Blackstone Alternative Asset Management

Acadian Asset Management Acadian has been an innovator in global asset management since 1986. As of January 31st, 2015, the firm managed over $70 billion in assets for many of the world s leading institutions, applying a disciplined framework to the broadest possible investment universe. Led by a team whose professional ties extend back to Acadian s founding over 25 years ago, the firm specializes in active global and international equity strategies as well as emerging markets fixed income. Drawing on proprietary data and techniques covering over 40,000 securities in more than 60 markets worldwide, the firm focuses its extensive research capabilities on developing customized investment management strategies for its clients. Aetos Capital Aetos Capital, LP is an independent investment advisory firm offering institutional investors a set of focused investment strategies that seek to deliver superior risk-adjusted returns. Aetos Alternatives Management, founded in 2001 currently manages approximately $11 billion allocated to underlying hedge funds. Since our founding, we have focused exclusively on providing hedge fund investment services for institutional clients through multi strategy portfolios in addition to specialty mandates, such as tactical trading, credit, long/short and opportunistic. Our competitive advantage is our fiduciary perspective, institutional knowledge, and our skill in providing tailored solutions through both separate accounts and commingled funds across the spectrum of hedge fund strategies to accommodate our clients' specific return and volatility targets. Amber Capital Investment Management Amber Capital is a London-based investment manager spun-off from French bank Societe Generale in 2005, specializing in market-neutral, long-short equities, corporate event-driven, Europe and Latin & North America investment strategies. Using a deep-dive, bottom-up stock-picking approach, the firm focuses on anticipating corporate events and on special situations. Overall the firm has 30 employees based in Europe and New York, and manages approximately $1.7 billion. Anchorage Capital Group Anchorage Capital Group, L.L.C. ("Anchorage" or the "Firm") is a registered investment adviser founded in 2003. As of December 31, 2014, Anchorage manages approximately $14.5 billion across a creditoriented product platform primarily consisting of three fund families: Anchorage Capital Partners Funds, Anchorage Short Credit Funds and Anchorage Illiquid Opportunities Funds. As of September 30, 2014, the Firm has 144 employees, 58 of whom are dedicated investment professionals, 67 of whom are infrastructure professionals, and 19 of whom are human resources and administrative professionals. Anchorage focuses on a wide range of assets across the credit spectrum and throughout a company's capital structure, including performing bank loans and bonds, credit derivatives, and defaulted debt and restructured equity. Anchorage is headquartered in New York with additional offices in London, Sydney, and Luxembourg. Angelo, Gordon & Co. Angelo, Gordon & Co., founded in 1988, is a privately held focusing on alternative money management activities for institutional clients and high net worth individuals. Angelo, Gordon s investment disciplines encompass credit, real estate, private equity and multi-strategy. In each discipline, Angelo, Gordon seeks to generate absolute returns by exploiting market inefficiencies and capitalizing on situations that are not in the mainstream of investment opportunities. The common thread linking

investments is a conservative evaluation approach implemented through in-depth research and a diversification strategy applied within each portfolio to limit downside risk. The firm has over 300 employees, including more than 110 investment professionals, and has approximately $25 billion in assets under management. The Firm is headquartered in New York with associated offices in Chicago, Houston, Los Angeles, San Francisco, Washington D.C., London, Amsterdam, Hong Kong, Tokyo, Seoul and Sydney. Apollo Global Management, LLC Founded in 1990, Apollo is a leading global alternative investment manager with approximately $161 billion assets under management as of December 31, 2013. We are contrarian, value-oriented investors in private equity, credit and real estate, with significant distressed expertise and a flexible mandate in the majority of our funds that enables our funds to invest opportunistically across a company's capital structure. Apollo is led by managing partners, Leon Black, Joshua Harris and Marc Rowan, who have worked together for more than 20 years. AQR Capital Management, LLC AQR Capital Management is a global investment management firm employing a disciplined and analytical research process to macroeconomic and fundamental data. AQR's diversified offerings range from traditional benchmark-oriented long-only strategies to absolute return alternative strategies. As of June 30, 2013, AQR managed approximately $83.5 billion worldwide for institutional investors, such as pension funds, insurance companies, endowments, foundations and sovereign wealth funds, as well as financial advisors. Founded in 1998, AQR is based in Greenwich, Connecticut, with offices in Chicago, Los Angeles, London, Sydney and Hamilton, Bermuda. Arrowgrass Capital Partners LLP Arrowgrass Capital Partners LLP ( Arrowgrass ) is a London-headquartered alternative investment manager, regulated by the FCA and SEC, which employs a non-siloed, multi-strategy approach to investing in a broad range of asset classes on a global basis. At the core of our investment philosophy is the belief that a dynamic allocation of capital through the economic cycle is essential to maximizing value as the opportunity set evolves. Our investment process combines top-down and bottom-up analysis to identify idiosyncratic, catalystdriven opportunities, all of which is complemented by a comprehensive infrastructure and risk management platform. Founded in February, 2008 Arrowgrass currently has 122 employees located in its London (78) and New York (41) offices, and manages $4.4 billion of client capital. Arrowpoint Partners Arrowpoint Partners is an SEC-registered investment adviser based in Denver, Colorado, with offices in California and New York. Our mission is to deliver attractive risk-adjusted returns by cultivating worldclass human capital and matching investment capabilities to meet client needs. Arrowpoint has expertise investing across the capital structure in a broad range of strategies for institutional, high-networth and retail investors. The firm was founded in 2007 and manages $7.4 billion in assets as of December 31, 2014. Avenue Capital Group

Avenue Capital Group was founded in 1995 by Marc Lasry and Sonia Gardner. Pioneers in the distressed debt market, Mr. Lasry and Ms. Gardner have successfully invested in the public and private debt and equity securities of distressed companies across a variety of industries for over two decades. Prior to founding Avenue, Mr. Lasry and Ms. Gardner founded Amroc Investments, LLC. Amroc began in 1989 as a $100 million distressed debt investment partnership organized by Mr. Lasry and Ms. Gardner in association with the Robert M. Bass Group, Inc. Headquartered in New York, with offices in London, Luxembourg, Madrid, Munich, and four offices throughout Asia, the firm manages assets estimated to be approximately $14.1 billion as of June 30, 2014. Avenue draws on the skills and experience of approximately 200 employees and its Senior Principals, Marc Lasry and Sonia Gardner, who have spent virtually their entire careers in the field of distressed investments. AXA Investment Managers AXA Investment Managers (AXA IM) was founded in 1994 by AXA, a world leader in insurance. The multi-expert platform, ranked 14th largest in the world with assets under management of US$692 billion, provides local and global investment solutions for institutional (87%) and retail clients in 30 cities across 23 countries in the Americas, Europe, the Middle East and Asia. Our expertise includes AXA Rosenberg (Quantitative Equity), AXA Framlington (Qualitative Equity), AXA Fixed Income, AXA Funds of Hedge Funds, AXA Real Estate, AXA Structured Finance as well as Investment Solutions for multimanagement and fiduciary management capabilities. The Responsible Investment team is comprised of 10 professionals with 14 years experience on average in both ESG and traditional financial analysis. The team uses RI Search, AXA IM s proprietary ESG platform, to integrate fundamental and quantitative ESG research into investment decisions. Balyasny Asset Management L.P. Balyasny Asset Management (BAM) founded in 2001, is an institutional investment firm dedicated to delivering consistent, uncorrelated absolute returns in all market environments. BAM combines high quality, proprietary, fundamental research with top investment talent, a dynamic capital allocation process and comprehensive risk management. BAM has over 130 investment professionals across multiple investment disciplines and global offices in Chicago, New York, San Francisco, Connecticut, London and Hong Kong. The flagship strategy has been positive every year since inception, with a correlation of +0.05 to the S&P 500 since inception. The fund reopened on January 1, 2014 and AUM is currently $5B. Barclays Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia.Barclays' purpose is to help people achieve their ambitions in the right way. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. Barclays offers premier investment banking products and services to its clients through Barclays Bank PLC. Black River Asset Management LLC Black River is a global asset management firm specializing in alternative investment strategies. Formed in 2003, the firm is an independently managed subsidiary of Cargill, a privately held corporation and one of the world s leading suppliers of food, agricultural and industrial products and services. Black River offers differentiated sources of alpha to investors through a range of investment strategies across

Commodities and Natural Resource Markets, Developed Markets and Emerging Markets. Core investment capabilities encompass both public and private markets and include relative value, directional, event-driven, macro and natural resource strategies. Black River s investment professionals are located in 12 countries spanning five continents. Their global presence and worldwide connectivity with Cargill provide broad perspectives that help both identify opportunities and manage risk. Black River investment professionals apply their insights to highly focused strategies built on the firm s core capabilities. Combining broad perspectives with focused strategies, Black River delivers diversified sources of absolute returns to their investors. BlackRock BlackRock's range of solutions includes fundamental and quantitative active management approaches aimed at maximizing outperformance as well as highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. Clients can access our investment solutions through a variety of product structures, including separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading ishares ETFs. Our commitment to investment excellence is anchored in a culture that always places a client's interests first, from individual investors to the world's largest institutions. BlackRock's investment approach is based on our conviction that we can combine our market insights, global reach and scale, proprietary technology, culture of information sharing and unwavering focus on risk management into an ability to deliver performance in all market environments. BlackRock is committed to providing a broad set of investment solutions for our clients, striving to achieve the best balance between risk and opportunity. Blackstone Alternative Asset Management BlueBay Asset Management, LLC BlueBay was established in 2001 as a specialist fixed income credit manager with the aim of capitalizing on two strong structural growth trends in European credit and Emerging Market debt. Today, BlueBay is one of Europe s largest managers of fixed income credit and alternative products with AUM over US$60 billion for institutions and private investors worldwide. Based in London, with offices in the US, Luxembourg, Hong Kong and Japan, the business strategy focuses on four key elements; strong risk adjusted investment performance, robust risk management, recruitment and retention of highly talented individuals, and diversified distribution. The result: a combination of the infrastructure and resources of a world-class asset manager with the investment focus of a boutique. BlueBay Asset Management is a wholly-owned subsidiary of Royal Bank of Canada (RBC). BlueMountain Capital Management, LLC BlueMountain Capital Management is a global alternatives asset manager with offices in New York, London and Tokyo. The firm manages $20 billion in assets across co-mingled hedge funds and private capital vehicles, customized single-investor funds and CLOs. BlueMountain was founded in 2003 on the belief that markets persistently exhibit artificial segmentation as a result of organizational and regulatory constraints, agency problems, and behavioral biases. BlueMountain s capabilities, processes, incentives and culture are designed to capture the investment opportunities created by these persistent structural inefficiencies. Keeping with our foundational belief in the importance of an interdisciplinary approach, we integrate a diverse array of investment strategies, including Relative Value Credit, Distressed & Special Situations, Long/Short Equity, Structured Credit, Volatility, Asset Backed Finance, Real Estate and Emerging Markets, amongst others. Our investment process relies on entrepreneurial teams with flexibility to pursue opportunities in their areas of expertise, collaborating

