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DoubleLine Global Infrastructure Debt Strategy

Second Quarter 2016

Infrastructure – 2Q2016 1

Table Of Contents

I. DoubleLine Overview

II. Global Infrastructure Debt Explained

III. Global Infrastructure Debt Market

IV. Global Infrastructure Debt Attributes

V. DoubleLine Global Infrastructure Debt Strategy

VI. Portfolio Characteristics

VII. Appendix


TAB IDoubleLine Overview


DoubleLine Overview & Accolades

Experience• Oversees $103 billion in Assets Under Management as of June 30, 2016.• DoubleLine’s* portfolio managers have worked together for an average of 16 years and have over 23 years

average industry experience.Structure • Employee-ownership structure• Over 170 members, including over 105 investment professionals**

Accolades • DoubleLine was awarded with Institutional Investor’s “Mortgage-Backed Fixed Income” award in 2013, 2014

and 20151

• DoubleLine was awarded with Institutional Investor’s “Core Plus Fixed Income” award in 20151

• DoubleLine was named Risk Magazine’s “Asset Manager of the Year”2 in 2015• Awarded “Bond Manager of the Year” by Foundations & Endowments Money Management3 in 2011

Jeffrey Gundlach Accolades - Named one of Forbes “Most Powerful People” in 20144

- Named Institutional Investor’s “Money Manager of the Year”1 in 2013- Named to Bloomberg Markets’ magazine “50 Most Influential” in 2012 and 20155

- Named to Fortune Magazine’s Investor’s Guide “Mutual Fund All-Stars”6 in 2011- Named to SmartMoney’s “Power Thirty: The World’s Most Influential Players”7 in 2010- Lead portfolio manager, was a nominee for Morningstar’s “Fixed Income Manager of the Decade”8 in 2009

1. Institutional Investor, www.usinvestmentawards.com, May 2014, 2015, 20162. Risk Magazine January 12, 2015 Risk.net – Risk Mangement, http://www.risk.net/risk-magazine/analysis/2387868/asset-manager-of-the-year-doubleline-capital3. Foundations & Endowments 11th Annual Non-Profit Awards, September 18, 20114. Forbes Magazine, “The Most Powerful People List”, November 5, 2014 http://www.forbes.com/powerful-people/5. Bloomberg Markets magazine, September 5, 2012 and October 4, 20156. Fortune Magazine Investor’s Guide 2012, December 26, 20117. SmartMoney magazine, October 26, 20108. Morningstar is a trademark of Morningstar, Inc. www.morningstar.com. Please see the Disclaimer on the last page of this book for further details. Nominations were made 11-19-2009 in Karen Dolan’s

“The Fund Manager of the Decade Finalists” article.*DoubleLine includes DoubleLine Group, DoubleLine Capital LP and DoubleLine Commodity LP. DoubleLine Group LP is not a registered investment advisor. It provides personnel. Doubleline Capital LP

and DoubleLine Commodity LP are registered investment advisors under the Investment Advisors Act of 1940.**As of June 30, 2016. Includes marketing and client service professionals.

http://www.usinvestmentawards.com/

http://www.monrningstar.com/


Assets Under Management By Strategy As of June 30, 2016

Assets are shown at the master level. 1. Includes Core, Core Plus and Opportunistic Core Plus Fixed Income strategies.2. Includes other Residential MBS assets.3. DoubleLine Commodity LP is the registered advisor for all Commodity strategies listed in the table.

