#1ADVENT CAPITAL MANAGEMENT, LLC STATE OF SUSTINES S OFFICE September 9, 2020 888 Seventh Avenue, 31st Floor New York, NY 10019 | +1 212 482 1600 4th Floor Devonshire House, 1 Mayfair Place, London W1J 8AJ | +44 203 357 9990#2TABLE OF CONTENTS Advent Capital Management I. II. Balanced Strategy |||. Characteristics & Performance Appendix A. Client Base B. Organizational Chart C. Disclosures ADVENT CAPITAL MANAGEMENT, LLC#31. Advent Capital Management ADVENT CAPITAL MANAGEMENT, LLC#4ADVENT CAPITAL MANAGEMENT Advent Adds Value Advent has one of the largest platforms in the world emphasizing convertibles as an asset class. ■ ■ ■ ■ ■ Advent utilizes a dynamic bottom-up, fundamental approach to security selection. Our cash flow model seeks to identify changes in company fundamentals before they are reflected in reported earnings or security price movements. Advent has a unique 360° view of the capital markets by globally managing both long-only and hedge fund strategies - evaluating all parts of the capital structure. Advent is a tier one institutional account globally, which commands access to company managements, outside research and new issue allocations. As a fiduciary, Advent places the interest of our clients first. Advent's client base includes some of the world's largest public and corporate pension plans, foundations, endowments, insurance companies and high net worth individuals. Advent is a signatory to the UN PRI. Data is as of July 31, 2020. AUM data is estimated as of September 2, 2020. ADVENT CAPITAL MANAGEMENT, LLC ~$9.3 billion AUM in traditional, alternative, closed-end fund strategies 57 employees New York and London 21 Investment Professionals 22 years Average analyst experience covering their sector or region Since 1995 4#5ADVENT CAPITAL MANAGEMENT Synergistic Strategies Alternative Strategies ▪ Global Partners (Multi-Strategy) ▪ Vega (Volatility) ▪ Global Event Driven Traditional Strategies ▪ Balanced Convertible ▪ Global Balanced Convertible ▪ Phoenix Convertible Income ▪ Global Phoenix Convertible Income ▪ High Yield ADVENT CAPITAL MANAGEMENT, LLC Closed-End Fund ▪ Advent acts as an investment adviser to the Advent Convertible and Income Fund. The fund invests across the entire capital structure: convertibles, high yield, bank loans, equities, warrants, and options. Unique 360° view of the capital markets with significant experience investing globally and across the capital structure 5#6II. Balanced Strategy ADVENT CAPITAL MANAGEMENT, LLC#7BALANCED STRATEGY Investment Philosophy... Focus on Positive Asymmetry We seek superior returns from "theoretically cheap", positively asymmetric balanced convertible securities with attractive risk/reward profiles offering 75% - 85% of the underlying equity upside, while limiting downside risk to approximately 50%. Investment Strategy We identify stable to improving credits through our cash flow, interest coverage and balance sheet analysis. I ■ ADVENT CAPITAL MANAGEMENT, LLC ■ ■ Credit analysis is the primary tool in selecting balanced convertibles, which has provided equity-like returns with lower risk over time. Credit focus enhances returns and limits downside risk by gauging probabilities of upgrades, downgrades, early redemptions and corporate event risk; we often detect weakness before those who take an equity approach. We avoid distressed convertibles. A diversified portfolio helps to minimize risk with position sizes typically between 1% -3% with a maximum of 5%. 7#8BALANCED STRATEGY Portfolio Management Team TRACY MAITLAND President, CIO ■ DAVID HULME, ASIP Managing Director ■ Serves as President & Chief Investment Officer of Advent, overseeing all investment activities of the firm Co-Portfolio Manager of the Balanced Convertible Strategy since its inception in 1995 Prior to founding Advent, he was a Director in the Convertible Securities Department at Merrill Lynch. His experience spans trading, sales, origination and portfolio management of convertible securities 38 years of experience in convertibles ADVENT CAPITAL MANAGEMENT, LLC Co-Portfolio Manager on the Balanced Strategies Prior to joining Advent in 2002, he worked at Van Eck Global Asset Management as an Investment Director and Portfolio Manager 26 years of investment experience as a Portfolio Manager and Research Analyst 18+ years working on the Balanced Strategies Supported by an experienced Investment Team and Risk Management Committee Investment team of 21 professionals including 7 research analysts ▪ Risk Management Committee consists of Advent's Chief Financial Officer/Chief Administrative Officer, Chief Operating Officer, Chief Risk Officer and Director of Research ■ Data is as of June 30, 2020. 