across disciplines to generate the best ideas. These ideas are then evaluated and integrated at the portfolio and fund level by our Investment and Risk Committees to optimize risk and reward. We further integrate our investment process into our industry-leading risk, trading, operations and technology infrastructure. Today, approximately 300 global professionals (including 21 partners and 9 managing principals) operate in a culture of collaboration, transparency and intellectual integrity, striving every day to innovate and strengthen our capabilities. Our mission is to build an enduring partnership that consistently meets the expectations of our investors. BNY Mellon Investment Management As one of the world's leading investment management organizations and one of the top U.S. wealth managers, BNY Mellon Investment Management combines agility, insight and scale to create and deliver strategies and solutions to address our clients' needs. Encompassing BNY Mellon's investment management firms, wealth management organization, and global distribution teams, we draw on deep expertise to collaborate with clients and tailor our best ideas and resources to meet their specific needs. We pride ourselves on providing dedicated service through our network of global professionals who have a deep understanding of local requirements. Bridgewater Associates Bridgewater Associates is a global leader in institutional portfolio management with approximately US$170 billion in assets under management (as of 3/2015), including US$83 billion in our Pure Alpha strategy, a hedge fund/gtaa/portable alpha strategy; US$78 billion in our All Weather strategy, our optimal beta/risk Parity strategy; and US$9 billion in our Optimal Portfolio strategy, which applies our best understanding of how to combine All Weather with tailored active market views. Bridgewater began investment operations in 1975, and is a pioneer in risk budgeting and the separation of alpha and beta, managing Portable Alpha/GTAA, Hedge Fund, Optimal Beta/Risk Parity, Currency Overlay, Global Fixed Income and Inflation-Indexed Bond mandates. Bridgewater manages these portfolios for a wide array of institutional clients globally, including public and corporate pension funds, foreign governments and central banks, university endowments and charitable foundations. Brigade Capital Management Brigade Capital Management, LP ( Brigade ) is an SEC-registered investment advisor currently managing over $16 billion in assets in the credit space. Brigade implements a fundamentally driven, bottom-up investment process across long/short, distressed, structured credit and traditional credit strategies. The firm has 17 employee equity partners. The team possesses deep sector expertise throughout the entire leveraged finance market and has extensive experience in capital restructurings and bankruptcy reorganization. Preservation of capital is paramount to Brigade s investment process as opportunities are vetted and trading positions are established. The firm was founded by Donald E. Morgan and Patrick W. Kelly in 2006 and is headquartered in New York City with affiliated offices in London and Tokyo. Mr. Morgan leads a team of 48 investment professionals, and Mr. Kelly, President and Chief Executive Officer, heads the 57 person business and operations staff. Brookfield Investment Management Cadian Capital Management, LP Cadian Capital Management, LP formed Cadian Fund, LP and Cadian Offshore Fund Ltd. in October 2007 to seek to maximize risk adjusted, absolute returns over the course of market cycles through a portfolio

consisting primarily of global long and short equity investments. Cadian concentrates on fundamental research-driven stock selection and invests across technology, media and telecommunications, healthcare, industrials, retail, consumer, and other related sectors. The team spans over 65 years of investment experience and seeks to employ deep industry focus to identify alpha generative long and short investments. The strategy seeks to maintain what is believed to be a conservative net beta exposure. Cadian was founded by Eric Bannasch, previously with Perry Capital. Cadian is based in New York City, and as of January 1, 2015, manages approximately $3 billion with a total of 21 employees. Canyon Partners, LLC Canyon is a value oriented alternative asset manager that employs a variety of event driven, activist, and distressed strategies across a broad spectrum of asset classes. The firm was founded in 1990 by Joshua Friedman and Mitchell Julis, both of whom have been intimately involved in the stressed/distressed markets since the early 1980s. Canyon employs approximately 240 people worldwide and is headquartered in Los Angeles with additional offices in London and New York. Canyon employees and management are collectively the largest investor across the Canyon Funds. Our investment approach is centered on extensive research rather than more rapid / high volume trading strategies. We look across the corporate capital structure, investing opportunistically in senior secured leveraged loans, high yield bonds, convertibles, equities, and derivatives, and often leverage our experience to provide financing solutions to entities that may not have access to traditional capital. Additionally, we look beyond the traditional corporate markets to the structured finance space. Over the past decade, we have developed a great deal of expertise in mortgage securities, aircraft lease securitizations, CDOs/CLOs, distressed structured municipal bonds, and other niches. Allocations across these asset classes will shift over time in response to evolving value propositions and risk/reward profiles. Canyon has been registered with the SEC since 1994. Capital Fund Management Capital Fund Management is a $4.5bn systematic investment firm based in Paris (HQ since 1991), with offices in New York, London and Tokyo. The firm is led by four board members with diverse backgrounds across the science, engineering and business fields. Our team of 134 works to deploy scientifically researched strategies, executed across global markets through our proprietary IT implementation infrastructure. The firm employs strategies that are both fundamental and price-based, and seek to be diversified. Stratus, the firm s multi-strategy flagship hedge fund invests globally across several portfolios: equity statistical arbitrage, directional futures / FX, directional volatility, and equity volatility arbitrage. Institutional Systematic Diversified (CFM ISD), the firm s alternative beta program, includes three portfolios: long-term trend following futures, equity market neutral, and risk premia (via long FX carry and multi-asset short volatility). The entities of CFM are registered with the CFTC, SEC, AMF in France, Japanese FSA, and UK FCA. Capula Investment Management US LP Capula Investment Management LLP ( Capula ) is a global fixed income specialist firm located in London with affiliated entities in Greenwich, Connecticut, Hong Kong and Tokyo. Co-founded in 2005 by Yan Huo, managing partner and co-cio, the firm manages absolute return, enhanced fixed income and tail risk strategies and advises a European special situations strategy. With approximately USD 11 billion of assets under management (as of December 31, 2014), Capula manages capital for a diversified investor

base comprised primarily of sovereigns, institutions and financial intermediaries from North America, Europe, the Middle East and Asia Pacific. Institutional investors represent more than 80% of capital invested (as of December 31, 2014). Capula s fixed income trading strategies focus primarily on G3 interest rate and macro trading and primarily trade liquid government bonds, interest rate swaps and futures and options. Trading is tactical and short-term in style, and portfolio turnover is frequent. We believe what differentiates Capula is its macro focus, strong trading discipline and short-term orientation rather than a medium-term investment style. The firm has used its understanding of liquidity risks and tail risks to help it thrive through all stages of the investment cycle, including periods of extreme market disruption. David Gu, co-cio and partner, joined Capula in 2011 after a long career at BofA Merrill Lynch managing global trading teams and oversees the European special situations products. Capula s European special situations strategy was launched in 2012 and focuses primarily on illiquid and middle market senior secured loans from deleveraging and stressed bank sellers in Europe. Carlson Capital, L.P. Carlson Capital, L.P. is an alternative asset management firm. Founded in 1993 by Clint Carlson, the firm currently manages over eight billion dollars across multiple hedge fund products, with a focus on nondirectional, relative value investment strategies. Based in Dallas, Carlson is an independently-owned registered investment advisor with offices located in New York, Greenwich, CT, and London. The firm rests on three pillars: philosophy, people, and process. Caspian Capital LP Caspian Capital LP is an investment advisory firm specializing in long/short corporate credit and distressed strategies with approximately $3.9 billion in AUM. Since the business was founded in 1997, Caspian has sought to achieve risk-adjusted capital appreciation over the long-term as a pioneer in fundamentally based L/S capital structure strategies. Caspian s team, based in New York, have backgrounds in credit research, distressed situations and restructurings, trading, law and investment banking. Caxton Associates LP Founded in 1983, Caxton Associates LP ("Caxton") is a New York based discretionary global macro hedge fund managed by Andrew E. Law, the firm's Chairman and Chief Executive Officer. Caxton has a 30+ year history of delivering absolute returns across all market environments. Caxton seeks to achieve its objective by employing a multi-manager approach that invests in a diversified portfolio of substantially uncorrelated strategies while maintaining tight risk management and a focus on liquidity. Caxton trades across asset classes including fixed income, currencies, commodities and equities and geographic regions in order to capture opportunities as they arise. Cerberus Capital Management, L.P. Founded in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms. The Firm has over US $25 billion under management invested in four primary strategies: Distressed securities and assets (residential and commercial mortgage securities/assets, corporate debt, non-performing loans, structured loans), control and non-control private equity, corporate mid-market lending and real estate-related investments. Headquartered in New York City with affiliate and/or advisory offices in the United States, Europe and Asia, Cerberus is a truly global investor with a long-term investment horizon and focus on value creation. The Firm's more than 145 dedicated investment professionals are integrated across all four of its

investment strategies, bringing considerable expertise in assessing, acting upon and managing all Cerberus investments. The Firm's proprietary operations team, Cerberus Operations and Advisory Company, LLC (COAC), employs world-class operating executives to support Cerberus's investment teams in the following areas: sourcing opportunities, conducting highly informed due diligence, taking interim management roles, monitoring the performance of investments and assisting in the planning and implementation of operational improvement initiatives at Cerberus's portfolio companies. Cheyne Capital Cheyne Capital is a London-based alternative investment manager with AUM of $6.6 billion and 145 partners and employees. The firm's main areas of expertise are Real Estate Debt, Corporate Credit, Event Driven, Convertible Bonds and Equities. Cheyne was founded in 2000 by Jonathan Lourie and Stuart Fiertz who had previously worked together for nine years at Morgan Stanley. Chris Goekjian (formerly Head of the Global Fixed Income Division of Credit Suisse's investment bank) joined in April 2009 as CIO. Approximately 85% of Cheyne's assets are managed on behalf of pension funds, insurance companies, sovereign wealth funds, endowments, banks, funds of funds and other financial institutions. The remainder is managed for family offices and high net worth individuals. CIFC Asset Management Citadel Established in 1990, Citadel is a leading global financial institution with a diverse business platform built on a foundation of world-class talent, technology and infrastructure. For over two decades, Citadel has deployed capital on behalf of its investors across multiple alternative investment strategies, including Equities, Fixed Income & Macro, Commodities, Convertibles & Quantitative Credit, and Quantitative Strategies. We develop our insights based on detailed fundamental analysis and quantitative rigor. The firm employs an 825-person team, of which approximately 400 are investment and front office professionals. Citadel operates in the world's major financial centers including Chicago, New York, London, Hong Kong, San Francisco, Boston, Dallas, Houston and Greenwich. Cohen & Steers Founded in 1986, Cohen & Steers is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities, along with preferred securities and other income solutions. We deliver these strategies as individual mandates or as customized multi-strategy portfolios to meet the specialized needs of our clients. Headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world. Cornerstone Real Estate Advisers CQS CQS is a $13.7bn global multi-strategy asset management firm with over 260 staff located globally, 90 of whom CVC Credit Partners, L.P. are specialist investment professionals. Since launching its first strategy in March 2000, CQS has expanded to manage alternative, long-only and bespoke mandates for institutional investors in the areas of multi-strategy, convertibles, asset backed securities, credit, loans and equities. The firm s track record is underpinned by fundamental research and quantitative analysis, with robust institutional operational and risk management platforms. CQS is a founding member of the