Fixed Income $100,630,299,207

Asset Allocation Strategies $25,707,007,897

Core Fixed Income¹ $10,329,871,819

Flexible Income $1,207,774,716

Global Bond $227,019,053

Income Solutions $2,799,311,169

Low Duration $3,389,058,357

Opportunistic Income $3,763,360,246

Short Intermediate Plus $824,404,278

Strategic Income $183,571,112

Total Return Tactical $2,982,637,147

Sector Concentrated Strategies $74,923,291,310

Bank Loan Strategies $676,536,926

Floating Rate $284,072,532

Collateralized Loan Obligation $392,464,394

Emerging Markets Strategies $1,631,612,056

Emerging Markets Fixed Income $1,434,093,464

Low Duration Emerging Markets Fixed Income $197,518,592

Infrastructure Strategies $80,389,664

Infrastructure Income $80,389,664

Mortgage Strategies $72,534,752,664

Commercial MBS/Commercial Real Estate $208,681,319

Long Duration Total Return $736,371,512

MBS² $1,637,988,743

Opportunistic Credit $605,266,937

Strategic MBS $1,060,334,405

Total Return $68,286,109,748

Equity Strategies $1,755,423,267

Shiller Enhanced CAPE® $1,755,423,267

Multi-Asset Strategies $179,424,687

Dynamic Asset Allocation $50,180,904

Multi-Asset Growth $113,200,469

Opportunistic Multi-Asset $16,043,314

Commodities Strategies³ $35,116,264

Strategic Commodity $35,116,264

Total Firm AUM $102,600,263,425


DoubleLine Portfolio Management Team

Indicates department headUpdated as of September 2016

Jeffrey GundlachChief Investment Officer

U.S. Treasury & Municipal

Gregory WhiteleyElaine Zhang

GlobalInfrastructure

Damien ContesAndrew Hsu

Jeffrey ShermanDeputy Chief Investment Officer

Macro Asset Allocation

Jeffrey ShermanEric Dhall

Samuel LauJeffrey MayberryBrendt Stallings

Samuel GarzaFei He

Ryan Kimmel

Cross-Asset

Multi-Asset

Emidio ChecconeRod BooneBrian Ear

Sunny Ommanney

Equities

Securitized Assets

Philip BarachJoel DamianiJoe GalliganMichael Lee

Vitaliy LibermanKunal Patel

Michael SchloessmannKen ShinodaBrian StackSteve Wald

MBS & ABS

CMBS

Morris ChenMark Cho

Chris FaganSimon Miller

Yoni SchwadeAndrew Sklover

International Fixed Income

Luz PadillaJenny Ahn

Stephanie BabijEric Chen

Mark ChristensenSu Fei KooAlex Revy

Michael SchroederVishal Shah

Andrew SheridanMatthew Woods

Emerging Markets

Global Bond

Bill CampbellValerie Ho

GlobalDeveloped Credit

Robert CohenKen AustinStacy Boyle

Monica EricksonAnil Lalchand

Jeff LeePhilip KenneyReena BajwaKevin Bekas

Michael CasinoSpencer Chang

Todd CrabbScott DempseySanjay Jagtiani

Paul KirsteJoon Kyung

Michal MarczakKapil Singh

Kristine SmithFrank Wang


TAB IIGlobal Infrastructure Debt Explained


Objective: DoubleLine’s Global Infrastructure Debt strategy seeks long-term total return while striving to generate current income.

DoubleLine’s Global Infrastructure Debt Strategy


EnergyPipelines, Drilling Rigs, Refineries

Infrastructure Sectors

Electric Utilities & PowerGeneration, Transmission, Distribution

Renewable EnergyWind, Solar, Hydro

TransportationAirports, Ports, Toll Roads

Infrastructure-relatedABSAircraft, Rail, Container, Cell Tower Securitizations

Water, Sewer & Other UtilitiesTreatment Plants and Distribution

TelecommunicationsCell Towers

Social InfrastructureHospitals and Government Buildings

A diverse asset class characterized by projects that provide essential services in strategic sectors.

Depicts DoubleLine’s Current Focus


Infrastructure Debt Benefits

High barriers to entry Inelastic demand Inflation “protection” Investment longevity

Historically stable & predictable cash-flows

Low correlation to other asset classes

Essential services benefiting society as a

whole

Historically low default and high recovery


TAB IIIGlobal Infrastructure Debt Market


• Primarily due to regulatory constraints, the financing of global infrastructure projects is undergoing a paradigm shift from commercial banks to financial institutions (asset managers, insurers and others).

