Order Execution Policy

State Street Global Markets International Limited

State Street Global Markets International Limited (‘SSGMIL’) provides trading services in equities, fixed income, futures and options, and foreign exchange within State Street Global Markets, a division of State Street Corporation, one of the world’s leading providers of financial services to institutional investors.

When executing or transmitting your order(s) we take all reasonable steps to provide you with the best possible result on a consistent basis by taking into account any specific instructions1 we receive from you and a range of execution factors in accordance with the principles described in this Order Execution Policy (‘Policy’).

1. Scope

Our obligation to consistently provide you with the best possible result in accordance with the Policy applies in respect of any order you may give us in any financial instrument as defined by the Markets in Financial Instruments Directive (‘MiFID’), regardless of whether the execution takes place on a venue in the European Economic Area, an equivalent venue in a third country or on an over-the-counter basis.

The Policy only applies where we have categorised you as a Professional client and owe you a contractual or agency obligation. The duty to provide best execution does not apply to transactions involving Eligible counterparties and therefore where we have categorised as such the Policy will not apply. SSGMIL does not deal with Retail clients.

2. Execution factors

When executing and/or transmitting your orders we will take into account different execution factors including, but not limited to:

. Price;

. Costs;

1 See Section 4 below.

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. Speed;

. Likelihood of execution;

. Likelihood and reliability of settlement;

. Size;

. Nature of an order; and

. Other relevant considerations, such as:

o Liquidity (relative order size or financial instruments underlying liquidity);

o Market Impact;

o Nature of the available execution venue (regulated versus unregulated market venue);and

o Nature of the financial instrument.

Our traders use their experience and judgment to determine the importance of each of these factors on a case by case basis to assist in achieving of the best possible result on a consistent basis in respect of your orders.

3. Execution criteria

In determining the relative importance of the execution factors, when we are executing and/or transmitting your orders, we will take into account the following execution criteria:

. The extent to which we believe you are relying upon us to provide you with the best possible result;

. The characteristics of your order(s);

. The characteristics of the financial instrument;

. The characteristics of the available execution venues; and

. If your order is subject to any specific instructions that you have given us.

4. Specific client instructions

Whenever you have given us a specific instruction regarding an order or an aspect of an order, we will execute or transmit such order or aspect thereof following your specific instruction. We will then apply this Policy and take reasonable steps to obtain the best possible result for the elements of the order not subject to or limited by your instructions.

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In the event that we feel that your instructions may have become unduly limiting to the execution of your order, such as where market conditions have changed, we would aim to discuss this with you and agree a suitable course of action.

5. Relative importance of the execution factors

While price is generally a key factor, the overall value to a client of a particular transaction may be affected by the other factors listed above. The relative importance of each of the factors will differ depending on:

. The characteristics of your order;

. The characteristics of the financial instruments to which the order relates, as certain instruments are easier to execute than others;

. The characteristics of the execution venue(s) to which we are able to direct and execute your order and the conditions for safe settlement associated with those venues; and,

. Consideration of potential market impact, taking into account any instructions you might give us on participation levels and having analysed the liquidity and relative size of the order.

6. Further information on asset-class specific execution arrangements

a. Equity instruments

SSGMIL’s preferred method of executing your orders for equity instruments is for our traders to directly execute your order in the market as your agent using a combination of techniques ranging from manual to fully automated. We may also use smart order routers and algorithms in order to allow us to work your order(s) across multiple venues in the most efficient manner possible; we may also cross your order with another SSGMIL client or with another market counterparty or liquidity provider.

Where facilities for direct execution are not available to us we will transmit your order to a suitable third-party or affiliated broker for execution2. In such cases we will closely monitor the performance of the order in so far as is possible and will apply the principles described in section 7 of the Policy.

In Appendix I of this Policy we provide you with an indicative list of the execution venues and illustrate our access arrangements, broadly these comprise the following categories of venue:

. Regulated markets and third country equivalents;

. Multilateral trading facilities (‘MTF’) and third country equivalents;

2 Please refer to Appendix I and see further in section 7 of this Policy.

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. Systematic internalisers;

. Internal and external crossing networks; and

. Market-makers, brokers, banks and other liquidity providers.

You may of course instruct us to execute your orders using particular venues or combinations thereof. Subject to regulation and acceptance by SSGMIL, you may instruct us to direct your order to specific counterparties for execution.