8#9BALANCED STRATEGY A Global Research Team ■ ■ 7 capital structure analysts: 5 sector, focused globally and 2 multi-lingual, focused regionally Seasoned analysts with an average of 22 years of experience covering their sectors Long tenured well-developed relationships with CEOs and CFOs provide key insights into company and industry dynamics Proactive approach to analyzing securities and the relative value they provide within a company's capital structure 400-600 company meetings, onsite visits, and individual management calls conducted annually Diversified Financials are covered by various analysts. European Generalist Energy, Materials, Chemicals Healthcare ADVENT CAPITAL MANAGEMENT, LLC Technology, Fintech GLOBAL RESEARCH TEAM Media, Telecom, Transportation, Industrials, REITS Consumer, Homebuilders Asian Generalist 9#10BALANCED STRATEGY Convertible Price Dynamics Bond Price Protects like a bond Convertible Price Sell candidate - too bond-like not enough equity upside Conversion Value Positive Asymmetry The Balanced Strategy tends to invest within this range ADVENT CAPITAL MANAGEMENT, LLC Appreciation potential of a stock Conversion Premium Bond Value Sell candidate - too stock-like, not enough downside protection Stock Price 10#11BALANCED STRATEGY Bottom-Up Idea Generation Advent utilizes bottom-up research to achieve long-term superior investment returns. Our research team performs fundamental credit and equity analysis which enables portfolio managers to determine the most attractive opportunities. Portfolio Monitoring Security Selection Equity Fundamentals Credit Quality (Stable to Improving Credits) ADVENT CAPITAL MANAGEMENT, LLC Screen Universe Risk Management 11#12BALANCED STRATEGY Step 1: Screen the Convertible Securities Universe Use a convertible valuation model to identify theoretically cheap convertibles with attractive risk/reward profiles offering 75% - 85% of the underlying equity upside, while limiting downside risk to approximately 50%. Step 2: Analyze Credit Quality Extreme focus on the credit quality of potential investment. Seek to identify stable-to-improving trends in cash flow and interest coverage. Confirm that investment value provides worthy downside protection. Step 3: Analyze Equity Fundamentals Examine the equity fundamentals, identifying company and industry dynamics that may act as intermediate catalysts for stock price appreciation including accelerating earnings momentum, changing industry dynamics, new product announcements, and corporate developments including restructuring or takeover and relative valuation. ADVENT CAPITAL MANAGEMENT, LLC Step 4: Security Selection and Portfolio Construction Utilize a bottom-up process to identify theoretically cheap convertibles with stable-to-improving fundamentals. Investment ideas are put forward and reviewed in an interactive process between portfolio managers and analysts. Investment meetings are held twice weekly (or on an ad hoc basis) to discuss new issues, analyst recommendations and portfolio investments. Once a recommended security is approved by the portfolio managers, it is added to the Reservoir. Security position sizes are determined in order to achieve the optimal risk/reward. Step 5: Continual Portfolio Monitoring and Risk Management Determine whether each security is maintaining its investment potential and adhere to a sell discipline if the security no longer offers the appropriate risk/reward characteristics. Idea Generation Credit Fundamentals Equity Valuation Security Selection & Portfolio Construction Portfolio Monitoring & Risk Management 12#13BALANCED STRATEGY Convertible Universe Screening Results >2% Cheap, 2% -4% Current Yield, and 10% - 60% Conversion Premium Ticker AAWW ARCC CARB CNMD ECPG EZPW GBX HLX INVA IRWD KBR LYV MDCO NR PRAA SIRI XNPT Issuer Atlas Air Worldwide Holdings Ares Capital Carbonite Conmed Encore Cap Group EZCORP Greenbrier Cos Helix Energy Solutions. Theravance Ironwood Pharmaceuticals KBR Live Nation Entertainment The Medicines Newpark Resources PRA Group Liberty Media/Sirius XM XenoPort Coupon 2.250 3.750 2.500 2.625 3.250 2.875 2.875 4.125 2.125 2.250 2.500 2.500 2.750 4.000 3.500 2.125 2.500 Put / Maturity 2022 2022 2022 2024 2022 2024 2024 2023 2023 2022 2023 2023 2023 2021 2023 2023 2022 Type Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Convert Price 102.718 100.045 118.232 106.633 94.515 115.959 101.170 108.915 100.774 109.290 100.160 114.742 81.031 114.020 91.148 98.440 89.490 Stock Price 49.19 17.48 25.31 77.94 32.06 9.73 38.36 7.55 14.14 13.66 19.02 62.24 25.55 8.15 27.65 5.97 7.07 CY 2.19 3.75 2.11 2.46 3.44 2.48 2.84 3.79 2.11 2.06 2.50 2.18 3.39 3.51 3.84 2.16 2.79 Ytp/m 1.38 3.73 nm 1.22 5.25 nm 2.62 2.04 1.91 nm 2.46 nm 8.01 nm 5.90 2.53 6.56 Prem % 54.6 10.8 20.7 21.5 34.3 19.2 57.9 36.6 40.9 32.6 34.4 25.4 55.3 30.6 52.4 32.2 35.7 B/E 1 1 15.2 C/P 3.2 2.9 1.1 4.9 3.0 2.3 4.9 2.0 3.8 3.3 4.6 4.0 1.3. 