Nomura Corporate Research and Asset Management Inc.

NCRAM's decision-making approach is based upon identifying and investing in what NCRAM believes to be "Strong Horse" companies while also seeking to balance risk/reward. NCRAM identifies investment opportunities through a credit research process that consists of creative idea generation and diligent fundamental credit analysis. We look for companies with strong track records, experienced management teams, low-cost production facilities, leading market shares, well-positioned product lines and superior cash flows, generating the ability to sustain heavy debt obligations and improve their balance sheets and credit ratings over time. We seek to avoid companies that cannot sustain their debt loads and have high likelihoods of default. We attempt to construct portfolios targeting the best risk/reward opportunities, and manage those portfolios with disciplined risk management.