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| This is a summary of the Business Recovery Plan (the "Plan") of Tradewinds
Global Investors 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 NWQ Investment Management
Company, LLC, each of which is a registered investment
adviser and subsidiary of Nuveen Investments, Inc. The Company, NWQ 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 Tradewinds and its employees to
plan for and be prepared for a significant business disruption. Should you have
questions regarding a Tradewinds 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 NWQ's) 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 NWQ) 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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