Proxy Voting Policy

Delta is expressly precluded from voting proxies for securities held in the Account, and the Client understands and agrees that Delta will not take any action or render any advice with respect to the voting of proxies for securities held in the Account. The Client will appoint the Custodian or each Manager to vote proxies on behalf of the Client. The Custodian will forward copies of proxy materials, annual reports, interim reports of earnings or other similar materials it receives that pertain to Assets held in the Account to the Manager or such person as the Client designates. Delta or the Managers will not be obligated to render advice or take any action on behalf of Client with respect to securities currently or formerly held in the Accounts, or the issuers thereof, which become the subject of any legal proceedings, including class actions and bankruptcies.

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