1. Bandon Isolated Alpha Fixed Income Fund
February 29, 2012
For Financial Professional Use Only
Unbiased
Unconstrained
Global Fixed Income
0367-NLD-3/12/2012

2. Bandon Overview
Bandon Capital Management – Alternatives Democratization Specialist
Privately owned firm based in Portland Oregon
Registered Investment Adviser with the Securities and Exchange Commission
Founder has implemented hedge fund manager research for investors since 2004
Strategies delivered through strategic relationships with specialized institutional managers
Seeks to deliver alternative return characteristics in both SMA and Mutual Fund format
The information in this presentation is for informational purposes only and is not intended as an offer to buy or
sell, or amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and
disclaimer information is contained towards the end of this presentation and should be read in conjunction with the 2
information presented above. There is no guarantee that any investment will achieve its objectives, generate 0367-NLD-3/12/2012
positive returns, or avoid losses.

3. Why Fixed Income Alternatives?
Low developed government bond yields
Potential for losses if interest rates rise
Benchmarks have become concentrated in government back securities
Composition of the Barclays US Aggregate Bond Index 10-Yr Yields (1/2/1962 - 12/31/2011)
1% 18%
3% Government 16%
14%
Corporate Credit - IG 12%
19%
10%
Asset-Backed Securities /
Commercial Mortgages 8%
6%
77% Emerging Markets Debt
4%
2%
0%
Duration: 5.05 yrs Jan-62 Jan-68 Jan-74 Jan-80 Jan-86 Jan-92 Jan-98 Jan-04 Jan-10
* Includes domestic and sovereign debt, quasi government, such as agency government guaranteed and agency non-government
guaranteed, municipal bonds and agency RMBS. Source: Barclays Capital as of December 31, 2010. 3
This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political
conditions and should not be construed as research or investment advice. Please see additional disclosures. 0367-NLD-3/12/2012

4. Low Yields Create Multiple Challenges
Over the last 30 years bonds have had large coupons offering attractive return
that has been often times enough to offset price change during periods of rising
interest rates:
Past performance is not indicative of future results, which may vary. Please note that you cannot invest directly in an index.
Source: Barclays Capital, Bloomberg; as of January 31, 2011
1.The above-posted illustration demonstrates a steady decline in coupon returns for the Barclays Capital US Aggregate Bond Index
and a structural drop in Treasury yields over the past 30 years. With the share of Treasuries in the Barclays Capital US Aggregate
Bond Index never falling below 20% over the past three decades and accounting for 34.0% of the index as of December 31, 2010,
we believe the index’s historical total return structure is partly correlated to the declining Treasury yields. Source: Barclays Capital.
2.The return components (i.e total return) accounts for two categories of fixed income return: income (i.e. coupon return) and price 4
return. Income includes interest paid by the fixed-income investments, whereas price return represents the change in the market
price of the fixed income security, which, depending on market conditions, can be negative. 0367-NLD-3/12/2012

5. The Fixed Income Toolbox
Core / High Quality (.9 – 1) Total Return / Strategic Income (.6 - .9)
Reduced Benchmark Orientation
ABS / MBS ABS / MBS TIPS
Unconstrained (.3 – .6) Absolute Return (0 - .3)
ABS / MBS TIPS ABS / MBS TIPS
Rate Hedge Credit Hedge Reduced Long Bias Rate Hedge Credit Hedge
Potential for
Short Exposure
The information in this presentation is for informational purposes only and is not intended as an offer to buy or sell, or
amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and disclaimer 5
information is contained towards the end of this presentation and should be read in conjunction with the information
0367-NLD-3/12/2012
presented above.

6. Fund Overview
Unconstrained to a benchmark, the fund utilizes a diverse set of global absolute
return-oriented strategies.
Seeking: positive returns through all market environments.
limited volatility and downside risk (stop loss on every position).
little to no correlation to traditional investments.
Performance Goal*: Greater of 6 – 8% net or US T-bills + 4–6%
Risk Objective*: 3-5% standard deviation
Correlation Objective*: Between -.33 and +.33 over a market cycle
Defined symmetrical bands for potential exposures
Credit** -100% 0 +100%
Duration -5 yrs 0 +5 yrs
* The Performance, Risk and Correlation goals are current, subject to change, and should not be considered a
predictor of investment return or risk characteristics. All investments involved the risk of loss and no measure of
performance or risk is guaranteed. The fund aims to deliver its target return and risk over a full market cycle, which
is likely to include stretches of both up and down performance.
** Excludes developed market sovereign credit risks. Total fund notional exposure may exceed 100%.
The information in this presentation is for informational purposes only and is not intended as an offer to buy or sell,
or amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and
disclaimer information is contained towards the end of this presentation and should be read in conjunction with the 6
information presented above. There is no guarantee that any investment will achieve its objectives, generate
0367-NLD-3/12/2012
positive returns, or avoid losses.