From time-to-time we may determine that it is beneficial to your order to execute it outside of a regulated market or MTF. Provided that you have given us your express prior consent and we believe it is consistent with this Policy to do so, we will execute your orders in such a manner.

b. Fixed Income instruments

SSGMIL typically executes your orders in fixed income instruments directly with other market counterparties (also known as dealers), because the use of trading venues is traditionally limited in fixed income markets.

When seeking prices from such market counterparties we will look to obtain quotes from the key dealers for the particular instrument and would aim to gain at least three quotes where the instrument permits this and rarely more than five. There may be limited circumstances where, based on our expertise and judgment, your best interests may be better served by seeking prices from fewer or more market counterparties.

The choice of counterparties varies based on the specific instrument. When selecting counterparties to seek prices from, in addition to the execution factors, we will consider the following characteristics of available counterparties:

. Electronic execution capability and ability to quote a market via Bloomberg functionality;

. The quality of indicative bids and offers and associated spreads;

. Previous executions performed with the counterparty;

. Status of the counterparty as a:

o lead manager of the applicable issuance of the instrument; and/or,

o known specialist in the instrument or sector.

c. Futures and options

In the absence of specific instructions, when we are executing or transmitting your orders in futures, we exercise our own discretion, based on our experience, judgment, and the nature of your order(s) to provide you with the best possible result and we take into account the following execution factors:

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. Price;

. Market impact;

. Size of the order;

. Speed/ likelihood of execution;

. Market depth and liquidity in the contract; and,

. Any specific instructions you may give us.3

d. Foreign Exchange

SSGMIL will typically transmit your orders in foreign exchange derivatives for execution to a suitable third- party or affiliated broker-dealer for execution4, subject to jurisdiction. SSGMIL acts as your agent; however, the relevant third-party or affiliate may become your counterparty to the trade, depending on the specifics of the transaction. Additionally, at your request we will route your orders to a specific counterparty of your selection.

When deciding where to transmit your orders, SSGMIL will act in your best interests when exercising our professional judgment to select an affiliate or third-party dealer based on our assessment of that firm’s ability to satisfy the various execution factors related to your order and taking into account any instructions you may have given us.

Finally, in respect of any orders in foreign exchange which do not constitute a financial instrument (i.e. spot contracts and certain forward contracts), whilst the obligation for best execution of orders under MiFID does not apply, we will seek to apply the principles of this Policy as we believe this serves your general best interests.

7. Other important matters

a. Use of third-parties and affiliates

In order to gain access to certain markets where we do not have a membership or other direct access arrangements, we may need to transmit your order to an affiliated or third party firm for execution on our behalf. We will exercise our judgment, skill and experience to determine the appropriateness and suitability of the relevant affiliate or third party firm.

3 Please refer to section 4 above. 4 Please refer to Appendix I for details of SSGMIL’s affiliates.

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The choice of third-party and affiliate firms will be determined by an ongoing assessment of their ability to support our best execution obligations to you and a combination of the following considerations which will depend on the market we aim to access:

. Execution capabilities and range of accessible venues in target markets;

. Range of electronic execution and order handling capabilities;

. Credit ratings and quality of settlement arrangements;

. Status of the third-party or affiliate as:

o an official market maker or other market specialist; and/or

o a known specialist in the market, sector or instrument.

Client orders executed using such arrangements are subject to monitoring and review5 in order to assess both the outcome of the order against the Policy and the overall performance of the third-party or affiliate firm.

b. Publication of limit orders

We believe that it is not always in your best interests to make public limit orders in shares admitted to trading on a regulated market when they are not immediately executed under prevailing market conditions. We therefore will seek to obtain a general instruction from you during the onboarding process, which we will also reconfirm periodically thereafter, which allows us to use our discretion as to whether or not to make such orders public. Unless otherwise instructed, we will follow the general instruction in respect of each order you give us.

c. Execution of orders outside a regulated market or MTF

From time-to-time we may determine that it is beneficial to your order to execute all or part of it outside of a regulated market or MTF. Provided that you have given us your express prior consent, obtained during the onboarding process and periodically renewed thereafter, when we believe that it is consistent with this Policy to do so we will execute your orders in such a manner and apply the principles of this Policy.

d. Order aggregation and allocation

When executing and/or transmitting your orders we may combine your orders with those of other clients of SSGMIL, which may include affiliated companies. We will only do this where we reasonably believe that it is in the overall best interest of each client. In the limited circumstances where SSGMIL or an affiliate may need

5 Please refer to section 8.

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to trade on its own account, such as when trading out of errors associated with client orders, we would not combine your orders with those orders.