• Government debt burdens can prevent adequate spending on required infrastructure.• DoubleLine believes that this structural change generates long-term opportunities.

Banking90%

Other10%

1. Crisis (2007-2010)Source: Standard & Poor’s Rating Services; World Economic Forum, “Infrastructure Investment Policy Blueprint”, February 2014

Banking 63%

Investment Manager

8%

Government9%

Multilateral Agency

3%

Other7%

Pension3%

Insurance7%

Global Project Finance Volume

Pre-Crisis1 Post-Crisis1

Why the Opportunity Exists?


14.7

11.4

7.58.3

5.1

1.30.9

$0

$2

$4

$6

$8

$10

$12

$14

$16

Power Roads Water Telecom Rail Airports Ports

Trill

ion

s $

Estimated Funding Funding Gap

Global Infrastructure Aggregate Funding Gap, 2016-2030

Public-private partnerships (PPP) have been touted as efficient alternatives to the

public sector.

If global growth averages decrease by 1%, the total

investment need would fall by about $13 trillion.

If global growth averages increase by 1%, the total

investment need would rise by about $14 trillion.

11 of the G20 economies have cut investment in infrastructure since the global financial crisis.

Based on $2.5 trillion invested annually through 2030 (dollars in $2015) and an average GDP growth rate of 3.3%

Source: HIS Global Insight; ITF; GWI; National Statistics; McKinsey Global Institute analysis, DoubleLine Research

Total Funding Gap: $11.7 trillion


Infrastructure Quality Against GDP Per Capita

Australia

BahrainBarbados Belgium

China

FranceGermany

Guatemala

Haiti

Italy

Luxembourg

Norway

Oman

Portugal

Russia

Singapore

Spain

Switzerland

United Arab Emirates

United States

Venezuela

0

1

2

3

4

5

6

7

8

0 10000 20000 30000 40000 50000 60000 70000 80000 90000 100000

Infr

astr

uct

ure

Qu

alit

y

GDP Per Capita (2012 $ PPP)

Worse-than-expected infrastructure

Better-than-expected infrastructure

Source: World Economic Forum; World Bank; McKinsey Global Institute analysis, 2012PPP = Purchasing Power ParityHighlighted countries for illustrative purposes only.


Infrastructure Spending as % of GDP, 1992 - 2013

8.6

4.94.6

4.3 4.13.6 3.1

2.5 2.5 2.4

Global Average = 3.5

Annual Avg as % of GDP Global Weighted Avg.

Source: HIS Global Insight; ITF; GWI; National Statistics; McKinsey Global Institute analysis

Developed Asia and Oceania includes Australia, Hong Kong, Japan, New Zealand, and SingaporeOther Emerging Asia includes Bangladesh, Indonesia, Malaysia, Pakistan, Philippines, Sri Lanka, Taiwan, Thailand , and Vietnam


TAB IVGlobal Infrastructure Debt Attributes


Large Investable Universe

As of December 2015Source: Bloomberg, LCD Comps, Goldman Sachs and DoubleLine Capital

Infrastructure assets are financed through a variety of instruments.

$1,670

$38

$622 $283

$2.6 TrillionInvestable Universe

Par Outstanding ($ billion)

Loans:Loans issued by a company, project or group of projects, typically floating rate and secured

Project Bonds:Bonds issued by a company, project or group of projects, typically fixed rate and secured

Structured Products:Bonds securitized by infrastructure assets

Corporate Bonds:Bonds issued by a company owning infrastructure assets, typically fixed rate and unsecured


Risk & Return SpectrumR

etu

rn

Level of Risk

Depicts DoubleLine’s current exposure

Regulated

Investors face government entities for revenues – No volume or pricing risks

Contracted

Investors face corporations for revenues – Volume or/and pricing risk at reset periods only