7. Universe of Fixed Income Exposures
Interest rate positions expressed with sovereign futures. Credit exposure
unconstrained by geography, quality and security type:
Credit Interest Rates (10yr)
ABS / MBS Inv. Grade Corp US Treasury
Bank Loans High Yield Corp German Bund
CDS Govt Bonds UK Gilt
Convertible Bonds Preferreds Japanese JGB
* The above are security type examples and do not represent the entire universe of potential investments for the fund or
actual portfolio positions. Additional information regarding potential exposure can be found in the fund’s prospectus.
The information in this presentation is for informational purposes only and is not intended as an offer to buy or sell, or
amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and disclaimer
information is contained towards the end of this presentation and should be read in conjunction with the information
7
presented above. 0367-NLD-3/12/2012

8. Institutionally Oriented Sub-Advisers
Logan Circle Partners, LP – Credit Specialist
Founded in 2007 – Delaware Investments institutional investment team transaction
Fixed Income manager dedicated solely to the institutional marketplace
Over $13.5 Billion* in assets under management including 4 MF Sub-Advisory mandates
64 employees, 9 portfolio managers, 15 research analysts, and 13 traders
Purchased by Fortress Investment Group, LLC in April of 2010 (FIG)
As a Sub-Adviser, Logan Circle seeks to produce positive total returns in all market
environments by implementing unconstrained, multi-sector, global credit based absolute return
strategies while minimizing interest rate duration exposure
The approach is a disciplined and active, bottom-up driven process augmented
with stringent risk controls
Views driven by rigorous, bottom-up, in-depth research and analysis
Risk management focused on liquidity and hard stops
Ability to modify exposures without moving markets
Access to primary debt capital markets
*As of December 31st, 2011. 8
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. 0367-NLD-3/12/2012

9. Credit Strategies
Fundamental long/short “bottom up” global credit strategies with predetermined exposure
bands unconstrained by a benchmark:
Category Strategy Characteristics Examples
Higher current yield MGM 2011 Subs
Longs Express via cash or CDS ILFC 2012s
Directional Low interest rate sensitivity Brazil 2014s
0% - 50% Special situations
Shorts expressed via CDS CDX.IG14
Shorts Single name or index FDC 5yr CDS
Directional Thematic basket trades Basket Consumer/Retail
- 50% - 0% Typically used to hedge longs
Cap Structure / Identifiable catalysts TXU Bank Loans
Directional / Industry consolidations CNH 2013s
Event Driven Long & Short positions Hasbro 5yr CDS (Short)
Relative Value Special situations
0% - 50%
Special situations Goldman/Morgan Stanley
Pairs Trades Identifiable catalysts Prudential/MetLife
Relative Value Industry consolidations GE Capital/Capital One
0% - 50% Intermediate holding period
Mispriced security Anadarko 7yr Bonds
Opportunistic Liquidity imbalance Prudential 30yr bonds
Short Term Mispricing Typically hedged w / futures WellPoint Inc. 10yr bonds
0% - 50% Very short holding period
*The examples are based on the holdings of the investment universe of Logan Circle. The Securities were not
based on performance and should not be construed as recommendations or endorsements. These examples may 9
or may not have been included in a composite at any given point in time. Ranges are subject to change. 0367-NLD-3/12/2012

10. Institutionally Oriented Sub-Advisers
Dix Hills Partners, LLC – Interest Rate Specialist
Founded in 2003 with 12 full time employees, 4 founding partners
13 years experience managing active duration investment strategies
$729 Million* in assets under management
Strategic business partnership with Federated Investors, Inc.
As a Sub-Adviser Dix Hills seeks to produce positive total returns in all market environments
by actively managing interest rates using a systematic directional interest rate forecasting
framework based on macro economic, bond market valuation and momentum indicators.
The strategy is a disciplined, monthly, systematized fundamentally rooted interest rate
forecasting process augmented with stringent risk controls
Forecast four different developed sovereign 10-yr rates
Risk management include hard stops and pre-defined exposure bands
Research data of over 49 years
*As of December 31st, 2011. 10
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. 0367-NLD-3/12/2012