Hedge Fund Standards Board and is regulated by the FCA in the UK, the SFC in Hong Kong, ASIC in Australia and registered with the SEC in the US. CVC Credit Partners, L.P. CVC Credit Partners, L.P. along with its U.S. and non-u.s. counterparts is the credit management business of CVC Capital Partners SICAV-FIS S.A. Formed through a merger with predecessor firms that date back to 2005, CVC Credit Partners is an $11.6bn global credit asset manager with offices in the U.S. and U.K. Supported by a team of 38 dedicated investment professionals, CVC Credit Partners seeks to generate for its investors positive absolute returns and attractive risk-adjusted returns on capital throughout the credit cycle. Our credit business was recently recognized as best-in-class by Creditflux and industry peers with the 2014 global Creditflux Manager of the YearAward. CVC Credit Partners has built a diverse platform which creates significant synergies across its three investment strategies: Performing Credit, Global Credit Opportunities / Special Situations and Private Lending. The D. E. Shaw group The D. E. Shaw group is a global investment and technology development firm with more than 1,100 employees, approximately $34 billion in investment and committed capital as of August 1, 2014, and offices in North America, Europe, and Asia. Since its founding in 1988, the D. E. Shaw group has earned an international reputation for successful investing based on innovation, careful risk management, and the quality and depth of its staff. The D. E. Shaw group has a significant presence in the world's capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies. The D. E. Shaw group invests globally using a broad array of strategies in both public and private markets. Widely recognized as a pioneer in quantitative investing, particularly in equities, futures, and options, the D. E. Shaw group also has formidable expertise in areas that involve fundamental analysis or portfolio manager discretion, such as credit, energy, and macro investing. The D. E. Shaw group s investment capital as of August 1, 2014, included approximately $9.9 billion managed by D. E. Shaw Investment Management, L.L.C. ( DESIM ). The D. E. Shaw group established DESIM to operate certain long-biased investment strategies focusing on major, liquid asset classes. The vast majority of DESIM s capital is managed in benchmark-relative long-only and 130/30 equity strategies for public and private pension plans, endowments, foundations, and private wealth management firms. DESIM manages a smaller amount of capital in D. E. Shaw Orienteer Strategy (Orienteer Strategy), a multi-asset-class investment strategy. Orienteer Strategy is designed to be a long-biased, scalable, transparent, and rigorously process-driven long-term investment strategy that seeks to produce attractive risk-adjusted outcomes by drawing on multiple return sources from both the beta and alpha worlds in a range of global asset classes. Deutsche Asset Wealth Management Deutsche Asset Wealth Management is one of the top 5 largest asset management firms in the world. The alternatives offerings within Deutsche Asset Wealth Management include hedge funds, private equity, real estate, commodities, and infrastructure. Deutsche AWM's approach is client centric and based on our ability to customize solutions to meet the objectives of our clients (sovereign wealth funds, corporations, insurance companies, endowments, or retirement plans globally). What makes Deutsche AWM so powerful is the combination of capabilities from the transactional banking umbrella with the more traditional asset-management business. We deliver services as an asset-manager as well as a service-provider with unique technologies or value-added propositions when allocating to Alternatives. For instance when allocating to Alternatives, investors can customize the risk-profile, increase liquidity or transparency, or meet specific regulatory requirements. In other words, we leverage the best of 2

worlds: the infrastructure of a large investment bank and the expertise of a leading asset-manager in Alternatives. Dune Real Estate Partners Dune Real Estate Partners LP (or "Dune") is a New York City-based real estate investment firm executing an opportunistic strategy with a focus on distressed, deep value-add and contrarian investing, primarily in the United States. The firm's sole focus is on assembling and managing a diversified portfolio of compelling, opportunistic real estate investments. Dune manages the Dune Real Estate Funds which were launched by Mr. Daniel M. Neidich in 2005 and have raised over $1.9 billion of equity capital and currently manages $3.5 billion of real estate assets. Dune's five partners, led by Mr. Neidich as C'EO and Ms. Cia Buckley as CIO, have an average of 24 years of real estate experience and bring broad-based relationships, long-term investment histories and extensive capital markets experience to the firm's investment program. DW Partners, LP. DW Partners, LP ( DW ) is a global multi-strategy credit firm managing over $6bn in assets. The DW team began working together at Morgan Stanley in the early 2000s, founded the fundamental credit group at Brevan Howard in 2008 and spun off to form DW in 2009. DW uses a multi-strategy approach to investing across the spectrum of credit and structured finance opportunities, with a 30 person investment team focusing predominantly on credit instruments ranging from distressed and performing corporate credit to real estate-related investments and other asset backed investments, with a focus on risk management and absolute return. EJF Capital LLC EJF Capital LLC ("EJF") is an independent, employee-owned, SEC-registered investment adviser that manages a diverse group of alternative investment strategies for qualified individuals and institutional investors. EJF manages more than $4.6 billion (as of 7.31.13) in hedge fund strategies and has 55 employees, approximately half of whom are actively involved in the daily management of the portfolio. Founded in September 2005, EJF leverages the asset management and capital markets experience of Emanuel Friedman, co-founder, and former co-chairman and co-ceo of Friedman, Billings Ramsey Group, Inc. EJF was co-founded by Neal Wilson, formerly Senior Managing Director for the Alternative Asset Investment and Private Wealth Management groups at FBR and former Branch Chief for the SEC in Washington, DC. EJF is headquartered outside of Washington D.C. in Arlington, VA with research offices in London and Shenzhen, PRC. Entrust Capital Inc. EnTrust Capital and its affiliates are investment advisers registered with the SEC since inception, under the Investment Advisers Act of 1940. Gregg S. Hymowitz, Managing Partner, founded EnTrust in 1997 following his investment career at Goldman Sachs. Focusing exclusively on hedge fund investments, EnTrust devotes extensive resources to the bottom-up research of hedge fund managers and provides an efficient solution to the challenge investors face in evaluating, investing, and monitoring the wide breadth of hedge fund strategies. Working closely with clients as a strategic alternative investment partner, EnTrust helps clients determine how our solutions can best suit their specific needs. Evanston Capital Management, LLC

Evanston Capital Management, LLC ( ECM ) is a privately held investment adviser formed in 2002 focused exclusively on managing hedge fund of funds strategies for both institutional and high net worth investors. ECM's principals and professionals bring together extensive hedge fund investment experience and a complementary set of skills to create a cohesive culture seeking to deliver top-tier performance to investors with a high touch, transparent servicing approach. ECM manages a variety of strategies (multi-strategy, equity long/short and less directional multi-strategy) with an emphasis on more concentrated portfolios composed of managers in which ECM has gained high conviction. ECM manages both commingled funds and offers customized solutions to clients looking to tailor their hedge fund program. Of the $5.1 billion in assets under management, the vast majority of ECM's investors are institutional, including endowments, foundations, hospitals, corporate, public and Taft- Hartley pension plans. ECM has over 300 institutional investor relationships today. Farallon Capital Management Farallon Capital Management, L.L.C. was founded in 1986 and has been a registered investment adviser with the United States Securities and Exchange Commission since 1990. We invest globally across asset classes, seeking to achieve superior risk-adjusted returns through a process of bottom-up fundamental analysis that emphasizes capital preservation. While our investment philosophy remains consistent, its execution is flexible, allowing capital to shift among strategies, asset classes, and geographies based on prevailing opportunities. As of January 2014, the firm had approximately 170 employees and $20B in assets under management. The firm has offices in San Francisco (headquarters), London, Singapore, Hong Kong, Tokyo and Sao Paolo. Federated Investors Federated Investors, Inc. (NYSE: FII) is a global investment management leader with $363 billion in assets under management as of December 31, 2014. Founded in 1955 and headquartered in Pittsburgh, PA, Federated has worldwide operations in New York, Rochester, Boston, Dublin, Frankfurt, London, and Tokyo. With one of the most experienced investment teams in the industry, Federated manages global equity, fixed income and money market products as well as income-oriented solutions and volatilitytargeted strategies. Institutions such as corporate and public pension plans, insurance companies, family offices, OCIO providers, multiemployer plans, foundations and endowments make up Federated's diverse client base. In every relationship, we strive to meet clients' unique risk objectives and return expectations. Fifth Street Asset Management Inc. Fifth Street Asset Management (NASDAQ:FSAM) is a credit-focused asset manager. The firm has over $6 billion of AUM across two publicly-traded business development companies, Fifth Street Finance Corp. (NASDAQ:FSC) and Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR), as well as multiple private investment vehicles, including various senior loan funds and a hedge fund, Fifth Street Opportunities Fund, L.P. The Fifth Street platform provides customized financing solutions to small and mid-sized businesses across the capital structure through complementary investment vehicles and co-investment capabilities. With a 17-year track record focused on disciplined credit investing across multiple economic cycles, the company is led by a seasoned management team that has issued billions of dollars in public equity, private capital and public debt securities. Fifth Street s national origination strategy, proven track record and established platform are supported by approximately 100 professionals across locations in Greenwich, Chicago, Palo Alto and Dallas. For additional information, please visit fifthstreetfinance.com.

Forester Capital, L.L.C. Forester Capital, L.L.C. manages portfolios designed to produce superior risk-adjusted returns by investing in what it believes to be the best hedge funds available. The Firm seeks to select fund managers with complementary strategies and expertise in order to form diversified portfolios of hedge funds. Forester seeks to invest in long/short equity and absolute return managers that employ a strategy of bottom-up fundamental research and analysis. Forester s portfolio includes many managers that are generally closed to outside capital. The Firm began investing on behalf of investors on February 1, 2000 and, as of September 1, 2014, manages approximately $4.1 billion on behalf of endowments, foundations, pension plans, and high net worth families. F-Squared Investments F-Squared Investments is an investment management firm offering innovative investment strategies based on its AlphaSector and Portfolio Replication Technology capabilities; F-Squared seeks to deliver repeatable investment processes and solutions to help meet the financial goals of real investors. The firm's core values center on striving to protect investors from significant down markets by actively derisking, while participating in rising markets. F-Squared serves clients in the advisor, institutional, retail and retirement markets. As of March 31, 2013, F-Squared affiliated entities had over $25 Billion in feegenerating assets. F-Squared Investments is based in Wellesley MA and Princeton NJ. www.fsquaredinvestments.com GAM Established in 1983, GAM is an independent, active asset manager and member of the GAM Holding Group. We deliver investment solutions to institutions, intermediaries, private clients and charities from offices in financial centers around the world. Our capabilities span investment strategies across equity, fixed income, absolute return, alternative investments, discretionary portfolio management and tailored investment solutions. Our aim is to deliver strong, long-term returns for our clients through some of the world's most talented investment managers. Our focus on performance, risk management, uncompromising investment standards and partnership with our clients enables us to achieve that objective. GAM Holding AG has assets under management of over $120 billion and employs over 1,000 staff with offices in 10 countries. GCM Grosvenor GCM Grosvenor is one of the world s largest and most diversified independent alternative asset management firms, with over $48 billion in assets under management. We offer comprehensive public and private markets solutions, providing clients with a broad suite of investment and advisory choices that span hedge funds, private equity, infrastructure and real estate. GCM Grosvenor launched its first investment portfolio, a multi-manager portfolio of hedge funds, in 1971. We specialize in developing customized investment programs tailored to each client s specific investment goals. We also manage commingled investment products that provide specialized exposures and structures. Our global client base includes public and private pensions, sovereign wealth entities, banks, corporations, insurance companies, charitable organizations, endowments and high net worth individuals. We strive to provide comprehensive, transparent client service. Glenview Capital Management Glenview Capital Management, founded in 2000 by Larry Robbins, is a privately held investment management firm. In its 15th year of operation, Glenview manages approximately $10.4B (as of 2/1/15),