Demand Based

Investors face consumers for revenues – Volume or/and pricing risks


Source: Moody’s, “Infrastructure Default and Recovery Rates, 1983-2015.”1. Corporate Debt = Non-Financial Corporate Issuers as measured by Moody’s2. Infrastructure Debt = Corporate Infrastructure Debt Securities as measured by Moody’s

Lower Historical Default Rates

3.39%

2.74%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Baa Cumulative Default Rate

Corporate Debt¹

Infrastructure Debt²

18.38%

7.98%

0%

4%

8%

12%

16%

20%

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Ba Cumulative Default Rate


Source: Moody’s, “Infrastructure Default and Recovery Rates, 1983-2015.”1. Corporate Debt = Average Non-Financial Corporate Issuers as measured by Moody’s2. Infrastructure Debt = Average Corporate Infrastructure Debt Securities as measured by Moody’s

Higher Historical Recovery Rates

54%

38%

74%

56%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Senior Secured Recovery Senior Unsecured Recovery

Recovery Rates

Corporate Debt¹ Infrastructure Debt²


Source: Moody’s, “Infrastructure Default and Recovery Rates, 1983-2015.”1. Corporate Debt = Average Non-Financial Corporate Issuers as measured by Moody’s2. Infrastructure Debt = Average Corporate Infrastructure Debt Securities as measured by Moody’s

Lower Rating Volatility

0.42

0.17

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

Corporate Debt¹ Infrastructure Debt²

No

tch

es p

er C

red

it

Infrastructure debt exhibits less rating volatility than

corporate debt by a factor of 2.5x


TAB VDoubleLine Global Infrastructure Debt Strategy


DoubleLine Global Infrastructure Debt Strategy

Objective• DoubleLine’s Global Infrastructure Debt strategy seeks long-term total return while striving to generate

current income.

Philosophy• DoubleLine aims to focus on capital preservation while seeking the best relative value opportunities in the

infrastructure debt sector.

Strategy• Invest in global infrastructure debt through various fixed income instruments in order to:

‐ Access the widest spectrum of opportunities; and‐ Strive to provide optimal risk adjusted returns

Investment Process - Value Oriented and Research Driven• Time-tested 5-step investment process combines bottom-up research with DoubleLine’s macroeconomic

views.• Process leverages the team’s expertise and knowledge.

Subject to change without notice.


Fixed Income Asset Allocation Committee

Contributors:William Campbell, Global BondMorris Chen, CMBS/CREMark Christensen, International Fixed IncomeDamien Contes, InfrastructureJoel Damiani, MBSMonica Erickson, Investment Grade Corporate CreditJoseph Galligan, MBSSamuel Garza, Macro-Asset AllocationValerie Ho, Global BondAndrew Hsu, InfrastructureSu Fei Koo, International Fixed IncomeAnil Lalchand, Low Duration Investment Grade Corporate CreditVitaliy Liberman, MBSKen Shinoda, MBSKapil Singh, High Yield Corporate Credit Ignacio Sosa, Product Solutions Group

MortgagesJeffrey Gundlach, Philip Barach

Global Developed CreditRobert Cohen

International Fixed IncomeLuz Padilla

U.S. Treasury & Municipal DebtGregory Whiteley

Permanent Committee Members

As of September 7, 2016CMBS = Commercial Mortgage-Backed SecuritiesMBS = Mortgage-Backed SecuritiesCRE = Commercial Real EstateFX = Foreign Exchange

Jeffrey Gundlach, Chairman, Chief Executive Officer Jeffrey Sherman, Deputy Chief Investment Officer

Chairman & Deputy Chief Investment Officer


DoubleLine’s Investment Teams

Investment Process subject to change without notice.

