The Global Debt Unconstrained in USD Strategy seeks to identify undervalued securities and create diversified portfolios with high conviction global fixed income insights and favorable risk return parameters Primary Benchmark:Bloomberg Global Aggregate IndexStrategy Highlights Our investment philosophy combines intensive bottom-up credit research across major sectors of the bond market with top-down macroeconomic insights Our sovereign research universe is comprised of more than 100 countries, and portfolios are typically invested in 25 to 35 countries Typical portfolio – average number of issues: 150-250 Typically 1-2% max per investment grade non-gov’t/guaranteed/Agency issuer and 0.5-1.0% for below investment grade issuers (GSEs excluded) 1 Strategy assets are comprised of Loomis Sayles Global Bond style accounts including Global Aggregate Bond, Global World Bond, and Global Debt Unconstrained and other Global Bond investment styles. The Composite includes all discretionary accounts with market values greater than $20 million managed by Loomis Sayles with guidelines prescribing investment in a concentrated, best ideas portfolio of foreign bonds as well as U.S. dollar denominated bonds with minimal targeted benchmark correlation, and with the following characteristics. Composite accounts include both sovereign and corporate securities, as well as emerging market debt and below investment grade securities. Prior to July 1, 2016 the Composite minimum account size requirement was $5 million. The Composite inception date is July 1, 1996. The composite was created in 2011.