Presentation to: City of Fresno Retirement Systems

Presentation to: City of Fresno Retirement Systems August 27, 2013

Presenters Biographies City of Fresno Retirement Systems David Horsfall, CFA David is Co-Deputy Chief Investment Officer and Managing Director of Opportunistic Fixed Income. In conjunction with the CIO, David is responsible for overseeing the management of all single and multi-sector active fixed income portfolios. David also serves as the head of Standish's Fiduciary Committee and is a senior member of the firm's Counterparty Committee. Prior to being promoted to Deputy CIO in September 2008, he spent 11 years as the firm's Head of Active Fixed Income Trading. He has broad experience trading investment grade corporates, high yield corporates, emerging markets debt, liquid products (i.e., Treasuries, agencies, TIPS), structured products (i.e., ABS, CMBS), derivatives (i.e., swaps, futures, forwards, options), and global/non-us securities. He joined the firm in 1989 and has spent his entire 24-year career with Standish. David has an M.B.A. from Boston College, a B.A. from St. Lawrence University and holds the CFA designation. Daniel Lass Dan is a Senior Vice President of Standish, responsible for sales and marketing to US Public Funds. Dan joined Standish in 2009 directing marketing and sales for Coefficient Global Macro Funds. Prior to joining Standish, Dan was a Partner and Managing Director of Pareto Partners in London and in New York. Previous to Pareto, Dan was Vice President at Bankers Trust Company in Los Angeles and London and began his professional career as Deputy Director and in-house counsel to the Minneapolis Employees' Retirement Fund. Dan earned his J.D. from the University of Notre Dame and his B.S. from the University of Minnesota. Dan has over 30 years of investment industry experience and holds his Series 3, 7 and 65 securities licenses. 2 CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute.

Agenda City of Fresno Retirement Systems I. Corporate Overview II. Team, Philosophy, & Process III. Portfolio Construction IV. Appendix 3

Section I.

Standish By The Numbers Corporate Overview 1933 Year Standish is founded 163 billion USD in assets under management 1 Dedicated exclusively to fixed income and credit solutions 185 employees 2 130 Investment professionals located in U.S., U.K., & Singapore 2 U.S., regional and global mandates With clients in 35 countries 4 Source: Standish as of June 30, 2013. 1 Assets under management (AUM) as of June 30, 2013. Standish had reported total AUM of $104 billion as of December 31, 2012. The difference is the result of a planned corporate restructuring, effective January 1, 2013, that saw the transfer to Standish of cash and stable value assets previously managed by BNY Mellon Cash Investment Strategies, a division of The Dreyfus Corporation. This figure includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation or The Bank of New York Mellon, and high yield assets managed by personnel of Alcentra NY, LLC acting as dual officers of Standish. Standish, Dreyfus, and Alcentra are registered investment advisers; they and The Bank of New York Mellon are wholly-owned subsidiaries of The Bank of New York Mellon Corporation. 2 Includes shared employees of BNY Mellon Asset Management (UK) Limited and MBSC Securities Corporation, both affiliates of Standish Mellon Asset Management Company LLC ("Standish"), contracted employees from the Singapore Branch of The Bank of New York Mellon, and employees of Alcentra NY, LLC acting as dual officers of Standish. These individuals may from time to time act in the capacity of shared employees of Standish, performing sales, marketing, portfolio management support, research and trading services for certain Standish managed accounts. In addition, Standish is also supported by BNY Mellon Asset Management Operations LLC ( BNYM AM Ops ) which is a legally separate entity that provides services related to all aspects of IT and operations, including front, middle and back office services through a Service Level Agreement.

Investment Strategies & Solutions Corporate Overview Single Sector Relative Return Emerging Markets Local Currency, US$, Corporates, Opportunistic Multi-Sector Relative Return Total Emerging Markets Global Core Plus Absolute Return Opportunistic Fixed Income Global Corporate Credit U.S., Euro & Global Global Core/Non-US Core Securitized Strategies Long Duration ABS & CMBS Mortgages U.S. Core Plus Tax Sensitive Absolute Return U.S. Core Tax-Sensitive Short, Intermediate, Long Short/Intermediate Duration TIPS U.S. & Global Cash Government U.S. & Global Stable Value Absolute FX Solutions Liability Driven Investing Insurance Client Strategies Liquidity Strategies ESG/SRI 5

Standish Active Fixed Income Division Corporate Overview Desmond Mac Intyre Chairman & CEO of Standish, Division Head David Leduc, CFA Chief Investment Officer David Horsfall, CFA Co-Deputy Chief Investment Officer Raman Srivastava, CFA Co-Deputy Chief Investment Officer Thomas Higgins, PhD Chief Economist & Global Macro Strategist MULTI-SECTOR PORTFOLIO MANAGEMENT OPPORTUNISTIC David Horsfall, CFA David Leduc, CFA Raman Srivastava, CFA GLOBAL FIXED INCOME 1 Raman Srivastava, CFA Brendan Murphy, CFA U.S. CORE / CORE PLUS David Bowser, CFA David Horsfall, CFA INSURANCE CLIENT STRATEGIES 4 Anthony Criscuolo, CFA James Kaniclides, CFA LIABILITY DRIVEN INVESTING 4 Andrew Catalan, CFA Matthew Fontaine, CFA SINGLE-SECTOR PORTFOLIO MANAGEMENT & RESEARCH GLOBAL SOVEREIGN / REGIONAL 1 Raman Srivastava, CFA Brendan Murphy, CFA EMERGING MARKETS DEBT 1,3 Alexander Kozhemiakin, PhD, CFA GLOBAL CORPORATE CREDIT 2 Jake Gaul, CFA Chris Barris 2 CURRENCY Federico Garcia Zamora INTEREST RATE STRATEGIES Robert Bayston, CFA SECURITIZED STRATEGIES Thomas Graf, CPA TRADING RISK MANAGEMENT COMPLIANCE ACTUARIAL SERVICES 6 1 London Includes employees from Standish Division of BNY Mellon Asset Management (UK) Limited 2 Includes employees of Alcentra NY, LLC acting as dual officer of Standish 3 Singapore Includes contracted research analysts from the Singapore Branch of The Bank of New York Mellon ; 4 Includes contracted research capabilities. Note: Some investment professionals perform the same role on more than one product team. CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute.