Global Macro Research

Global Asset Allocation led by Jeffrey Gundlach

Structured Products

InternationalFixed Income

Global Developed Credit

DoubleLine Global

Infrastructure Strategy

• Currently manage over $2 billion1 in infrastructure-related bonds across multiple DoubleLine investmentstrategies.

• Long history with issuers and deal originators throughout multiple cycles.• Expertise in structured products and corporate issues.

1. As of March 31, 2016. Infrastructure-related assets are oil & gas, mining, power, roads, railroads, ports, airports, aircraft, rail and clean energy bonds.DoubleLine Global Infrastructure Debt strategy is new and therefore does not have past performance. Subject to change without notice.


Infrastructure Functional Structure

Cris Santa Ana Chief Risk Officer

1. Indicates portfolio management responsibilities including trading.2. Director of Corporate ResearchUpdated as of September 2016

Fifi Wong Manager, Risk Analytics

Audrey TjiptokesumaAnalyst

Steven WaldAnalyst

Analysts

Jeffrey GundlachCEO, CIO

Damien Contes1

Portfolio ManagerAndrew Hsu1

Portfolio Manager

Portfolio Managers

Angela CaliriAnalyst

Robert HerronAnalyst

Matthew ParkAnalyst

David Kennedy Manager, Trading & Settlements

Emily Davidson Trading & Settlements Coordinator

Oi MartelTrading & Settlements Coordinator

Karen TsangTrading & Settlements Coordinator

Trading & Settlements

Mark KimbroughAnalyst

Chase BorkowskiAnalyst

Michael FineAnalyst

Wei LiuAnalyst

Nikhil RajgopalAnalyst

Peter HwangTrading & Settlements Coordinator

Paul KirsteTrader

High Yield

Joon KyungTrader

Bank Loans

Traders

Analysts & Support

Ken AustinTrader

Investment Grade

Credit Research

Bill Campbell

Valerie Ho

Sanjay Jagtiani

Reena Bajwa

Eric Chen

Kapil Singh

Frank Wang

Philip Kenney2

Matthew Woods


Initial Screen Credit Analysis Credit DecisionPortfolio

Construction

Active Management

Style & Monitoring

Investment Committee Final Decision

Market Monitoring &

Screening • Monitor industry

trends, regulatory environment and commodity pricing

• Track and evaluate new and secondary deal flows

• Review terms of the transaction

• Initial sovereign/ macro analysis

DueDiligence

• Review contracts, key off-takers, covenants, consultant and 3rd

party reports• Perform relative

value analysis• Define project

risks and catalysts• Model

investment, conduct scenario and recovery analyses and stress tests

• Prepare in-depth country analysis

Credit Decision• Discuss overall

economic and macro themes highlighted during monthly FIAA meeting

• Address concerns raised during initial screening phase

• Discuss key drivers of the investment

• Review scenario analysis and stress test results

• Evaluate investment from a portfolio context

Allocation & Execution

• Confirm proposed transaction meets investment criteria with respect to region, country and sector concentration

• Approve pricing and size of the transaction

• Review investor base participation

• Oversee trade execution

• Ensure efficient settlement process

Surveillance & Monitoring

• Review regulatory filings

• Compare actual financial results with original scenario analysis and reassess position size

• Buy and sell discipline governed by changes in risk-adjusted return or credit events

• Oversight by DoubleLine’s risk committee

Subject to change without notice.FIAA = Fixed Income Asset Allocation

Infrastructure Debt Investment Process


TAB VIPortfolio Characteristics


DoubleLine Global Infrastructure Debt Strategy is new and therefore does not have past performance. There can be no assurance that the strategy will meet its investment objectives or targeted performance goals. Past performance is no guarantee of future results.Barclays U.S. Credit Index = The U.S. Credit component of the U.S. Government/Credit Index. This index consists of publically-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. The US Credit Index is the same as the former US Corporate Investment Grade Index. Once cannot invest directly in an index.Yield-to-Maturity (YTM) - The discount rate at which the sum of all future cash flows from the bond (coupons and principal) is equal to the price of the bond. The YTM calculation takes into account the bond’s current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupon payments are reinvested at the same rate as the bond’s current yield.Weighted Average Life (WAL) - The average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding.Duration - A measure of the sensitivity of the price of a fixed income investment to a change in interest rates, expressed as a number of years.

