Company Press Release

LOS ANGELES, Dec. 14 /PRNewswire/ -- DoubleLine LLC, recently formed by Jeffrey Gundlach, nominee for Morningstar Fixed Income Manager of the Decade, and his long-time colleague, Philip Barach, announced today that it has established a strategic relationship with Oaktree Capital Management, L.P. whereby Oaktree will help DoubleLine establish its own operational infrastructure. In addition, Oaktree will receive a minority equity position in DoubleLine.

The investment team supporting Mr. Gundlach, Chief Executive Officer of DoubleLine and former Chief Investment Officer of The TCW Group Inc., and Mr. Barach, former Group Managing Director of the TCW Mortgage-Backed Securities Group, includes more than 30 former members of their previous team at TCW. DoubleLine expects this number to grow. "I'm excited about starting a firm that will be absolutely dedicated to excellence in investing and client service," Mr. Gundlach said. "I'm particularly gratified that so many members of our former team at TCW are joining us in this new venture."

"Our agreement with Oaktree, one of the world's leading investment advisory firms, will provide DoubleLine with invaluable administrative support and resources while my seasoned team focuses on bringing our proven investment and risk management services to our valued clients," Mr. Gundlach said. "Looking beyond the start-up phase of our firm, I also envision rich possibilities of shared product offerings by blending our team's Core Fixed Income and Mortgage-Backed capabilities with Oaktree's widely recognized franchise in the active management of Fixed Income and Alternative investments."

Howard Marks, Chairman of Oaktree, commented, "I've known Jeffrey and Phil for over 20 years and supervised them at TCW during a difficult investment period in 1994. Given our long history, a shared philosophy that emphasizes the importance of risk control, and the extraordinary performance record that they built at TCW, we were happy to agree to help them establish their new business. I'm confident that Oaktree's association with DoubleLine will help bring exceptional management to DoubleLine's clients, while benefiting Oaktree's clients through enhanced market insight and possible joint product offerings."

DoubleLine has started the process of registering with the Securities and Exchange Commission as an investment adviser. Pending application approval, DoubleLine will conduct its business within the limits established by the Investment Advisers Act of 1940.

At TCW, Mr. Gundlach was Portfolio Manager of the TCW Total Return Bond Fund (Nasdaq: TGLMX, TGMNX). He was named Morningstar's 2006 Fixed Income Fund Manager of the Year. His team received the Standard & Poor's/BusinessWeek Excellence in Fund Management Award, given for risk-adjusted return accomplishments, all five consecutive years of the award's existence during the past decade.

About DoubleLine LLC

DoubleLine LLC was formed recently by Jeffrey Gundlach, former chief investment officer of TCW Group Inc. The company is privately held, with Mr. Gundlach its largest shareholder. DoubleLine's headquarters is in Los Angeles, CA. Its offices can be reached at 213-223-2346.

About Oaktree Capital Management, L.P.

Oaktree (GSTrUE: OAKTRZ) is a premier global alternative and non-traditional investment manager with approximately $67.4 billion in assets under management as of September 30, 2009.. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, high yield and convertible bonds, specialized private equity (including power infrastructure), real estate, emerging market and Japanese securities, and mezzanine finance. Headquartered in Los Angeles, the firm today has over 580 employees and offices in 14 cities worldwide. For more information, please visit www.oaktreecapital.com. Its offices can be reached at 213-830-6300.