Summary Performance Corporate Overview Standish Composite & Corresponding Index Q2 2013 YTD 1 Year 3 Years 1 5 Years 1 10 Years 1 Since Inception 1 Composite Start Date Opportunistic Fixed Income (Gross of Fees) -1.06% 1.04% 8.00% 6.14% 10.68% 1/1/2009 Opportunistic Fixed Income (Net of Fees) -1.19% 0.79% 7.47% 5.62% 10.15% LIBOR 0.07% 0.15% 0.38% 0.39% 0.50% Excess Returns (Gross of Fees) -1.13% 0.89% 7.62% 5.75% 10.18% U.S. Long Duration Opportunistic (Gross of Fees) -6.03% -7.00% -0.21% 10.15% 11.78% 8.86% 8.77% 10/1/1997 U.S. Long Duration Opportunistic (Net of Fees) -6.08% -7.10% -0.41% 9.93% 11.56% 8.64% 8.55% Barlays U.S. Long Government/Credit Index -6.11% -7.97% -4.69% 7.01% 8.50% 6.21% 7.43% Excess Returns (Gross of Fees) 0.08% 0.97% 4.48% 3.14% 3.28% 2.65% 1.34% U.S. Core Plus (Gross of Fees) -2.34% -2.18% 1.90% 5.33% 6.97% 5.48% 8.12% 8/1/1985 U.S. Core Plus (Net of Fees) -2.41% -2.32% 1.61% 5.03% 6.66% 5.17% 7.79% Barclays U.S. Aggregate -2.32% -2.44% -0.69% 3.51% 5.19% 4.52% 7.39% Excess Returns (Gross of Fees) -0.02% 0.26% 2.59% 1.82% 1.78% 0.96% 0.73% Global Core Plus - US$ Hedged (Gross of Fees) -2.18% -1.23% 4.49% 4.75% 8.19% 6.35% 8.14% 3/1/1991 Global Core Plus - US$ Hedged (Net of Fees) -2.21% -1.29% 4.36% 4.56% 7.96% 6.06% 7.83% Barclays Global Aggregate -US$ Hedged -1.73% -1.17% 1.71% 3.47% 5.02% 4.29% 6.38% Excess Returns (Gross of Fees) -0.45% -0.06% 2.78% 1.28% 3.17% 2.06% 1.76% European Core Plus Fixed Income - Hedged (Gross of Fees) -0.37% 0.81% 9.45% 5.73% 8.89% 6.04% 6.45% 10/1/2001 European Core Plus Fixed Income - Hedged (Net of Fees) -0.41% 0.73% 9.28% 5.55% 8.69% 5.82% 6.22% Barclays Euro Aggregate - Hedged -0.39% 0.13% 6.74% 4.52% 6.09% 4.30% 4.90% Excess Returns (Gross of Fees) 0.02% 0.68% 2.71% 1.21% 2.80% 1.74% 1.55% Non-U.S. - Unhedged (Gross of Fees) -3.00% -4.79% 2.05% 6.23% 8.11% 4/1/1999 2 Non-U.S. - Unhedged (Net of Fees) -3.01% -4.81% 2.00% 6.17% 7.96% Barclays Global Aggregate -ex U.S. - Unhedged -3.08% -6.48% -3.40% 3.57% 2.65% Excess Returns (Gross of Fees) 0.08% 1.69% 5.45% 2.66% 5.46% 7 Source: Standish as of June 30, 2013. Past performance is no indication of future results. This material is accompanied by the corresponding composite disclosure for this strategy, which has been prepared and presented in compliance with the Global Investment Performance Standards (GIPS ), in the Appendix of this presentation. * Performance returns for periods longer than 1-year are annualized. Initial composite performance inception was April 1, 1999. From September 2007 through March 2008, no portfolio qualified for the composite. Performance recommenced on April 1, 2008. Page 7

Section II.

Opportunistic Fixed Income Team Team, Philosophy, & Process David Leduc, CFA Chief Investment Officer David Horsfall, CFA Raman Srivastava, CFA Co-Deputy Chief Investment Officer Co-Deputy Chief Investment Officer OPPORTUNISTIC STRATEGY INVESTMENT RESOURCES GLOBAL SOVEREIGN / REGIONAL 1 Raman Srivastava, CFA Brendan Murphy, CFA EMERGING MARKETS DEBT 1,3 Alexander Kozhemiakin, PhD, CFA GLOBAL CORPORATE CREDIT 2 Jake Gaul, CFA Chris Barris 2 CURRENCY STRATEGIES Federico Garcia Zamora INTEREST RATE STRATEGIES Robert Bayston, CFA SECURITIZED STRATEGIES Thomas Graf, CPA MACROECONOMIC RESEARCH COMMITTEE MULTI-SECTOR INVESTMENT COMMITTEE Thomas Higgins, PhD Chief Economist & Global Macro Strategist 8 1 London Includes employees from Standish Division of BNY Mellon Asset Management (UK) Limited 2 Includes employees of Alcentra NY, LLC acting as dual officer of Standish; 3 Singapore Contracted research analysts from the Singapore branch of The Bank of New York Mellon. CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute.