split between two products: the Glenview Funds (long/short; open to new capital) and the Glenview Opportunity ( GO ) Funds (concentrated, opportunistic; closed to new capital). Since inception, the compounded net annualized rates of return for the Glenview and GO Funds are 14.7% and 23.5%, respectively (through 1/31/15). Glenview is focused on delivering attractive absolute returns through an intense focus on deep fundamental research and individual security selection. Our investments are primarily focused on the US, with a smaller amount of exposure in Western Europe. GoldenTree Asset Management, LP GoldenTree was established on March 1, 2000 by Steven Tananbaum. Today the firm has assets under management of $21.5 billion and is one of the largest independent asset managers focused on corporate credit, managing a variety of absolute return and long only strategies. The firm is a partnership that is 100% employee owned, and throughout its history, GoldenTree has awarded significant equity participation to attract and retain key investment personnel and business executives. Currently, GoldenTree has approximately 196 employees, 25 of whom are partners. The primary focus of GoldenTree s approach is superior bottom-up, fundamental value-based research. To achieve this objective, GoldenTree has assembled one of the more accomplished teams of investment professionals in the market located in the firm s offices in New York and London, and with an average experience of 17 years. GoldenTree s investment process is designed to allow the firm to capture attractive total returns while maintaining a high margin of safety and thus minimizing volatility and protecting capital. Robust portfolio risk management seeks to complement bottom-up fundamental and relative value analysis with top-down macroeconomic analysis in order to address various risks to the portfolios. Furthermore, GoldenTree s extensive business management infrastructure provides robust operational support to its investment funds and customized client solutions. Goldman Sachs Asset Management Goldman Sachs Asset Management is one of the world s leading investment managers. With more than 2,000 professionals across 33 offices worldwide, GSAM provides institutional and individual investors with investment and advisory solutions, with strategies spanning asset classes, industries and geographies. Our investment solutions include fixed income, money markets, public equity, commodities, hedge funds, private equity and real estate. Our clients access these solutions through our proprietary strategies, strategic partnerships and our open architecture programs. Our investment teams represent over 700 investment professionals, capitalizing on the market insights, risk management expertise and technology of Goldman Sachs. We help our clients navigate today s dynamic markets and identify the opportunities that shape their portfolios and long-term investment goals. We extend these global capabilities to the world s leading pension plans, sovereign wealth funds, central banks, insurance companies, financial institutions, endowments, foundations, individuals and family offices, for whom we invest or advise on more than $1 trillion* of assets. *As of December 31, 2014. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions. Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion. 2015 Goldman Sachs Golub Capital Golub Capital is a nationally recognized credit asset manager with an award-winning middle market lending business. Golub Capital manages over $10 billion in capital for institutional investors and family offices, offering tailored solutions for investors credit asset strategies. Today, the firm has over 200 employees with lending offices located in Chicago, New York and San Francisco. Golub Capital has four

business lines that are highly complementary to one another: Middle Market Lending, Late Stage Lending, Broadly Syndicated Loans and Opportunistic Credit. Gotham Asset Management LLC Gotham Asset Management, LLC is a private investment management firm focused on providing investors with domestic long/short equity portfolios and a range of long-only strategies. The firm is a successor to Gotham Capital, LLC, which was formed in 1985 by Joel Greenblatt. The firm's investment philosophy centers on the belief that superior investment results may be achieved through the systematic application of a value discipline to groups of stocks within an emotional market. The firm's 11 analysts research and maintain a proprietary financial database that is used to construct value-weighted long/short equity portfolios managed by the firm's Co-CIOs, Joel Greenblatt and Robert Goldstein. Risk management is achieved through a tested and rigorous adherence to concentration and liquidity constraints. Gotham Asset Management is registered with the SEC and headquartered in New York City. Graticule Asset Management Halcyon Asset Management LLC Founded in 1981, Halcyon Asset Management LLC and its affiliates ("Halcyon") constitute a global investment firm with approximately $12.9 billion in AUM. Halcyon's mission is to provide its investors with excellent risk-adjusted performance, minimizing drawdowns and limiting volatility as well as market correlation. Halcyon produces alpha by dynamic strategy allocation, by individual investment selection, and by evolving its strategies as the economic landscape changes. Emphasizing rigor, intellectual honesty, and extensive due diligence, these processes are designed to evolve so that Halcyon always has leading capabilities in sourcing, execution, ongoing position management, and portfolio construction. Halcyon's multi-strategy hedge funds invest dynamically across merger, credit, and special situations strategies, primarily in North America and Western Europe. Halcyon also manages specialized strategies focused on stressed/distressed asset-backed securities, senior secured bank loans, and energy. Halcyon is primarily owned by 16 active partners who average 14 years of experience with the firm. With offices in New York, London and Houston, Halcyon employs over 115 in total staff, approximately 50 of whom are investment professionals. Halcyon manages hedge funds, customized managed accounts, and other vehicles for investors. Halcyon is committed to industry best practices and has been registered with the SEC since 1997 and is authorized by the FCA. HBK HBK Capital Management is a global, multi-strategy alternative investment management firm founded in 1991. HBK manages approximately $9.2 billion in capital (as of April 1, 2015) through private funds offered primarily to institutional investors, including pensions, foundations, endowments, hedge fund of funds, and sovereign wealth funds. HBK currently has three evergreen offerings: a multi-strategy product (approximately $7.9B in AUM), a quantitative strategies product (approximately $950M in AUM) and a merger arbitrage product (approximately $235M in AUM). The quantitative strategies product was launched in November 2010, and generally mirrors the statistical arbitrage strategy within the multi-strategy product. The merger arbitrage product was launched in November 2014 and is invested in a manner broadly similar to the merger arbitrage effort within the multi-strategy product. HBK employs approximately 200 individuals, including 61 investment professionals, in Dallas, New York, London, and Charlottesville. HBK is fully controlled and predominantly owned by the firm's 11 active

Managing Directors. The most senior Managing Directors have been with HBK since the early 1990s, and the average tenure at HBK of our Managing Directors is over 14 years. Henderson Global Investors / AlphaGen Highland Capital Management, L.P. Hoplite Capital Management, LLC Hoplite Capital Management, L.P. ( Hoplite or the Firm ) was founded in 2003 by John T. Lykouretzos and is an Investment Adviser registered with the U.S. Securities and Exchange Commission. Hoplite manages fundamental, global long/short equity funds with the goal of maximizing long-term absolute returns with appropriate levels of risk. The Firm employs a research-intensive and bottom-up investment process with a focus on variant perception that culminates in independently selected longs and shorts across most industry sectors and geographies. Hoplite is based in New York and consists of 34 employees, including 11 investment professionals. Hutchin Hill Capital, LP Hutchin Hill is a global multi-disciplinary investment adviser founded by Neil Chriss, PhD. Hutchin Hill s $1.9bn Diversified Alpha Fund focuses on liquid, relative-value and absolute return strategies, and seeks to produce attractive, risk adjusted returns with zero beta to traditional risk assets and low correlation to other hedge funds. Capital is actively allocated across each of Diversified Alpha s five core investment strategies that represent distinct sources of alpha: Event/Special Situations, Fundamental L/S Equity, Fundamental L/S Credit, Macro, and Quantitative. The firm has offices in New York, London, Boston and Austin, Texas, and is registered with the US SEC and CFTC, and its UK subsidiary is authorized and regulated by the UK FCA. ICE Canyon LLC ICE Canyon LLC is an investment management firm specializing in Emerging Market and Global Credit investment strategies. The firm was founded in 2006 by Nathan Sandler, as a joint venture with Joshua Friedman and Mitchell Julis, of Canyon Capital Advisors LLC ( Canyon ), a global alternative investment management firm with approximately $21 billion in assets under management. The Founding Partners have over 90 years of combined experience in investment management, fixed income, investment banking, and financial services. ICE Canyon current assets under management is $3.8 billion. The firm is headquartered in Los Angeles, CA with offices in New York, Abu Dhabi, and London. Prior to founding ICE Canyon, Nathan Sandler was Managing Director and Senior Portfolio Manager responsible for EM and International Fixed Income at TCW from 1994-2006. He has managed EM Fixed Income and Credit strategies through several global and financial crises from 1994 - present. JANA Partners LLC JANA was founded in April 2001 by Barry Rosenstein, JANA s Managing Partner and Co-Portfolio Manager. Prior to establishing JANA, Mr. Rosenstein founded Sagaponack Partners, a private equity fund. David DiDomenico joined the Firm as a Co-Portfolio Manager and Partner in 2010 and Scott Ostfeld, who is a Co-Portfolio Manager of JANA Strategic Investments and a Partner of JANA, joined the Firm in 2006. JANA manages approximately $10.9 billion in investments and commitments. JANA employs 51 employees, 17 of whom are investment professionals. JANA primarily applies a fundamental value discipline to identify long and short investment opportunities in equity and credit

securities that have specific catalysts to unlock value. In certain cases, JANA can be the instrument for value creation by taking an activist position. Janus Capital Janus Capital Institutional is the institutional business arm of Janus Capital Group, a global asset management firm founded in 1969. Headquartered in Denver, Colorado, Janus Capital has offices in fourteen countries. Our mission is to deliver superior risk-adjusted returns, providing investors with a range of investment capabilities, including fundamental and global macro fixed income, global and regional equities, and multi-asset strategies. In the U.S., we offer investment solutions to corporate and public pension funds, multi-employer plans, endowments and foundations, and defined-contribution plans. Assets under management as of December 31, 2014 totaled $183.1 billion, including $41.6 billion for U.S. institutional clients JP Morgan Asset Management J.P. Morgan is a global leader in asset and wealth management services. The Asset Management line of business serves institutional, ultra high net worth, high net worth and retail clients through its Global Investment Management and Global Wealth Management businesses. With client assets of $2.4 trillion and assets under management of $1.7 trillion, we are one of the largest asset and wealth managers in the world. (Assets as of June 30, 2014). J.P. Morgan Investment Management is a leading investment manager of choice for institutions, financial intermediaries and individual investors, worldwide. With a heritage of more than two centuries, a broad range of core and alternative strategies, and investment professionals operating in every major world market, we offer investment experience and insight that few other firms can match, including: a clear focus on managing client assets and delivering strong riskadjusted returns; more than 1,300 investment professionals providing strategies spanning the full spectrum of asset classes, including equity, fixed income, cash liquidity, currency, real estate, hedge funds and private equity ; and, leadership positions in the U.S., U.K., Continental Europe, Asia, and Japan. Kayne Anderson Capital Advisors, L.P. Kayne Anderson Capital Advisors, L.P., founded in 1984, is an independent alternative investment management firm focused on niche investing in upstream oil and gas companies, energy infrastructure, specialized real estate, middle market credit, growth private equity and distressed municipal opportunities. Kayne s investment philosophy is to pursue niches, with an emphasis on cash flow. We believe our knowledge and sourcing capabilities enable us to deliver above average, risk-adjusted investment returns. Kayne manages over $27 billion in assets (as of 4/30/2014) for institutional investors, family offices, high net worth and retail clients and employs over 250 professionals in eight offices across the United States. King Street Capital Management, L.P. King Street is a long/short credit and event-driven investment management firm, founded in 1995 by O. Francis Biondi, Jr. and Brian J. Higgins. Currently, King Street manages approximately $22 billion in capital through two Flagship Funds and two European Funds. It is an over 200 person organization, with more than 60 investment professionals in offices in New York, Charlottesville, Virginia, London, Tokyo and Singapore. King Street is a registered investment adviser with the U.S. Securities and Exchange Commission, and has been registered since March 2012. King Street has a proven 19-year track record producing attractive risk-adjusted returns in diverse market environments. The firm takes a fundamental and research-intensive approach to investing and opportunistically applies its investment