2.7 2.2 4.1 2.9 ADVENT CAPITAL MANAGEMENT, LLC %Chp 3.9 4.5 2.8 4.0 8.3 3.7 7.2 11.4 4.9 3.5 9.8 3.0 14.6 4.7 5.7 6.5 10.9 Inv Prem 11.3 1.5 34.0 27.4 9.7 52.5 8.6 13.4 20.6 24.9 13.0 26.0 -3.6 21.8 10.7 5.8 5.7 Inv Value 92.3 98.6 88.2 83.7 86.1 76.1 93.2 96.0 83.6 87.5 88.6 91.1 84.1 93.6 82.3 93.1 84.7 Delta 1$ 52.4 35.5 68.8 69.0 58.2 79.1 52.5 64.4 63.7 66.0 60.5 68.8 43.6 66.1 52.6 49.9 56.0 Source: Kynex. These examples are shown to exemplify Advent's research and analysis process only. The analysis is based on industry sources that we believe to be accurate. Advent makes no representation, however, as to the accuracy of this information. This is not a recommendation to buy or sell any specific security. The holdings identified do not represent all of the securities purchased, sold, or recommended and past performance does not guarantee future results. Delta 1% 32.4 30.4 54.9 54.4 39.1 63.6 30.6 41.1 42.9 47.8 40.3 52.7 23.9 47.8 32.2 35.2 36.6 13#14BALANCED STRATEGY Credit Analysis $800 $700 $600 $500 $400 $300 $200 $100 $0 -$100 -$200 -$300 12/11 Y Analyze Free Cash Flow to identify companies with stable-to-improving trends 12/12 Y Jarden (JAH) Cash from Operations ☐Capex Ill 12/13 Y INVEST 12/14 Y 12/15 Y $80 $60 $40 $20 $0 -$20 -$40 -$60 -$80 -$100 12/11 Y ADVENT CAPITAL MANAGEMENT, LLC Jakks Pacific (JAKK) Cash from Operations Capex 12/12 Y 12/13 Y AVOID T 12/14 Y 12/15 Y Source: Bloomberg. This information is shown to exemplify Advent's research and analysis process only. The analysis is based on industry sources that we believe to be accurate. Advent makes no representation, however, as to the accuracy of this information. This is not a recommendation to buy or sell any specific security. The holdings identified do not represent all of the securities purchased, sold, or recommended and past performance does not guarantee future results. 14#15BALANCED STRATEGY Investment Team Communication ADVENT CAPITAL MANAGEMENT, LLC Daily: Morning Investment Call - call among analysts, traders and portfolio managers on developments in their sectors Morning Analyst Notes - sent out daily pre market open by analysts Domestic and Global Convertible Index Movers List Top 20 (+/-) - sent post close to show materials changes Position Reports - daily firm wide security holdings by account Trade Summary Report - sent out by operational group post-close summarizing daily trade activity Risk Review - provides maximum position size, credit rating limit, issuer size and maximum industry weight Weekly / Bi-Monthly: Distribution of Convertible Screens for All Portfolios Investment Meetings - used to discuss new and existing positions. New ideas put forward by research analysts and reviewed by portfolio managers. International Strategy Meeting - focused on international securities and regional themes Risk Management Committee - provides independent risk oversight at a strategy and firm wide level Ongoing: Reservoir - continuous monitoring of official investment list Analyst Research Reports/Company Updates - distributed to entire investment team, archived in shared directory for review Constant Interaction and Collaboration Between All Members of the Investment Team (New York and London connected by frequent videoconferencing) 15#16BALANCED STRATEGY Risk Management Overview ■ ■ ■ We evaluate risk on a firm, portfolio and position level. ■ Implementation The Risk Management Committee functions to provide risk oversight at a strategy/portfolio level and on a firm wide/enterprise basis. The Risk Management Committee's focus is collaborative and in close coordination with the investment team. ADVENT CAPITAL MANAGEMENT, LLC Advent is an investment adviser registered with the Securities and Exchange Commission. Advent Capital Management UK Limited, a wholly-owned subsidiary of Advent located in London, is authorized and regulated by the U.K. Financial Conduct Authority. Diversification: We reduce risk by managing diverse portfolios across multiple issuers, sectors and regions. The broad diversification should produce returns uncorrelated to any single factor. Investment Guidelines: Serve to manage top-down risks in the portfolio, including placing a cap on sector, and single issuer concentration. Sector and regional exposure are limited to the greater of 2x the benchmark weight or 25%. The firm's exposure is limited to 25% of a given issue. Adherence to stringent pricing policy based on objective, independent sources. 16#17III. Characteristics & Performance ADVENT CAPITAL MANAGEMENT, LLC#18BALANCED STRATEGY CHARACTERISTICS Portfolio Characteristics As of July 31, 2020 Balanced Representative Portfolio ICE BofA All U.S. Convertibles Index (VXAO) Credit Quality BB BB Current Yield 2.2% 2.2% Delta 61.7% 62.9% ADVENT CAPITAL MANAGEMENT, LLC Conversion Premium 27.4% 32.4% Source: ICE Data Services. Characteristics for indexes are calculated by Advent using the holdings and weightings reported by the index provider as of the referenced date. Advent corrects erroneous Delta values reported by the index provider (e.g., a Delta reported as less than zero is set at zero, and a Delta reported as greater than 100 is set at 100). Advent's calculation of Conversion Premium excludes index holdings that have a conversion premium greater than 500, and re-weights the remaining holdings proportionately. Credit quality is a simple average based on S&P, Moody's, and Fitch ratings. Each security's available agency ratings are assigned a numerical value from 1 (AAA/Aaa) to 22 (D). The numerical values are averaged and rounded to the nearest whole integer before being converted into S&P rating nomenclature. 