Proof Statement Team, Philosophy, & Process 10yr US Treasury Quarterly Move Standish Opportunistic FI Composite Barclays US Aggregate Barclays Long Gov't/Credit 3/31/2009 0.44% 0.27% 0.12% (6.16)% 6/30/2009 0.89% 11.02% 1.78% 2.78% 9/30/2009 (0.24)% 8.12% 3.74% 8.53% 12/31/2009 0.54% 3.27% 0.20% (2.64)% 3/31/2010 (0.01)% 4.17% 1.78% 1.55% 6/30/2010 (0.90)% 1.99% 3.49% 8.56% 9/30/2010 (0.42)% 4.81% 2.48% 5.85% 12/31/2010 0.79% 0.84% (1.30)% (5.60)% 3/31/2011 0.17% 1.95% 0.42% (0.02)% 6/30/2011 (0.31)% (0.44)% 2.29% 3.30% 9/30/2011 (1.24)% (3.12)% 3.82% 15.63% 12/31/2011 (0.04)% 1.28% 1.12% 2.57% 3/31/2012 0.33% 3.71% 0.30% (2.12)% 6/30/2012 (0.57)% 1.43% 2.06% 7.32% 9/30/2012 (0.01)% 3.90% 1.58% 3.10% 12/31/2012 0.12% 2.88% 0.21% 0.45% 3/31/2013 0.09% 2.12% (0.12)% (1.98)% 6/30/2013 0.64% (1.06)% (2.32)% (6.11)% 10-Year US Treasury has risen in 9 out of the past 18 quarters (shaded) Standish Opportunistic FI composite had positive absolute returns in 8 of the 9 periods and outperformed traditional fixed income benchmarks in all 9 periods of rising Treasury yields Source: Standish as of June 30, 2013. The performance of the composite is expressed in US dollars. Past performance is no indication of future results. This material is accompanied by the corresponding composite disclosure for this strategy, which has been prepared and presented in compliance with the Global Investment Performance Standards (GIPS ), in the Appendix of this presentation. 9

Team, Philosophy, & Process Opportunistic Beta Demonstrates low correlated volatility with other asset classes Opportunistic Beta since 2009 1.00 0.50 0.42 0.26 0.17 0.71 0.00-0.50-0.15-0.25-1.00 US Treasury US HY SP500 Dollar EMD LC IG 10 Source: Barclays, JP Morgan and Bloomberg as of June 30, 2013. Representative Indices; Barclays US Treasury Index, Barclays US High Yield Index, The U.S. Dollar Index (USDYX), J.P. Morgan GBI-EM Global Diversified Index, and Barclays US Credit Index, respectively.

Team, Philosophy, & Process Proposed Strategy Parameters Opportunistic (0-7 years) total return strategy focused on rotation among and security selection within high yield, investment grade credit, emerging markets, mortgages, and non-us bond sectors. Other sectors including municipal bonds and securitized bonds are utilized to a lesser degree. Target return: LIBOR +300 to +500 basis points per annum (gross of fees) over a 3-5 year time horizon. No financial leverage. Management Fee: 0.50% p.a. Instruments: Cash, bonds, and derivatives. Normal allocation targets 1 Net sector exposures ABS / CMBS 0% to 50% Investment Grade Corporates 0% to 70% High Yield 0% to 70% Non-Dollar 0% to 70% Emerging Markets Debt 0% to 70% Government Bonds 0% to 100% TIPS 0% to 70% Mortgage-Backed Securities 0% to 70% Bank Loans 0% to 20% Duration 0 to 7 years Credit spread duration 0 to 7 years Number of issuers 50 to 150 Tracking Error 3% to 7% p.a. 1 Allocations are subject to change at any time. 11 Please see important disclosures in Appendix.

Investment Philosophy Team, Philosophy, & Process We believe the value of active portfolio management is the conversion of active risk into alpha Our Approach and View: Consistent outperformance requires both top-down and bottom-up expertise. Teams of experienced professionals must use both quantitative and fundamental methods to identify value in both macro and idiosyncratic positions. The search for value drives the investment process. Purchasing securities and/or sectors that are undervalued increases the probability of positive investment outcomes. A broader opportunity set results in better returns. A portfolio s risk-adjusted performance improves with an increase in the number of strategies employed in its management. Risk management is key to long-term investment success. We take active risk that is consistent with client objectives, the strategy, and our outlook. We seek to avoid negative surprises by focusing on the implementation processes and governance. 12

Investment Process Overview Team, Philosophy, & Process MACRO STRATEGY Macro Scenario Development Standish Outlook CLIENT IDEA GENERATION Factor Risk Opportunities Security Selection Opportunities Evaluation Metrics Value Cyclical / Fundamental Factors Market Sentiment Key Interactions Global Macro Committee Monthly Bond Strategy Forum PORTFOLIO CONSTRUCTION Client Objectives Multi-Sector Investment Committee Monthly Single-Sector Investment Meetings Daily Investment Team Meeting Weekly market review or jam session Risk Management and Trading Analytical Tools Standish Leading Indicators The Investment Team assesses relative value, makes sector allocation decision and selects among best ideas, all while adjusting for risk budget and client preferences. Proprietary Factor Valuation Models Proprietary Ratings Models Proprietary Credit and Trend Ratings Barclays Point CRD/PortTarget 13

Team, Philosophy, & Process Macro Strategy Fundamental research from both emerging market and developed market economists. Standish Macro Scenarios: Utilize quantitative tools, including Standish Leading Indicators to identify global growth and inflation themes. Develop assessment of overall risk environment. Standish Outlook: Multiple scenarios are developed, then probability weighted to form a 6-month forecast. MACRO IDEA STRATEGY GENERATION Factor Risk Macro Scenario Opportunities Development Security Selection Standish Opportunities Outlook PORTFOLIO CONSTRUCTION Client Objectives Risk Management and Trading Global Macro Committee Monthly Bond Strategy Forum Chief Economist Country Analysts Quantitative Analysts Standish Macro Scenarios Chief Investment Officers Sector Heads Portfolio Managers Analysts / Traders Standish Outlook Objectively assess data Independent review of external research Develop finite number of macroeconomic scenarios Debate and establish scenario probabilities Review sector model valuation indicators Review sector fundamentals 14

