EFTA01071219

DoubleLine Emerging Markets Outlook: A Cautious Road Ahead Eir Live Webcast Hosted By: Luz Padilla Director Emerging Markets Fixed Income Fund (DBLEX/DLENX) Low Duration Emerging Markets Fixed Income Fund (DBLLX/DELNX) DoubleLine October 6, 2015 EFTA01071219 DoubleLine Fund Offerings Emerging Markets Fixed Income Fund Low Duration Emerging Markets Fixed Income Fund Retail and Institutional Class Retail and Institutional Class No Load Mutual Fund No Load Mutual Fund Retail Inst. Retail Inst. N-share I-share N-share I-share Ticker DLENX DBLEX Ticker DELNX DBLLX Min Investment $2,000 $100,000 Min Investment $2,000 $100,000 Min IRA Investment $500 $5,000 Min IRA Investment $500 $5,000 Gross Expense Ratio 1.15% 0.90% Gross Expense Ratio 1.16% 0.91% Net Expense Ratio* 0.84% 0.59% The funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and may be obtained by calling 1 (877) 354-6311/1 (877) DLinell, or visiting www.doublelinefunds.com. Read carefully before investing. Mutual fund investing involves risk; Principal loss is possible. The Emerging Markets and Low Duration Emerging Markets Funds Invest in debt securities in lower- rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. The Funds invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Opinions expressed are subject to change at any time, are not forecasts and should not be considered investment advice. Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security. 'The Advisor has contractually agreed to waive fees and reimburse expenses through July 31, 2016. Diversification does not assure a profit or protect against loss in a declining market. DoubleLine Funds are distributed by Quasar Distributors, LLC. While the Funds are no-load, management fees and other expenses still apply. Please refer to the prospectus for further details. DoubleLine EMFI Webcast 10.6-2015 1 EFTA01071220 DoubleLine Announcements Rising Rates Webcast — October 20, 2015 Funds for a rising rate environment featuring: Andrew Hsu — Low Duration Fund Luz Padilla — Low Duration Emerging Markets Fund Robert Cohen — Floating Rate Fund Go to www.doublelinefunds.com, Home page under "Events" 2015 Webcast Schedule to register 1:15 pm PDT/4:15 pm EDT Jeffrey Gundlach — November 10, 2015 Closed End Funds (DBL/DSL) Go to www.doublelinefunds.com, Home page under "Events" 2015 Webcast Schedule to register 1:15 pm PDT/4:15 pm EDT To Receive Presentation Slides: You can email DoubleLine EMFI Webcast 10.6-2015 2 EFTA01071221 DoubleLinetir Emerging Markets Fixed Income Fund F U N D S Portfolio Performance — Quarter End September 30, 2015 Year-To- Since Inception 3Q 3-Year 5-Year Date 1-Year Annualized 2015 Annualized Annualized 2015 (4-6-10 to 9-30-15) I-share -5.09% -2.53% -4.84% 1.07% 4.19% 5.06% N-share -5.15% -2.80% -5.17% 0.82% 3.94% 4.81% JP Morgan Emerging Markets -1.71% -0.07% -0.62% 1.50% 4.73% 6.01% Bond Global Diversified Index s of September 30, 2015 I-share N-share Gross SEC 30-Day Yield 5.60% 5.35% Net SEC 30-Day Yield 5.60% 5.35% I-share N-share Gross Expense Ratio 0.90% 1.15% Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment willfluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 213-633-8200 or by visiting www.doublelinefunds.com. If a Fund invested in an affiliate Fund sponsored by the Advisor during the period covered by this report, the Advisor agreed to not charge a management fee to the Fund in an amount equal to the investment advisory fee paid by the affiliated Fund's investment in the affiliated Fund to avoid duplicate charge of the investment advisory fees to the investors. JP Morgan Emerging Markets Bond Global Diversified Index is a uniquely-weighted version of the EMBI Global. It limits the weights of those Index countries with larger debt stocks by only including specified portions of these countries' eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered in by EMBI Global. Past Performance does not guarantee future results. Index performance is not illustrative of fund performance. An investment cannot be made in an index. The performance information shown assumes the reinvestment of all dividends and distributions. DoubleLine EMFI Webcast 10.6-2015 3 EFTA01071222 DoubleLiner Low Duration Emerging Markets Fixed Income Fund F U N D S Portfolio Performance — September 30, 2015 Since Inception Year-To- Annualized 3Q2015 Date 2015 1-Year (4-7-14 to 9-30-15) I-share (DBLLX) -3.39% -0.82% -1.93% 0.58% N-share (DELNX) -3.45% -0.90% -2.06% 0.42% JP Morgan CEMBI Broad Div. Maturity 1-3 -1.12% 2.82% 1.65% 1.74% Year s of September 30, 2015 I-share N-share Gross SEC 30-Day Yield 4.13% 3.87% Net SEC 30-Day Yield 4.40% 4.15% I-share N-share Gross Expense Ratio 0.91% 1.16% Net Expense Ratio* 0.59% 0.84% Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 213-633-8200 or by visiting www.doublelinefunds.corn. Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. *The Advisor has contractually agreed to waive fees and reimburse expenses through July 31, 2016. If a Fund invested in an affiliate Fund sponsored by the Advisor during the period covered by this report, the Advisor agreed to not charge a management fee to the Fund in an amount equal to the investment advisory fee paid by the affiliated Fund's investment in the affiliated Fund to avoid duplicate charge of the investment advisory fees to the investors. JP Morgan CEMBI Broad Diversified 1-3 Year is a market capitalization weighted index consisting of 1-3 year maturity US-denominated Emerging Market corporate bonds. It is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa. It is not possible to invest in an index. Past Performance does not guarantee future results. Index performance is not illustrative of fund performance. The performance information shown assumes the reinvestment of all dividends and distributions. DoubleLine EMFI Webcast 10.6-2015 4 EFTA01071223 DoubleLine TAB I External Global Headwinds Remain Doubletine EMFI Webcast 10.6-2015 5 EFTA01071224 DoubleLine Emerging Markets Fixed Income Headwind Starting 2015 In the February 2015 Emerging Markets (EM) webcast, we identified key risks for Emerging Markets. As the year has progressed, we have seen these risk begin to play out. • Country Specific Risks • "Terrible 3" — Argentina, Venezuela, Ukraine • Countries in Transitions — Brazil and Russia • Greece • Rising U.S. Treasury Yields • Global Growth Slowdown • Falling Commodity Prices DoubleLine EMFI Webcast 10.6-2015 6 EFTA01071225 DoubleLine Emerging Markets Fixed Income Challenges Ahead Risks we see for the remainder of the year • Global Growth Slowdown • China • Political Risk • Brazil, Venezuela, Argentina, Russia • Potential for Rising U.S. Treasury Yields • Potential for Falling Commodity Prices DoubleLine EMFI Webcast 10.6-2015 7 EFTA01071226 DoubleLine TAB II Developed Market Headwinds DoubleLine EMFI Webcast 10.6.2015 II EFTA01071227 DoubleLinelr Emerging Markets F U N D S The Fed on Hold in September - The FOMC maintained the target range for the federal funds rate at 0% to 0.25% at the September 17, 2015 meeting Probability of Fed Raising Rates at the December 2015 Meeting 90.0% - 80.0% - 70.0% 60.0% - 50.0% -0 0- - 40.0% -o a) 30.0% g- - 20.0% 10.0% 0.0% in LA Ul Ul Ul Ul Lal Lal Lal Lal Ul Ul Ul Ul Ul Ul Ul Lal Lal Lal Lal Ul Lal Lal Lal Lal Lal Lal Ul Ul Ul Ul 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NI NI NJ NI NI NI NI NI NI NI NI NJ NI NI NI NI NI NI NI NI NI NI NI NI NI NI NI NI NI NI NI NI CNI N. fel ▪ rn Ul in NI CO en ▪ o▪ ▪ in cri ▪ in NI CO 1' 0 ct 0 Ul ▪ NI N. IN ▪ 00 • •Ct 00 •Ct 0 NI NI NI \ NI NJ NI NJ NJ M\ NJ NJ CH ▪ ul 01 Tr 1' ct O La La La La UD ▪ to • to n r". r-. 