James Babcock, CFA, CPA, MBA Ridgefield, CT ▪ [email protected] ▪ 203-438-5649 ▪ LinkedIn

HIGH YIELD - PORTFOLIO MANAGER/RESEARCH ANALYST (Credit/Distressed); ASSET ALLOCATION; GLOBAL MULTI-ASSET; ACCOUNTING • Accomplished executive with unmatched record of outperformance and low volatility in various asset classes and markets. Economics and Mathematics oriented decision-maker. • Broad and deep experience: Debt Portfolio Management with Research focused on Special Situations, Distressed and Restructurings ; Asset Allocation; Management; Writing. • Adaptable to company culture & work styles: Canada, Dutch fund, London & US. • Excellent “people” skills. Servant leader using collaboration with contagious passion, inspiring stakeholders, & building bridges. • Strategic/future oriented thinker , positioning to gain from unfolding market developments, while closely balancing fund for risk probabilities.

Excellent Performance with PROVEN Track-Record

TOP PERFORMING CREDIT MANAGER/ANALYST IN NORTH AMERICA

/J. Hancock Asset Management - Multi-Asset Absolute Return Fund (Credit/HY ): • Goal - High Ratio of Return/Volatility. • Accomplishment- Return/Volatility Ratio of 2.6x vs. 1.6x target for 2 years, exceeded all comparable funds.

 APG Asset Management – High Yield Fund: • Goal – High Return; High Fund Rank. • Accomplishment - 12% Annual Return; Rank Exceeded 94% of Morningstar HY funds for 9 years, cumulative. • Accomplishment - Statistically: due to PM Skill – 95% confidence. • Accomplishment - Resulted in a 9 year, 23x increased allocation to High Yield AuM from $300M to $7B.

Unique Skills

▪ High Yield/Bank Loans & Liquid Alternatives ▪ Distressed/Special Situations ▪ Behavioral Finance - See publication ▪ Investment Grade & Credit Derivatives ▪ IT Use to Leverage Human Capital ▪ Evidence -Based Logic & Metacognition ▪ Emerging Mkts: Corp & Sovereign ▪ Skilled at Quantitative Modeling ▪ High Integrity & Empathy ▪ Private Lending, CLOs & Equities ▪ Risk Control & Low Volatility ▪ Practice Active Open-Mindedness ▪ Asset Allocation & Trading ▪ Highly Conscientious & Persistent ▪ Self-Aware – Both Internal & External

Professional Experience MANULIFE/J. HANCOCK ASSET MANAGEMENT | TORONTO, ON, 2016-2018 Portfolio Manager: Global Multi-Asset, Absolute Return/Liquid Alts/HY/Credit Generated and executed successful credit investments, resulting in superior return/volatility ratio. Credit research focused on global Special Situations and Stressed Credit. ▪ Launched and managed the fund including: Credit (DM/EM), Equities, Rates/Forex, and Commodities. ▪ Advised on asset allocation; conducted substantial primary credit research. ▪ Developed quantitative relative value for all asset classes and portfolio optimization. ▪ Exploited market inefficiencies through fundamentals, technicals & behavioral finance concepts.  Drove 60% of fund return (out of 4 PMs – 25%) with lower volatility than fund aggregate via: Floaters; DM & EM Sovereigns/Corporates; Structured Credit (BLs, CLOs, EETCs); Distressed/Special Sit; Equity Options; Hedged Rates with Futures; Preferred Stocks; Bank Coco’s and Hybrids. James D. Babcock, p. 2

Professional Experience

BABCOCK FINANCIAL ADVISORS | RIDGEFIELD, CT, 2014-2015 Asset Management Advisory Portfolio advisory for: commercial asset managers, pension/sovereign wealth funds and dealers.