Idea Generation Team, Philosophy, & Process Multi-Sector Investment Committee Outlook is combined with Factor Valuation Factor Risk Opportunities The Multi-Sector Investment Committee synthesizes the Standish investment view with our sector research to determine Factor Risk Opportunities MACRO IDEA STRATEGY GENERATION Factor Risk Macro Scenario Opportunities Development Security Selection Standish Opportunities Outlook PORTFOLIO CONSTRUCTION Client Objectives Risk Management and Trading Standish Opportunity Set Investment Grade Credit MODEL PORTFOLIO WEIGHTS, BEST IDEAS UNIVERSE High Yield Security Selection Opportunities Multi-Sector Committee SECTOR MODEL PORTFOLIOS Securitized Strategies Global Sovereigns Interest Rate Strategies INVESTMENT UNIVERSE Emerging Markets Municipals Research focused on in-depth fundamental analysis of individual securities from a broad universe Investment ideas represent multiple, unique sources of alpha generation Sector strategists develop sector model portfolios with performance accountability Sector model portfolios serve as "best ideas" pools for multi-sector portfolios or Security Selection Opportunities 15

Portfolio Construction Team, Philosophy, & Process Portfolio management teams utilize investment outlook, opportunity sets and client risk budget to determine client portfolio positions. Re-evaluation of Investments MACRO IDEA STRATEGY GENERATION Factor Risk Macro Scenario Opportunities Development Security Selection Standish Opportunities Outlook PORTFOLIO CONSTRUCTION Client Objectives Risk Management and Trading Standish Opportunity Set CLIENT OBJECTIVES Client Portfolio Factor Risk Opportunities Security Selection Opportunities Investments CIO Team conducts monthly reviews of each portfolio management team to monitor performance, dispersion, risk allocations and provide thematic consistency across teams. 16

Robust Risk Management - Two Tiered Approach Team, Philosophy, & Process Standish employs a sophisticated set of risk management tools to help ensure the level of active risk in portfolios is consistent with our outlook. MACRO IDEA STRATEGY GENERATION Factor Risk Macro Scenario Opportunities Development Security Selection Standish Opportunities Outlook PORTFOLIO CONSTRUCTION Client Objectives Risk Management and Trading POINT PortTarget Zeus Active risk Proprietary reporting tool Enterprise risk Attribution Scenario analysis Tail-risk Accounts vs. desired strategy targets Enterprise querying on security attributes Compliance team and oversight committees maintain focus on seeking best execution and fiduciary responsibilities. Compares active risk of strategies Stress tests strategies Ensure consistent, active risk exposure of accounts within a strategy Implementation Governance Charles River Development Trade Order Management System (CRD) Independent Compliance group reporting to Chief Compliance Officer Seeks Best Execution Trade Levels Reviewed Daily Fiduciary Committee Performance Exception Reporting OTC Counterparty/Best Execution Committee Counterparty Monitoring Operational Review Committee GIPS Committee 17 No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

Section III.

Dynamic Sector Allocation Portfolio Construction Representative Opportunistic Fixed Income Portfolio Opportunistic Representative Account: Sector Allocation (Q1 2009 - Q2 2013) 100% 90% 80% Muni 70% 60% 50% 40% 30% TIPS Non-Dollar EMD High Yield CMBS ABS Investment Grade MBS Treasury 20% 10% 0% Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 18 Source: Standish as of June 30, 2013. Percentages are subject to change at any time and without notice. Representative account data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ).

Dynamic Sector Allocation Portfolio Construction Opportunistic CTD by Sector 8 6 4 2 Other Municipal CMBS ABS Local EM USD EM 0-2 HY IG Non US Sov US Sov -4 19 Source: Standish as of June 30,, 2013. Percentages are subject to change at any time and without notice. Representative account data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ).

Portfolio Characteristics Portfolio Construction Representative Opportunistic Fixed Income Portfolio Sector Distribution (%) Portfolio CTD 1 Sovereign - U.S. (Includes Futures) 10.3-2.61 Sovereign - Non U.S. (Includes Futures) 17.4 0.90 Corporate - IG 16.4 0.69 Corporate - HY 2 17.1 0.82 EMD U.S.$ 3.6 0.16 EMD Local Currency 4.0 0.14 ABS 21.2 0.29 CMBS 4.7 0.14 Municipal 0.8 0.02 Cash 3.8 0.00 Other (Options/Swaptions) 0.8 0.82 Total 100.0 1.37 Duration/Yield Curve Exposure (CTD) Years 4.00 3.00 2.00 1.00 0.00-1.00-2.00 2.92-1.75 0.20 0-5 5-10 10+ Years Quality Distribution (%) AA 2.0 AAA & above 17.1 A 4.2 CCC 10.6 B 9.9 BBB 39.0 BB 17.3 Currency Distribution (%) Portfolio U.S. Dollar 109.5 Norwegian Krone 6.2 Polish Zloty 1.9 Nigerian Naira 1.0 Mexican Peso 1.0 Brazilian Real -1.1 Japanese Yen -1.9 Czech Republic Koruna -2.0 Canadian Dollar -2.0 New Zealand Dollar -2.9 Euro -4.8 Swedish Krona -4.8 Other -0.1 Total 100.0 Country Distribution (%) Portfolio United States 61.6 Italy 7.9 Spain 5.5 Portugal 5.0 United Kingdom 3.3 Iceland 2.5 Brazil 2.0 New Zealand 1.9 Switzerland 1.3 Ireland 1.1 Other 3 7.9 Total 100.0 Summary Portfolio Average quality BBB- Average duration 1.37 yrs Yield to maturity 3.77% 20 1 CTD = Contribution to Duration. 2 Sector Distribution does not a include a negative position in High Yield CDX, which is -.65 years in spread duration. 3 Nigeria (1.01), Mexico (1.01), Turkey (0.99), Luxembourg (0.95), France (0.92), Australia (0.81), Canada (0.65), Kazkhstan (0.50), Netherlands (0.50), Chile (0.45), Bermuda (0.41), China (0.39), Hungary (0.38), Russia (0.26), Peru (0.25), India (0.01), N/A (0.19), European Monetary Union (-0.25) Source: Standish as of June 30, 2013. Representative portfolio chosen is the largest portfolio in the Composite and is not chosen to show performance. Portfolio holdings subject to change at any time. Representative account data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ).