8. Monitoring and oversight

SSGMIL closely monitors the effectiveness and performance of its execution arrangements and delivery of best execution to its clients in respect of this Policy. The relevant trading desks perform regular monitoring using a variety of methods pre-trade, during trading and post-trade, including third party analytics. In addition to front-office monitoring, the compliance department conducts independent monitoring and may challenge findings and outcomes when required through the course of their program.

SSGMIL has established a Best Execution Committee (‘BEC’) with set terms of reference in order to provide oversight of the firm’s execution arrangements and performance findings. The BEC reports directly to State Street Global Markets EMEA Senior Management Committee, and meets monthly to consider the findings of monitoring activities by the trading desks and compliance department. The BEC’s membership comprises senior representatives from sales trading, execution trading, operations, transition management, compliance, legal and risk.

9. Procedural arrangements

The Policy and our order execution arrangements are reviewed at least annually by the relevant trading desks, compliance and BEC, but may be updated more frequently when required, such as where we identify a material change which may affect our ability to deliver best execution on a consistent basis. In the event that any material changes are made to the Policy or to our execution arrangements we will notify you accordingly.

Finally, you may request that we demonstrate adherence to this Policy in respect of any order(s) we execute on your behalf. Such requests should be made in writing and directed to:

. Head of SSGM EMEA Compliance

State Street Global Markets International Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom

Effective date: October 2015

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Legal and regulatory notices and disclaimer

State Street Global Markets is the marketing name and a registered trademark of State Street Corporation used for its financial markets business and that of its affiliates (collectively “State Street”).

The products and services outlined herein are only offered to Eligible counterparties and Professional clients through either: (i) State Street Bank and Trust Company, London Branch, authorised and regulated by Federal Reserve Board, authorised and subject to limited regulation by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority; (ii) State Street Europe Limited, authorised and regulated by the Financial Conduct Authority; (iii) State Street Global Markets International Limited, authorised and regulated by the Financial Conduct Authority and/or (iv) State Street Bank GmbH, London Branch, authorised by Deutsche Bundesbank and the German Financial Supervisory Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Please note certain foreign exchange transactions (spot and certain forward transactions) are not regulated in all jurisdictions.

This document and information provided herein is for marketing and/or informational purposes only, it does not take into account any client's particular investment or other financial objectives or strategies nor any client’s legal, regulatory, tax or accounting status, nor does it purport to be comprehensive nor intended to replace the exercise of a client’s own careful independent review regarding any corresponding investment or other financial decision.

This document and information provided herein does not constitute investment, legal, regulatory, tax or accounting advice and is not a solicitation to buy or sell securities nor to enter into any transaction, nor is it intended to constitute any binding contractual arrangement or commitment by State Street to provide securities services nor any other financial services. Any information provided has been obtained from sources believed to be reliable at the time of publication, nonetheless, we cannot guarantee nor do we make any representation or warranty as to their accuracy and you should not place any reliance on such information. This document and any comments and statements made herein do not necessarily reflect those of State Street, its subsidiaries or its affiliates. State Street hereby disclaims all liability, whether arising in contract, tort or otherwise, for any losses, liabilities, damages, expenses or costs arising, either direct or consequential, from or in connection with the use of or any reliance place upon any information provided.

Prospects, clients or counterparties should be aware of the risks of participating in trading equities, fixed income, and foreign exchange, or derivative instruments and/or in investments in illiquid or emerging markets. Derivatives generally involve leverage and are therefore more volatile than their underlying cash investments. Prospects, clients or counterparties should be aware that products and services outlined may put their capital at risk. Further, past performance is no guarantee of future results and, where applicable, returns may increase or decrease as a result of currency fluctuations.

This document and information provided herein is not intended for retail clients, nor for distribution to, and may not be relied upon by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulation. The communication and information or any portion thereof may not be reprinted, sold or redistributed without the prior written consent of State Street Global Markets.

© 2015 State Street Corporation - All Rights Reserved.

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Appendix I – Execution Venues

State Street Global Markets International Limited

The following list sets out the various arrangements State Street Global Markets International Limited (‘SSGMIL’) may use in each in market and asset-class to execute your orders. The precise venues and arrangements will be selected in accordance with the Policy, subject to any preferences you may indicate and specific jurisdictional requirements. References to ‘direct access’ include venues where SSGMIL is either a member/participant or has direct market access through a third-party that is itself a member.