00 00 00 00 0 0 0 0 Source: Doubleline, Bloomberg, Data as of 4/7/2015 to 9/30/2015 FOMC • Federal Open Market Committee which consists of twelve members. Probability of the Federal Reserve raising the target range for the Federal Funds Rate at the December 16, 2015 meeting, as implied by Fed Fund futures DoubleLine EMFI Webcast 10.6-2015 9 EFTA01071228 DoubleLinelr Emerging Markets F U N D S Monetary Policy Divergence Policy Rate Q/E 0-0.25% FED On hold, but looking to hike Program ended 0.05% Purchases of EUR60bn Pc ECB On hold month 0.1% Purchases of JPY80trn per BoJ On hold year Source: DoubleLine, Bloomberg, FED: Federal Reserve, ECB: European Central Bank, BoJ: Bank of Japan. Q/E: Quantitative Easing. EUR: Euros, WY: Yen As of October 5,2015, the EUR 60bn is equivalent to 567.12 bn US dollars and JPY 80bn is equivalent to 566.02 bn US dollars. DoubleLine EMFI Webcast 10-6-2015 10 EFTA01071229 DoubleLine Emerging Markets F U N D S it Dollar Strength a Headwind for Commodities TWI Dollar vs GSCI Commodity Index Source: DoubleLine, Bloomberg, Data as of 10/1/2014-10/1/20IS TWI Dollar or the USTWBROA Index: US Trade Weighted Broad Dollar Index is the weighted average of the Foreign Exchange Value of the U.S. Dollar against the currencies of a Broad Group of Major U.S Trading Partners. GSCI Commodity Index is widely recognized as a leading measure of general price movements and inflation in the world economy. It provides investors with a reliable and publicly available benchmark for the investment performance in the commodity markets. Please see index definitions in the appendix. One cannot invest directly in an index. DoubleLine EMFI Webcast 10.6-2015 11 EFTA01071230 DoubleLine TAB III China and Falling Commodity Prices DoubleLine EMFI Webeast 10.6-2015 12 EFTA01071231 Emerging Markets DoubleLine F U N D S ir China Equity Sell Off - Shanghai Composite Index 1D 3D 1M 6M YID 1Y SY Flax [ma « Security/Study Po Event track Annotate News . Zoom T M Last Price 3052.781 T Nigh on 06/12/15 5166350 e- average 3503.590 1 Low on 10/27/14 2290.437 5000 4500 4000 3500 2500 51• Volume 14.6648 itIlnull 506 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2014 2015 Source: DoubleLine, Bloomberg, Data as of 09/30/2014 to 09/30/15 Shanghai Composite Index or the SHCOMP Index is a capitalization-weighted index. The index tracks the daily performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. DoubleLine EMFI Webcast 10.6-2015 13 EFTA01071232 DoubleLiner Emerging Markets F U N D S China Currency Devaluation China Currency Devaluation Source: DoubleLine, Bloomberg, Data as of 12/29/2011 to 10/1/2015 USD/CNY Mid Rate or the CNYMUSD Index is the daily CNY fixing price released by the China Foreign Exchange Trading System DoubleLine EMFI Webcast 10.6-2015 14 EFTA01071233 DoubleLind' Emerging Markets F U N D S China Currency Devaluation in Perspective China Currency Devaluation Small Relative to EMFX Performance Dedcd Custom PI Basket GBI EM ni Base Curr USD 12 31 2014 09/30/2015 Spot Returns (%) -2.37 1)Chinese Renminbi CNY -3.88 2) Indian Rupee INR -4.29 3) Philippine Peso PHP -6.37 4) Romanian Leu RON -6.71 5)Hungarian Forint HUF -6.72 6) Polish Zloty PLN -7.08 7) Russian Ruble RUB -7.85 8)Peruvian New Sol PEN -7.93 9)Nigerian Naira NGN -9.51 10)Thai Baht THB -12.80 11) Mexican Peso MXN -12.91 12)Chilean Peso CLP -15.46 13) Indonesian Rupiah IDR -16.49 14)South African Rand ZAR -20.43 15) Malaysian Ringgit MYR -22.83 16)Turkish Lira TRY -23.03 17) Colombian Peso COP -32.68 18) Brazilian Real BRL Source: DoubleLine, Bloomberg Dates: 12/31/2014 to 09/30/2015 DoubleLine EMFI Webcast 10.6-2015 15 EFTA01071234 DoubleLine r Emerging Markets F U N D S China Growth Slowdown China GDP vs China Li Ke Qiang Index ID 3D Ill 6M YTD lY SY Max Quarterly • Track / , ,n0tate NenS . Zoom O Reset Last Price r •CNG0PY0Y Index (R1) 7.0 x• CLICQINDX Index (L1) 3.09 3.05 01 Q3 01 Q3 01 03 01 Q3 01 Q3 01 03 01 Q3 01 03 0 2008 2009 2010 2011 2012 2013 2014 2015 20 Source: DoubleLine, Bloomberg, Dates: 2008 to 10/1/2015 China GDP or the CNGCNOY Index is China's Gross Domestic Product China Li Ke Qiang Index or the CLKQINDX index is the weighted average annual growth rates in outstanding bank loans (40%), electricity production (40%) and rail freight volume (20%). DoubleLine EMFI Webcast 10-6-2015 16 EFTA01071235 DoubleLine Emerging Markets F U N D S II' China's Commodity Consumption China's Share of Commodity Consumption (2013) Cement 58.50% Pork 51.30% Nickel 50.50% Coal 50.30% Steel 49.80% Aluminium 47.20% Copper 46.70% Lead 41.90% Cotton 31.80% Rice 30.70% Poultry 15.90% Beef & Veal 12.20% Oil 11.80% Nat Gas 4.80% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% Source: KKR, USDA, USGS, World Steel Association, China National Bureau of Statistics, EIA, !EA, BP Statistical Review, World Bureau of Metal Statistics, Bloomberg, Haver Analytics Dates: 2013 DoubleLine EMFI Webcast 10.6-2015 17 EFTA01071236 DoubleLinelr F U N D S Emerging Markets Falling Commodity Prices GSCI Commodity Price Indexes 1.2 1.1 Standardized Index Level 0.9 Peak-to- current decline 0.8 0.7 -36.7% — GSCI Energy (TR) 0.6 -38.1% — GSCI Precious Metals (TR) 0.5 GSCI Copper (TR) -59.2% 0.4 IN CM fel CM fel CM fel CM CM CM CM M CM ct V V a s '4' '4" '4" '4" '4" •cl" ‘I" Vt L.n Vt La La 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CV IN CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV CV •-• ▪ •-• CO rl▪ 0▪ rl 0 •-• rl 0 .-1 0 ."1▪ rl CO rl▪ 0 .-1 0 rl ."1 0 ."1 0▪ ▪ •-• .-1 CO ."1 0 rl 0 ."1 rl▪ 0 tel l-J COM COM COMO) ell etl COM/Om M COM COM COM CO tel /O COM MO) COMO) M oo on 0 ti N *-1 N CO ▪ .* VI Up N 00 CO 0 (-4 CO Ct VI lip N 00 ▪ CT Source: DoubleLine, Bloomberg, CME GSCI Energy: S&P Dow Jones GSCI Commodity Index is a sub-index of the S&P GSCI Index providing investment performance in the energy commodity market (WTI Crude Oil, Brent Crude Oil, Gas Oil, Heating Oil, MOB Gasoline, Natural Gas). GSCI Precious Metals: S&P Dow Jones GSCI Precious Metals Index is a sub-index of the S&P GSCI Index providing the investment performance of the precious metals sector (Gold, Silver). GSCI Copper: S&P Dow Jones GSCI Copper Index is the spot price of copper(LME Copper). GSCI Commodity Index is widely recognized as a leading measure of general price movements and inflation in the world economy. It provides investors with a reliable and publicly available benchmark for the investment performance in the commodity markets. Data from December 2012 to September 201S. DoubleLine EMFI Webcast 10.6-2015 18 EFTA01071237 DoubleLine Emerging Markets China has a Strong Balance Sheet •Reserves: US$3.6 trillion •Net foreign assets: US$4.4 trillion •Trade surplus averaged around US$45 billion a month so far this year •Current Account Surplus: +2.76% of GDP Source: DoubleLine Emerging Markets team as of October 5, 2015 GDP: Gross Domestic Product DoubleLine EMFI Webcast 10.6-2015 19 EFTA01071238 DoubleLine