Performance: Opportunistic Fixed Income Composite Portfolio Construction Opportunistic Fixed Income Composite Performance as of 6/30/13 Q2 2013 YTD 1 year 3 years Since Inception Asset-weighted Gross -1.06% 1.04% 8.00% 6.14% 10.68% Asset-weighted Net -1.19% 0.79% 7.47% 5.62% 10.15% USD 3-month LIBOR 0.07% 0.15% 0.38% 0.39% 0.50% Asset-weighted Gross USD 3-month LIBOR 12% 10.68% 10% 8% 8.00% 6% 6.14% 4% 2% 0% 1.04% 0.07% 0.15% 0.38% 0.39% 0.50% -2% -1.06% Q2 2013 YTD 1 year 3 years Since Inception 21 Composite performance started on January 1, 2009. Source: Standish as of June 30, 2013. Periods greater than one year are annualized. Past performance is no indication of future results. The performance of the composite is expressed in US dollars. This material is accompanied by the corresponding composite disclosure for this strategy, which has been prepared and presented in compliance with the Global Investment Performance Standards (GIPS ), in the Appendix of this presentation.

Risk/Return Profile Portfolio Construction Opportunistic Fixed Income Composite vs. 3-Month LIBOR Risk Return Statistics (3 Years as of 6/30/13) Risk Return Profile (3 Years as of 6/30/13) 8 Composite Index Return (%) 6.1 0.4 Std. Dev. (%) 4.1 0.1 Composite R-Squared 0.4 1.0 Tracking Error 4.1 - Information Ratio 1.4 - Return (%) Index -5 5-6 Standard deviation (%) Quarterly Excess Returns (Gross) 6.0% Excess Return 4.0% 2.0% 0.0% -2.0% -4.0% Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 22 Source: Standish as of June 30,, 2013. Composite performance is shown gross of fees. Past performance is no indication of future results. This material is accompanied by the corresponding composite disclosure for this strategy, which has been prepared and presented in compliance with the Global Investment Performance Standards (GIPS ), in the Appendix of this presentation. This data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS )

Why Standish? Portfolio Construction Standish, established in 1933, is dedicated to fixed income and credit solutions; we do not manage other asset classes Long history of managing go anywhere, unconstrained fixed income strategies Over US $3.6 billion AUM in Opportunistic-type strategies* GIPS compliant performance track record since 1997 Global footprint; fully resourced and experienced investment team with research capabilities in the U.S., U.K., and Singapore Right-sized firm allows full implementation of best ideas in both cash and derivatives markets Comprehensive risk management framework designed to capture positive returns in favorable markets and limit downside in unfavorable markets, over a market cycle Detailed client reporting featuring full transparency of positions, risk exposures, and attribution of return/risk 23 * Assets under management (AUM) as of March 31, 2013. This figure includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation or The Bank of New York Mellon, wholly-owned subsidiaries of The Bank of New York Mellon Corporation.

Section IV.

Importance of Country Selection 2012 Appendix 2012 Hedged Country Returns - Developed, Core and Semi-Core Europe 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 1.74 1.99 2.30 2.91 Japan AA-/Aaa U.S. Treasury AA+/Aaa Canada AAA/Aaa UK AAA/Aaa 4.58 Germany AAA/Aaa 5.48 Australia AAA/Aaa 6.26 South Korea A+/Aa3 10.14 France AA+/Aa1 16.34 Belgium AA/Aa3 18.11 Slovakia A2/A 2012 Hedged Country Returns - Europe Periphery 70% 60% 57.80 50% 40% 30% 20% 10% 5.46 12.46 20.52 27.63 0% Spain BBB-/Baa3 Slovenia A/Baa2 Italy BBB+/Baa2 Ireland BBB+/Ba1 Portugal BB/Ba3 24 Source: Barclays, S& P, Moody s as of December 31, 2012

Alpha vs. Beta in Core Europe Appendix German vs. Slovakian 10 Year Yield Yield 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% January 13, 2012 S&P downgrades Slovakia s debt from A+ to A February 13, 2012 Moody s downgrades Slovakia s debt from A1 to A2 March 2012 Euro-denominated bonds appeared to be a good value when assessed by our investment analysis framework. Late May 2012 US$ bonds widened relative to Euro bonds based on a lack of fundamental knowledge from a US perspective. This presented a basis trade opportunity into the US$ denominated bonds. 2.5% 2.0% May 10, 2012 Slovakia issued a $1.5 billion US$- denominated 10 year bond 1.5% 1.0% German 10 yr Bond Yield Slovakian 10 yr Bond Yield 25 Source: Bloomberg as of June 30, 2013.

Best Ideas: Deteriorating Fundamentals & JPY Weakness Appendix Basic Balance & Deficit 200 150 Basic Balance (12-Month Rolling Sum 100 bn JPY) USD/JPY 60 70 80 Basic Balance ($1 bn yen) 100 50 0-50 -100 90 100 110 120 130 140 150 160 USD/JPY spot exchange rate Value: Appreciation in JPY from 2007-2011 moved the currency into overvalued territory based on long term fair value estimates Cyclical: Basic balance data continued to sharply decline over the course of 2012, in particular, driven by deteriorating trade a stark difference from years prior Sentiment: The Abe government, elected in December 2012 signaled a pronounced shift in sentiment towards structural reform and policy (monetary and fiscal) 26 Source: Bloomberg as of June 30, 2013.