18#19BALANCED STRATEGY CHARACTERISTICS Sector Diversification As of July 31, 2020 Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Materials Media Technology Telecommunications Transportation Utilities 1.6% 0.5% 0.7% 1.9% 1.5% 0.7% 1.3% 1.7% 1.7% 1.7% 4.8% 4.7% 4.8% 7.1% 6.4% 4.5% 5.5% 9.3% 14.2% 14.8% 18.0% 18.5% Balanced Representative Portfolio 34.2% 38,2% ☐ICE BofA All U.S. Convertibles (VXAO) ADVENT CAPITAL MANAGEMENT, LLC Source: ICE Data Services. Portfolio characteristics above are for a representative portfolio within the Balanced Convertible Institutional Composite. This information is shown to exemplify Advent's research and analysis process only. The analysis is based on industry sources that we believe to be accurate. Advent makes no representation, however, as to the accuracy of this information. 19#20BALANCED STRATEGY CHARACTERISTICS Delta Distribution Illustrates the Portfolio's Focus on Positive Asymmetry As of July 31, 2020 25% 20% 15% 10% 5% 0% <10% 10%-20% 20%-30% 30%-40% 40%-50% ADVENT CAPITAL MANAGEMENT, LLC Balanced Representative Portfolio 50%-60% 60%-70% 70%-80% 80%-90% ICE BofA All U.S. Convertibles (VXAO) >90% Source: Kynex, ICE Data Services. Portfolio characteristics above are for a representative portfolio within the Balanced Convertible Institutional Composite. This information is shown to exemplify Advent's research and analysis process only. The analysis is based on industry sources that we believe to be accurate. Advent makes no representation, however, as to the accuracy of this information. This is not a recommendation to buy or sell any specific security. 20#21BALANCED STRATEGY PERFORMANCE Composite Risk/Return Characteristics As of July 31, 2020 Balanced Convertible Institutional Composite (Gross) Balanced Convertible Institutional Composite (Net) ICE BofA US Convertible Index (VXAO) S&P 500 Index Russell 2000 Index YTD 13.52 13.09 15.03 2.38 (10.57) 1 Year 19.26 18.67 21.64 3 Year Ann. 12.42 11.88 13.59 11.96 12.01 (4.59) 2.69 5 Year Ann. 9.65 9.14 10.85 11.49 5.10 10 Year Ann. 10.58 10.06 11.17 13.84 10.07 15 Year Ann. 8.74 8.19 8.60 8.96 6.77 Since Inception Ann. Return 9.73 9.16 8.76 9.24 ADVENT CAPITAL MANAGEMENT, LLC 7.93 Since Inception Since Inception Ann. Sharpe Ann. Standard Deviation Ratio 12.55 12.54 12.66 15.10 19.90 GOAL: To Generate a Long-Term Track Record of Equity-Like Returns with Lower Risk ✓ 0.60 0.55 0.51 0.46 0.29 The Balanced Composite is the Balanced Convertible Institutional Composite. Inception date of the Balanced Composite was October 1, 1995. Returns presented on a gross basis are substantially higher than returns presented on a net basis because gross returns do not reflect the deduction of investment advisory fees and other expenses that would be incurred by a client. Investment advisory fees have a compounding effect in reducing the value of a client portfolio over time. Past performance is not a guarantee of future results. Please see the "Disclosures" section at the end of this presentation. 21#22BALANCED STRATEGY PERFORMANCE Balanced Strategy: Participate in the Upside, Protect on the Downside 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 Annual Returns Balanced Composite (Gross) 13.52% 23.23% -1.70% 13.97% 7.26% -1.58% 7.90% 23.47% 13.70% -4.08% 19.71% 42.38% -31.72% 8.74% 11.45% 3.44% 6.08% 26.34% -9.63% -6.57% 10.51% 27.96% 12.57% 23.58% 19.38% 7.67% S&P 500 2.38% 31.49% -4.38% 21.83% 11.96% 1.38% 13.69% 32.39% 16.00% 2.11% 15.06% 26.46% -37.00% 5.49% 15.79% 4.91% 10.88% 28.68% -22.10% -11.89% -9.10% 21.04% 28.58% 33.36% 22.96% 6.02% Market Capture Balanced Composite (Gross) 567.0% 73.8% 38.7% 64.0% 60.7% N/A 57.7% 72.5% 85.6% N/A 130.8% 160.1% 85.7% 159.0% 72.5% 70.1% 55.9% 91.8% 43.6% 55.3% N/A 132.9% 44.0% 70.7% 84.4% 127.4% Summary: Sum of Up Year Returns Sum of Down Year Returns ADVENT CAPITAL MANAGEMENT, LLC Market Upside Capture Market Downside Capture Balanced Composite (Gross) 306.67% -39.11% 87% 46% S&P 500 352.49% -84.47% Advent's Balanced Strategy seeks to enhance the positive asymmetric nature of convertibles, historically participating in 87% of the upside while protecting on the downside (46%). The Balanced Composite represents the Balanced Convertible Institutional Composite. Performance data from October 1, 1995 through July 31, 2020 for the Balanced Composite and the S&P 500 Index. Returns presented on a gross basis are substantially higher than returns presented on a net basis because gross returns do not reflect the deduction of investment advisory fees and other expenses that would be incurred by a client. Investment advisory fees have a compounding effect in reducing the value of a client portfolio over time. Past performance is not a guarantee of future results. Please see the "Disclosures" section at the end of this presentation. 