Representative Account CharacteristicsAs of August 31, 2016

Infrastructure StrategyRepresentative Account

Barclays U.S.Credit Index

Portfolio Yield-to-Maturity 3.96%

Weighted Average Life 8.4 Years

Secured Assets 61%

Portfolio Duration 6.0 Years

Portfolio Yield-to-Maturity 2.70%

Weighted Average Life 10.8 Years

Secured Assets 6%

Portfolio Duration 7.4 Years

• Benchmarked to the Barclays U.S. Credit Index• Higher yield and lower duration than the Index• Focus on collateralized assets, with average credit quality of BBB+ to A-• 100% USD Denominated

Average Credit Quality A- Average Credit Quality A


Source: DoubleLineAs of August 31, 2016

Representative Account Characteristics

Transportation48.3%

Power19.3%

Energy10.5%

Renewables0.1%

Telecommunication8.7%

Water & Sewer2.6%

Corporate9.7%

Cash0.8%

Industry Breakdown




United States71.7%

Mexico4.2%

Peru5.9%

Israel1.5%

Australia4.3%

Columbia4.7%

Canada 0.2%

Chile6.7%

Cash0.8%

Country Exposure


Source: DoubleLineAs of August 31, 2016Credit distribution is determined from the highest available credit rating from any Nationally Recognized Statistical Rating Agency ("NRSRO", generally S&P, Moody's and Fitch). DoubleLine chooses to display credit ratings using S&P's rating convention, although the rating itself might be sourced from another NRSRO.


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- <BBB- NR

Ratings Summary

Average Rating: A-

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

>1 1 to 3 3 to 5 5 to 7 7 to 10 10+

Duration Breakdown

Average Duration: 6 years




Project Bonds24.5%

Structured Products

36.4%

Corporate Bonds38.3%

Cash0.8%

Security Type

Secured60.9%

Unsecured38.3%

Cash0.8%

Seniority

By blending corporate bonds with structured products, the team aims to deliver a compellingcombination of income, low volatility and attractive returns.


Defensive Sectors

Strong Global Demand

Strategic Assets

Infrastructure Debt

Attractive Yield

Predictable Income

The Key Attributes of Infrastructure Debt

• Attractive yield underpinned by robust defensive attributes, including:

- Lower default rates- Higher recovery rates

• Strategic assets characterized by factors including:

- High barriers to entry; often monopolistic;

- Inelastic demand; provide essential services;

- Inflation protection in project contracts; and

- More predictable long-term cash flows.

Barclays U.S. Credit Index = The US Credit component of the U.S. Government/Credit Index. This index consists of publically-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. The US Credit Index is the same as the former US Corporate Investment Grade Index.

TAB VIIAppendix


Infrastructure within the ABS Sector

• DoubleLine is well positioned to analyze and invest in infrastructure opportunities within the ABS sector- DoubleLine has a long history of investing in ABS securitizations- DoubleLine's ABS professionals have 12 years of experience working in the sector.