Best Ideas: Taking Advantage of an Overvalued Yen Appendix $/ Long-Term History 60 70 80 $/ inverted 90 100 110 120 130 140 Positioning in $/ 74 77 80 $/ inverted 83 86 89 92 95 June 22, 2012 Long term structural view that JPY should weaken as current account surpluses are shrinking and the potential of a more aggressive BOJ. December 2012 The Abe elected government took office January 2013 Based on our Value, Cyclical, Sentiment framework, the Yen appeared overvalued and continued to sell off in the market. 27 Source: Bloomberg as of June 30, 2013.

Biographies Appendix Biographies David Leduc, CFA David is Chief Investment Officer of Active Fixed Income responsible for overseeing the management of all single and multi-sector taxable bond portfolios and strategies. Prior to this, he was Managing Director of Global Fixed Income and Senior Portfolio Manager responsible for overseeing the management of all non-us and global bond strategies. David joined Standish in 1995 as a portfolio manager and analyst for US domestic fixed income, moving from structured finance to global strategies in 1999. Prior to joining Standish, David spent seven years as an Investment Officer at State Street. He has an M.B.A. from Boston University and a B.S. from the University of Rhode Island. David holds the CFA designation and has 26 years of investment experience. David's activities with not-for-profit organizations include serving as senior representative for BNY Mellon Trust Company in its role as Corporate Trustee of the W. K. Kellogg Foundation Trust. David Horsfall, CFA David is Co-Deputy Chief Investment Officer and Managing Director of Opportunistic Fixed Income. In conjunction with the CIO, David is responsible for overseeing the management of all single and multi-sector active fixed income portfolios. David also serves as the head of Standish's Fiduciary Committee and is a senior member of the firm's Counterparty Committee. Prior to being promoted to Deputy CIO in September 2008, he spent 11 years as the firm's Head of Active Fixed Income Trading. He has broad experience trading investment grade corporates, high yield corporates, emerging markets debt, liquid products (i.e., Treasuries, agencies, TIPS), structured products (i.e., ABS, CMBS), derivatives (i.e., swaps, futures, forwards, options), and global/non-us securities. He joined the firm in 1989 and has spent his entire 24-year career with Standish. David has an M.B.A. from Boston College, a B.A. from St. Lawrence University and holds the CFA designation. Raman Srivastava, CFA Raman is Co-Deputy Chief Investment Officer and Managing Director of Global Fixed Income. In conjunction with the CIO, Raman is responsible for overseeing the management of all single and multi-sector active fixed income portfolios. As head of the Global Fixed Income team, Raman oversees all global and non-us fixed income strategies. Raman joined Standish in 2012 from Putnam Investments where he was Managing Director and Portfolio Manager for global fixed income, multi-sector fixed income and absolute return strategies. Raman earned a Masters of Science in Computational Finance degree at Carnegie Mellon University and Bachelor of Mathematics from the University of Waterloo. Raman holds the CFA designation and has over 16 years of investment experience. In 2008, Raman was named one of the top 20 rising stars of fixed income by Institutional Investor magazine. 28 CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute.

Opportunistic Fixed Income Composite Appendix Performance Disclosure 2012 2011 2010 2009 1 Asset-weighted Gross 12.45-0.40 12.28 24.28 Asset-weighted Net 11.89-0.90 11.73 23.71 LIBOR 3 month 0.51 0.27 0.33 0.99 Composite 3-Yr St Dev 4.07 5.39 N/A 2 N/A 2 Benchmark 3-Yr St Dev 0.06 0.14 N/A N/A Number of Portfolios 3 Composite Assets ($mm) 900 575 300 276 Firm Assets ($mm) 4 104,539 86,804 78,393 63,448 Composite Dispersion 5 N/M N/M N/M N/M 1 Composite performance started on January 1, 2009; 2 Composite track record lacks the required 36 months necessary for this calculation; 3 Composite contained 5 or fewer Portfolios; 5 Internal Asset Weighted Standard Deviation. Only includes accounts which were in composite for entire calculation period. Composite Dispersion figures for years containing 5 or fewer Portfolios are considered Not Meaningful or "N/M. The Opportunistic Fixed Income composite measures the total return of all fee-paying, discretionary, fixed income portfolios whose primary investment objective is absolute return through active sector allocation among, and security selection within, the following broad-market fixed income sectors: high yield, investment grade credit, emerging markets, agency mortgages, US and Non-US Government securities, TIPS, nondollar, structured products, bank loans, and municipal bonds. Minimum portfolio size for inclusion is $25 million. The frequent use of derivatives (futures, options, forwards, short positions and other derivatives) is a significant characteristic of this investment strategy. Derivatives are used to create long and short positions, as well as to manage risk. The composite was created on January 1, 2009. No portfolio with the same objectives, preferences, or constraints has been excluded unless it has not been under management for more than one full measurement period or does not meet the minimum asset size. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying portfolios are not included in this composite. The performance of the composite is expressed in US Dollars. The firm maintains a complete list and description of composites, which is available upon request. The Firm is defined as Standish Mellon Asset Management Company LLC ("Standish"), a registered investment advisor and wholly owned subsidiary of The Bank of New York Mellon Corporation. The Firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon, which are other subsidiaries of The Bank of New York Mellon Corporation as well as assets managed by Alcentra NY, LLC personnel acting as dual officers of Standish. 4 Effective January 1, 2013, certain cash and stable value assets previously managed by BNY Mellon Cash Investment Strategies, a division of The Dreyfus Corporation were transferred to Standish. Effective January 1, 2009, Standish assigned investment management capabilities for clients of short duration, index and stable value strategies to The Dreyfus Corporation. Effective July 1, 2003, Standish, Mellon Bond Associates, and Certus Asset Advisors, all wholly owned subsidiaries of Mellon Financial Corporation, combined to form Standish Mellon Asset Management Company LLC. The benchmark for this composite is the 3 month US dollar LIBOR Index (London- Interbank Offered Rate - British Bankers Association Fixing for U.S. Dollar). The fixing is conducted at 11:00 am (London time). The rate is an average derived from the quotations provided by the banks determined by the British Bankers Association. The top and bottom quartile is eliminated and an average of the remaining quotations is calculated to arrive at the fixing. The index is calculated on an ACT/360 basis and for value two business days after the fixing. Please note that for the overnight rate, the value date is on the same day as the fixing date, with the maturity date falling the next business day for both centers. Total return comprises income as a percentage of the original investment. This benchmark was added on January 1, 2011. The standard management fee for the style is: 0.50% of all assets. Standish's standard fees are shown in Part 2A of its Form ADV. For historical fees, please contact Standish. Performance results are presented both before and after the deduction of management fees. Net results reflect the corresponding historical fee schedule for each measurement period, actual results may vary for each individual portfolio. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Standish Mellon Asset Management Company LLC has been independently verified for the periods January 1, 1994 through December 31, 2011. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. The CFA Institute has not been involved with the preparation or review of this report. Gross performance figures are time-weighted rates of return, which include the deduction of transaction costs. Both gross and net performance returns include the reinvestment of dividends and other distributions. Past performance is not an indication of future performance. Additional information regarding policies and procedures for calculating and reporting returns is available upon request. 29

