Disclosure

Disclaimer

This commentary is provided as general information only and is in no way intended as investment advice, investment research, a research report or a recommendation. Any decision to invest or take any other action with respect to the securities discussed in this commentary may involve risks not discussed herein and such decisions should not be based solely on the information contained in this document. It should not be assumed that any securities discussed in this commentary will increase in value. Highland Capital Management, L.P. (“Highland”) [1] will not accept liability for any loss or damage, including, without limitation, any loss of profit that may arise directly or indirectly from use of or reliance on such information.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed herein are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Highland disclaims any obligation to update or revise any statements or views expressed herein.

In considering any performance information included in this commentary, it should be noted that past performance is not a guarantee of future results and there can be no assurance that future results will be realized. Nothing contained herein should be deemed to be a prediction, projection or guarantee of future performance.

No representation or warranty is made concerning the completeness or accuracy of the information contained herein. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which information, although believed to be accurate, has not been independently verified.

Highland and/or certain of its affiliates and/or clients hold and may, in the future, hold a financial interest in securities that are the same as or substantially similar to the securities discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Highland and/or its clients may sell such financial interests at any time.

The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities. This commentary has not been reviewed or approved by any regulatory authority and has been prepared without regard to the individual financial circumstances or objectives of persons who may receive it. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Highland encourages any person considering any action relating to the securities discussed herein to seek the advice of a financial advisor.

Disclosure

The information contained herein does not constitute a distribution, an offer to sell or the solicitation to buy any securities in any jurisdiction in which such distribution or offer is not authorized.  In particular, the information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United State (“US”) to or for the benefit of any US person (being residents of the US or partnerships or corporations organized under the laws of the US).

Assets under management figures are based on fee-earning AUM for Highland Capital Management and its affiliates, rounded to the nearest $100 million, and as of 12/31/2014.

* NOT FDIC INSURED * May lose value * No bank guarantee. * Past performance is not indicative of future results. *

[1] Includes Highland Capital Management, L.P. and its affiliated advisers

Creditflux Award Disclosure Statement

In addition to awards for the best individual CLOs in different categories, there are awards for the best managers overall. These awards are based on each manager’s performance across all of their CLOs. The Creditflux Manager Awards are given according to rigorous, quantifiable and relevant measures of performance. The credit hedge fund awards are based on a methodology that rewards performance weighted by volatility relative to a fund’s redemption profile. Funds that promise liquidity need to deliver stable returns; those that lock up investors’ capital need to achieve greater absolute performance. CLO performance is measured in terms of liquidation IRR: the total return equity investors would have received if their CLO had been liquidated on December 31, 2006. This takes account of equity distributions and the net asset value of the portfolio, and rewards managers that have delivered the best returns to equity while giving a cushion to debt investors. Data for the awards calculations is submitted by managers and supported by figures from CLO-i. Finalists for the 2007 Creditflux Manager of the Year award were BlackRock, Highland Capital Management and Prudential M&G. Highland Capital Management won the award.