Man Group--applicable to its subgroups including GLG Partners--maintains a Conflicts of Interest Policy that sets out circumstances which constitute or may give rise to a conflict of interest and the procedures to be followed and measures to be adopted in order to manage such conflicts.

The Policy aims to ensure that Man pays due regard to the interests of each client and manages any potential conflicts of interest fairly and effectively. This will specifically apply when Man has, or may have, a conflict of interest between:

 - itself and the duty owed to its client;

 - firms connected to Man and the duty owed to Man’s client; and

 - one client and another client.

Reasonable steps are taken to identify conflicts of interest that arise in the course of Man providing any service and may result in a material risk of damage to a client. It is the responsibility of all personnel to report any actual, apparent or potential conflicts of interest which they have identified to their manager and Compliance.

Man regularly reviews and where appropriate updates the Conflicts of Interest Register and Policy.