Long Duration Opportunistic Composite Appendix Performance Disclosure 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Asset-weighted Gross 14.65 21.03 17.60 17.96-0.84 10.12 3.69 6.57 9.89 7.78 Asset-weighted Net 14.42 20.79 17.37 17.72-1.04 9.89 3.48 6.35 9.66 7.56 Barclays Long Govt/Cred Index 8.78 22.49 10.16 1.92 8.44 6.60 2.71 5.33 8.56 5.87 LIBOR 3 month 0.51 0.27 0.33 0.99 3.83 5.61 5.12 3.14 1.30 1.29 Composite 3-Yr St Dev 7.85 8.53 12.44 12.09 11.53 6.99 7.80 10.31 10.90 10.95 Benchmark 3-Yr St Dev 8.19 8.98 12.18 11.65 10.94 6.47 7.38 9.60 9.80 9.75 Number of Portfolios 1 Composite Assets ($mm) 2,676 1,778 1,472 1,250 1,081 1,150 1,040 965 905 778 Firm Assets ($mm) 4 104,539 86,804 78,393 63,448 185,793 169,557 161,772 142,845 214,834 2 200,732 2 Composite Dispersion 3 N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M Composite performance started on October 1,1997; 1 Composite contained 5 or fewer Portfolios; 2 Please note that from September 2003 to June 2005, Standish provided non-discretionary investment management advisory services for approximately $100 billion in securities lending collateral; 3 Internal Asset Weighted Standard Deviation. Only includes accounts which were in composite for entire calculation period. Composite Dispersion figures for years containing 5 or fewer Portfolios are considered Not Meaningful or "N/M". The Long Duration Opportunistic composite measures the total return of all fee-paying, discretionary, fixed income portfolios with an effective duration primarily 11 years or greater and whose primary investment objective is absolute return through active sector allocation among, and security selection within, the following broad-market fixed income sectors: high yield, investment grade credit, emerging markets, agency mortgages, US and Non-US Government securities, TIPS, non-dollar, structured products, bank loans, and municipal bonds. Minimum portfolio size for inclusion is $25 million. Portfolios may invest in sectors outside of the index which may involve higher risk and tracking error relative to the benchmark. The frequent use of derivatives (futures, options, forwards, short positions and other derivatives) is a significant characteristic of this investment strategy. Derivatives are used to create long and short positions, as well as to manage risk. The composite was created on May 2, 2012. No portfolio with the same objectives, preferences, or constraints has been excluded unless it has not been under management for more than one full measurement period or does not meet the minimum asset size. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying portfolios are not included in this composite. The performance of the composite is expressed in US Dollars. The firm maintains a complete list and description of composites, which is available upon request. The Firm is defined as Standish Mellon Asset Management Company LLC ("Standish"), a registered investment advisor and wholly owned subsidiary of The Bank of New York Mellon Corporation. The Firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon, which are other subsidiaries of The Bank of New York Mellon Corporation as well as assets managed by Alcentra NY, LLC personnel acting as dual officers of Standish. 4 Effective January 1, 2013, certain cash and stable value assets previously managed by BNY Mellon Cash Investment Strategies, a division of The Dreyfus Corporation were transferred to Standish. Effective January 1, 2009, Standish assigned investment management capabilities for clients of short duration, index and stable value strategies to The Dreyfus Corporation. Effective July 1, 2003, Standish, Mellon Bond Associates, and Certus Asset Advisors, all wholly owned subsidiaries of Mellon Financial Corporation, combined to form Standish Mellon Asset Management Company LLC. This composite s benchmark is the Barclays Long Government/Credit Index. The Barclays Long Government/Credit Index is comprised of dollar denominated, investment grade rated corporate and government bonds with at least $250 million par amount outstanding, a maturity of ten years or more and at least one year to final maturity. The secondary benchmark for this composite is the 3 month US dollar LIBOR Index (London-Interbank Offered Rate - British Bankers Association Fixing for U.S. Dollar). The fixing is conducted at 11:00am(Londontime).Therateisanaveragederivedfromthequotationsprovidedbythe banks determined by the British Bankers Association. The top and bottom quartile is eliminated and an average of the remaining quotations is calculated to arrive at the fixing. The index is calculated on an ACT/360 basis and for value two business days after the fixing. This benchmark was added on January 1, 2013. Some composite participants may be measured against a client mandated benchmark different from the composite benchmark. This has no impact on the implementation of the investment strategy. Composite participants are using a different pricing vendor than the composite's benchmark. The standard management fee for this style is: 0.30% of assets on the first $50 million, 0.25% of assets on the next $50 million, 0.20% of assets thereafter. Standish's standard fees are shown in Part 2A of its Form ADV. For historical fees, please contact Standish. Net results reflect the corresponding historical fee schedule for each measurement period, actual results may vary for each individual portfolio. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Standish Mellon Asset Management Company LLC has been independently verified for the periods January 1, 1994 through December 31, 2011. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. The CFA Institute has not been involved with the preparation or review of this report. Gross performance figures are time-weighted rates of return, which include the deduction of transaction costs. Both gross and net performance returns include the reinvestment of dividends and other distributions. Past performance is not an indication of future performance. Additional information regarding policies and procedures for calculating and reporting returns is available upon request. 30