22#23BALANCED STRATEGY PERFORMANCE Efficient Frontier Return (Annualized) 11% 10% 9% 8% 7% 6% 5% 4% 0% Bloomberg Barclays Agg 2% 4% IG Corporate (COAO) Credit Suisse Leveraged Loans 6% 60/40 Blend HY Corporate (HOAO) 10 Year Treasury Bonds (GA10) Advent Balanced Convertible Strategy (Gross) 10% Convertible Bonds (VXA0) 8% 12% Risk (Annualized Standard Deviation) 14% ADVENT CAPITAL MANAGEMENT, LLC S&P 500 Index 16% Russell 2000 Index 18% Source: Bloomberg, Advent Capital Management, LLC, ICE Data Services. Data set is from October 1995 (the inception of the Balanced Convertible Strategy) through July 2020. "T Bills" represent the three month Treasury Rate. GA10 represents the ICE BofA Current 10- Year US Treasury Index. COAO represents the ICE BofA Corporate Master Index. HOAO represents the ICE BofA US High Yield Index. VOAO is the ICE BofA All US Convertibles Excluding Mandatories Index. 60/40 Blend represents a blend of 60% S&P 500 and 40% Bloomberg Barclays Capital US Aggregate Index. Returns presented on a gross basis are substantially higher than returns presented on a net basis because gross returns do not reflect the deduction of investment advisory fees and other expenses that would be incurred by a client. Investment advisory fees have a compounding effect in reducing the value of a client portfolio over time. Past performance is not a guarantee of future results. Please see the "Disclosures" section at the end of this presentation. 20% 23#24BALANCED STRATEGY PERFORMANCE Composite Monthly Returns (Gross) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 Jan 1.26% 7.63% 3.03% 3.23% -1.27% 2.59% 1.81% -5.94% 0.11% -0.77% 4.61% 0.94% 3.88% 3.95% 0.18% 5.59% 2.53% 1.89% 2.79% -2.36% 3.01% -0.33% -2.35% -3.10% -0.08% 1.89% 0.15% 3.55% 0.47% -2.81% 0.49% 2.39% 1.60% 0.78% -1.21% -0.10% -2.48% 3.06% -7.87% 1.28% 11.26% 1.34% -2.53% 0.26% 4.60% 3.11% 1.15% 3.54% 0.92% Feb Mar Apr -3.27% -11.49% 10.76% May Jun 6.79% 4.26% 0.04% 2.89% -3.86% 4.99% 0.32% -0.49% 3.76% 0.15% 0.84% 0.98% 0.21% 0.80% 3.97% 0.68% 1.97% -0.58% 0.01% 0.21% 2.54% -2.00% -1.28% -0.56% 2.26% 2.81% 2.87% 2.27% 2.40% -1.77% 0.54% -1.41% -4.06% 2.50% 0.55% 2.27% -1.20% -2.17% 4.72% 2.70% -4.73% -3.10% 5.28% 7.53% 4.48% 0.84% -3.61% 5.22% 1.85% -3.39% 0.54% 2.38% 2.98% -0.50% 2.39% 0.27% -2.67% -0.70% -2.62% -3.90% 3.43% 2.24% -0.01% -4.26% 0.82% 1.24% 1.06% 5.52% 5.40% 0.33% 3.42% -0.96% -0.81% -4.41% -4.78% 8.84% -0.57% -1.83% -0.82% -2.84% -4.00% 7.60% 1.80% 1.47% -2.12% 4.82% 4.23% 1.39% -1.54% 0.83% -0.36% 1.19% 4.32% 3.54% 4.65% 1.11% -2.32% 1.62% 1.62% 1.56% Aug Jul 6.18% 1.81% -2.26% -0.30% 0.72% 3.30% -0.34% 2.66% -0.20% 1.48% 4.37% 0.26% 1.31% -0.17% -4.25% -3.63% -2.29% 3.49% -3.56% 4.13% -1.65% 3.73% 0.84% 2.43% 2.18% -2.01% -5.78% -6.01% 5.44% -1.38% 6.03% 7.74% 3.56% 4.37% -3.69% 0.12% -11.96% -2.78% -0.69% 4.77% -0.76% 1.31% 2.12% 3.30% -0.48% 0.87% -4.45% 0.41% 1.87% 0.60% 1.31% 1.40% -6.45% 0.24% -2.79% -2.25% -2.74% -8.31% -1.23% 9.13% -2.69% -1.08% -1.31% -0.09% -0.95% -10.73% 1.57% 3.01% 2.08% 2.94% 2.76% Sep Oct YTD 13.52% 3.50% 2.35% -5.00% 23.23% -1.70% -0.04% 13.97% 0.69% 0.30% 2.33% 1.04% 7.26% 0.17% -1.71% -1.58% 0.71% -0.40% 7.90% 1.69% 2.08% 23.47% 1.00% 1.92% 13.70% -1.57% 0.69% -4.08% 0.63% 4.97% 19.71% 3.71% 4.30% 42.38% -4.75% 7.50% -31.72% 3.89% -2.79% -1.10% 8.74% 2.73% 1.85% 0.50% 11.45% -1.99% 3.15% 2.09% 3.44% 0.78% 3.57% 2.30% 6.08% 3.66% 1.99% 2.99% 26.34% 2.87% 3.52% -1.61% 4.74% 4.46% 1.99% -3.34% -9.43% 7.30% 5.54% 5.96% 12.07% 4.09% 4.90% 4.33% -2.72% 0.22% 1.41% 0.51% 3.22% 0.50% 1.37% 4.21% 1.92% ADVENT CAPITAL MANAGEMENT, LLC 1.77% -6.26% 1.77% -2.07% 3.80% 1.93% 1.60% -0.83% 7.14% 2.93% -2.63% -18.71% Nov Dec -9.63% -6.57% 10.51% 27.96% 12.57% 23.58% 19.38% 7.67% The Balanced Composite represents the Balanced Convertible Institutional Composite. Inception date of the Balanced Composite is October 1, 1995. Returns presented on a gross basis are substantially higher than returns presented on a net basis because gross returns do not reflect the deduction of investment advisory fees and other expenses that would be incurred by a client. Investment advisory fees have a compounding effect in reducing the value of a client portfolio over time. Past performance is not a guarantee of future results. Please see the "Disclosures" section at the end of this presentation. 24#25A. Client Base ADVENT CAPITAL MANAGEMENT, LLC#26CLIENT BASE Asset Breakdown Across Strategies by Client Type As of June 30, 2020 Excludes Mutual Fund Assets Insurance/Banks 29% Individuals 5% Foundations/ Endowments 5% Corporate Pensions 15% ADVENT CAPITAL MANAGEMENT, LLC Public Pensions 46% 26#27B. Organizational Chart ADVENT CAPITAL MANAGEMENT, LLC#28ORGANIZATIONAL CHART Scott Reid Chief Operating Officer Client Advisory Managing Director Director 2 Professionals Vice President 3 Professionals (New York/London) Assistant Vice President Business Development Managing Director 4 Professionals (New York/London) Director Vice President Portfolio Management President & Chief Investment Officer Principal Managing Director 5 Professionals Director 2 Professionals Trading Director of Trading Managing Director (London) Director Vice President Tracy V. Maitland President Chief Investment Officer Research