Legal Information and Disclosures

This memorandum expresses the views of the author as of the date indicated and such views are

subject to change without notice. Oaktree has no duty or obligation to update the information

contained herein. Further, Oaktree makes no representation, and it should not be assumed, that

past investment performance is an indication of future results. Moreover, wherever there is the

potential for profit there is also the possibility of loss.

This memorandum is being made available for educational purposes only and should not be used

for any other purpose. The information contained herein does not constitute and should not be

construed as an offering of advisory services or an offer to sell or solicitation to buy any

securities or related financial instruments in any jurisdiction. Certain information contained

herein concerning economic trends and performance is based on or derived from information

provided by independent third-party sources. Oaktree Capital Management, L.P. (“Oaktree”)

believes that the sources from which such information has been obtained are reliable; however, it

cannot guarantee the accuracy of such information and has not independently verified the

accuracy or completeness of such information or the assumptions on which such information is

based.

This memorandum, including the information contained herein, may not be copied, reproduced,

republished, or posted in whole or in part, in any form without the prior written consent of

Oaktree.