US Core Plus Composite Appendix Performance Disclosure 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Asset-weighted Gross 7.75 7.97 9.38 16.61-3.44 5.10 5.15 3.24 5.50 5.48 Asset-weighted Net 7.45 7.67 9.07 16.27-3.73 4.78 4.83 2.92 5.17 5.15 Barclays US Aggregate Index 4.21 7.84 6.54 5.93 5.24 6.97 4.33 2.43 4.34 4.10 Composite 3-Yr St Dev 2.41 3.60 5.80 5.69 4.84 2.46 3.04 3.90 4.10 4.07 Benchmark 3-Yr St Dev 2.38 2.78 4.17 4.11 3.97 2.77 3.21 4.07 4.28 4.20 Number of Portfolios 15 15 15 16 18 25 27 30 26 32 Composite Assets ($mm) 3,161 2,953 3,179 3,291 3,694 4,588 4,379 4,577 2,859 3,764 Firm Assets ($mm) 3 104,539 86,804 78,393 63,448 185,793 169,557 161,772 142,845 214,834 1 200,732 1 Composite Dispersion 2 0.37 0.29 0.63 2.01 2.11 0.77 0.51 0.26 0.47 0.93 Composite performance started on August 1, 1985; 1 Please note that from September 2003 to June 2005, Standish provided non-discretionary investment management advisory services for approximately $100 billion in securities lending collateral; 2 Internal Asset Weighted Standard Deviation. Only includes accounts which were in composite for entire calculation period. The US Core Plus composite measures the total return of all fee-paying, discretionary, fixed income portfolios that are actively managed against broad, multi-sector indices such as the Barclays US Aggregate Bond Index and that allow at least 10% below investment grade debt and may also hold emerging market debt and non-dollar bonds. Minimum portfolio size for inclusion is $25 million. Portfolios may invest in sectors outside of the index which may involve higher risk and tracking error relative to the benchmark. Although not significant part of the composite strategy, some portfolios may have limited exposure to futures options, forwards, short positions and other derivatives. The composite was created on April 2, 2009. No portfolio with the same objectives, preferences, or constraints has been excluded unless it has not been under management for more than one full measurement period or does not meet the minimum asset size. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying portfolios are not included in this composite. The performance of the composite is expressed in US Dollars. The firm maintains a complete list and description of composites, which is available upon request. The Firm is defined as Standish Mellon Asset Management Company LLC ("Standish"), a registered investment advisor and wholly owned subsidiary of The Bank of New York Mellon Corporation. The Firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon, which are other subsidiaries of The Bank of New York Mellon Corporation. 3 Effective January 1, 2009, Standish assigned investment management capabilities for clients of short duration, index and stable value strategies to The Dreyfus Corporation. Effective July 1, 2003, Standish, Mellon Bond Associates, and Certus Asset Advisors, all wholly owned subsidiaries of Mellon Financial Corporation, combined to form Standish Mellon Asset Management Company LLC. In addition to investment advisory services, Standish provides valuation, risk management, surveillance and liquidation services for distressed assets through its Global Workout Solutions business on both discretionary and non-discretionary basis. These assets are not included in the total firm AUM. The composite s benchmark is the Barclays US Aggregate Bond Index. The Barclays US Aggregate Index represents the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Some composite participants may be measured against a client mandated benchmark different from the composite benchmark. This has no impact on the implementation of the investment strategy. Some composite participants use different pricing vendors from other participants and the composite's benchmark. The standard management fee for this style is: 0.35% of assets on the first $50 million, 0.30% of assets on the next $50 million and 0.25% of assets thereafter. Through November 30, 2009 the fee for the style was 0.40% of assets on the first $50 million, 0.30% of assets on the next $50 million, and 0.25% of assets thereafter. Standish's standard fees are shown in Part 2A of its Form ADV. For historical fees, please contact Standish. Net results reflect the corresponding historical fee schedule for each measurement period, actual results may vary for each individual portfolio. During the period from 2004 through 2009 an account had not been properly assigned to the correct composite. Standish has made the necessary corrections to the affected composite. Corrections may include the number of accounts, the asset weighted dispersion or the reported return of the composite. Standish Mellon Asset Management Company LLC s claim of compliance with GIPS Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Standish Mellon Asset Management Company LLC has been independently verified for the periods January 1, 1994 through December 31, 2010. The verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. The CFA Institute has not been involved with the preparation or review of this report. Gross performance figures are time-weighted rates of return, which include the deduction of transaction costs. Both gross and net performance returns include the reinvestment of dividends and other distributions. Past performance is not an indication of future performance. Additional information regarding policies and procedures for calculating and reporting returns is available upon request. 31