Director of Research (Managing Director) Assistant Research Director (Managing Director) Managing Director (London) Director 2 Professionals Vice President 2 Professionals Risk Management Chief Risk Officer (Managing Director) Vice President Systems Developer Associate As of April 30, 2020. There are 2 people represented twice in the above chart due to dual responsibilities. Performance & Risk Analyst Legal / Compliance General Counsel & Chief Compliance Officer Compliance Associate ADVENT CAPITAL MANAGEMENT, LLC Robert White Chief Financial Officer Chief Administrative Officer Operations/ Information Technology Director of Operations Operations Director Operations Vice President 2 Professionals Operations Analyst 3 Professionals (New York/London) Director of Technology System Administrator Finance / Accounting Controller Accountant Human Resources/ Administration Director of Human Resources Senior Executive Assistant/ Office Manager Executive Assistant 2 Professionals Office Manager (London) Office Assistant Receptionist 28#29C. Disclosures ADVENT CAPITAL MANAGEMENT, LLC#30DISCLOSURES Firm Information: Advent Capital Management, LLC (Advent) is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Advent is an independent, privately held limited liability company. Advent Capital Management UK Limited, a wholly-owned subsidiary of Advent located in London, is authorized and regulated by the U.K. Financial Conduct Authority. Advent specializes in global and domestic convertible, high yield, and event-driven strategies based on a credit focused investment process with offices in New York and London. Advent has approximately $8.6 billion in assets under management (as of 5/31/20). We manage institutional assets across long-only, alternative and closed end fund strategies. A list of all firm composites is available upon request. Advent claims compliance with the Global Investment Performance Standards (GIPSⓇ) and has prepared and presented this report in compliance with the GIPS standards. The verification report(s) is/are available upon request. Advent has been independently verified for the period 9/30/95 - 12/31/19. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Balanced Convertible Institutional Composite has been examined for the periods 10/01/95 - 12/31/19. The verification and performance examination reports are available upon request. Additional information regarding policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request. Past performance does not guarantee future results. This performance report should not be construed as a recommendation to purchase or sell any particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value. Performance reflects the reinvestment of dividends and other earnings. Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Return Gross of Fees% 19.72 -4.08 13.70 23.47 7.91 -1.58 7.26 13.96 -1.70 23.23 Total Return Net of Fees % 19.07 -4.59 13.18 22.91 7.43 -2.02 6.77 13.46 -2.17 22.64 Balanced Convertible Institutional Composite ICE BofA All Convertible Index % 16.79 -5.17 14.96 24.92 9.44 -2.99 10.43 13.70 0.15 23.15 Number of Portfolios 5 9 10 13 13 16 15 14 15 16 Dispersion% 0.15 0.07 0.10 0.13 0.27 0.34 0.16 0.10 0.08 ADVENT CAPITAL MANAGEMENT, LLC 0.22 Total Composite Assets End of Period ($MM) Composite Characteristics: 1) Advent's Balanced Convertible Institutional Composite (Composite) consists of the following: Inception of the Composite was October 1, 1995 and the creation of the Composite was October 1, 1995. Periods presented represent only institutional accounts. Accounts in the Composite invest in balanced convertible securities that seek to participate in 75-85% of the equity upside and only 50% of the downside. As of 12/31/11, the 3-year ex-post standard deviation for the Composite was 13.03%. The ICE BofA All Convertible Index (VXA0) 3-year ex-post standard deviation was 12.84%. As of 12/31/12, the 3-year ex-post standard deviation for the Composite was 11.49%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 10.86%. As of 12/31/13, the 3-year ex-post standard deviation for the Composite was 9.87%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 9.67%. As of 12/31/14, the 3-year ex-post standard deviation for the Composite was 7.76%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 7.68%. As of 12/31/15, the 3-year ex-post standard deviation for the Composite was 8.40%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 8.26%. As of 12/31/16, the 3-year ex-post standard deviation for the Composite was 8.85%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 8.81%. As of 12/31/17, the 3-year ex-post standard deviation for the Composite was 7.92%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 7.84%. 322.2 485.4 963.7 1,472.0 1,614.9 1,630.6 1,581.4 1,615.4 1,647.1 1,221.5 Total Firm Assets End of Period ($MM) 5,799.9 5,537.9 6,092.1 7,591.3 8,427.9 8,563.3 8,835.2 9,350.1 8,479.6 9,300.1#31DISCLOSURES As of 12/31/18, the 3-year ex-post standard deviation for the Composite was 8.26%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 8.17%. As of 12/31/19, the 3-year ex-post standard deviation for the Composite was 8.97%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 8.28%. 