• Airport, port, rail, renewable and telecommunication exposure can often be accessed through ABS securities with the following advantages:

- Pick-up in yield compared to similarly rated corporates- Amortizing structures provide structural protections and dampen portfolio duration risk

Source: DoubleLine

Airports

Ports

Railroads

Renewable

Telecommunications

Aviation ABS

Container ABS

Rail ABS

Solar Installation Securitizations

Cellular Tower Securitizations

Infrastructure Sector

Example of ABS Exposure


Biographies

Jeffrey E. Gundlach

Chief Executive Officer & Chief Investment Officer

Mr. Gundlach is the Chief Executive Officer and Chief Investment Officerof DoubleLine. He was formerly associated with TCW where he was ChiefInvestment Officer and head of fixed income activities. He is recognizedas an expert1 in bond and fixed income investments. His investmentstrategies have been featured in leading publications including The NewYork Times, The Financial Times, The Wall Street Journal, USA Today,Barron’s, Forbes, and Fortune. In 2010, Mr. Gundlach was named to theSmartMoney Power 30. In 2011, he was featured as “The King of Bonds”in Barron’s, and named one of “5 Mutual Fund All-Stars” by FortuneMagazine. In 2012, he was named one of the “50 Most Influential” byBloomberg Markets magazine. In 2013, he was named “Money Managerof the Year” by Institutional Investor. He is a graduate of DartmouthCollege summa cum laude holding a BA in Mathematics and Philosophy.He attended Yale University as a PhD candidate in Mathematics.

1. Money News on May 26, 2011: Headline of the story: Bond Expert Gundlach: Housing Collapse to Spark Second Financial Meltdown.Morningstar on January 5, 2012: “….Jeffrey Gundlach, a high-profile fixed-income expert (and a former Morningstar Fund Manager of the Year)…”


Damien Contes, CFAPortfolio Manager, Global Infrastructure InvestmentsMr. Contes joined the investment team at DoubleLine in 2013. He iscurrently a Global Infrastructure Investments portfolio manager.Previously, his responsibilities included coverage of the followinginfrastructure sectors for the Emerging Markets Fixed Income group:transportation, oil & gas, petrochemical, health care & education. Priorto DoubleLine, Mr. Contes spent six years with ICE Canyon, LLC where heserved as a Corporate Research Analyst. At ICE Canyon, his credit workcontributed to the investment management of the firm’s three types ofEmerging Markets and global vehicles: hedge fund (absolute return),index products (relative value) and collateralized loan obligations (CLOs).His investment experience includes a variety of instruments, such asglobal leveraged loans, high yield bonds, distressed opportunities, creditdefault swaps, structured products and privately negotiated customcredit instruments. Before ICE Canyon, he was a Senior Bank DebtSpecialist with Canyon Capital Advisors, where he was responsible for thesettlement of foreign and distressed bank debt transactions and he was aSenior Fund Accountant with Mellon Financial Corporation, overseeingEmerging Markets Real Estate funds and Oil & Gas Debt and Royaltyfunds. Mr. Contes received his BS in Business Administration with aconcentration in Accounting & Finance, from the College of Charleston,in Charleston, South Carolina. He is a CFA charterholder.

BiographiesAndrew Hsu, CFAPortfolio Manager, Global Infrastructure InvestmentsMr. Hsu has been a member of the investment team at DoubleLine sinceits inception in 2009. He is currently a Global Infrastructure Investmentsportfolio manager. Prior to that, he was responsible for analysis andtrading of structured products where his focus includes Residential MBSand ABS transactions. His responsibilities have also included structuringand negotiating terms on new issue transactions and forming strategicpartnerships with issuing entities in order to participate in keytransactions. Within the ABS sector, he has been involved in transactionsinvolving Aircraft securitizations, franchise royalties, student loans andsmall business loans. Prior to DoubleLine, Mr. Hsu joined TCW in 2002where he was focused on credit analysis for structured product securitiesand co-managed two structured product funds focusing on debt andequity investments. During this time, Mr. Hsu was actively involved withportfolio management decisions and investment analysis, includingreverse engineering complex CDO/CLO structures. Prior to joining TCW,Mr. Hsu worked at InteCap as a consultant focusing on the valuation ofintangible assets. Mr. Hsu obtained a BS in Finance from the University ofSouthern California and is a CFA charterholder.


