As of 9/30/08As of 9/30/08

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Capital Link Forum, April 27, 2011

Convertibles and High Yield

John P. Calamos, Sr.CEO and Co-Chief Investment Officer

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The Market Cycle and Convertible Characteristics

Equity-sensitive securities

Downside protection features

Benefit from volatility

As of 3/31/11CONVERTIBLE UNIVERSE*

*Source: BofA Merrill Lynch, All U.S. Convertibles Index (VXA0)

Distressed Hybrid CharacteristicsFixed Income Characteristics

Equity Characteristics

Investment Value (Bond)

YIELD ALTERNATIVES TOTAL RETURN ALTERNATIVES EQUITY ALTERNATIVES

3/1/2000 18.9% 27.8% 53.3%

02/28/2009 67.4% 20.9% 11.7%

3/31/2011 32.4% 41.3% 26.3%

Convertible Fair Value Price Track

CURRENT STOCK PRICE

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U.S. Convertible MarketAs of 3/31/11

Source: BofA ML Convertible Research, VXA0 Index, VNEW Index Credit Quality — Reflects the lower of the ratings of Standard & Poor’s Corporation and Moody’s Investors Service, Inc. and areadjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality.

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U.S. Convertible Issuance

Source: BofA Merrill Lynch Convertibles Research

Annual U.S. Convertible IssuanceIn billions

35.2 39.1

60.9

106.4

55.4

87.6

48.239.4

70.8

95.5

58.3

37.7 33.8

-29.5-36.8

-58.9

-28.6-35.9

-59.2

-74.6

-58.2

-81.0 -75.0 -78.2-68.0

-54.9

-$100

-$50

$0

$50

$100

$150

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Issuance Redemptions

Net Net Net Net Net Net Net Net Net Net Net Net Net5.7 2.3 2.0 77.8 19.5 28.4 -26.4 -18.8 -10.2 20.5 -19.9 -30.3 -21.1

As of 12/31/10

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Convertible Universe – Performance by QualityAs of 3/31/11

Source: BofA ML Convertible Research, VXA1 Index and VXA2 Index5

Convertible Market Performance by Credit Quality As of 3/31/11

Credit Quality Tiers — Reflects the higher of the ratings of Standard & Poor's Corporation; Moody's Investors Service, Inc.; Fitch, Inc. and National Association of Insurance Commissioners (NAIC) and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees, expenses or sales changes. Investors cannot invest directly in an index. Performance shown for the BofA Merrill Lynch Global Convertible Index. Source: Calamos Advisors, LLC.

-16.27%-22.27% -21.17%

-38.48%

-45.62%-52.65%-60%

-40%

-20%

0%

AA A BBB BB B CCC

Returns for the BofA ML Global Convertible Index by Credit Quality Tiers: 2008 – YTD 2011

10.96%19.78%

39.51%52.81%

60.64%

111.70%

0%

40%

80%

120%

AA A BBB BB B CCC

-5.28%

7.46% 8.98%

17.43% 18.80%

30.69%

-20%

0%

20%

40%

AA A BBB BB B CCC

2008 2009

2010

3.17% 4.45% 3.94% 4.75%

12.66%

-2.27%

-10%

0%

10%

20%

AA A BBB BB B CCC

YTD 2011

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Credit Default Rates

Source: Standard & Poor's 2009 Annual Global Corporate Default Study And Rating Transitions, March 17, 2010, p. 60

0.24% 0.41% 0.53% 0.82% 1.34%2.70%

6.26%

9.86%

27.98%

0%

5%

10%

15%

20%

25%

30%

BBB BBB- BB+ BB BB- B+ B B- CCC/C

GLOBAL CORPORATE AVERAGE DEFAULT RATES BY RATING MODIFIER: ONE YEAR AFTER ISSUANCE1981 - 2009

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The Current Convertible Market: The Valuation Anomaly

Source: Calamos Corporate System (CCS), Calamos Advisors LLC. Please note that the above chart has been derived from CCS, a proprietary valuation system designed and maintained solely by Calamos. While we deem the above information to be reliable, Calamos makes no public claims as to the validity of the information derived from the system.

