From Nuveen

Thomas (Tom) J. Ray, CFA

Managing Director
Co-Head Of Fixed Income
Portfolio Manager

Tom began working in the financial services industry in 1991 and is currently Managing Director and Co-Head of Fixed Income at NWQ. Prior to joining NWQ, he most recently served as Chief Investment Officer, President and founding member of Inflective Asset Management, a boutique investment firm specializing in convertible securities. Prior to founding Inflective, Tom also served as portfolio manager at Transamerica Investment Management.

Tom graduated from the University of Wisconsin with a B.B.A in Finance, Investment & Banking and an M.S. in Finance. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities. The information does not take into account the specific objectives or circumstances of any investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors. All investments involve risk and there is no assurance that an investment will provide positive performance over any period of time. There is no assurance that downside protection will be achieved.

NWQ Investment Management Company, LLC

2049 Century Park East, Suite 1600 Los Angeles, CA, 90067

(310) 712-4000
(310) 712-4100 (fax)