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To APPROVE an investment of up
to $100 million (approximately £80 million) in an Investment Fund focussed on
high yield credit investments, consistent with the Private Debt Opportunities
Type Approval in the Special Opportunities Portfolio, subject to satisfactory
completion of outstanding legals.

Reasons for the decision

The Panel oversees the
investment of up to 5% of total assets allocated to the Special Opportunities
Portfolio (SOP).  Special Opportunities
Portfolio strategy and governance operates using a system of “Type Approvals”,
each of which details a type of investment that officers believe is appropriate
to the objectives of the Special Opportunities Portfolio.  Specific Type Approvals have received the
support of the Fund’s Management Panel. 
The Investments team is responsible for selecting managers and funds
consistent with granted Type Approvals.

The Chief Executive has delegated authority to sign off investments of
this nature.