philosophy across industries, issuers and geographies through a team-oriented approach. King Street s focus is on long/short credit and event-driven opportunities, including distressed, stressed and out-offavor situations, shorting of investment grade and high yield debt, capital structure trades, special situations involving spin-offs, litigation plays or other events, and deep value situations where we believe there is a particular catalyst that will unlock that value. Kohlberg Kravis Roberts & Co. KKR is a global investment firm with three primary business lines: Private Markets including private equity, real estate and energy and infrastructure, Public Markets comprising leveraged credit, alternative credit and hedge funds and Capital Markets and Principal Activities. Since KKR s inception in 1976, we have expanded our capabilities from our core private equity franchise to complementary businesses that build on our knowledge, relationships and established investment capabilities to provide enhanced value to investors in our strategies, the companies we invest in, and other key stakeholders. Partnership and collaboration are key hallmarks of KKR culture. As of June 30, 2014, the firm had approximately $97.9 billion in assets under management and over 300 investment professionals. Lazard Asset Management Tracing its history back to 1848, Lazard has long maintained a pre-eminent position in the world s financial marketplace. Lazard Asset Management LLC, an indirect, wholly-owned subsidiary of Lazard Ltd., is known for its global perspective on investing and years of experience with global, regional and domestic portfolios. With more than 300 investment personnel worldwide, we offer investors of all types an array of equity, fixed income, and alternative investment solutions from our network of local offices in eleven different countries. Our team-based approach to portfolio management helps us to serve clients effectively over time, and strong client relationships allow us to understand how to employ our capabilities to our clients advantage. Lombard Odier Asset Management (USA) Corporation Lombard Odier Investment Managers (LOIM), is the investment management subsidiary of Lombard Odier Group, the 200 year-old Swiss private bank. LOIM currently manages $43 billion across high conviction equity, global fixed income and alternative investment strategies for institutions, intermediaries, and private clients across the globe. We launched our hedge fund business in 2007 and today we manage $2.2 billion in several absolute return funds. Our flagship strategy, 1798 Fundamental strategies Fund, is a low-net, diversified equity-focused long/short strategy which seeks to generate attractive returns with moderate volatility. LOIM's other alternative strategies in Consumer Equity L/S, US Special Situations, Absolute Return Bonds, and Alternative Risk Premia. Common to all of our investment strategies is an emphasis on risk management, transparency and the aligning of interests. Long Pond Capital Long Pond Capital is a global value oriented hedge fund with a focus on Real Estate and Real Estate Related companies. The Firm, which is located in New York City, was founded by John Khoury in 2010 and manages over $1.5 billion in assets today. The Fund implements a rigorous, bottom up research process across a broad investable universe to identify asymmetry, which is defined as a material disconnect between stock price and intrinsic value. At Long Pond, Mr. Khoury works with the investment team to oversee the research process and is responsible for managing all investment related efforts, including portfolio management and risk management. Prior to founding Long Pond, Mr. Khoury was the Co-Managing Member/Co-Portfolio Manager at Wesley Capital Management, a New York based real estate hedge fund.

Loomis, Sayles & Company, L.P. Since 1926, Loomis, Sayles & Company has helped fulfill the investment needs of institutional and mutual fund clients worldwide. The firm s performance-driven investors integrate deep proprietary research and integrated risk analysis to make informed, judicious decisions. Teams of portfolio managers, strategists, research analysts and traders collaborate to assess market sectors and identify investment opportunities wherever they may lie, within traditional asset classes or among a range of alternative investments. Loomis Sayles has the resources, foresight and the flexibility to look far and wide for value in broad and narrow markets in its commitment to deliver attractive sustainable returns for clients. This rich tradition has earned Loomis Sayles the trust and respect of clients worldwide, for whom it manages $230.2 billion* in assets (as of December 31, 2014). *Includes the assets of both Loomis, Sayles & Co., LP, and Loomis Sayles Trust Company, LLC. ($[13.10] billion for the Loomis Sayles Trust Company). Loomis Sayles Trust Company is a wholly owned subsidiary of Loomis, Sayles & Company, L.P. Lyxor Asset Management Inc. Lyxor Asset Management is the asset management division of The Societe Generale Group and was founded in 1998. As of November 14, 2014 assets exceeded $120 billion. The firm specializes in three types of offerings for investors globally: Proprietary Absolute Return Strategies & Solutions; Third Party Alternative Investment Funds & Multi-manager Portfolios; and ETFs & Indexing. We are recognized for our award-winning Managed Account Platform, which consists of more than 80 individual hedge funds across a broad range of strategies. Additionally, we manage several multi-manager vehicles and a growing range of proprietary alternative strategies. Lyxor employs over 500 professionals worldwide, including 40 in New York. Lyxor Asset Management Inc. is the U.S. subsidiary of Lyxor and is a SEC registered investment adviser. Magnetar Capital LLC Founded in 2005, Magnetar Capital is a multi-strategy and multi-product alternative investment manager. Magnetar seeks to deliver consistent, long-term, risk-adjusted returns by investing in and across a range of event driven, fixed income and energy investment strategies. Founded in 2005 and run by three managing partners - Alec Litowitz, Ross Laser and Dave Snyderman - Magnetar is an SEC registered investment adviser. Magnetar has approximately $11.1 billion in assets under management as of July 2014. The firm is headquartered in Evanston, Illinois and operates substantial offices in New York and London. Magnitude Capital, LLC Magnitude Capital, LLC manages over $3.4 billion in several multi-strategy funds of hedge funds. Since it was founded in 2001, Magnitude has carefully assembled an investment team whose members have all held senior roles inside of hedge funds. The firm focuses on delivering attractive risk-adjusted returns by applying its team's extensive investment and operational experience inside hedge funds, investing disproportionately where opportunities are most attractive, and limiting passive exposures to major risk factors. Man Group plc Man Group plc ("Man") is a global, independent asset manager dedicated to alternative and long-only investing. It has expertise in a wide range of liquid investment styles including managed futures, equity,

credit and convertibles, emerging markets, global macro and multimanager. Man s investment managers include AHL/MSS, specializing in systematic investments, GLG, a multi-asset class alternative and long-only manager, and FRM, a hedge fund solutions and multi-manager investment specialist. Man is headquartered in London and manages $55 billion (as of March 31, 2014) for institutional and private clients through global investment teams located in major financial centers worldwide. Further information can be found at http://www.man.com Marblegate Asset Management Marblegate Asset Management is an investment management firm founded in 2009 to make secondary investments in event-driven, distressed corporate credit, primarily in the U.S. middle market. The strategy combines detailed fundamental credit analysis with differentiated sourcing and in-depth due diligence to select investments and define multiple ways to unlock value. The firm works proactively with borrowers, lenders and other constituents to objectively assess and effectively restructure the capital structures in which the Fund invests. Since inception, Marblegate believes it has earned a reputation for being a constructive activist investor and partner. Marblegate also believes that the team s hands-on approach and multi-disciplinary expertise delivers results to portfolio companies, lenders and investors. Mariner Investment Group, LLC Mariner Investment Group, LLC ("Mariner") is an investment advisory firm, grounded by significant investing experience and a strong commitment to risk management across a broad range of markets. Mariner offers an array of investment advisory services including the management of single manager hedge funds, multi manager hedge funds, and other alternative investments. Founded in 1992, the Firm has a notable history of attracting and developing top proprietary trading talent and seasoned investment managers. With over 120 investment professionals, Mariner and its associates' depth and breadth of investing experience allows us to partner with our investors on a wide range of specialized and diversified mandates that draw upon the Firm's expertise garnered from years of credit and fixed income investing. Mariner delivers its investment solutions through various structures, including strategic partnerships, separate custom accounts, and commingled products. Our proprietary risk analytics are the cornerstones of a robust institutional infrastructure designed to manage and minimize financial, operational, regulatory, and compliance related risks. Mariner's long term commitment to our clients is most evident in our focus on communication, transparency and the alignment of our interests with our investors and partners. Mariner's investor base includes public funds, sovereign wealth funds, corporate pensions, university endowments, and insurance companies. Mariner's offices are located in New York, London, Tokyo, Boston, Seoul, Harrison (NY), and Rowayton (CT). Marshall Wace North America L.P. Founded in 1997, Marshall Wace is an investment firm specializing in long/short equity. With assets under management in excess of US$18 billion (as of September 2014) The firm brings together two distinct but complementary approaches to asset management: traditional, fundamental long/short investing grounded in stock specific research and, Marshall Wace TOPS ('MW TOPS'), our pioneering and proprietary investment process which seeks to identify and extract alpha from the ideas of sell-side brokers, specialists, economists and strategists. Marshall Wace has investment offices in London, New York City and Hong Kong. Mesirow Advanced Strategies, Inc.

Mesirow Advanced Strategies, Inc. is a global, institutional fund of hedge funds investment adviser with $13.6 billion in assets under management and 129 employees (as of 3/31/14). Our firm is headquartered in Chicago with investment centers in London and Hong Kong. Founded in 1990, we offer a variety of multi-strategy and single strategy, multi-manager and custom-designed portfolios for public and private pension funds, banks, hospital and healthcare organizations, insurance companies, corporations, and sovereign wealth funds. Our fund of hedge funds business has been recognized as a top three fund of hedge funds manager for pension assets globally with two-thirds of assets managed on behalf of pension funds today. Our key advantage is our ability to identify skill from luck and to recognize the best sources of compensated risk when building portfolios. For more information, please visit us at mesirowfinancial.com/advanced Strategies. MKP Capital Management, L.L.C. MKP Capital Management, L.L.C. ( MKP or firm ) is a diversified alternative investment manager with over $8 billion in assets under management. The Firm has operated with a long-term approach to alternative investing since its founding in 1995. MKP has been registered as an Investment Adviser with the U.S. Securities and Exchange Commission since 2000 and its London affiliate has been authorized and regulated by the Financial Conduct Authority since 2011. MKP invests across global markets, including U.S. and global rates, currencies, credit, equities and commodities through its discretionary global macro and diversified, long/short credit strategies. Each investment strategy shares the objective of producing high risk-adjusted returns over the long term in a risk-controlled manner. MKP believes that business integrity and transparency are an essential and uncompromising part of our business model. With over 90 employees in New York and London, MKP operates with a full institutional infrastructure across risk management, marketing, technology, operations, legal and support. Monarch Alternative Capital Founded in 2002, Monarch Alternative Capital is a global distressed debt investment firm with approximately $5 billion of assets under management. The origins of the team date back to 1992 when co-founders Michael Weinstock, Andrew Herenstein, and Chris Santana, began working together at Lazard Frares to build an industry leading distressed debt research effort. The firm manages both hedge funds and private equity funds, all of which pursue distressed investing strategies. Monarch has 71 employees, including 23 investment professionals, across offices in New York and London. Morgan Stanley Investment Management Morgan Stanley Investment Management is a client-centric, investor-led organization dedicated to providing investment and risk-management solutions to investors worldwide. Our global presence, thought leadership, and breadth of products and services enable us to partner with clients to help meet the evolving challenges of today s financial markets. With nearly four decades of asset management experience, our investment strategies span the risk/return spectrum across geographies, investment styles and asset classes, including equity, fixed income, liquidity, alternatives and private markets. As of September 30, 2014 we had over $397 billion in assets under management for a diverse range of investors and institutions including corporations, pension plans, intermediaries, sovereign wealth funds, central banks, endowments and foundations, governments and consultant partners worldwide. Leveraging our 581 investment professionals in 18 countries, we are able to provide in-depth local knowledge and expertise while channeling the strengths of our global presence and resources to deliver targeted investment solutions. Each of our investment teams has a unique talent pool of experienced professionals and share the same core values of fiduciary responsibility and commitment to investment excellence that have been the hallmarks of Morgan Stanley Investment Management since its