This list may change from time to time, please consult your SSGMIL representative for details of our most current capabilities and to discuss your execution requirements further

Germany 1. European venues . Frankfurt Exchange  - (Xetra) . Börse Berlin Equiduct Direct Third-party  -

Access broker . Eurex Deutschland  - Austria Greece . Vienna  - . Athens Stock Exchange   Belgium Hungary . – Brussels  - .  - Bulgaria Iceland .  - . NASDAQ OMX Iceland  - Croatia Ireland .   . Irish Stock Exchange  - Cyprus Italy .   . Borsa Italiana  - Czech Republic Latvia . Prague Stock Exchange   . NASDAQ OMX Baltic –  - Riga Denmark . NASDAQ OMX Nordic –  - Lithuania Copenhagen . NASDAQ OMX Baltic –  - Vilnius Estonia . NASDAQ OMX Baltic –  - Luxembourg Tallinn . Luxembourg Stock  - Exchange Finland . NADAQ OMX Nordic –  - Netherlands Helsinki . Euronext - Amsterdam  - France Norway . Euronext – Paris  - . Oslo Børs  - . Burgundy  -

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Poland United Arab Emirates .   . Abu Dhabi Stock -  Exchange Portugal . Dubai Stock Exchange -  . Euronext - Lisbon  - Uganda Romania . Uganda Stock Exchange -  .   Russia . Moscow Stock Exchange -  3. Asia-Pacific venues Slovakia Third- . Bratislava Stock Exchange   Direct Affiliated party Access broker Slovenia broker .   Australia Spain . Australian Securities  - - . Bolsa de Madrid   Exchange - - Switzerland . Chi-X Australia  . SIX Swiss Exchange   Bangladesh United Kingdom . Dhaka Stock - -  Exchange . BATS Europe / Chi-X  - Europe China .  - Shanghai Stock - -  . Turquoise  - Exchange (inc. Shanghai-Hong Kong Stock 2. Middle East and Africa venues Connect) Hong Kong Direct Third-party . Hong Kong Stock  - -

Access broker Exchange Bahrain (inc. Shanghai-Hong Kong Stock . Bahrain Stock Exchange -  Connect) Egypt . Hong Kong  - - . -  Exchanges and Clearing . -  India . Bombay Stock - -  Israel Exchange  . Tel-Aviv Stock Exchange - . National Stock - -  Kenya Exchange . Nairobi Stock Exchange -  Indonesia Kuwait . Bursa Efek - -  . Kuwait Stock Exchange -  Indonesia Morocco Japan . Casablanca Stock -  . JASDAQ Securities -  - Exchange Exchange . Nagoya Stock -  - Nigeria Exchange  . Nigerian Stock Exchange - . Osaka Securities -  - . Qatar Stock Exchange -  . Sapporo Securities -  - Exchange Turkey . Tokyo Stock -  - . -  Exchange South Africa . Chi-X Japan -  - . Johannesburg Stock -  . SBI Japannext -  - Exchange

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Malaysia United States . - -  .  - - Pakistan . NYSE Arca  - . Karachi Stock - -  . NASDAQ  Exchange . BATS Exchange  -  - New Zealand . Blockcross . NZX Markets - -  Philippines 5. Relevant SSGMIL affiliates . Philippine Stock - -  Exchange EQ FI FUT FX Singapore Global . Singapore  - - . State Street Bank and - - -  Exchange Trust Company Sri Lanka EMEA . Colombo Stock - -  . State Street Bank GmbH - -   Exchange Asia-Pacific South Korea . State Street Global Markets     . - -  (Japan) Taiwan Americas . Taiwan Stock - -  . State Street Global     Exchange Markets, LLC Thailand . State Street Global Markets     . The Stock Exchange - -  Canada, Inc. of Thailand . Currenex, Inc. - - -  Viet Nam . Ho Chi Minh City - -  Stock Exchange All execution venues listed are available through State Street Global Markets International Limited as of October 2015. 4. Americas venues Venues are subject to periodic review and change.

Affiliated Third-party

broker broker © 2015 State Street Corporation - All Rights Reserved Brazil

. BM&F BOVESPA -  . Rio de Janeiro Stock -  Exchange Canada . Alberta Stock Exchange  - . Montreal Exchange  - . Toronto Stock Exchange  - . Vancouver Stock  - Exchange Chile . -  Columbia . Columbia Stock Exchange -  Mexico . Bolsa Mexicana de Valores -  . Stock Exchange - 

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