Emerging Markets China Engaged in Significant Policy Easing • Cutting interest rates • Easing Reserve Requirements for banks • Easing home purchase regulations • Easing local government debt financing These measures typically work with lags, so we expect to see the impact over the coming quarters DoubleLine EMFI Webcast 10.6-2015 20 EFTA01071239 DoubleLine TAB IV Brazil in Focus DoubleLine EMFI Webcast 10.6.2015 21 EFTA01071240 DoubleLine Emerging Markets Outlook Brazil Political Risk President Dilma Rousseff's government has been trying to implement deep and unpopular fiscal and structural reforms. Congress opposition to the adjustment has led to continued fiscal account deterioration. High level executives and politicians allegedly received kickbacks from state-oil company, Petrobras, in a corruption scandal know as Lavo Jato. Corruption charges and policy uncertainty regarding the fiscal adjustment has led to: • Erosion of consumer and business confidence • Stalled investment and growth • Deterioration of fiscal account and rising debt levels • Loss of investment grade rating by S&P S&P: Standard and Poors As of September 30, DoubleLine Emerging Market Fixed Income Fund held 0% of Petrobras and the Low Duration Emerging Markets Fixed Income Fund held 0% of Petrobras. DoubleLine EMFI Webcast 10.6-2015 22 EFTA01071241 DoubleLine Emerging Markets Outlook F U N D S Brazil Slowing Growth Brazil GDP YoY 1995=100 IBGE BZGDYOY% Index 99 Save As... 96) Actions - 91) Edit- 99 Table Line Cha rt 12 31/2010 06/30/2015 Last Price 11) Compare Mov. Avgs 1D 3D 1M 614 YID IV SY Max Daily • CC Security/Study ti Event Track / Maletate t; Nerd ^. ZOOM S. Last Price -2.60 - T High on 12/31/10 5.76 6.00 Average 1.90 1ton on 06/30/15 -2.60 5.00 4.00 3.00 2.00 1.00 0.00 -2.00 -3.00 3/31 6/30 9/30 12/31 3/31 6/10 9/30 12/31 3/11 6/30 9/30 /2/31 3/31 6/JO 9/30 12/31 3/31 6/30 Source: Bloomberg, Dates 2010 to 2Q2015 GOP: Gross Domestic Product DoubleLine EMFI Webcast 10-6-2015 23 EFTA01071242 DoubleLine Emerging Markets Outlook F U N D S Brazil Deteriorating Fiscal Balances BZPBPR% Index 95) Save As... 96) Actions - 97) Edit- 98) Table Line Chart 09/30/2009 08/31/2015ILast Price Compare Mov. _ No Lower Chart 1D 3D 1M GM YTD lY 5Y Max Monthly (.1". Security/Study Pa Event rack / mnotate mihvs Zoom • Last Price -0.760 i T High on 07/31/11 3.570 -,- Avant 1.762 1 Low on 07/31/15 -0.890 he' X Dec Mar Jun See Dec Mar Jun See Dec Mar Jun See Dec Mar Jun See Dec Mar Jun Sep p &RIM 2010 2011 2012 2013 2014 Source: Bloomberg, Banco Central do Brasil Dates: 09/30/2009 to 08/31/2015 Brazil Public Primary Budget Result %of GDP 12 Month Flows DoubleLine EMFI Webcast 10-6-2015 24 EFTA01071243 DoubleLine' Emerging Markets Outlook F U N D S Brazil Rising Public Debt Burden BZDPGDT% Index 95) Save As... 96) Actions - 97) Edit- 98) Tabir Line Chart 09/30/2009 08/31/2015 Last Price 11; Compare Mov. Avgs No Lower Chart 1D 3D 1M 6M YTD lY !,Y IldX Monthly • « Security/Study Ps Event Track / Annotate ' News . Zoom cu Last Price 65.29 F66.00 T High on 08/31/15 65.29 0 Rese Average 55.68 1 Low an 12/31/11 51.29 64.00 60.00 58.00 52.01 Dec Mar An Sep Dec Mar Jun Sep Dec Mar Jun Seo Dec Mar Jun See Dec Mar Jun Sep Dec Mar Jun 2009 1 2010 2011 2012 2013 2014 2015 Source: Bloomberg, Banco Central do Brasil Dates 09/30/2009 to 08/31/2015 Brazil General Government Gross Debt as a % of GDP DoubleLine EMFI Webcast 10.6-2015 25 EFTA01071244 DoubleLin& Emerging Markets Outlook F U N D S Brazil Real Depreciation BRL BGN Curn 95) Save As... 96) Actions - 91) Edit- 98) Table Line Chart 09/30/2014 09/30/2015 Last Price BGN Line Compare Mov. Avgs No Lower Chart 10 3D 11.1 6M YID 1Y SY Max Daily • r7c Z. Security/Study Track G Annotate E News O. Zoom Last Price 3.9475 T High on 09/23/15 4.1783 4- Average 3.0056 1 Low on 10/08/14 2.3774 N Oct Nov Jan Feb Mar Apr May Jun 391 Au9 Sep Source: Bloomberg Dates 09/30/2014 to 09/30/2015 DoubleLine EMFI Webcast 10.6-2015 26 EFTA01071245 DoubleLine Emerging Markets Outlook Brazil Growth Channels Growth is likely to trend downward until the investigations surrounding Lavo Jato begin to come to a close and Brazil sees some political cohesion between the ruling Partido dos Trabahadores (PT) or the Workers Party government, the opposition and coalition partners. Growth channels will likely come from: a) Return of confidence and investment b) Competitive currency leading to increased exports c) Import substitution to domestic production Source: DoubleLine Ratings as determined by S&P and Moodys EUR1Sbn: Approximately $17bn USD, EUR20bn: Approximately $23bn USD DoubleLine EMFI Webcast 10.6-2015 27 EFTA01071246 DoubleLine Emerging Markets Outlook Brazil Institutional Strengths Brazil strong balance sheet and institutional strengths should continue to support the economy - Robust level of international reserves - Net external creditor - Well capitalized banking system - Deep and liquid local markets - Diversified economy - Inflation targeting central bank Source: DoubleLine DoubleLine EMFI Webcast 10.6-2015 28 EFTA01071247 DoubleLin& Emerging Markets Outlook F U N D S Brazil Valuations Brazil US$ Denominated Sovereign Spreads trading with BB* rated Peers Rating ISIN ID Instrument Duration Yield % Spread (Moodys/S&P/Fitch) US105756BV13 Brazil 4.25% due 2025 7.44 5.95 402 Baa3/BB+/BBB U5195325BO70 Colombia 4% due 2024 7.12 4.37 250 Baa2/BBB/BBB USY20721BG36 Indonesia 4.125% due 2025 7.63 4.83 289 Baa3/BB+/BBB- US718286BY27 Philippines 4.2% due 2024 7.12 2.84 97 Baa2/BBB/BBB- South Africa 5.875% due US836205AR58 2024 7.67 4.96 299 Baa2/BBB-/BBB US900123CF53 Turkey 5.75% due 2024 6.77 5.12 328 Baa3/BB+/BBB- USP3699PGE18 Costa Rica 4.375% due 25 7.46 6.56 461 Ba1/BB/BB+ US445545AL04 Hungary 5.375% due 24 6.95 4.09 224 Bal/BB+/BB+ USP01012AS54 El Salvador 5.875% due 25 6.90 7.74 584 Ba3/B+/B+ USP3579EBD87 Dom Rep 5.5% due 25 7.20 5.87 395 B1/BB-/B+ XS1003557870 Gabon 6.375% due 24 5.96 9.25 747 B+/B+/B+ U5470160BO42 Jamaica 7.625% due 25 6.43 6.20 436 Caa2/B/B- Source: DoubleLine, 1.P. Morgan as of 09/30/2015 • S&P rating Ratings as determined by Moody's, S&P and Fitch, companies that assign credit ratings which rate a debtor's ability to pay back debt making timely interest payments and the likelihood of default. Investment Grade • Indices rated AAA to BBB- (shown above) are considered to be investment grade. A bond is considered investment grade if its credit rating is BBB- or higher by Standard & Poor's or Baa3 by Moody's. The higher the rating, the more likely the bond is to pay back at par/S100 cents on the dollar. AAA is considered the highest quality and the lowest degree of risk. They are considered to be stable and dependable. Below Investment Grade • Also known as "junk bond" is a security rated below investment grade having a rating of BBB- or below. These bonds are seen as having higher default risk or other adverse credit events, but typically pay higher yields than better quality bonds in order to make them attractive. They are less likely to pay back at par/S100 cents on the dollar. Credit distribution from the highest available credit rating from any Nationally Recognizes Statistical Rating Organization (S&P, Moodys, and Fitch). Source: BofA/Merrill Lynch Indices as of December 31, 2014 and March 31, 2015 