11. Interest Rate Process
A monthly systematized multi-factor approach to project interest rate exposures
Hard Data Multi-Factor Model Trading Signals
Target Duration
Exposure
Monthly
to Interest Rates
Economic
Between
Data Inputs Interest Rate
Release Macro Forecast
Economic Valuation +5 years
Technical
&
-5 years
Risk Management Implementation
Stop Loss Trading Tools Government
Profit Taking Bond Futures
Bound Exposures
Important fee, performance and disclaimer information is contained towards the end of this presentation and should
be read in conjunction with the information presented above.
11
0367-NLD-3/12/2012

12. Performance and Statistics
Monthly Performance: Actual results 12/31/2010 to current
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2012 0.50% 1.39% 1.90%
2011 0.70% ‐0.79% ‐1.30% ‐0.81% 0.82% 0.30% 0.51% ‐1.31% ‐0.61% 0.82% 0.51% 1.11% ‐0.10%
2/29/12 (12/31/10 ‐Current)
Return Summary BANIX Barclays Cumulative Growth
Last Month 1.39% ‐0.02% 10%
12/31/11
Barclays
Recent Quarter 2.46% 1.12% Aggregate
2011* ‐0.10% 7.84% 8% 8.76%
Since Inception 12/31/2010 1.8% 8.8%
Ann. Standard Deviation 3.5% 3.8% 6%
M ax Daily Drawdown ‐3.8% ‐1.8%
Exposure Analysis Excl Cash %'s 4%
1
Long M arket Value 14,012,366 55% BANIX
1
Short M arket Value (18,261,817) ‐72% 1.80%
1
2%
Net M arket Value (4,249,451) ‐17%
1
Gross M arket Value 32,274,183 127%
0%
Total Fund Assets 25,451,826
Risk Summary BANIX HFRX
‐2%
Rate Duration -5 -4 -3 -2 -1 0 1 2 3 4 5 Ab Return
Spread Duration 1.56 ‐3.83%
Alpha vs Barclay's 4.42% ‐4%
Beta vs Barclay's ‐0.37
Correlation vs Barclay's ‐0.40 ‐6%
12/31/10 2/28/11 4/30/11 6/30/11 8/31/11 10/31/11 12/31/11 2/29/
Correlation vs S&P 500 0.37
The Bandon Isolated Alpha Fixed Income Fund total annual operating expense ratio (gross) is 2.16% for Investor Class, 2.41% for class A shares, 3.16% for the class C shares and 2.66% for the
class R shares The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least January 31, 2013, to ensure that total annual fund operating
expenses after fee waiver and/or reimbursement will not exceed 1.95%, 2.20%, 2.95% and 2.45% of each class's net assets, respectively, for Investor Class, Class A, Class C and Class R shares.
Expense waivers and reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or
reimbursed) if such recoupment can be achieved within the foregoing expense limits. *The Fund’s inception date is 12/31/10 and as such 2011 year to date performance also represents the fund’s
1-year and since inception performance as of 12/31/2011. 1) Market value excludes cash used as collateral or covering notional exposures.
Results shown reflect the waiver, without which the results could have been lower. The performance data quoted
here represents past performance. Current performance may be lower or higher than the performance data
quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth 12
more or less than their original cost. Past performance is no guarantee of future results. A Fund's performance,
especially for very short periods of time, should not be the sole factor in making your investment decisions. To 0367-NLD-3/12/2012
obtain performance information current to the most recent month-end, please call toll-free 1-503-477-8100.

13. Absolute Return Within Your Fixed Income Allocation
A Fixed Income Replacing core fixed income
Diversifier during bear markets
TIPS TIPS
High Yield Emerging High Yield Alternative Emerging
Barclay’s
Bank Market Bank Fixed Market
Agg
Loans Debt Loans Income Debt
Alternative
Barclay’s
Fixed
Agg
Income
The information contained on this page is for discussion purposes only and is not intended to be a recommendation for a
particular allocation. Allocations will vary based on each client’s needs, objectives and risk tolerance. 13
0367-NLD-3/12/2012

14. A Differentiated Alternative Fixed Income Strategy
Strategic Income, Unconstrained Bond Bandon Isolated Alpha
 Beta-oriented returns Seeks alpha not beta
 Interest rate long bias No directional interest rate bias
 Limited short exposure as hedge Shorts often for return not hedge
 Blurred alpha/beta characteristics Seeks isolated alpha
 Many strategies have seen increased Has historically exhibited low correlation
correlation to risk assets during periods of to risk assets including periods of market
market stress stress
 Long rate bias may provide limited relief Lack of directional rate bias creates equal
during periods of rising rates opportunity for gains in both up and down
interest rate environments
14
0367-NLD-3/12/2012

