Prospectus Of Clerical Medical Open Ended Investment Company ...

The Investment Adviser is in compliance with the UK Stewardship Code in the exercise of
voting rights in the investments it holds in relation to the Funds on behalf of the ACD. Details
of the Stewardship Policy are available from the Investment Adviser.
No commission is payable to the Investment Adviser for any deal done or which could be
done on behalf of the Company. Instead, the fees payable to the Investment Adviser will be
calculated in accordance with a rate card agreed from time to time between the Investment
Adviser and the ACD. Those fees will be paid by the ACD and will not be charged to the
Company.
The Investment Adviser is authorised to enter into fee sharing arrangements with third
parties.
The Depositary
The depositary of the Company is National Westminster Bank plc (the "Depositary"), which is
incorporated in England & Wales as a public limited company. The registered and head
office of the Depositary is at 135 Bishopsgate, London EC2M 3UR. The ultimate holding
company of the Depositary is The Royal Bank of Scotland Group plc which is incorporated in
Scotland.
The principal business activity of the Depositary is banking. The Depositary is authorised
and regulated by the Financial Conduct Authority.
The Depositary provides its services under the terms of a Depositary Agreement which may
be terminated by 3 months' written notice given by either party (and may in certain
circumstances be terminated by immediate notice in writing). The Depositary is required to
carry out the duties specified in the COLL Sourcebook and the OEIC Regulations, including
responsibility for the safekeeping of all of the scheme property of the Company entrusted to
it. The terms and conditions on which it is appointed are set out in an Agreement dated 23
August 2006 between the Company, the ACD and the Depositary.
Subject to the COLL Sourcebook, the Depositary has full power to delegate (and to authorise
its delegate to sub-delegate) its duties. In particular, the Depositary has power to delegate
custody of the scheme property and , in exercise of those powers, has appointed The
Northern Trust Company as global custodian. The Depositary Agreement provides for
indemnities in favour of the Depositary, and exempts it from liability, in certain circumstances.
The Depositary's rights of indemnity are subject always to the provisions of the OEIC
Regulations and the COLL Sourcebook.
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