The AIS Index Committee is therefore responsible for the governance of the Index Managers, and to review the recommendations made by each Index Manager and to ensure that the recommendations are consistent with sound investment theory and with the predetermined objective and methodology for that index.

Specific approval items reviewed by the Index Committee include, for each AlphaCycle Index:

• Investment objective and rationale;
• Manager selection methodology, as presented by the Index Manager;
• Index construction methodology;
• Index constituency, including any historical results; and
• Modifications to either index constituency or construction methodology