15. Operational and Administrative Considerations
 Available Custodians Pershing, Fidelity/NFS, TD Ameritrade
Trust Company of America
 I Class Ticker BANIX (1.95%)
 A Class Ticker BANAX (2.20%
 C Class Ticker CBANX (2.95%)
 Minimum Investment $10,000
 Tax Reporting 1099
– A & C classes may require operational items in order to become available at custodians listed above
– R share classes (50bps 12-b1) available upon capital commitments
For more information please contact Mike Miller at 503-477-8100
or mike@bandonalts.com
15
www.bandonalts.com 0367-NLD-3/12/2012

16. Portfolio Manager Bios
William F. Woodruff - Mr. Woodruff is Bandon’s Founder, Managing Principal and Chief Investment Officer. He is responsible for all investment
management activity at Bandon. Prior to founding Bandon in 2007, Mr. Woodruff spent four years with Beacon Investment Group and its subsidiaries,
ultimately serving as a portfolio manager for the firm’s various hedge funds and alternative investment products. In that role, Mr. Woodruff evaluated and
invested in a wide variety of alternative strategies. His primary focus was developing ways to democratize alternative strategies. These efforts lead to the
creation of the trading approach for the DIRS Program that is now a flagship Bandon product. Mr. Woodruff began his career working for Portland, Oregon
based Philips & Co. Securities in 2002. He holds a B.B.A. in Finance from the University of Portland.
Andrew J. Kronschnabel, CFA - Mr. Kronschnabel is a senior portfolio manager at Logan Circle Partners. As a member of the portfolio management team
he is responsible for the firm’s absolute return strategies with a specialization in high grade. Prior to joining Logan Circle Partners, he was a member of the
portfolio management team at Delaware Investments where he was responsible for Core-based and high grade products from 2000 to 2007. Mr.
Kronschnabel received a Bachelor of Science degree in international economics and politics from Colorado College.
Joseph A. Baggett, CFA - Mr. Baggett is a founder and Senior Portfolio Manager for Dix Hills Partners, LLC and its affiliate management company, Dix Hills
Associates, LLC. Until his departure in January 2003, Mr. Baggett served as Executive Director, Quantitative Investments Group, UBS Global Asset
Management in New York. At UBS, Joe was senior portfolio manager/research analyst for the quantitatively driven investment strategy group that managed
over $6 billion in assets. Joe served as Model Developer and Portfolio Manager for Quantitative Fixed Income Strategies and Quantitative Allocation, LLC
(“Q.A.”). Additionally, Joe was also a member of the Portfolio Management Team for UBS Tactical Allocation Fund, a $3 billion, fully flexible mutual fund that
allocated between stocks (S&P 500), bonds (intermediate-term Treasury notes) and cash on the basis of a quantitatively-driven market valuation model. He
has extensive experience in other traditional quantitative disciplines as well, including portfolio optimization, indexation, stock selection models, performance
attribution/analysis, risk management and securities and derivatives trading. At UBS, he was also actively involved in marketing these products to institutional
and individual prospects. Prior to UBS Asset Management, Joe worked as an Economist at PaineWebber, Inc., part of a three-person unit that produced the
firm's U.S. economic growth, inflation and interest rate outlooks. Prior to PaineWebber, Joe worked at the Federal Reserve Bank of New York as an Assistant
Economist, Domestic Financial Markets Division. Mr. Baggett holds a B.A. in Economics from Columbia University (Summa Cum Laude, Phi Beta Kappa). He
also attended the University of Chicago Graduate School of Business, completing the first year of a two year M.B.A. program with a 4.0 G.P.A.
The information in this presentation is for informational purposes only and is not intended as an offer to buy or sell, or
amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and disclaimer
information is contained towards the end of this presentation and should be read in conjunction with the information
16
presented above. 0367-NLD-3/12/2012

