Under Rule 2.2.3R of the FSA's Conduct of Business Sourcebook, CDK Investments LLP ("the Firm") is required to disclose the nature of its commitment to the UK Financial Reporting Council's Stewardship Code ("the Code") or, where it does not commit to the code, its alternative investment strategy.

The Firm does not currently comply with the Code for the following reason:

The Firm has no interaction with the management of UK listed companies nor does it trade in UK listed securities on behalf of its clients; as such, the provisions of the Code do not apply to it.

Should the above change, we will review our commitment to the Code at that time and make appropriate disclosure.