February 2017

The PPiA is: Membership of 50 private institutional placement investors 40|86 Advisors Barings Guardian Life Insurance Northwestern Mutual State Farm Alliance Bernstein CIGNA Guggenheim Partners Ohio National State of Wisconsin Advantus Columbia Threadneedle Hartford Investment Management OMERS Capital Partners Sun Life Investment Management AEGON Conning John Hancock One America Thrivent Financial AIG Investments Delaware Investments MEMBERS Capital Advisors Pacific Life TIAA Allianz Federated Insurance MetLife Phoenix Unum Group Allstate American Equity Fidelity & Guaranty Modern Woodmen of America Pan-American Life USAA Ameritas Fort Washington Mutual of Omaha PPM America Voya Assurity Life Genworth Nationwide Principal Global Investors Woodmen of the World Life Athene Great West New York Life Prudential

PPiA Mission We are a business association of insurance companies and other institutional investors who invest in privately placed debt instruments We provide a forum for our members to discuss key industry issues with interested parties: Regulators Investment bankers Debt issuers Private debt purchasers Other constituents

Facilitate Best Practices Part of PPiA’s mission is to promote best practices for industry conduct and interaction: With regulators With investment bankers With outside counsel With debt issuers With rating agencies Amongst ourselves, as market participants

Interact With Related Groups The PPiA has outreach to industry organizations that touch private placements: American Counsel of Life Insurance American College of Investment Counsel North American Securities Valuation Association Society of Actuaries Securities Valuation Office National Association of Insurance Commissioners

Promote the Private Placement Market Part of PPiA’s mission is to promote the private placement debt market Facilitate awareness in the capital markets Encourage best practices for industry participants to have an efficient capital market

Facilitate Capital Access Part of the PPiA’s mission is to facilitate capital access Enable productive investments for the organizations that purchase debt private placements Enable capital for companies, projects, and organizations that can benefit from our unique and patient ability to learn, analyze and understand a borrower’s story and business

Relationships Matter In a transactional world, meeting and knowing the parties who will be partnered together for a decade or longer in a financial relationship has value Repeat access to market Ability to understand business needs Respond constructively to find solutions Maintain relationships with deal providers and borrowers Encourage productive interaction with buy-side institutions Encourage best practices

Advantages of Our Market Long Term stable capital Almost three quarters of a trillion dollars of long-term, stable capital Capacity for complexity Participants are willing to invest in complex transactions with flexible features such as delayed funding, amortizing structures, off the run maturities and foreign currency Pioneer spirit Investment community is willing to consider new geographies, industries and structures Through the cycle The private placement debt market stays open even during economic cycles with debt maturities available from 2 to 40 years

2017 Important Issues In 2017, PPiA is especially focused on: Smooth implementation of industry’s contribution to the new regulatory requirements on private letter ratings from the Securities Valuation Office (SVO) of the National Association of Insurance Commissioners (NAIC) Monitor potential new capital rules from the NAIC

Our website: www.usppia.com How To Contact Us Our website: www.usppia.com