17. Important Disclosures
The material contained in this document is for general information purposes only and is based on
information that is considered to be reliable. However, Bandon makes this information available on an
“as is” basis and make no warranties, express or implied, regarding the accuracy of the information
contained herein, for any particular purpose. Bandon and its independent providers are not liable for any
information errors, incompleteness, or delays, or for any actions taken in reliance on information
contained herein. Nothing contained in this material is intended to constitute legal, tax, securities,
financial or investment advice, nor an opinion regarding the appropriateness of any investment. The
information herein should not be acted upon without obtaining specific legal, tax or investment advice
from a licensed professional.
Bandon Capital Management, LLC, Dix Hills Partners, LLC and Logan Circle Partners, LLC are not
affiliated with Northern Lights Distributors, LLC
Investors should carefully consider the investment objectives, risks, charges and expenses of
the Bandon Isolated Alpha Fixed Income Fund. This and other important information about the
Fund is contained in the prospectus, which can be obtained at www.bandonfunds.com or by
calling 503-477-8100. The prospectus should be read carefully before investing. The Bandon
Isolated Alpha Fixed Income Fund is distributed by Northern Lights Distributors, LLC member
FINRA.
The information in this presentation is for informational purposes only and is not intended as an offer to buy or sell, or
amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and disclaimer
information is contained towards the end of this presentation and should be read in conjunction with the information
17
presented above. 0367-NLD-3/12/2012

18. Important Disclosures
Mutual Funds involve risk including the possible loss of principal. Closed-end funds are subject to
investment advisory and other expenses, which will be indirectly paid by the Fund. There is a risk that
issuers and counterparties will not make payments on securities and other investments held by the
Fund, resulting in losses to the Fund. The Fund's use of derivative instruments involves risks different
from, or possibly greater than, the risks associated with investing directly in securities and other
traditional investments. Emerging market countries may have relatively unstable governments, weaker
economies, and less-developed legal systems with fewer security holder rights. The value of the Fund's
investments in fixed income securities and derivatives will fluctuate with changes in interest rates.
Currency trading risks include market risk, credit risk and country risk. Investments in foreign securities
could subject the Fund to greater risks including, currency fluctuation, economic conditions, and
different governmental and accounting standards. The Fund may invest in high yield securities, also
known as "junk bonds." High yield securities provide greater income and opportunity for gain, but entail
greater risk of loss of principal. Using derivatives to increase the Fund's combined long and short
exposure creates leverage, which can magnify the Fund's potential for gain or loss. The default rate on
underlying mortgage loans or asset loans may be higher than anticipated, potentially reducing
payments to the Fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets
in the securities of one or more issuers. The Fund will incur a loss as a result of a short position if the
price of the short position instrument increases in value between the date of the short position sale and
the date on which the Fund purchases an offsetting position.
The information in this presentation is for informational purposes only and is not intended as an offer to buy or sell, or
amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and disclaimer
information is contained towards the end of this presentation and should be read in conjunction with the information
18
presented above. 0367-NLD-3/12/2012

19. Definitions
S&P: Refers to the Standard and Poor's 500 Index which is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad
domestic equity market. This index is used for comparative purposes only.
Barclays Agg (BarCap): Refers to the Barclays Aggregate US Bond Index. The index is designed to measure performance of the broad based investment-grade, fixed rate,
taxable bond market. This index is used for comparative purposes only.
IEF: An Exchange Traded Fund that seeks results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays Capital U.S. 7-10
Year Treasury Bond Index.
TLT: An Exchange Traded Fund that seeks results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays Capital U.S. 20+
Year Treasury Bond Index.
Alpha: A risk-adjusted measure of the active return on an investment. It is a measure of the manager’s contribution to performance. A positive annual Alpha indicates the
portfolio outperformed the market on a risk-adjusted basis, and a negative Alpha indicates the portfolio underperformed in relation to the market.
Beta: Describes how the expected return of a stock or portfolio is correlated to the return of the financial market as a whole. A Beta greater than 1.00 indicates the portfolio
is more volatile than the market, and a Beta less than 1.00 indicates the portfolio is less volatile than the market.
Duration: A measure of a bonds price sensitivity to yield. It can also be described as the percentage change in price for a parallel shift in yield.
Standard Deviation: Measures the degree of variation of monthly returns around the mean (average) return. The higher the volatility of the investment returns, the higher
the standard deviation will be.
Correlation: Measures how closely the investment tracks the market (the "market" can be defined as an index).
Absolute Return: The return that an asset achieves over a certain period of time. This measure looks at the appreciation or depreciation (expressed as a percentage) that
an asset - usually a stock or a mutual fund - achieves over a given period of time.
Directional Trading: A strategy used by investors that open positions, either long or short, on the belief that they are able to correctly predict the movement of price in a
security.
Event Driven: A strategy where positions seek profits from the consummation of a given event (e.g. takeover, merger, etc).
Cap Structure: A strategy that attempts to exploit a pricing inefficiency between two securities of the same company.
Paris Trade: The strategy of matching a long position with a short position in two stocks of the same sector. This creates a hedge against the sector and the overall market
that the two stocks are in.
Opportunistic: A strategy that seeks to take advantage of short-term mispricing in securities.
The information in this presentation is for informational purposes only and is not intended as an offer to buy or sell, or
amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and disclaimer
information is contained towards the end of this presentation and should be read in conjunction with the information
19
presented above. 0367-NLD-3/12/2012

