PAYDEN US DOLLAR LIQUIDITY FUND - UCITS 31 JANUARY 2016 FUND HIGHLIGHTS & STRATEGY MARKET § Invests in short-term investment-grade US dollar-denominated instruments § The year began with heightened market volatility on concerns over economic conditions and a continued slide in oil prices. The Federal Reserve left the Fed Funds rate unchanged, but has not ruled out another hike in March. Two-year maturity Treasuries ended the month at 0.77%. § Fund investments in US Government and agency securities provide high degree of liquidity § Over $100 billion was issued in the primary markets for investment-grade corporate securities, but could have been higher as some issuers stood down given the market conditions. Commodity-sensitive businesses led the declines in the corporate sector. § Diversified portfolio holdings § Moody’s placed 55 metals and mining companies on review for a downgrade, adding to the challenging environment that these companies operate in. OUTLOOK § The Federal Open Market Committee should continue to raise the Fed funds target if solid economic data persists, hiking at least twice this year. TRAILING RETURNS - USD DISTRIBUTING SHARE CLASS 0.6% 0.54% 0.54% § An increase in corporate leveraging, in addition to mergers and acquisitions activities, will provide opportunities to benefit from total return potential through new issue concessions in the primary markets. 0.5% 0.4% 0.3% 0.20% 0.2% 0.1% 0.0% 0.09% 0.00% YTD (31.01.16) § High levels of volatility will persist as the uncertainty over monetary policy, geopolitical factors and regulatory changes affect market dynamics. 0.00% Jan 16 1 Year 3 Year 5 Year Since Inception (01.07.07) SECTOR ALLOCATION Asset-Backed Mortgage-Backed 1% 6% Money Markets 25% CREDIT ALLOCATION DOMICILE OF ISSUERS Euroland 5% Other 5% Scandinavia 2% UK 5% BBB 19% Corporates 40% AAA 56% A 19% Government/ Gov't Related 28% AA 6% US 83% . PAYDEN US DOLLAR LIQUIDITY FUND - UCITS THREE-MONTH DURATION BOND YIELDS** 31 JANUARY 2016 SHARE CLASS USD DISTRIBUTING USD ACCUMULATING ISIN Number SEDOL Number IE00B019WW11 B019WW1 IE00B07QVV83 B07QVV8 Bloomberg Reference Inception Date Irish Stock Exchange Listed UCITS Compliant PAYGLEQ ID 01 JUL 2007 PAYGLUA ID 01 JUL 2007 Yes Yes Yes Yes 0.8 Liquidity Share Classes ‡ Daily Daily CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD 0.6 Minimum Initial Investment $1,000,000 $1,000,000 0.4 PORTFOLIO ANALYTICS Fund Credit Rating Effective Duration AA 0.5 years AA 0.5 years EXPENSES Management Fee Maximum Total Expense Ratio (TER) 0.10% 0.16% 0.10% 0.16% US Dollar Liquidity Universe 1.6 1.4 Yield (%) 1.2 Money Market Universe 1.0 0.2 0.0 Treasury Bills Treasury FRN* Agency Discount Notes Financial Commercial Paper Industrial Commercial Paper “A” Corporate Fixed “A2/P2” Commercial Paper “BBB” Corporate Fixed “A” Corporate Floating * 1-day duration ** Yields are subject to change and are not guaranteed Source: Bloomberg, Payden & Rygel, as of 31.12.2015 ‡ Other currency share classes are available. INVESTMENT MANAGER Payden & Rygel has served the needs of institutional and individual investors for over a quarter century. We offer a full array of investment strategies and products, including fixed income, equity, balanced, and absolute return portfolios, to a varied global client base. While we have grown and expanded our strategies since our inception, we are committed to our mission of providing customized investment management services focusing on each client’s specific needs and objectives. Mark H. Stanley Senior Portfolio Director +44 207 621 3009 mhstanley@payden.com Headquarters: Los Angeles Assets Under Management: $95 billion Founded: 1983 This material has been prepared by Payden & Rygel Global Limited, a company authorised and regulated by the Financial Conduct Authority. It is directed exclusively at professional investors or eligible parties and counterparties as defined by the rules of the Financial Conduct Authority and is not intended for use by retail investors.

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