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| This is a summary of the Business Recovery Plan (the "Plan") of NWQ Investment Management
Company LLC (hereafter the "Company"). The Plan is designed to address a significant business
disruption affecting the Company's business operations conducted at its Los Angeles headquarters
location and sets forth the Company's objectives of safeguarding employees, recovering and
resuming operations, protecting books and records, and enabling communications with employees,
clients, key service providers, and regulators. The Plan also covers Nuveen Investments
Institutional Services Group, LLC ("ISG") and Tradewinds Global Investors, LLC ("Tradewinds"),
each of which is a registered investment adviser and
subsidiary of Nuveen Investments, Inc. The Company, Tradewinds and ISG are headquartered in Los Angeles,
and nearly all of the mission critical systems and processes are also conducted or located
in Los Angeles. The Company's parent, Nuveen Investment, Inc., and its affiliates (collectively,
"Nuveen") have adopted similar plans to address significant business interruptions
affecting operations at their offices in Chicago, IL, Radnor, PA, Santa Barbara, CA, and San
Francisco, CA.
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| Whether you are an institutional client, managed account holder, a shareholder
of a fund, or a business partner, please be advised that the Company's Plan reflects a commitment
of NWQ and its employees to plan for and be prepared for a significant business disruption.
Should you have questions regarding a NWQ account, please contact your financial advisor directly.
Institutional Account holders should contact Patrick Schloss, Director of Institutional
Client Service, directly at 310-712-4043.
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| The Plan addresses both disruptions that may be caused by an internal incident (such as a fire
in the Company's headquarters building at 2049 Century Park East in Los Angeles) or by a regional
or market-related disruption that applies to many companies. The Plan covers the Company's critical
business processes and related employees that are essential for the Company to continue to conduct
business for an interim or temporary period during a business interruption. All of the most
important aspects of the Company's advisory business, including continued investment management
and trading of institutional and separately managed account portfolios, mutual funds, and other
portfolios, and rapid communication to key business partners and clients, is addressed in these
processes. The Company's primary business recovery strategy is to resume its critical business
processes and/or provide access to key critical systems/applications from remote locations, with
minimal interruption as soon as possible, depending on the nature or severity of the disruption.
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| The steps being taken pursuant to the Plan are designed to ensure that critical information is
captured on a daily basis in a manner that can be accessed by employees from remote or alternate
locations. The Company has contacted its critical business constituents, such as vendors providing
critical systems/applications and/or other services and evaluated their capabilities to provide
services in light of various disruption scenarios, as well as alternative providers. The Plan also
provides that the Company will maintain contacts with regulators during any business interruption.
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| The Company's Information Technology operations form a critical part of the Company's business
and its mission critical systems. The Plan includes details on the Information Technology Department's
protocol that identifies the functions, operations and resources necessary to support the restoration
and resumption of critical business processes performed by the Company's (including ISG's and Tradewinds') Los Angeles
location or facilitate access to critical systems/applications housed at third-party service
providers via an array of communications connectivity. An alternate facility outside of California
also serves as a back-up facility supporting resumption of critical in-house systems/applications.
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| This summary plan is subject to modification from time to time as the Company reviews the Plan
and its business operations.
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| In conclusion, the Company's Plan addresses the steps the Company (including ISG and Tradewinds) will take to
address a temporary business disruption in a systematic and organized fashion. Of course, the
effects of a disaster are difficult to predict and the disruption of systems and processes on
an industry wide basis will pose great challenges for any business continuity plan. There can
be no assurance that any plan can address such unforeseen contingencies.
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