and for their respective years indicated. DoubleLine EMFI Webcast 10.6-2015 29 EFTA01071248 DoubleLine TAB IV Emerging Markets Outlook ooubleLine EMFI Webcast 10.6.2015 30 EFTA01071249 DoubleLine Emerging Markets F U N D S II' Revised Growth Projections IMF Projected GDP Growth Rates IMF Projected GDP Growth Rates Ann. Percent (2015) Ann. Percent (2016) 5.00% 5.00% - Jan '15 Update 4.10P4} • Jan '15 Update 4.50% 4.30%4.20% 4.50% - • Jul '15 Update • 'Jul 15 Update r 4.00% 4.00% - 3.70% 3.80% 3.50% 3.30% 3.50% - r 3.00% 3.00% - 2.50% 2.40% 2.40% 2.50% 2.10% 2.00% 2.00% 1.50% 1.50% - I 1.00% 1.00% - 0.50% 0.50% - 0.00% 0.00% World DM EM World DM EM Source: DoubleLine, IMF IMF: International Monetary Fund, GOP: Gross Domestic Product, EM: Emerging Markets, DM: Developed Markets Data from 2015 to 2016 forecasted from the January 2015 IMF World Economic Outlook Update and July 2015 IMF World Economic Outlook Update DoubleLine EMFI Webcast 10.6-2015 31 EFTA01071250 DoubleLine Emerging Markets Outlook Upcoming Elections Argentina • Presidential elections scheduled for October 24 • Market friendly candidate, Mauricio Macri trailing 10 pp in the polls behind Daniel Scioli • Scioli administration is likely to make some economic adjustment & resume talks with "hold- out" creditors Venezuela • National Assembly elections scheduled for December 6 • MUD opposition party leads polls by 20 pp. over ruling PSUV • Possible regime change? Turkey • AKP lost majority in parliament in the June 7 general elections • President Erdogan was unable to secure a coalition partner with the AKP • Early parliamentary elections were called for Nov 1 • Current polls show similar voting intentions of the June 7 general elections Presidential elections in Peru, Dominican Republic and Philippines, and the US • April 2016 (Peru and Dom Rep), May 2016 (Philippines), November 2016 (US) Source: Doubleline PP: percentage points; MUD: Democratic Unity Coalition; PSUV: United Socialist Party of Venezuela; AKP: Justice and Development Party DoubleLine EMFI Webcast 10.6-2015 32 EFTA01071251 DoubleLinelf. Emerging Markets Outlook F U N D S Country Headline Risk Russia (Baa3/BB+)*/Ukraine (Caa3/CCC-)* • Continued geopolitical uncertainty has caused a deep recession in Ukraine and Russia • Ukraine restructuring in final stages Venezuela (Caa3/CCC+)* • Oil accounts for 95% of exports and is the most important dollar generating asset • Widespread shortages of basic goods due to foreign currency (FX) restrictions and price controls • Private estimates forecast inflation should run close to 100% by year end 2015 and the country will likely see double digit fiscal deficits Nigeria (Ba3/B+/BB-)** • Policy uncertainty has lead to slowdown in growth • Capital controls or FX devaluation likely to be needed • Nigeria will be phased out of the JPM GBI-EM index Source: DoubleLine, J.P. Morgan as of 09/30/2015 Source: DoubleLine JPM GBI-EM: J.P. Morgan Global Bond Index - Emerging Markets Moody's and S&P rating. " Moddy's, S&P and Fitch ratings Ratings as determined by Moody's, S&P and Fitch, companies that assign credit ratings which rate a debtors ability to pay back debt making timely interest payments and the likelihood of default. Investment Grade • Indices rated MA to BBB- (shown above) are considered to be investment grade. A bond is considered investment grade if its credit rating is BBB- or higher by Standard & Poors or Baa3 by Moody's. The higher the rating, the more likely the bond is to pay back at par/$100 cents on the dollar. MA is considered the highest quality and the lowest degree of risk. They are considered to be stable and dependable. Below Investment Grade • Also known as "junk bond" is a security rated below investment grade having a rating of BBB- or below. These bonds are seen as having higher default risk or other adverse credit events, but typically pay higher yields than better quality bonds in order to make them attractive. They are less likely to pay back at par/$100 cents on the dollar. Credit distribution from the highest available credit rating from any Nationally Recognizes Statistical Rating Organization (S&P, Moodys, and Fitch). Source: BofA/Merrill Lynch Indices as of December 31, 2010 and March 31, 2015 and for their respective years indicated. DoubleLine EMFI Webcast 10.6-2015 33 EFTA01071252 DoubleLine Emerging Markets Outlook Slowing From a Strong Base 2015 Outlook - EM fundamentals have been slowing from a strong base - There appears to be a stable base for countries to implement meaningful reforms that should lead to future growth despite macro headwinds - Commodity prices are currently lower than one to two years ago - Policy responses could help offset credit deterioration - Spread valuations are near 2011 levels during the European Crisis - U.S. Treasury yields may remain range bound DoubleLine EMFI Webcast 10.6-2015 34 EFTA01071253 DoubleLinelr Emerging Markets F U N D S EM Sovereign Fundamentals 300% - Debt and Fiscal Indicators 2015, forecasted 250% • • Japan 200% Debt to GDP (%) 150% • Italy • G7 • 115 100% • • Euro Area • UK n Central and Eastern 50% • Develo$ng Europe • • Asia Emerging Markets 0% 0.00% -1.00% -2.00% -3.00% -4.00% -5.00% -6.00% -7.00% Fiscal Deficit Source: DoubleUne, IMF forecast through December 31, 2015. G7 includes Canada, France, Germany, Italy, Japan, United Kingdom and the United States GOP is the Gross Domestic Product DoubleLine EMFI Webcast 10.6-2015 35 EFTA01071254 Emerging Markets DoubleLine I F U N D S r EM Sovereign Fundamentals -12.00 - G7 vs EM Fiscal Deficits (% of GDP) -10.25 -10.00 - -9.01 -8.00 - -7.67 Fiscal Balance (% of GDP) -6.81 -6.00 - -4.96 -5.05 -4.69 -4.70 -2.59-4.32 -4.28 15 77 -3.81 -4.00 - -3.49 .79 2 -2.41 _217 .47 .07 .98 -2.00 - 67 .06 62 .76 i 0.00 ' ' ' i ll t 0.71 0.98 0.84 2.00 - 1.31 .-i N rn cr 141 to N e0 O1 O .-i N rn cr in O O O O O o O O O el el el el el el O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N • G7 Fiscal Balance (as % of GDP) is EM Fiscal Balance (as % of GDP) Source: DoubleLine, IMF as of year end for all years listed. 2015 projections through December 31, 2015. G7 includes Canada, France, Germany, Italy, Japan, United Kingdom and the United States DoubleLine EMFI Webcast 10.6-2015 36 GDP is the Gross Domestic Product EFTA01071255 DOUbleLinell Emerging Markets F U N D S EM Sovereign Fundamentals 140.00 G7 vs EM Govt Debt (% of GDP) 122.20 120.08 117.93 120.07 119.48 120.00 - 112.83 104.78 • 100.00 - 89.81 86.16 86.18 83.62 81.60 80.99 76.16 77.95 7 r 60.00 - ,.38 .15 2.52 .46 .14 0 .32 01 .30 .38 B.63 9.31 .10 .69 0 65 40.00 - 50 20.00 0.00 in CO 0 CV fel in o 0 0 0 g--I o o 0 0 0 0 0 0 0 0 0 ts1 (%1 N (%1 (%1 1, 4 • G7 Government Gross Debt (as %of GDP) • EM Government Gross debt (as % of GDP) Source: DoubleLine, IMF as of year end for all years listed. 2015 projections through December 31, 2015 G7 includes Canada, France, Germany, Italy, Japan, United Kingdom and the United States DoubleLine EMFI Webcast 10-6-2015 37 GDP is the Gross Domestic Product EFTA01071256 DoubleLinexir Emerging Markets Risks F U N D S External Debt as a % of GDP Fig. 1: FX Debt in a Historical Context Based on Nomura Metric of FX Debt, Including "Hidden" Offshore Bond Issuance Updated to reflect recently released official data points. Fa trawls post O2 2014. see Figtre 3 on quarterly bond issuance. % of GDP Min/Max (since 1995) • Current — Average (since 1995) (108.4%) 80 Highest FX Debt Lowest FX Debt relative to Average relative to Average 70 since 1995 since 1995 60 60 • 40 30 ow no 20 10 • a) C .0 m Co Z 0 U co C CU m co =N V .o3 m C C U Co = (11 c ro .rt U co Ita 00 co co .c -NC ll 0 ,.., 0.) C o co CO —it co ...;.