Description of Firm

Declaration Management & Research LLC (“DMR” or “Declaration”) is an SEC registered investment adviser managing approximately $12 billion in fixed income assets. DMR was formed in 1989 and is located in McLean, Virginia. The firm is an MFC Global Investment Management Company, indirectly wholly owned by John Hancock Financial Services, Inc., a unit of Manulife Financial Corporation.

Introduction and Firm Philosophy

Declaration is a fixed income manager with expertise in the major credit sectors, including – asset-backed securities, residential and commercial mortgage-backed securities, corporate bonds and distressed credit. We seek alpha through bottom-up security analysis and portfolio level risk management.

Throughout our history, we have embraced innovation. We have been an early entrant in structured credit, credit default swaps, cash and synthetic CDO management, portable alpha and liability-driven products. We manage conventional and alternative investments in a variety of products, including:

• Credit Based Absolute Return Strategies and Distressed Credit
• Active Core and Limited Term
• Alpha Transport: LIBOR Plus, Enhanced LIBOR Plus, Enhanced Equity
• Liability Driven Strategies