Payden & Rygel Global Limited (“The Firm”) is an investment manager based in the United Kingdom and authorised and regulated by the Financial Services Authority. The Firm manages investments exclusively on behalf of institutional investors and each relationship is governed by a detailed and comprehensive “Investment Management Agreement” (IMA). The IMA determines the terms under which a client’s investments are managed in combination with the rules and guidance laid down in our compliance manual as prescribed by the Financial Services Authority. The Firm monitors all investee companies as part of its general investment policy and approach. The Firm takes action in line with its investment objectives where its research of publicly available information warrants such action. However, based on the IMAs currently in force, the Firm does not manage investments or engage with investee companies in an active manner covered by the Stewardship Code and in these respects the Code is not applicable to the Firm’s business practices. In all other respects, where the activities of the Firm are covered by the code the Firm has adopted the code and is compliant with it.

April 2011