APG ASSET MANAGEMENT | NEW YORK, NY, 2002-2013 Portfolio Manager and Research Analyst: Global High Yield and Bank Loans Hired/directed: 10 credit analysts, HY trader, and BL portfolio manager, while managing $7B in assets: HY/EM ($3B), HY Conservative ($1B), BL ($2B), HY short duration, CDS Long/Short and Euro HY. ▪ HY based, multi-asset/market, Alpha style, Top-down portfolio construction and Bottom-up item selection; Tactics included: Long, Long/Short, Global/EM bonds, Capital Structure Arb, Distressed/Special Situations, Equities, CDS/CDX, ETFs, and Leverage. ▪ Developed quantitative credit spread and duration risk models to tightly control risk vs. benchmark. ▪ Developed/presented weekly asset allocation recommendations for $60B Global Core Plus bond fund. ▪ Served as a strategic counsellor to Global CIO and advisors. ▪ Credit Research focused on Special Situations, Distressed and Restructurings. ▪ Created/led credit seminars on bankruptcy and credit structure. ▪ Initiated new and creative products to increase returns. ▪ Built strong relationships with sell-side dealers and internal teams, including: Compliance, Risk Management, Legal, and Operations.  Generated $85M/year and saved $5M/year by introducing bank loans and by layering Euro process on existing US infrastructure.

ADDITIONAL EXPERIENCE  ABBEY NATIONAL TREASURY • London, England • High Yield, Bank Loan (Private Lending) and EM PM & Research

 PUTNAM INVESTMENTS • Boston, MA • Credit Analyst (DM & EM)

 TRAVELERS INSURANCE CO • Hartford, CT • Distressed/Work-out/Restructuring - Private Placement Bonds

 PRICEWATERHOUSECOOPERS • Newark, NJ • Manager

EDUCATION & PROFESSIONAL AFFILIATIONS ➽ MBA (Top 10%) – Finance/Economics | The University of Michigan, Ross School of Business Ann Arbor, MI. (Top 5 US MBA ranking) (Economics GPA 4.125/4.000) (1 term at Stockholm School of Economics)

➽ Bachelor of Business Administration – CPA Preparation | Pace University Pleasantville, NY. (Top 3 NY State Accounting ranking)

➽ Registered Portfolio Manager | Canadian Securities Administrations (every Province).

➽ Speaker at professional conferences | Sovereign Wealth Fund Inst; NY Hedge Fund; Paul Kagan Assoc; Other.

➽Member | Toronto Society of Security Analysts, CFA Institute, American Institute of CPAs, Financial Management Association, Beta Gamma Sigma academic honor society, Graduate of Dale Carnegie course. 2

James D. Babcock, p. 3

MANULIFE/J. HANCOCK | TORONTO, ON, 2016-2018 Goal: High ratio of return to low volatility Global Liquid Alts (Absolute Return Funds) - 2-Year (Oct. 2016 to Sept. 2018), annualized Distributor/Index Sub-advisor/Description Gr Return StdDev Multiple Manulfie/J. Hancock seeded fund (MAARS): Source: Target Bonus grid maximum - - 1.6x Morningstar Direct MAARS Actual Manulife 4.82 1.85 2.6x Comparables: Manulife Global Absolute Ret Strat F (GARS) 1.33 3.30 0.4x MAARS, GARS, AIMS and GARF are global, multi-asset Sun Life Multi-Strat Target Return F Aviva Investors (AIMS) 1.00 4.41 0.2x absolute return funds - Liquid Alts Global Target Return Pool F Invesco (GARF) 1.06 3.00 0.4x (Hedge funds with leverage restrictions and lower fees) Indices: S&P 500 USD US Equities 18.26 7.34 2.5x BBgBarc Multiverse Corp. USD Global Corp. Bonds IG/HY 1.66 3.63 0.5x

BBgBarc Multiverse Un-Hedged USD Global Fixed Income un-hedged -0.94 4.60 -0.2x

APG ASSET MANAGEMENT | NEW YORK, NY, 2002-2013 Goal: High return – High comparative rank and with controlled volatility 9-Year Mean/ 2003 2004 2005 2006 2007 2008 2009 2010 2011 Cumulative APG HY Fund total return (percent) 30.85 14.12 4.2 12.58 3.08 -28.88 51.07 14.93 5.16 12 (Global Fin. Crisis Would be higher, without periodic forced & forced selling) selling (05, 08/9). Morningstar Percentile Rank 12% 6% 15% 11% 21% 81% 32% 36% 19% 6% (Lower the number - Higher the rank) Statistically due to PM skill – 95% confidence. Morningstar Quartile 1st 1st 1st 1st 1st 4th 2nd 2nd 1st 1st

1st decile. Cumulative Sharpe Ratio: APG/Index 0.84 1.09 1.2 1.43 1.58 1.45 1.65 1.52 1.56 1.56 (Period weighted)

HY AuM allocation increased 23x in 9-years by APG due to excellent performance ($300Mm to $7Bn) Detailed: “performance slide decks” - available upon request. 3