20. Appendix 1: Alpha / Beta Separation
By going away from traditional actively managed product where Beta and Alpha are
blurred together you gain control of your asset allocation. Giving you the choice of
either minimizing costs or reducing beta.
Actively Managed Isolated Alpha Isolated Alpha
Bond Portfolio (Cost Reduction) (Beta Reduction)
0.58% total cost 0.30% Avg cost 0.58% Avg cost
10% Cost of Alpha 10% Cost of Alpha
1.95% Cost of Alpha
Alpha 4.70% BANIX 25%
1.95%
BANIX
90% BND
0.12% 90% BND BND
Beta Exp Ratio 0.12% 75%
Beta 0.12%
Exp Ratio Exp Ratio
Beta
BND: Vanguard Total Bond Market ETF.
The portfolios are hypothetical examples created by Bandon and are provided for illustration purposes only. No
assumptions should be made that the allocations above will be profitable or provide alpha. Allocations and their
20
percentages should change based on an individual investor's needs. 0367-NLD-3/12/2012

21. Appendix 2: Logan Circle - Investment Team
High Grade EM / Non-Dollar
High Yield Structured Product
PORTFOLIO & RISK Andy Kronschnabel, CFA Scott Moses, CFA
MANAGEMENT Tim Rabe, CFA Al Leone, CFA
Stephen Mullin, CFA Todd Howard, CFA
Jude Driscoll, CIO
Risk Analytics
Paul Polichino
High Grade High Yield
Structured Product
TRADING / Matt Buchanan Tom McClintic EM / Non-Dollar
TECHNICAL ANALYSIS Joseph Watkins
Dana Cottrell Spencer Tullo Todd Howard, CFA
Kevin Hendrickson
Lou Petriello
Credit Research Team
FUNDAMENTAL Michael Borowske Michael Frey Matt Higgins, CFA
RESEACH Brian Funk, CFA, Lee Rubenstein
Director Ian Bowman Ximena Galvez Chris Moon, CFA
Greg Zappin, CFA
Zach Bauer, CFA Evan Driedger, CFA Brent Garrels Michael Recchiuti
The information in this presentation is for informational purposes only and is not intended as an offer to buy or sell, or
amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and disclaimer
information is contained towards the end of this presentation and should be read in conjunction with the information
21
presented above. 0367-NLD-3/12/2012

22. Appendix 3: Logan Circle – Investment Process
Idea Generation• Research
• Portfolio Management
1 • Trading
Risk Management/ Research
Portfolio Review Proprietary Research
5 2 • Examination of critical industry trends.
• Forward Looking Risk Identification • Identification of potential relative value opportunities.
• Position Sizing • 5 Senior Analysts/Group Leaders closely monitoring
• Portfolio Level Assessments 20-25 companies.
• Gross / Net Exposure • Industry Specialists Monitoring 50-75 Companies
• Strategy Allocation %’s Portfolio
Trading
Management
Sell Discipline 4 3
Portfolio Construction
• Research identifies negative change in
fundamentals • Directional (Long & Short)
• Securities reach price targets or stop losses • Event Driven / Cap Structure
• Better opportunities arise (relative value) • Pairs Trades
• Opportunistic
The information in this presentation is for informational purposes only and is not intended as an offer to buy or sell, or
amount to a solicitation to buy or sell, any securities referred to herein. Important fee, performance and disclaimer
information is contained towards the end of this presentation and should be read in conjunction with the information
22
presented above. 0367-NLD-3/12/2012

23. Appendix 4: Active Duration Framework
A robust directional interest rate forecasting framework based on
Macro economic, bond market Valuation and Momentum indicators.
overall forecast higher rates lower rates
macro indicators expanding contracting
valuation indicators expensive cheap
momentum indicators rising rate declining rate
STRONG WEAK STRONG
Forecast is for illustrative purposes only. Not an example of a current interest rate forecast. 23
0367-NLD-3/12/2012