• Co z cc co CL 2 co lA 0 -o C I— S- a Co N Source: Nomura. Bloomberg. BIS. BIS cross-torder loan data are as of 02 2014. Bond data up through 2014 02 to coincide with official data pcires. Source: DoubleLine, Nomura Present data as of 2014 Reference: FX Insights — "Hidden Debt" in EM: Compendium 2015, Nomura Global Markets Research, January 21, 2015 38 DoubleLine EMFI Webcast 10.6-2015 38 EFTA01071257 DOUbleLiner Emerging Markets F U N D S EM Hard Currency Fund Flows Have Stabilized Monthly Hard Currency EM Fund Flows, $bn EM Fixed Income Hard Currency Flows 80 70 71.31 60 7 50 7 7 •2010 6' 2011 o 40 — •2012 .00. • • -•-• • • • 32.23 2013 30 0••••• • 2014 . • 20 19.51 2015 ******** ***** • 15.07 10 .• Jan • reb • • "Mir Apr May Jun Jul Aug Sep Oct Nov c-2.91 -10 Source: DoubleLine, JPMorgan, Bloomberg, EPFR Data as of December 2010 to September 2015 Doublaine EMFI Webcast 10.6-2015 39 EFTA01071258 DoubleLiner Emerging Markets F U N D S EM Valuations Look Attractive EM Sovereign spreads near 2011-2012 levels during the European Debt Crisis JPGCSOSD .71,1() At 9/30 Op 433.446 Hi 433.446 Lo 433.446 Prey 437.822 Vol 0 JPGCSOSD Index 90 Save As... 90 Actions - 97) Edit- 98) Tar ...Pr Line Chart 09 30/2010 09 30 2015 Corn•are Nov ;kv s I IN° Lower Chart 1D 3D 111 611 YTD lY SY Max Daily • « Security/Study Plo Event Pack • Ann& • News Zpxn MmidRice 433A* I T High on 10/01/11 468.291 -.Average 320.3% / lowon01/03/13 238.302 2010 2011 2012 201' 2014 2015 Source: DoubleLine, Bloomberg, JPM as of 09/30/2010 to 09/30/2015 JPGCSOSD Index = JP Morgan EMBI Global Diversified Sovereign spread index. Please see appendix for definition. Past performance Is no guarantee of future results. An investment cannot be made directly in an index. DoubleLine EMFI Webcast 10-6-2015 40 EFTA01071259 DoubleLiner Emerging Markets F U N D S EM Valuations Look Attractive EM Corporate spreads approaching the average 2011-2012 spread levels during the European Debt Crisis JCBDCOMP AL 9/30 Op 442.117 H1442.117 Lo 442.117 Prev 444.505 JCBDCOMP Index 95) Save As... 9$ Actions - 91) Edit - Line Chart 09/30/2010 09/30 2015 Mid Line Pi Line 11) Compare Mov. Avgs INo Lower Chart ',USD 1P 3D 114 6M YID "IY 5Y Max Pally • « Security/Study PO Event Cs 4. Track / Amolate `4 Noss Zoom ■rfid Price 442.117 I Koh on 10/04/11 560.830 avera9e 351.214 .1 low an 07/03/14 273513 '550 •500 4' •400 .350 •700 •250 2010 2011 2014 2015 Source: DoubleLine, Bloomberg, JPM as of 09/30/2010 to 09/30/2015 JCBDCOMP Index = JPM CEMBI Diversified Broad Composite Blended Spread. Please see appendix for definition. Past performance is no guarantee of future results. An investment cannot be made directly in an index. DoubleLine EMFI Webcast 10-6-2015 41 EFTA01071260 DoubleLiner Performance F U N D S 2015 returns EMBI GD High Yield (JPGCHY)* Government (GOAD)" CEMBI High Grade (JBCDIGIG)" Emerging Markets Corporate (18CDCOMP)* CEMBI High Yield (JBCDNOIG)* Emerging Markets (JPGCCOMP)* 2015 Year to Date Return r -0.07% 2.67% 1.77% 1.17% 0.85% 0.24% Corporate (COA0)* -0.07% EMBI GD High Grade (JPGCIG)* -2.09% High Yield (JOAO)* -2.51% S&P 500 (SPIR)" -5.29% Gold (Golds)* -5.89% Emerging Markets Local Currency (JGENBDUU)* -11.86% Emerging Markets Equity Index (GDUEEGF)* -15.22% Commodities (SPGSCIP)* -19.48% Brent Crude (COA)" -25.34% -30.00% -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% Source: Bloomberg, Doubleline YTD Returns from 12/31/2014 to 9/30/2015 *GOAD. Merrill Lynch U.S. Treasury Index, COAO= Merrill Lynch U.S. Corporate Bond Index, JGENBDUU = JP Morgan Emerging Markets Government Bond Index, JOAO = Merrill Lynch U.S. Cash Pay High Yield Index, GDUEEGF = Morgan Stanley Capital International —Emerging Markets USD Index, SPGSCIP= Standard & Poor's GSCI Excess Return Index JBCDCOMP= JP Morgan Corporate Emerging Markets Bond Index Broad Diversified (JBCDNOIG and JBCDIGIG are sub-indices of JBCDCOMP), JPGCCOMP= JP Morgan Emerging Markets Bond Index Global Diversified (JPGCHY and JPGCIG are sub-indices of JPGCCOMP), SPX= S&P 500, Golds = Gold Spot price quoted as U.S. Dollars per Troy Ounce, Brent Crude (COA) = Brent Crude Future Actives Price. CEMBI High Grade refers to the JP Morgan CEMBI Broad Diversified Index. Please see appendix for definition. 42 Please see the appendix of this presentation for further index descriptions and definitions. Past performance Is no guarantee of future results. An investment cannot be made directly in an index. DoubleLine EMFI Webcast 10-6-2015 42 EFTA01071261 DoubleLineir Performance F U N D S September Returns September 2015 Returns Government (GOAD)" 0.88% Corporate (COA0)* 0.52% CEMBI High Grade (JBCDIGIG)" -0.52% MI EMBI GD High Yield (JPGCHY)* -0.91% Emerging Markets Corporate (JBCDCOMP)• -1.18% Emerging Markets (JPGCCOMP)• -1.29% EMBI GD High Grade (JPGCIG)• -1.57% Gold (Golds)• -1.74% Emerging Markets Local Currency (JGENBDUU)• -2.04% CEMBI High Yield (JBCDNOIG)• -2.38% S&P 500 (SPTR)• -2.47% High Yield (JOAO)* -2.59% Emerging Markets Equity Index (GDUEEGF)* -2.97% Commodities (SPGSCIP)* -6.33% Brent Crude (COA)" -12.04% -14.00% -12.00% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% Source: Bloomberg, Doubleline Returns as of 9/30/2015 *GOAD. Merrill Lynch U.S. Treasury Index, COA0 = Merrill Lynch U.S. Corporate Bond Index, JGENBDUU = JP Morgan Emerging Markets Government Bond Index, JOAO = Merrill Lynch U.S. Cash Pay High Yield Index, GDUEEGF = Morgan Stanley Capital International —Emerging Markets USD Index, SPGSCIP= Standard & Poor's GSCI Excess Return Index JBCDCOMP= JP Morgan Corporate Emerging Markets Bond Index Broad Diversified (JBCDNOIG and JBCDIGIG are sub-indices of JBCDCOMP), JPGCCOMP= JP Morgan Emerging Markets Bond Index Global Diversified (JPGCHY and JPGCIG are sub•indices of JPGCCOMP), SPX= S&P 500, Golds = Gold Spot price quoted as U.S. Dollars per Troy Ounce Brent Crude (COA) = Brent Crude Future Actives Price 43 Please see the appendix of this presentation for further index descriptions and definitions. Past performance Is no guarantee of future results. An investment cannot be made directly in an index. DoubleLine EMFI Webcast 10.6-2015 43 EFTA01071262 DoubleLine" TAB V EM Funds Performance Doubletine EMFI Webcast 10.6.2015 44 EFTA01071263 DoubleLiner Emerging Markets Fixed Income Fund F U N D S Performance Review — As of September 30, 2015 Fund YTD Performance I-share -2.53% N-share -2.80% JP Morgan EM Debt Indices (USD Denominated) EMBI Global Diversified -0.07% CEMBI Broad Diversified 0.85% JP Morgan EM Debt Indices (Non-USD Denominated) GBI-EM -11.86% Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 213-633-8200 or by visiting www.doublelinefunds.com. EMBI GD = JP Morgan Emerging Markets Bond Index Global Diversified, CEMBI BD= JP Morgan Corporate Emerging Markets Bond Index Broad Diversified GBI-EM =JP Morgan Emerging Markets Government Bond Index Please see the appendix of this presentation for