Disclaimer

Important Information Regarding This ReportThis report was prepared as a private communication and was not intended for public circulation. This entire presentation relies upon various exemptions under the Securities Act of 1933 relating to permitted communications in advance of a securities offering.

Issue selection processes and tools illustrated throughout this presentation are samples and may be modified periodically. Such charts are not the only tools used by the investment teams, are extremely sophisticated, may not always produce the intended results and are not intended for use by non-professionals.

DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. While we have gathered this information from sources believed to be reliable, DoubleLine cannot guarantee the accuracy of the information provided. Securities discussed are not an offer to sell, not a solicitation of an offer to buy and are not recommendations and are presented as examples of issue selection or portfolio management processes. They have been picked for comparison or illustration purposes only. No security presented within is either offered for sale or purchase. DoubleLine reserves the right to change its investment perspective and outlook without notice as market conditions dictate or as additional information becomes available.

Important Information Regarding Risk FactorsInvestment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. The views and forecasts expressed in this material are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. All investments involve risks. Please request a copy of DoubleLine’s Form ADV Part 2A to review the material risks involved in DoubleLine’s strategies. Past performance is no guarantee of future results.

Important Information Regarding DoubleLineIn preparing the client reports (and in managing the portfolios), DoubleLine and its vendors price separate account portfolio securities using various sources, including independent pricing services and fair value processes such as benchmarking.

To receive a complimentary copy of DoubleLine Capital’s current Form ADV (which contains important additional disclosure information, including risk disclosures), a copy of the DoubleLine’s proxy voting policies and procedures, or to obtain additional information on DoubleLine’s proxy voting decisions, please contact DoubleLine’s Client Services.


Important Information Regarding DoubleLine’s Investment StyleDoubleLine seeks to maximize investment results consistent with our interpretation of client guidelines and investment mandate. While DoubleLine seeks to maximize returns for our clients consistent with guidelines, DoubleLine cannot guarantee that DoubleLine will outperform a client's specified benchmark or the market or that DoubleLine’s risk management techniques will successfully mitigate losses. Additionally, the nature of portfolio diversification implies that certain holdings and sectors in a client's portfolio may be rising in price while others are falling; or, that some issues and sectors are outperforming while others are underperforming. Such out or underperformance can be the result of many factors, such as but not limited to duration/interest rate exposure, yield curve exposure, bond sector exposure, or news or rumors specific to a single name. This material may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to a client’s account, or market or regulatory developments.

DoubleLine is an active manager and will adjust the composition of client’s portfolios consistent with our investment team’s judgment concerning market conditions and any particular sector or security. The construction of DoubleLine portfolios may differ substantially from the construction of any of a variety of bond market indices. As such, a DoubleLine portfolio has the potential to underperform or outperform a bond market index. Since markets can remain inefficiently priced for long periods, DoubleLine’s performance is properly assessed over a full multi-year market cycle.

Important Information Regarding Client ResponsibilitiesClients are requested to carefully review all portfolio holdings and strategies, including by comparing the custodial statement to any statements received from DoubleLine. Clients should promptly inform DoubleLine of any potential or perceived policy or guideline inconsistencies. In particular, DoubleLine understands that guideline enabling language is subject to interpretation and DoubleLine strongly encourages clients to express any contrasting interpretation as soon as practical. Clients are also requested to notify DoubleLine of any updates to Client’s organization, such as (but not limited to) adding affiliates (including broker dealer affiliates), issuing additional securities, name changes, mergers or other alterations to Client’s legal structure.

Morningstar DisclaimerEstablished in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term performance and of aligning their interests with shareholders'. The Fund Manager of the Year award winners are chosen based on Morningstar's proprietary research and in-depth evaluation by its fund analysts.

CFA® is a registered trademark of CFA Institute.

DoubleLine Group is not a registered investment adviser with the Securities Exchange Commission (SEC).

DoubleLine® is a registered trademark of DoubleLine Capital LP.

© 2016 DoubleLine Capital LP

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