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Regulatory Documents

Proxy Voting Guidelines

Excel Funds Mangagement Inc. (“Excel Funds”), is pleased to provide the proxy voting policies and records of its mutual funds. A pioneer dedicated to emerging market investing, Excel Funds understand that their proxy voting decisions may affect the value of shareholding.

Subject to compliance with applicable securities legislation, Excel Funds, in its capacity as manager, acting on each Fund's behalf, has the right to vote proxies relating to the issuers of each Fund's portfolio securities. In certain circumstances, Excel Funds may delegate this function to a Fund's portfolio advisor or sub-advisor as part of such advisor' s discretionary authority to manage the Fund's assets. In all cases, proxies must be voted in a manner consistent with the best interests of the Fund and its securityholders.

Generally, proxies will be voted with management of an issuer on routine business, otherwise a Fund will not own or maintain a position in the securities of that issuer. Examples of routine business applicable to an issuer are: voting on the size, nomination and election of the board of directors, and the appointment of auditors. All other special or non-routine matters will be assessed on a case-by-case basis with a focus on the potential impact of the vote on the value of a Fund's investment in that issuer. Examples of such special or non-routine matters may include: corporate restructuring plans, shareholder proposals, lock-up arrangements and stock-based compensation plans. These matters are brought to the attention of the portfolio manager(s) of the applicable Fund, and, after assessment, the portfolio manager(s) will direct that such matters be voted in a way that he or she believes will better protect or enhance the value of the investment for the Fund.

Should a situation arise where there may be a conflict of interest, the procedures for voting issuers' proxies include escalation of the issue to members of the Independent Review Committee, all of whom are independent of Excel Funds, for its consideration and recommendation. The responsibility however, for deciding how to vote a Fund's proxies and for exercising the vote remains with Excel Funds.

For your convenience, our proxy voting records are available on our website on an annual basis, no later than August 31, for the period of July 1 to June 30 of each year. Should you have difficulty locating a proxy voting record of a fund, it may be due to the fact that no record is maintained due to the particular circumstances of the fund. For example, no proxy voting records are available for funds that invests exclusively in other Excel Funds or for a fund that does not invest in equity securities. As well, no record may be available for a fund launched after June 30th. Funds launched after June 30th will have their proxy records disclosed no later than August 31 of the subsequent annual period.

The current proxy voting policies and procedures of Excel Funds and the investment sub-advisors will be available to securityholders on request, at no cost, by calling toll-free 1-888-813-9813.