further index descriptions. An investment cannot be made directly in an index. Past Performance does not guarantee future results. Index performance is not illustrative of fund performance. DoubleLine EMFI Webcast 10.6-2015 45 EFTA01071264 DoubleLinelr Emerging Markets Fixed Income Fund F U N D S Performance Review — As of September 30, 2015 Since Inception Annualized Fund Standard Deviation Sharpe Ratio 4/6/10 to 9/30/2015 I-shares 5.06% 5.91% 0.74 N-shares 4.81% 5.90% 0.79 P Morgan EM Debt Indices EMBI GD 6.01% 6.79% 0.88 CEMBI BD 5.33% 5.34% 0.96 GBI-EM -0.49% 10.57% -0.06 Rolling 1-Year Fund Standard Deviation (9/30/2014-9/30/2015) I-shares -4.84% 6.09% N-shares -5.17% 6.04% P Morgan EM Debt Indices EMBI GD -0.62% 4.42% CEMBI BD -0.38% 3.96% GBI-EM -15.24% 7.67% Source: DoubleLine, JP Morgan, Bloomberg EMBI GD = JP Morgan Emerging Market Bond Index Global Diversified, CEMBI BD = JP Morgan Corporate Emerging Market Bond Index Broad Diversified GBI-EM = JP Morgan Emerging Markets Government Bond Index Please see the appendix of this presentation for further index descriptions. Past performance is no guarantee of future results. An investment cannot be made directly in an index. DoubleLine EMFI Webcast 10.6-2015 46 EFTA01071265 DoubleLinir Emerging Markets Fixed Income Fund F U N D S Portfolio Summary Country Breakdown as of 9/30/2015 DBLEX/DLENX EMBI Global Diversified Market Price 92.15 98.83 Mexico 14.9% Duration 4.85 6.60 Colombia 14.8% Average Life 6.84 10.59 Peru 13.2% Chile 11.7% • sset Allocation Investment Grade 61.19% 56.95% Panama 7.7% BB 28.42% 16.48% _a Brazil 7.5% B and Below and Not Rated 10.39% 26.57% Guatemala 5.9% Singapore 3.9% Cash and Accrued 1.95% 0.00% Paraguay MI 2.8% Sovereign 6.76% I 75.11% m•M Quasi-Sovereign 13.45% 1111._ 24.89% Israel 2A% Corporate It 77.84% A 0.00% China 2.4% Costa Rica 2.2% U.S. Dollar-Denominated 100.00%'r loom% 11= Dom Rep Credit distribution is determined from the highest available credit rating from any Nationally Recognized Statistical Rating Organization (S&P, Moody's and Fitch). There were no unrated securities in the Fund as of Jamaica • 1.9% September 30, 2015 Indonesia • 1.6% Investment Grade — Refers to a bond whose credit rating is BBB- or higher by Standard and Poor's or Baa3 or higher by Moody's. Ratings are based on corporate bond model. The higher the rating, the more likely India • 1.3% the bond will pay back 100 cents on the dollar. Hong Kong II 0.9% Below Investment Grade (BB, B and below) — These bonds are seen as having a higher default risk or other adverse credit events, but typically pay higher yields than better quality bonds in order to make them El Salvador II 0.7% attractive. They are less likely to pay back 100 cents on the dollar. Qatar I 0.04% Source: JP Morgan, DoubleLine EMBI GD data, Price, Coupon, Duration and Average Life as September 30, 2015. EMBI GD = JP Morgan Emerging Markets Bond Index Global Diversified Please see the appendix of this presentation for further index descriptions. Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security. Past performance is no guarantee of future results. An investment cannot be made directly in an index. DoubleLine EMFI Webcast 10.6-2015 47 EFTA01071266 Doubleline` r Emerging Markets Fixed Income Fund F U N D S Portfolio Distribution Banking 24.0% Transportation 11.6% Utilities 11.4% Corporate 77.84% Oil & Gas 9.2% Sovereign 6.8% Mining 6.6% Consumer Products 6.1% Quasi-Sovereign 13.45% Telecommunication 5.9% Finance 5.3% Cement I. 2.3% Sovereign 6.76% Petrochemicals 1.9% Retail 1.9% Media 1.7% Conglomerate ■ 0.9% Cash & Accrued 1 1.95% Construction II 0.7% Steel II 0.7% Bottling I 0.6% Technology 10.2% Travel & Lodging I 0.1% Chemicals 1 0.1% Real Estate I 0.1% Pulp & Paper 10.1% Source: Doubleline as of September 30, 2015 Subject to change without notice. Doubleline EMFI Webcast 10.6-2015 48 EFTA01071267 DoubleLinelr Low Duration Emerging Markets Fixed Income Fund F U N D S Performance Review — As of September 30, 2015 Fund Since Inception Performance I-share 0.58% N-share 0.42% JP Morgan EM Debt Indices (U.S. $ Denominated) CEMBI Broad Diversified Maturity 1-3 1.74% Years Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 213-633-8200 or by visiting www.doublelinefunds.com. CEMBI Brood Diversified Maturity 1-3 Years= JP Morgan Corporate Emerging Markets Bond Index Broad Diversified Maturity 1-3 years Since Inception = 4/7/2014 Please see the appendix of this presentation for further index descriptions. An investment cannot be made directly in an index. Past Performance does not guarantee future results. Index performance is not illustrative of fund performance. DoubleLine EMFI Webcast 10.6-2015 49 EFTA01071268 DoubleLiner Low Duration Emerging Markets Fixed Income Fund F U N D S Portfolio Summary Country Breakdown as of 9/30/2015 DBLLX/DELNX CEMBI Broad Div 1-3yr Maturity Chile 14.1% Market Price 103.63 100.17 Mexico 13.9% Duration 2.88 1.88 Colombia 12.8% Average Life 3.82 2.02 Panama 10.9% • sset Allocation Peru 8.9% Investment Grade 74.94% 67.26% j Israel 6.2% BB 19.06% 14.96% B and Below, or Not Rated 6.00% 17.78% Singapore 5.3% Brazil 5.1% Cash and Accrued 4.52% 0.00% Guatemala 4.0% Sovereign 8.58% 0.00% Corp/Quasi-Sovereign 86.90% 100.00% Hong Kong IM 2.2% Indonesia I= 2.1% U.S. Dollar-Denominated 100.0% 100.0% Dom Rep 1.9% Credit distribution is determined from the highest available credit rating from any Nationally Recognized Costa Rica l= 1.8% Statistical Rating Organization (S&P, Moody's and Fitch). There were no unrated securities in the Fund as of September 30, 2015. Paraguay 1.7% Investment Grade — Refers to a bond whose credit rating is BBB- or higher by Standard and Poor's or Baa3 Jamaica -6 1.5% or higher by Moody's. Ratings are based on corporate bond model. The higher the rating, the more likely the bond will pay back 100 cents on the dollar. India 1.3% Below Investment Grade (BB, B and below) — These bonds are seen as having a higher default risk or other adverse credit events, but typically pay higher yields than better quality bonds in order to make them China 1.0% attractive. They are less likely to pay back 100 cents on the dollar. Qatar 0.8% Source: JP Morgan, DoubleLine CEMBI Broad Div 1-3yr Maturity data, Price, Coupon, Duration and Average Life as September 30, 2015.CEMBI Broad Div 1-3yr Maturity = JP Morgan Corporate Emerging Markets Bond Index Broad Diversified Maturity 1-3 Years Please see the appendix of this presentation for further index descriptions. Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security. Past performance is no guarantee of future results. An investment cannot be made directly in an index. DoubleLine EMFI Webcast 10.6-2015 50 EFTA01071269 DoubleLineir Low Duration Emerging Markets Fixed Income Fund F U N D S Portfolio Distribution Banking 2D.0 Transportation 12.3% Utilities 10.0% Oil & Gas 9.7% Sovereign 8.6% Mining 3.8% Cement 3.6% Finance 3.5% Media 3.2% Consumer Products IM 3.1% Retail MI 2.8% Telecommunication 2.5% Conglomerate MI 2.2% Pulp & Paper ■ 1.6% Bottling ■ 1.5% Chemicals ■ 1.4% Petrochemicals ■ 0.9% Construction 0.1% Source: DoubleLine as of September 30, 2015 Subject to change without notice. DoubleLine EMFI Webcast 10.6-2015 51 EFTA01071270 DoubleLine Emerging Markets Fixed Income Risks • Global Growth Slowdown • China • Political Risk • Brazil, Venezuela, Argentina, Russia • Potential for Rising U.S. Treasury Yields • Potential for Falling Commodity Prices DoubleLine EMFI Webcast 10.6-2015 52 EFTA01071271 DoubleLine Emerging Markets Fixed Income Outlook • Global developed central banks have remained accommodative • Potential for slower but stable Emerging Market (EM) growth • EM should continue on reform path • We believe attractive EM valuations DoubleLine EMFI Webcast 10.6-2015 53 EFTA01071272 DoubleLine Emerging Markets Outlook: A Cautious Road Ahead MI Live Webcast Hosted By: Luz Padilla Director Emerging Markets Fixed Income Fund (DBLEX/DLENX) Low Duration Emerging Markets Fixed Income Fund (DBLLX/DELNX) DoubleLine October 6, 2015 EFTA01071273 DoubleLine Announcements Rising Rates Webcast — October 20, 2015 Funds for a rising rate environment featuring: Andrew Hsu — Low Duration Fund Luz Padilla — Low Duration Emerging Markets Fund Robert Cohen — Floating Rate Fund Go to www.doublelinefunds.com, Home page under "Events" 2015 Webcast Schedule to register 1:15 pm PDT/4:15 pm EDT Jeffrey Gundlach — November 10, 2015 Closed End Funds (DBL/DSL) Go to www.doublelinefunds.com, Home page under "Events" 2015 Webcast Schedule to register 1:15 pm PDT/4:15 pm EDT To Receive Presentation Slides: You can email DoubleLine EMFI Webcast 10.6-2015 55 EFTA01071274 DoubleLini1 Definitions F U N D S JPMorgan EMBI Global Diversified - A uniquely-weighted version of the EMBI Global. This index limits the weights of those index countries with larger debt stocks by only including specified portions of these countries' eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by EMBI Global. JPMorgan GBI EM Broad Diversified —This index is a market capitalization weighted index consisting of US-denominated Emerging Market corporate bonds. It is a liquid global corporate benchmark, representing Asia, Latin America, Europe and the Middle East/Africa. JPMorgan Domestic High Yield - An index designed to mirror the investable universe of the U.S. dollar domestic high yield corporate debt market. JPMorgan JULI - An index that measures the performance of the Investment Grade dollar-denominated corporate bond market. JPMorgan EMBI Global Diversified Investment Grade — A sub-index of the JPM EMBI GD that consists of only investment grade securities. EMBI Global Diversified High Yield — A sub-index of the JPM EMBI GD that consists of only below investment grade securities. Basis points (bps) - A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. JP Morgan CEMBI Broad Diversified - A market capitalization weighted index consisting of US-denominated Emerging Market corporate bonds. It is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa. This index also includes two subindices Standard Deviation - A measure of the variation or dispersion of a set of data from its mean or expected/budgeted value. A low standard deviation indicates that the data points tend to be very close to the mean, whereas a high standard deviation indicates that the data is spread out over a large range of values. A measure of an investment's volatility. Sharpe Ratio - A reward-to-variability ratio and a measure of the excess return (or Risk Premium) per unit of risk in an investment asset or a trading strategy. Market Price - The weighted average of the prices of the fund's portfolio holdings. While market price is a component of the fund's Net Asset Value (NAV), it should not be confused with the fund's NAV. Duration - A measure of the sensitivity of the price of a fixed income investment to a change in interest rates, expressed as a number of years. Average Life - The average number of years that each dollar of unpaid principal due on the mortgage remains outstanding. Average life is computed as the weighted average time to the receipt of all the future cash flows, using as the weights the dollar amounts of the principal paydowns. S&P Commodities Index (SPGSCIP) - The widely tracked S&P GSCI's is recognized as a leading measure of general price movements and inflation in the world economy. The index — representing market beta — is world-production weighted. It is designed to be investable by including the most liquid commodity futures, and provides diversification with low correlations to other asset classes. S&P Dow Jones GSCI Energy Commodity Index - The S&P GSCI is calculated primarily on a world production weighted basis and consists of the principal physical commodities that are the subject of active, liquid futures markets. The weight of each commodity in the index is determined by the average quantity of production as per the last five years of available data. (WTI Crude Oil, Brent Crude Oil, Gas Oil, Heating Oil, RBOB Gasoline, Natural Gas) S&P Dow Jones GSCI Precious Metals Commodity Index - The S&P GSCI is calculated primarily on a world production weighted basis and consists of the principal physical commodities that are the subject of active, liquid futures markets. The weight of each commodity in the index is determined by the average quantity of production as per the last five years of available data. (Gold, Silver) S&P Dow Jones GSCI Copper Commodity Index - The S&P GSCI is calculated primarily on a world production weighted basis and consists of the principal physical commodities that are the subject of active, liquid futures markets. The weight of each commodity in the index is determined by the average quantity of production as per the last five years of available data. (LME Copper) Effective Exchange Rate - The effective exchange rate is a measure of the value of a currency against a 'basket' of other currencies, relative to a base date. It is calculated as a weighted geometric average of the exchange rates, expressed in the form of an index. The weights used are designed to measure, for an individual country, the relative importance or each of the other countries as a competitor to its manufacturing sector and reflect aggregate trade flows in manufactured goods. DoubleLine EMFI Webcast 10.6-2015 56 EFTA01071275 DOUbleLine xr Definitions F U N D S Ease of Doing Business —An index that ranks economies on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. S&P 500 - A capitalized-weighted index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. This index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. JP Morgan EMBI GD High Grade (JPGCIG) — A sub-index of the EMBI Global Diversified including high grade securities. BofA Merrill Lynch U.S. Corporate Index (COAO) - An index that tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody's, S&P and Fitch) and an investment grade rated country of risk (based on an average of Moody's, S&P and Fitch foreign currency long term sovereign debt ratings). Securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $250MM. JP Morgan EMBI GD (JPGCCOMP)- The EMBI Global Diversified limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries eligible current face amounts of debt outstanding. JP Morgan Corporate Emerging Market Bond Index High Grade (JBCDIGIG) — A sub-index of the CEMBI Global Diversified including investment grade securities. BofA Merrill Lynch U.S. Government Index (GOAO) - An index that tracks the performance of U.S. government (i.e. securities in the Treasury and Agency indices. JP Morgan Corporate Emerging Market Bond Index (JBCDCOMP) —A global, liquid corporate emerging markets benchmark that tracks U.S.