2) The following is the criteria for inclusion in the Advent Balanced Convertible Institutional Composite: Through 3/31/11, all accounts must have had an initial account value of at least $5,000,000. As of 04/01/11, all accounts must have an initial account value of at least $3,000,000. The Composite will be composed of all accounts that meet the criteria to invest in Rule 144A securities. Advent changed its composite criteria to Rule 144A eligible accounts in July of 1997. The decision was made to assure the Composite was more representative of the overall convertible market. The current Composite does not include non-QIB accounts due to their inability to invest in Rule 144A securities. 3) The following pertains to performance results: ADVENT CAPITAL MANAGEMENT, LLC All performance is presented in U.S. Dollars. Returns are presented both gross of fees and net of actual management fees paid by the Advent accounts but not expenses paid by the clients. The Balanced Convertible Strategy advertised fee schedule is 0.80% on the first 25 million, 0.65% on the next 25 million, 0.55% on the next 50 million, and 0.50% on over 100 million. The management fees are described in Part 2 Advent's Form ADV. Returns presented on a gross basis are substantially higher than returns presented on a net basis because gross returns do not reflect the deduction of investment advisory fees and other expenses that would be incurred by a client. Investment advisory fees have a compounding effect in reducing the value of a client portfolio over time. Past performance is not necessarily indicative of future results. 4) Benchmark Information: The Composite is benchmarked to the ICE BofA All Convertible Index. The ICE BofA All Convertible Index is comprised of U.S. Convertible Securities and is a rule-driven index with a goal to create an unbiased proxy for the broad U.S. convertible market. Benchmark returns are not covered by the report of the independent verifiers. Calculation Methodology: The dispersion measure is the asset-weighted standard deviation for accounts in the composite for the entire year.#32DISCLOSURES ADVENT CAPITAL MANAGEMENT, LLC IMPORTANT INFORMATION ABOUT THIS DOCUMENT: This document is approved for publication by Advent Capital Management, LLC (Advent) and Advent Capital Management UK Limited (Advent UK) and includes information about an Advent investment strategy and/or an Advent-managed separate account or collective investment vehicle (each, an account). Advent is registered with the U.S. Securities and Exchange Commission as an investment adviser. Advent UK is a wholly-owned subsidiary of Advent and is Authorized and Regulated by the UK Financial Conduct Authority. The information in this document is intended exclusively for current investors in an Advent investment strategy or account and is for informational purposes only and in particular may not be used in making any investment decision. This document is not, under any circumstances, intended for distribution to the general public. This document is confidential and may not be reproduced (in whole or in part) in any manner without the written permission of Advent. No investment advice, financial advice, tax advice, or legal advice is provided through this document, and no person is authorized to use this document for those purposes. Therefore, this document is not a recommendation to invest in any Advent investment strategy or buy or sell units or interests (interests) in an account. Any discussion or information herein relating to investment processes, portfolio characteristics or other matters relating to Advent or an Advent investment strategy or account is subject to change over time. Opinions and any forecasts of future events, returns or results expressed in this document reflect the opinion of Advent, are subject to change without notice, do not reflect actual investment results, are not guarantees of future events, returns or results and are not intended to provide financial planning, investment advice, legal advice or tax advice. Although this document, including any third party information, has been prepared using sources, models and data that Advent believes to be reasonably reliable, its accuracy, completeness or suitability cannot be guaranteed and should not be relied upon as such by any person. Neither Advent nor any of its affiliates is under any obligation to update or keep current the information contained in this document and any opinions expressed in this document are subject to change without notice. Any views contained herein are based on financial, economic, market and other conditions prevailing as of the date of this document. The information contained in this document does not purport to cover all matters that may be relevant for the purposes of considering whether or not to make any prospective investment. Prospective investors should conduct their