus, INTECH, and Perkins Investment Management, respectively. In the U.S., our dedicated institutional team provides specialized expertise to specific market segments, including corporate plans, endowments and foundations, Taft-Hartley and public funds. In addition, our consultant relations team is focused on providing information and services to consultants in both U.S. and Non-U.S. markets. Assets under management as of June 30, 2011 totaled $169.8 billion, including $39.2 billion for U.S. institutional clients.

Manulife Asset Management™ is the global asset management arm of Manulife Financial. Manulife Asset Management and its affiliates provide comprehensive asset management solutions for institutional investors and investment funds in key markets around the world across a broad range of asset classes including equity, fixed income and alternative investments such as real estate, timber, farmland, as well as asset allocation strategies.

Manulife Asset Management has offices with full investment capabilities in the United States, Canada, the United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia, and the Philippines. In addition, it has a joint venture asset management business in China, Manulife TEDA. It also has operations in Australia, New Zealand, Brazil and Uruguay. As of June 30, 2011, assets under management were US$217 billion.

Fixed Income @ Manulife Asset Management

• Managing fixed income for over 100 years
• Over $75 billion* in fixed income assets under management
• A network of over 100 fixed income professionals** on the ground in 13 countries and territories
• Dedicated expertise – international, global, emerging markets, core, investment grade, high-yield

Why we're different

It's a unique formula for success. Start with an institutional asset manager backed by a global financial services leader, Manulife Financial. One that provides millions of clients with stability, a robust risk management framework and an international network of resources.

Add the responsiveness and focus found in a boutique environment. It's a different way to work. Each specialized investment team is empowered to make decisions in line with their singular investment philosophy and their clients' objectives.

Every one of our teams owns their investment process from research to implementation. Right down to the results. Plus, they benefit from a truly global network of on-the-ground knowledge and expertise. Boutique investment teams. Global resources. That's the difference. That's why Manulife Asset Management is a standout in attracting the finest professionals in pursuit of superior long-term performance for our clients.

Go to ManulifeAM.com to learn more.

* As of July 31, 2011
** As of June 30, 2011

T. Rowe Price (Nasdaq: TROW), founded in 1937, is an independent, global investment management firm headquartered in Baltimore, USA. As of June 30, 2011 we manage over $520.9 billion1 for some of the world's leading corporations, public retirement plans, foundations, endowments, financial intermediaries, and sovereign entities. The firm has nearly 5,000 employees in the T. Rowe Price group of companies, including over 385 investment professionals worldwide, and offices in the Americas, Asia, Australia, and Europe.

The firm offers a full range of investment strategies across multiple asset classes, capitalizations, sectors, styles, and regions. Each of our strategies reflects our belief that in-depth, fundamental research and vigilant risk management can lead to consistently strong, long-term performance.

Global Research Platform

Proprietary research is at the core of T. Rowe Price's investment process. Our team of 181 equity analysts2 covers the global markets from 16 offices including Baltimore, London, Singapore, Tokyo, Hong Kong, and Buenos Aires. Underpinning this research network is a culture of collaboration in which analysts and portfolio managers are encouraged to share ideas and express their views freely. Diversity of opinion is highly valued, and the latest research communication tools encourage the widest possible sharing of information.

In 2010, we had over 4,500 face-to-face meetings globally with company managements. Included in this count are site visits, which are a core element of our research process. In these meetings, we interview company managers, get a firsthand look at operations, and make our own assessments of the skills, commitment, and resources commanded by the organization. These visits are not one-time events; we continually re-evaluate companies that we own in our portfolios.

Fixed Income Capabilities

T. Rowe Price began managing Fixed Income portfolios in 1971 and has $132.3 billion fixed income assets under management as of June 30, 2011. T. Rowe Price offers a diversified range of strategies supported by broad sector expertise, and a seasoned portfolio management team supported by deep research resources. The portfolio management and credit research teams average 21 years and 12 years of investment experience respectively. Holistic fundamental research — close collaboration between fixed income and equity research analysts provides a broad capital structure perspective and an information advantage, while quantitative analysis facilitates risk management and performance attribution.

For more information, please visit troweprice.com/institutional.

All figures quoted as of June 30, 2011.

¹ The combined assets under management of the T. Rowe Price group of companies as of June 30, 2011.

² 8 sector portfolio managers, 4 portfolio managers/analysts, 119 research analysts, 22 associate research analysts, 25 quantitative analysts, and 3 specialty analysts.