-denominated corporate bonds issued by emerging markets entities. The corporate CEMBI is a liquid basket of emerging markets corporate issues with strict liquidity criteria for inclusion in order to provide replicability, tradability, robust pricing and data integrity. JP Morgan EMBI GD High Yield (JPGCHY) —A sub-index of the EMBI Global Diversified including below investment grade securities. BofA Merrill Lynch U.S. High Yield Cash Pay Index (JOAO) - An index that tracks the performance of U.S. dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Firth foreign currency long term sovereign debt ratings). Must have one year remaining to final maturity and a minimum outstanding amount of $100MM. JP Morgan Corporate Emerging Market Bond Index High Yield (JBCDNOIG) — A sub-index of the CEMBI Global Diversified including below investment grade securities. "Gold"= Gold Spot Price (Golds) - The current price of Gold futures trading in the marketplace, expressed as US Dollar per Troy Ounce. Morgan Stanley Capital International-Emerging Markets USD Index (GDUEEGF) -A free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010 the MSCI Emerging Markets Index consisted of 21 emerging market economies. JP Morgan Emerging Markets Government Bond Index (GBI-EM/JGENBDUU) — This index is the first comprehensive, global local Emerging Markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. Brent Crude (C01) - The index represents the average price of trading in the 25 day Brent Blend, Forties, Oseberg, Ekofisk (BFOE) market in the relevant delivery month as reported and confirmed by the industry media. Only published cargo size (600,000 barrels (95,000 m3)) trades and assessments are taken into consideration. DoubleLine EMFI Webcast 10.6-2015 57 EFTA01071276 DoubleLinelr Disclaimer F U N D S Important Information Regarding This Report This report was prepared as a private communication and was not intended for public circulation. Clients or prospects may authorize distribution to their consultants or other agents. Issue selection processes and tools illustrated throughout this presentation are samples and may be modified periodically. Such charts are not the only tools used by the investment teams, are extremely sophisticated, may not always produce the intended results and are not intended for use by non-professionals. DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. While we have gathered this information from sources believed to be reliable, DoubleLine cannot guarantee the accuracy of the information provided. Securities discussed are not recommendations and are presented as examples of issue selection or portfolio management processes. They have been picked for comparison or illustration purposes only. No security presented within is either offered for sale or purchase. DoubleLine reserves the right to change its investment perspective and outlook without notice as market conditions dictate or as additional information becomes available. This material may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to a client's account, or market or regulatory developments. Important Information Regarding Risk Factors Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. The views and forecasts expressed in this material are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. Past performance is no guarantee of future results. Important Information Regarding DoubleLine In preparing the client reports (and in managing the portfolios), DoubleLine and its vendors price separate account portfolio securities using various sources, including independent pricing services and fair value processes such as benchmarking. To receive a complimentary copy of DoubleLine's current Form ADV (which contains important additional disclosure information), a copy of the DoubleLine's proxy voting policies and procedures, or to obtain additional information on DoubleLine's proxy voting decisions, please contact DoubleLine's Client Services. DoubleLine EMFI Webcast 10.6-2015 58 EFTA01071277 DoubleLiner Disclaimer F U N D S Important Information Regarding DoubleLine's Investment Style DoubleLine seeks to maximize investment results consistent with our interpretation of client guidelines and investment mandate. While DoubleLine seeks to maximize returns for our clients consistent with guidelines, DoubleLine cannot guarantee that DoubleLine will outperform a client's specified benchmark or the market or that DoubleLine's risk management techniques will successfully mitigate losses. Additionally, the nature of portfolio diversification implies that certain holdings and sectors in a client's portfolio may be rising in price while others are falling; or, that some issues and sectors are outperforming while others are underperforming. Such out or underperformance can be the result of many factors, such as but not limited to duration/interest rate exposure, yield curve exposure, bond sector exposure, or news or rumors specific to a single name. DoubleLine is an active manager and will adjust the composition of client's portfolios consistent with our investment team's judgment concerning market conditions and any particular sector or security. The construction of DoubleLine portfolios may differ substantially from the construction of any of a variety of bond market indices. As such, a DoubleLine portfolio has the potential to underperform or outperform a bond market index. Since markets can remain inefficiently priced for long periods, DoubleLine's performance is properly assessed over a full multi-year market cycle. Important Information Regarding Client Responsibilities Clients are requested to carefully review all portfolio holdings and strategies, including by comparing the custodial statement to any statements received from DoubleLine. Clients should promptly inform DoubleLine of any potential or perceived policy or guideline inconsistencies. In particular, DoubleLine understands that guideline enabling language is subject to interpretation and DoubleLine strongly encourages clients to express any contrasting interpretation as soon as practical. Clients are also requested to notify DoubleLine of any updates to Client's organization, such as (but not limited to) adding affiliates (including broker dealer affiliates), issuing additional securities, name changes, mergers or other alterations to Client's legal structure. DoubleLine° is a registered trademark of DoubleLine Capital LP. © 2015 DoubleLine Capital LP DoubleLine EMFI Webcast 10.6-2015 59 EFTA01071278 DoubleLine Announcements Rising Rates Webcast — October 20, 2015 Funds for a rising rate environment featuring: Andrew Hsu — Low Duration Fund Luz Padilla — Low Duration Emerging Markets Fund Robert Cohen — Floating Rate Fund Go to www.doublelinefunds.com, Home page under "Events" 2015 Webcast Schedule to register 1:15 pm PDT/4:15 pm EDT Jeffrey Gundlach — November 10, 2015 Closed End Funds (DBL/DSL) Go to www.doublelinefunds.com, Home page under "Events" 2015 Webcast Schedule to register 1:15 pm PDT/4:15 pm EDT To Receive Presentation Slides: You can email DoubleLine EMFI Webcast 10.6-2015 60 EFTA01071279