Convertible Market: Fair Value EstimateJanuary 31, 1990 to December 31, 2010

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Global Convertible Market

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Global Convertible MarketAs of 3/31/10

* African/Eastern European regions are not included before 2004 due to limited data availability. Source: BofA ML Convertible Research, G300 Index. 10

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Global Convertible Issuance by RegionAs of 12/31/10

Source: BofA Merrill Lynch Convertibles Research

2005 2006 2007 2008 2009 2010

Issuance (in bill.) % of total

Issuance (in bill.) % of total

Issuance (in bill.) % of total

Issuance (in bill.) % of total

Issuance (in bill.) % of total

Issuance (in bill.) % of total

Asia (ex-Japan) $7 10% $12 10% $24 14% $8 9% $9 11% $13 18%

Europe $14 20% $14 12% $33 19% $15 17% $29 35% $18 25%

Japan $2 3% $10 8% $4 2% $5 6% $3 4% $4 6%

U.S. $48 68% $78 66% $104 60% $61 68% $39 47% $34 48%

Others $0 0% $3 3% $8 5% $2 2% $3 4% $2 3%

Total $71 $118 $174 $90 $83 $71

Convertible Issuance by RegionIn USD

Percentages may not add to 100% due to rounding.

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Global Convertible Market

Source: BofA ML Convertible Research - G300 Index. 12

As of 3/31/11

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High Yield Market

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High Yield Market Performance

High-yield bonds and loans outperformed most fixed income products in 1Q11

14Source: Acciavatti, Peter D., Tony Linares, Nelson Jantzen, CFA, and Alisa Meyers. "High-Yield Market Monitor, Global High Yield and Leveraged Loan Research." J.P.Morgan (2011). Print.

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High Yield New Issuance

HIGH YIELD NEW-ISSUE VOLUMEJANUARY 2009 - MARCH 2011

Source: Acciavatti, Peter D., Tony Linares, Nelson Jantzen, CFA, and Alisa Meyers. "High-Yield Market Monitor, Global High Yield and Leveraged Loan Research." J.P.Morgan (2011). Print. 15

HIGH YIELD NEW-ISSUE VOLUME1988-1Q 2011

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High Yield Spreads

16Source: Acciavatti, Peter D., Tony Linares, Nelson Jantzen, CFA, and Alisa Meyers. "High-Yield Market Monitor, Global High Yield and Leveraged Loan Research." J.P.Morgan (2011). Print.

SPREAD BETWEEN INVESTMENT-GRADE AND HIGH-YIELD BONDS

SPREAD TO WORST BY RATING

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U.S. Convertible and High Yield IssuanceAs of 12/31/10

Source: BofA Merrill Lynch Convertibles Research and JP Morgan

Annual U.S. Convertible and High Yield New Issue VolumeIn billions

35 39

61

106

55

88

4839

71

96

5838 34

151

100

47

95

68

152 158

106

149 148

53

181

302

$0

$50

$100

$150

$200

$250

$300

$350

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Convertible Issuance U.S. High Yield Issuance

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Credit Quality Tiers — Reflects the higher of the ratings of Standard & Poor's Corporation; Moody's Investors Service, Inc.; Fitch, Inc. and National Association of Insurance Commissioners (NAIC) and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality. VNEW Index Credit Quality — Reflects the lower of the ratings of Standard & Poor’s Corporation and Moody’s Investors Service, Inc. and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality.BofA Merrill Lynch All U.S. Convertibles Ex Mandatory Index (V0A0) — The BofA Merrill Lynch All U.S. Convertibles Ex Mandatory Index (V0A0) represents the U.S. convertible market excluding mandatory convertibles. MSCI World Index (USD) — The MSCI World Index (USD) is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region. S&P 500 Index — The S&P 500 Index is generally considered representative of the U.S. stock market. Value Line Convertible Index — The Value Line Convertible Index is an equal weighted index of the largest convertibles.

The information in this report should not be considered a recommendation to purchase or sell any particular security. Before investing carefully consider each fund's investment objectives, risks, charges and expenses. Please see each fund's prospectus containing this and other information or call 800-582-6959. Read it carefully.

Calamos Financial Services LLC, Distributor2020 Calamos CourtNaperville, IL 60563-2787800.582.6959www.calamos.comcaminfo@calamos.com

© 2010 Calamos Holdings LLC. All Rights Reserved.Calamos®, Calamos Investments® and Investment strategiesfor your serious money® are registered trademarks ofCalamos Holdings LLC.

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