own investigations in relation to the matters referred to in this document and are recommended to consult their own advisers in relation to such matters. No responsibility or liability is accepted by Advent or any of its officers, agents or advisors as to the accuracy, sufficiency or completeness of any of the information or opinions, or for any errors, omissions or misstatements, negligent or otherwise, contained in or excluded from this document (except to the extent that such liability arises out of fraud or fraudulent misrepresentation). DISTRIBUTION RESTRICTIONS: Information in this document must not be used in any jurisdiction where prohibited by law and must not be used in a way that would be contrary to local law or legislation. The information in this document does not constitute an offer to sell or a solicitation of an offer to buy an interest in an account or any other security that may be referenced herein. Persons receiving a copy of this document in any jurisdiction may not treat this document as constituting an offer, invitation or solicitation to them to subscribe for interests notwithstanding that, in the relevant jurisdiction, such an offer, invitation or solicitation could lawfully be made to them without compliance with any registration or other legal requirement. Any entity responsible for forwarding this material to other parties takes responsibility for ensuring compliance with applicable securities laws. It is the responsibility of any persons in possession of this document and persons wishing to apply for interests to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of an Advent investment strategy or account. GENERAL RISK WARNINGS: Past performance does not guarantee, and is not a reliable indicator of, future results and the performance of an account may be substantially different. Current performance may be lower or higher than performance shown. The performance of an Advent investment strategy or account may be volatile, and an investor could lose all or a substantial portion of any investment made in an Advent investment strategy or account. No representation is given that an Advent investment strategy or account is suitable for any particular investor. Market conditions can fluctuate and vary widely over time and can result in a loss of portfolio value. It should not be assumed that results for historic portfolio investments or investment strategies will be achieved for other investments in the future. No guarantee or representation is made that any Advent investment strategy or account will achieve its investment objective or have positive returns. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor's reference currency and the base currency of the investments. Investments in derivative investments carry certain inherent risks such as the risk of counterparty default and before investing you should ensure you fully understand these risks. Use of leverage may also magnify losses as well as gains. Returns presented on a gross basis are substantially higher than returns presented on a net basis because gross returns do not reflect the deduction of investment advisory fees and other expenses that would be incurred by a client. The returns of a client investment in any investment strategy will be reduced by the advisory fees and any other expenses it may incur in the management of its account. Advisory fees have a compounded effect in reducing account performance over time. Investing in financial markets involves a substantial degree of risk and there can be no guarantee that the investment objectives of an Advent investment strategy or account will be achieved. Investment losses may occur, and investors could lose some or all of their investment. This document may contain certain forward- looking statements. In some cases forward looking statements can be identified by the use of terms such as "believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or "should" or variations thereof, or by discussions of strategy, plans, objectives, goals, future events or intentions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-thinking statements. The success or achievement of various results, targets and objectives is dependent upon a multitude of factors, many of which are beyond the control of Advent. No representations are made as to the accuracy of such estimates or projections or that such estimates or projections will be realized. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Hypothetical performance or results do not reflect actual investment results, are not guarantees of future events, performance or results and are not intended to provide financial planning or investment advice. Actual future events, returns and results may vary completely and adversely from prior opinions and forecasts concerning such events, returns and results. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. REFERENCED INDEXES: Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto. All information contained herein is proprietary and is protected under copyright law.