establishment. The extensive range of services and products reflects our continuous effort to provide solutions that help meet the needs of investors worldwide. In addition, when considering our clients unique investment profiles, we apply a holistic approach, incorporating the possible factors affecting investors decisions. Our investment teams have the ability to customize solutions for clients, allowing a tailored approach in the context of a full-service platform. Mudrick Capital Management, LP Mudrick Capital is an SEC-registered investment advisor based in New York City that focuses on distressed credit and deep value event driven investing. Jason Mudrick, formerly a PM at Contrarian Capital and a Harvard Law graduate, is the founder and leads a team of seasoned professionals with over 100 years of combined distressed investing experience. Mudrick Distressed Opportunity Fund launched July 1st 2009 to capitalize on what Jason viewed as an unprecedented distressed opportunity set. Prior to founding Mudrick Capital, Jason was the portfolio manager for the Contrarian Equity Fund from 2002-2008. We believe Mudrick Capital offers the advantages of a smaller capital base but the benefits of an institutional infrastructure and the experience of a seasoned team. Nephila Capital Established in 1997, Nephila Capital Ltd is the oldest and largest insurance-linked securities manager with $9.5B under management and a 17 year track record of managing institutional assets. Since evolving from a cat bond fund at its inception in 1998, and introducing and popularizing the collateralized reinsurance business model in 2003, Nephila s strong underwriting track record has allowed it to grow into one of the largest catastrophe protection providers in the world with catastrophe excess of loss gross written premium of $1 billion. Nephila offers a broad range of investment products focusing on instruments such as insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives which deliver attractive returns uncorrelated with the broader capital markets. The firm currently has 77 employees globally based in Bermuda (headquarters), San Francisco, CA, Nashville, TN and London. Nephila has two minority investors which are important strategic partners and leading global investment firms: Man Group plc (invested in 2008) and KKR & Co. L.P. (invested in 2013). Neuberger Berman Neuberger Berman is a 75-year-old private, independent, employee-controlled investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions, advisors and individuals worldwide. With offices in 16 countries, Neuberger Berman's team is approximately 2,000 professionals and the company was named by Pensions & Investments as a 2013 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $242 billion in client assets as of December 31, 2013. Night Square Capital Night Square Capital has managed a traditional, long/short hedged equity fund for 14 years. The investment objective is to deliver net equity-like returns with much less volatility, independent of equity market performance by maintaining a low net exposure. It is a disciplined, research-driven process supported by proprietary valuation models. Long and short investments are chosen by comparing current market prices with our estimate of intrinsic value. Long and short exposure is monitored from a variety of perspectives (sub-sector, market cap, geography, beta, quality, style, operating and financial leverage, etc.) in an effort to understand and minimize "one-way" bets that may exist in the portfolio. The fund invests only in listed equities and pays close attention to liquidity. The majority of the fund's

historical returns have come from alpha, secondly from leverage and less so from beta. As a result, the fund's returns have had a low correlation with returns from other asset classes, including US and international equities, fixed income and other hedge funds. The firm manages $2.5bn for institutional investors such as corporate and public pension funds, insurance companies, foundations and endowments. Och-Ziff Capital Management Group Och-Ziff Capital Management Group (Och-Ziff or the Firm) is a global institutional alternative asset management firm that presently manages approximately $46.0 billion (as of January 1, 2015). Och-Ziff was founded in February 1994 by Daniel S. Och, Chief Executive Officer and an Executive Managing Director, in partnership with Ziff Brothers Investments. The Firm s global multi-strategy approach seeks to achieve consistent, positive, absolute returns across market cycles through investments in merger arbitrage, long/short equity special situations, corporate credit, structured credit, convertible/derivative arbitrage and private investments. As of January 1, 2015, the Firm had 594 employees worldwide, including 164 investment professionals, working from its headquarters in New York City and offices in London, Hong Kong, Mumbai, Beijing, Shanghai and Dubai. PAAMCO PAAMCO is a leading independent fund of hedge funds investment firm dedicated to offering strategic alternative investment solutions to the world's preeminent investors. Since its founding in 2000, PAAMCO has focused on investing in hedge funds on behalf of its clients while striving to raise the standard for industry-wide best practices. Headquartered in Irvine, California, with a European office in London, and an Asian office in Singapore, PAAMCO has clients that include large public and private pension funds, sovereign wealth funds, foundations, endowments and financial institutions. The firm is committed to meeting the needs and demands of its global institutional client base. Paulson & Co. Inc. Paulson & Co. is a SEC registered investment management firm specializing in event arbitrage, including merger arbitrage, bankruptcy and distressed credit, recapitalizations, restructurings and other corporate events. The flexibility to go both long and short across the capital structure allows the firm to optimize performance from event-driven strategies across market cycles. Through fundamental research Paulson seeks asymmetric risk-reward positions that target outsized returns while minimizing downside. The firm's goals are capital preservation, above average return over the long-term and low correlation to the markets. Founded in 1994, Paulson has approximately 121 employees, including 52 investment professionals in New York, London and Hong Kong. Led by John Paulson, the investment team consists of professionals with distinguished academic backgrounds and previous careers in investment banking, law, and derivative products structuring and trading. As of August 1, 2012 the firm manages approximately $20 billion in assets under management. Perella Weinberg Partners Perella Weinberg Partners is a leading independent financial services firm. Established in 2006, the Firm provides advisory and asset management services to a global client base, including corporations, institutions and governments. Our Advisory business advises clients on mergers and acquisitions, financial restructuring, capital structure advisory, private capital raising, pension matters, strategic advisory, independent special committee advisory, and government services. The Asset Management business includes a suite of hedge fund strategies, private investment funds and outsourced investment

office solutions. Including affiliates, Perella Weinberg Partners has capital commitments and managed assets of approximately $10.6 billion. Serving a diverse group of global clients, Perella Weinberg Partners employs approximately 450 employees located in our New York, London, Abu Dhabi, Denver, Dubai, and San Francisco offices. Permal Group Permal is a leading global asset management group, offering investment solutions through established funds and customized portfolios, drawing on almost four decades of experience in manager selection, asset allocation and risk management, with a core competence in alternative investments. Perry Capital LLC Perry Capital is a private investment firm founded in 1988. The firm currently manages approximately $10 billion with an opportunistic event driven focus across all asset classes and geographies. Perry Capital is run by a group of seven managing partners and employs approximately 100 professionals and support staff in its fully functioning offices in New York and London. Its portfolio managers and analysts are generalists in nature and therefore have the flexibility to shift strategies depending upon dislocated prices and the current opportunity set. Perry Capital s employees are dedicated to conducting bottomup, fundamental research and analysis worldwide across industries and up and down the capital structure. In an effort to ensure the firm s interests are aligned with those of our investors, Perry Capital s managing partners and employees are collectively amongst the largest investors in funds managed by Perry Capital. The majority of the firm s assets are invested through its flagship funds Perry Partners LP and Perry Partners International. The goal of these funds is to deliver strong risk-adjusted absolute returns with low correlation to the underlying markets. The firm invests in companies and markets that are experiencing significant change while maintaining flexibility with respect to asset class and geography. The firm concentrates principally on opportunistic investing which involves deploying capital to market dislocations, predominantly in complex, deep value situations that are misunderstood by the markets. The investment philosophy of Perry Capital centers around finding attractively priced securities that will ultimately perform based on a catalyst and opportunistically shifting capital to the areas that offer the best risk/reward ratio at any given time. The firm maintains a well hedged portfolio both at the position level and portfolio level. Pershing Square Capital Management, L.P Pershing Square is a concentrated, research-intensive, fundamental value investor in the public markets, with approximately $13.7B under management as of April 30, 2014. We seek to identify and invest in long and short investment opportunities that we believe exhibit significant valuation discrepancies between current trading prices and intrinsic business (or net asset) value, often with a catalyst for value recognition. Our focus on deeply undervalued or overvalued securities is due to our belief that a wellpriced purchase or short sale is often the most important determinant of the success of an investment. We also believe that acquiring a portfolio of investments at a large discount to intrinsic value will provide a margin of safety that can mitigate the likelihood of an overall permanent loss of capital. A substantial majority of the Funds' capital is typically in 8 to 12 core investments. In certain situations, if we believe the commitment of time, energy and capital is justified, we may seek to be a catalyst to realize value from an investment by taking an active role in effectuating corporate change. These activist techniques may include working with management, proposing a restructuring, recapitalization, sale, or other change in strategic direction, seeking potential acquirers, engaging in proxy contests, making

tender offers, changing management and other related activities. We believe that these activist techniques can both accelerate and maximize the realization of value from an investment. William A. Ackman is the founder and Managing Partner. PIMCO Pacific Investment Management Company ("PIMCO") has managed alternatives strategies for institutional clients for more than a decade. Our offerings include hedge funds and opportunistic distressed strategies with total assets of approximately $23 billion as of December 31, 2012. PIMCO's alternatives strategies benefit from the firm's global resources and investment process and are managed by investment specialists with asset-level insights and significant experience in alternative assets. Over 70 investment professionals throughout the firm contribute to PIMCO's alternatives platform, including portfolio managers, credit analysts, product managers and client-facing personnel in offices around the globe. PIMCO is a global investment management firm founded in Newport Beach, California, in 1971. The firm serves a wide range of clients around the world, including public and private pension and retirement plans, central banks, educational institutions, financial advisors and foundations and endowments. Prosiris Capital Management Prosiris Capital Management LP is a long/short credit-oriented investment manager. The firm's founder and CIO is Reza Ali, a former Managing Director and Head of the Americas Principal Funding and Investments Group at Goldman, Sachs & Co. Prosiris manages diversified, multi-sector portfolios with asymmetric return profiles across different market scenarios while dynamically hedging systemic risks. The firm launched its flagship vehicle July 2011. Prosiris is an SEC registered investment adviser. Protege Partners, LLC Protege Partners, LLC ("Protege") is a specialized asset management firm that was founded in 2002 by Jeffrey Tarrant and Ted Seides to focus exclusively on investing in smaller hedge funds. Differentiated from the broader universe of hedge fund investors that principally focuses on large, widely held funds, Protege is recognized as an industry expert in what it believes is the highly attractive, less efficient, and under allocated universe of smaller hedge funds. By deploying its expertise through a unique model of investing, one that blends seeding and arms-length investments, along with thematic and tactical opportunities, Protege works with some of the most sophisticated institutional investors in the world to compliment and complete a robust hedge fund program. Headquartered in New York with an office in Singapore, Protege is 100% employee owned, maintains a substantial co-investment alongside clients and currently employs over 30 professionals. Prudential Fixed Income Prudential Fixed Income is the primary public fixed income asset management unit of Prudential Investment Management, the largest investment adviser within Prudential Financial. Prudential Fixed Income manages assets for institutional clients and retail investors worldwide with headquarters in the U.S. (Newark, NJ) and affiliated offices in London and Singapore. We have decades of experience managing credit-related and other fixed income strategies through varied market cycles and environments. As of September 30, 2014, the firm had $534 billion of assets under management including $182 billion in institutional assets, $80 billion in retail assets, and $272 billion in proprietary assets. We have managed fixed income accounts for institutional clients since 1928 and currently manage assets for 24 of the top Fortune 100 companies, 23 of the 100 largest global pension funds, and

