The Stewardship Code, which was published by the Financial Reporting Council in July 2010, aims to enhance the quality of engagement bewteen institutional investors and investee companies by setting out out standards of good practice to promote high quality dialogue. The nature of the investments that we manage on behalf of professional clients who are not natural persons includes property (both direct and indirect) and the shares of private unlisted EIS-eligible companies. These investment types are not subject to the UK Corporate Governance Code and the associated Stewardship Code and, therefore, whilst we are supportive of the Stewardship Code, we are not required to comply with it.