several sovereign wealth funds, central banks, and large government entities. Source of Global Pension Fund data: IPE Top 1000 Global Institutional Investors - 2014 and S&P s MMD Top 100 Global Pensions. Source of US Pension Fund data: Pensions & Investments Top 1000 US Pension Funds, September 30, 2014, and S&P s MMD Top 100 US Pensions. RobecoSAM, Inc. RobecoSAM, a globally recognized investment boutique, believes that Sustainability is a company's capacity to prosper in a competitive and changing global business environment by anticipating and managing current and future economic, environmental and social opportunities and risks by focusing on quality, innovation and productivity to create stakeholder value. Sustainability Investing is a systematic approach that allows identification of high-growth themes and the best-in-class companies to build portfolios that will add value to existing asset allocations. Integrating sustainability factors into traditional investment analysis enables a comprehensive view of companies' long-term value creation. RobecoSAM uses sustainability Foresight, Insight and Translation to foster innovative investment strategies designed with the potential of producing superior results. The firm's offerings include asset management, indexes and private equity. Its asset management capabilities include a range of global equity strategies, including single-theme (Water, Energy, Climate, Materials, Health Living, Agribusiness), and core (Global and European equity) sustainability investment strategies catering to institutional asset owners and financial intermediaries in the United States, Europe, Asia-Pacific and the Middle East. RobecoSAM has partnered with S&P Dow Jones Indexes for the publication and licensing of the globally recognized Dow Jones Sustainability Indexes (DJSI) as well as customized sustainability benchmarks. RobecoSAM private equity offerings focus on middle market European investments and on diversified, global growth opportunities: Resource efficient products and services addressing global supply/demand imbalances of natural resources in manufacturing, industrials, energy, materials, transport, grid stability, renewables, water, recycling, waste, food & agri. Investments can include primary and secondary funds, and co-investments. Based on its annual Corporate Sustainability Assessment, RobecoSAM has compiled one of the world's largest sustainability databases and analyzes almost 2,500 public companies. Our proprietary research and sustainability data are fully integrated into all of its offerings. RobecoSAM is a member of Robeco, the globally operating asset manager, which was established in 1929 and offers a broad range of investment products and services worldwide. RobecoSAM was founded in 1995, is headquartered in Zurich and employs over 100 professionals. As of December 31, 2013, RobecoSAM's total assets under management/license are approximately $12 billion. Saba Capital Management, L.P. Saba Capital Management, L.P. ("Saba") is a Registered Investment Adviser launched by Boaz Weinstein in April 2009. The firm is a lift-out of the Deutsche Bank proprietary credit trading group which Boaz founded in 1998. Between 1998 and 2009, the group grew to become one of the largest investors in the credit markets and developed new strategies in capital structure arbitrage and relative value credit investing. As of March 2013, the firm manages $5.3 Billion, which includes approximately $4.7 Billion in its flagship credit long/short strategy and $500 Million in its tail hedge strategy. At Saba, Boaz leads a team of 58 professionals; the senior members of the group have worked together for over 10 years. Saba's investment philosophy is to own convexity and optionality throughout the credit cycles. The investment team blends traditional credit research with an analytical approach to trade construction

and focuses on identifying dislocations across capital structures. The flagship fund's primary strategies are Credit Long/Short, Capital Structure Arbitrage, and Credit Relative Value. The tail hedge strategy seeks to deliver asymmetric positive returns during periods of market stress and invests primarily in credit default swaps and indices of related to investment grade companies. Sachem Head Asset Management Seer Capital Management Solus Alternative Asset Management: Solus Alternative Asset Management LP is an SEC-registered investment adviser with a twelve-year track record providing client solutions in opportunistic strategies, including event-driven, distressed and special situation investments. Solus was founded in June 2007 when the Hedge Fund Strategies Group of Stanfield Capital Partners LLC separated to form an independent firm under the continued leadership of Christopher Pucillo. The entire team and track record remained intact throughout this transition, and as such, dates back to January 2002. In March 2012, Solus added veteran high yield and distressed specialists, Scott Martin and C.J. Lanktree as Portfolio Managers, adding significant depth to Solus' investment platform. Solus currently manages approximately $3.8 billion in assets with a team of 42 employees. Senator Investment Group Shelter Growth Capital Partners Shelter Growth Capital Partners is an integrated loan acquisition and asset management platform launched in 2015 to enable investors to capture opportunities created in the rapidly evolving U.S. housing market and other structured credit markets. Shelter Growth Capital s primary investments include self-created and secondary market non-agency residential mortgage backed securities, mortgage loans, mortgage servicing rights, agency mortgage backed securities, as well as other structured credit securities. The firm was founded by three alumni of the Goldman Sachs mortgage department, including Dan Sparks, former Partner and Head of Goldman s Mortgage Department up to and through the Financial Crisis; Kevin Gasvoda, former Goldman Partner and Head of Loan Trading, Finance, Origination and Servicing; and Justin Mahoney, formerly the Co-Head of Goldman s Residential Loan Trading Desk. Solus Alternative Asset Management LP Solus Alternative Asset Management LP is an SEC-registered investment adviser with a twelve-year track record providing client solutions in opportunistic strategies, including event-driven, distressed and special situation investments. Solus was founded in June 2007 when the Hedge Fund Strategies Group of Stanfield Capital Partners LLC separated to form an independent firm under the continued leadership of Christopher Pucillo. The entire team and track record remained intact throughout this transition, and as such, dates back to January 2002. In March 2012, Solus added veteran high yield and distressed specialists, Scott Martin and C.J. Lanktree as Portfolio Managers, adding significant depth to Solus' investment platform. Solus currently manages approximately $3.8 billion in assets with a team of 42 employees. Southpaw Asset Management LP Southpaw Asset Management LP ("Southpaw") is a $1.3B AUM investment manager focused on opportunistic corporate credit investments primarily in stressed and distressed securities. Southpaw

places an emphasis on capital preservation through a disciplined, fundamental, bottoms-up based selection process and intensive risk management. We seek to construct a diversified portfolio of securities with a focus on senior "top of the capital structure" positions primarily in bank debt, bonds and "busted" convertibles as well as uncorrelated liquidations and litigations. We seek to identify long and short alpha generating, individual ideas rather than using an "asset class" based approach. Our disciplined asset growth provides us the freedom to participate in both larger and smaller issues. We excel at exploiting inefficiencies in securities that are under-followed, under-researched and uncorrelated to other portfolios. The investment professionals conduct rigorous analysis of individual long and short positions with a focus on underlying credit characteristics, business fundamentals and specific catalysts. We strictly adhere to a disciplined pricing approach that maintains a "buyer's market" mentality. We capitalize on deep relationships with broker-dealers to maximize liquidity and execution. In addition, we utilize our expansive network to provide access to limited distribution and "below the radar" investments. Southpaw Asset Management LP, an event-driven/distressed/special situations focused investment manager, seeks superior risk-adjusted returns through opportunistic investments in inefficiently-priced securities across four sub-strategies: Event Driven These investments are selected based upon an anticipated catalyst (industry-wide and/or company-specific). The underlying business plays little or no role in the objective and risks associated with the investment. Catalysts include liquidations, litigation, in and out-of-court restructurings, regulatory events, legislative action and asset sales. Special Situations These investments are made in undervalued businesses based upon fundamental credit analysis with specific attention to free cash flow and hard assets. Southpaw retains the flexibility to pursue both large and small capitalization opportunities. Credit Short These investments capitalize on overvalued securities when price no longer correlates to the company's creditworthiness and is driven more by capital inflows within certain asset classes and general competition for assets among investors. Short positions may also be used strategically to hedge certain long positions or as an overall hedge to the portfolio. Capital Structure Arbitrage These investments capitalize on situations where the pricing of different types of securities within the capital structure of the same company become dislocated due to (i) an overreaction to specific credit or industry news or (ii) macro factors such as capital flows or world events. Investment Professionals Howard Golden- Founder and Portfolio Manager Kevin Wyman- Founder and Portfolio Manager Mr. Golden and Mr. Wyman have co-managed portfolios together for the last 14 years. Prior to founding Southpaw in April 2005, Mr. Golden and Mr. Wyman served as Managing Directors of Ramius Capital Group, LLC since 2000. During their five-year tenure at Ramius, they headed the RCG Carpathia Master Fund, Ltd. and related assets (the "Carpathia Funds"). The Carpathia Funds employed a Credit Opportunities/Distressed strategy and had total assets under management in excess of $650 million. State Street Global Advisors

Stelliam Investment Management Stelliam Investment Management is a New York-based investment firm founded by Portfolio Manager Ross Margolies. Stelliam manages a long/short equity strategy, which began investing in August 2007, and a long equity strategy which began investing in November 2009. Stelliam employs a fundamental research-driven approach to security selection that combines equity and credit analysis to identify positions based on their standalone risk/reward profiles. Stelliam's 21 employees, including 9 investment professionals, manage approximately $4.0 billion for a predominantly institutional investor base, including public and corporate pensions, endowments and foundations and insurance companies. Stone Lion Capital Partners, LP Stone Lion Capital Partners L.P. ("Stone Lion"), founded in 2008, is a value driven investment manager specializing in the credit markets. Gregory A. Hanley and Alan J. Mintz, the Managing Principals of Stone Lion ("Managing Principals"), each have thirty years of experience in the financial service industry with over twenty years specifically in the distressed space. The Managing Principals have worked together for over fifteen years, seven of which were spent co-managing a proprietary portfolio of investments at Bear, Stearns & Co. Inc. ("Bear Stearns). Most of Stone Lion's employees worked directly for, or with, the Managing Principals for several years at Bear Stearns. In seeking superior risk-adjusted returns, the Managing Principals combine fundamental financial and legal analysis with decades of trading experience. Stone Lion's investment strategy is global and focused on credit opportunities, including but not limited to event driven, high yield, distressed and special situation investments in debt and equity instruments across the capital structure. As of September 1, 2013, Stone Lion manages approximately $1.4bn across two strategies: i) credit opportunities in event-driven, special situations and distressed investments and ii) liquidations, litigations and other process related investments. Symphony Asset Management Symphony Asset Management is a diversified alternative investment firm headquartered in San Francisco, California, with an office in New York City. A registered SEC investment advisor managing $17.5 billion, Symphony invests across the capital structure to consistently deliver superior risk-adjusted returns for institutional and high net worth clients. Founded in 1994 and now a leader in corporate credit, Symphony manages various investment strategies long-only and hedge funds in high yield and convertible bonds, senior bank loans, collateralized debt obligations and equity. Focusing on deep fundamental research, corporate liquidity, macro-market catalysts and opportunistic trading, Symphony delivers alpha in various market environments. Taconic Capital Advisors LP Taconic Capital Advisors L.P. is a multi-strategy, event-driven firm founded in June 1999. Taconic currently manages approximately $8.3 billion and has 133 employees (46 investment and trading professionals) across its offices in New York, London and Hong Kong. Taconic's investment objective is to deliver strong risk-adjusted returns to investors over time by utilizing a bottom-up, research-driven investment process that identifies situations with three defined attributes: 1) inefficiency, 2) identifiable catalyst(s), and 3) margin of safety. We believe our edge comes from in-depth analysis of a variety of complex event-driven situations particularly situations that involve litigation, change of control, and regulatory or legislative changes. Investments are made in a highly diverse set of catalyst-driven situations including distressed credit, structured credit (RMBS/CMBS), equities, merger arbitrage, and capital structure arbitrage/hedged credit. Taconic is willing to be an active investor in credit and equity situations when appropriate. Taconic also incorporates a portfolio hedge overlay that is designed to limit

losses in a severe market dislocation. The Firm is structured such that there is no permanent equity and the profit share is broadly distributed from one pool, which encourages a team-oriented culture and employee retention. The TCW Group Founded in 1971, The TCW Group, Inc. manages a broad range of investment strategies with offices in Los Angeles, New York, Boston, London and Hong Kong. TCW is a leading global asset management firm with a broad range of products across fixed income, equities, emerging markets and alternative investments and has approximately $142 billion in assets under management across separate accounts, private investments and the TCW and MetWest mutual funds. With more than four decades of investment experience, TCW today manages approximately $142 billion in client assets. Through our MetWest and TCW Fund Families, TCW manages one of the largest mutual fund complexes in the U.S. TCW s clients include many of the world s largest corporate and public pension plans, financial institutions, endowments and foundations, as well as financial advisors and high net worth individuals. We work in close partnership with all of our clients to help them meet their unique investment objectives. TCW specializes in the management of taxable and tax-exempt pools of capital for corporate and public employee defined benefit and defined contribution plans, financial institutions, endowments and foundations, as well as foreign investors. The firm designs investment management services to meet the needs of high net worth individuals and family offices through our Private Client Services Group. Investment management services are also delivered to individual investors through a number of brokerdealer managed account program relationships and a full line of no load mutual funds under the brand names TCW Funds, Inc. and MetWest Funds. TCW is staffed with more than 500 individuals. The 136-person professional investment staff includes 21 portfolio managers, 76 research analysts, and 20 traders. In addition, there are 19 professionals in Alternative Investments. Tricadia Capital Management Tricadia Capital Management is an investment firm that manages multi-strategy and specialized credit hedge funds. Founded in 2003 by Michael Barnes and Arif Inayatullah, the firm has 41 professionals with offices in both New York and London, and has approximately $3.5 billion in assets under management. Tricadia's multi-strategy funds are dedicated to the opportunistic allocation of capital across the credit spectrum. The investment team is characterized by its breadth and depth of experience, and is driven by fundamental research and analysis across consumer and corporate credit. Capital is invested dynamically across asset classes including: mortgage-backed securities (both residential and commercial), collateralized debt obligations (including collateralized loan obligations), single name corporate credit investments throughout the capital structure, distressed credit, corporate structured credit (including credit default swaps on corporate credit indices and tranches), credit-related securities, equities and other instruments. The investor base of the firm's investment vehicles includes public and corporate pension plans, insurance companies, foundations and endowments. Tudor Investment Corporation The Tudor Group ("Tudor") is a privately owned group of affiliated companies engaged in the investment management of client and proprietary assets. Paul Tudor Jones II formed Tudor Investment Corporation

("TIC"), the first of the Tudor Group companies, in 1980. Mr. Jones is the controlling principal and serves as Co-Chairman and Chief Investment Officer of TIC. Since its inception, Tudor has grown from one individual managing client capital into a global investment manager with approximately 40 portfolio managers and/or trading groups covering a diverse universe of investment strategies. As of April 1, 2014, Tudor managed approximately $13.0 billion* across fixed income, currency, commodity and equity asset classes and related derivative instruments and was comprised of 376 personnel from office locations in the United States, the United Kingdom, Singapore and Australia. *Includes assets under management of client funds, notional assets of managed accounts and notional assets of certain Tudor proprietary vehicles. Excludes certain other funds and accounts principally owned by Tudor proprietary entities and Tudor personnel. UBS O Connor O'Connor is dedicated to absolute return investment management and manages in excess of USD 5.3billion (as of Jan 1 2015) in alternative strategies through its Global Long/Short Equities, Credit Long/Short, Merger Arbitrage and Convertible Securities programs. O'Connor has a global trading platform with offices located in Chicago, London, New York, Hong Kong, Singapore and Tokyo. O Connor s trading and risk management experience dates back to 1977 when O Connor was a private partnership specializing in derivatives and market-making. O Connor established itself as a global leader in trading various markets and derivatives instruments as both a private partnership and within Swiss Bank Corp s and subsequently UBS AG s investment bank proprietary trading divisions. Over this time O Connor has maintained its focus on relative value investing and state-of-the-art risk management capabilities. As a result of its industry leading reputation with regards to its investment capabilities and risk management, O Connor launched its first hedge fund vehicle for outside investors in June of 2000. The launch of this Multi-Strategy hedge fund vehicle marked the beginning of O Connor investing capital for sophisticated institutional and ultra-high net worth private investors. Since 2000 O Connor has prided itself on its ability to continuously evolve with the ever changing global investment markets in order to provide attractive hedge fund vehicles for clients to invest in. O'Connor's capabilities comprise a wide range of investment programs with attractive risk-adjusted absolute returns, which generally possess low correlation to most major asset classes and traditional investment benchmarks. O Connor s flagship fund is the Global Multi-Strategy Alpha Fund. Additionally, O Connor offers many of its hedge fund strategies to investors looking for more focused and concentrated offerings. Visium Investment Management Vista Equity Partners Voya Investment Management Voya Investment Management (Voya IM) is a leading active asset management firm. As of December 31, 2013, Voya IM manages approximately $204 billion* for affiliated and external institutions as well as individual investors. Drawing on over 40 years of experience and an ongoing commitment to reliable investing, Voya IM has the resources and expertise to help long-term investors achieve strong investment results.

Waterfall Asset Management Waterfall Asset Management is an SEC-registered specialist credit advisor focused on High Yield Asset Backed Security (ABS) and loan investments. Waterfall was founded in 2005 by Tom Capasse and Jack Ross, two individuals who were early leaders of the ABS industry, and who have 50+ combined years of proven ABS/Loan trading, banking and servicing experience. Capasse and Ross started the ABS Group at Merrill Lynch in the 1980s and conducted the first ABS issuances for many of the more than 40+ ABS sectors in which Waterfall invests. Waterfall has approximately $4.1 billion in assets under management. Waterfall utilizes a relative value approach to investing in structured credit and loan products. Leveraging the extensive experience of its founding partners and talented portfolio managers, the firm sources, analyzes, and purchases ABS and loan investments across multiple sectors globally in an effort to seek an attractive risk/return profile. This multi-sector specialization in both ABS and loans enables Waterfall to seek to provide its clients with attractive, competitive returns that are generally uncorrelated to most traditional investment sectors. Waterfall Asset Management s headquarter offices are located in New York City. Watershed Asset Management, LLC Watershed is a credit-focused, value and event-driven asset management firm that was founded by Meridee Moore in July 2002. Its investment objective is to earn attractive, risk-adjusted returns over time by investing in debt and equity securities while emphasizing current income and capital preservation. Watershed believes the most attractive risk-adjusted investment opportunities throughout market cycles can be found in industries, companies and assets affected by change. Watershed is distinguished by its disciplined value investment strategy and willingness to embrace complexity and invest in stressed situations and transactions requiring industry, company or asset specific expertise. Watershed s investment objectives are expressed through its flagship strategy as well as a more concentrated strategy which runs more invested. Watershed is located in San Francisco and manages $1 billion. Wellington Management Company LLP Wellington Management is one of the largest private, independent investment managers in the world. Managing over $48 billion in alternative strategies across hedged equities, fixed income, multi-asset and alternative exposures, we serve as investment advisor for institutional clients in more than 50 countries. The development of our alternative capabilities over the past 20 plus years has led to uncorrelated sources of return for clients and an ability to attract and retain creative and performance-driven investment talent globally. Many of the capabilities are an extension of our depth of experience and conviction across all major listed asset classes. They draw on the strengths of our proprietary global research as well as our robust trading and risk management infrastructure. Whitebox Advisors LLC Whitebox Advisors, founded by Andrew Redleaf in 2000, is an SEC Registered Investment Adviser to hedge funds and mutual funds. We are security and asset-class agnostic arbitrageurs, participating in US and foreign equities, credit, fixed income, hybrids, and derivatives. Our team looks across capital structures, markets, and the globe for attractively priced asset claims, then seeks to isolate the claims we want to own from the risks we don t, to construct positions with limited risks and asymmetric upside potential. With approximately $4.26 billion (data as of 12/31/2014) in assets under management firmwide, we have a team of more than 30 investment professionals, and offices in Minneapolis, Austin, New York, London, and Sydney.

William Blair & Company William Blair Investment Management, the asset management business of William Blair & Company, L.L.C., is committed to building enduring relationships with our clients and providing expertise and solutions to meet their evolving needs. We work closely with private and public pension funds, insurance companies, endowments, foundations, sovereign wealth funds, high-net-worth individuals and families, as well as financial advisors. William Blair is 100% active-employee-owned with broadbased ownership. Our investment teams are solely focused on active management and employ disciplined, analytical research processes across a wide range of strategies, including U.S. equity, non- U.S. equity, fixed income, multi-asset, and alternatives. As of September 30, 2014, William Blair managed more than $60.2 billion in assets. William Blair Investment Management is based in Chicago with offices in London, Zurich, and Sydney. York Capital Management York Capital Management was founded in September 1991 as an investment management firm, with the goal of generating attractive risk-adjusted returns across business and market cycles. Since inception, the Firm has sought to achieve this goal through a combination of focused research and investment selection, coupled with disciplined risk management. Jamie Dinan, York's founder and CEO, has developed the Firm by assembling a cohesive team of talented professionals with complementary backgrounds and diverse skill sets. As of March 1, 2014, York employed 51 investment professionals and 179 total employees globally, located primarily in New York, London, and Hong Kong, and managed approximately $21.1 billion in assets. The Firm's investment professionals possess multi-disciplinary knowledge and relationships across industry sectors, geographies, business cycles and equity and debt markets. York leverages its global platform to employ a multi-strategy, event-driven investment approach, which emphasizes the fundamental analysis of industries and businesses. ZAIS Group, LLC ZAIS Group, LLC, based in Red Bank, New Jersey, is an asset management company focusing on structured credit with approximately $4.7 billion of assets under management (as of September 30, 2014). ZAIS invests across both corporate credit and mortgage-related structured credit strategies. The investment team at ZAIS is led by Christian Zugel (Chief Investment Officer), who founded ZAIS in 1997. ZAIS offers investors investment opportunities in commingled funds as well as customized managed accounts for larger institutional investors that are tailored to their investment parameters and risk preferences.