Direct and indirect by virtue of a written sub-advisory agreement pursuant to which KAR has authority to dispose of and vote any shares held on behalf of the following series of funds:
Virtus Opportunities Trust:
Virtus KAR International Small-Cap Fund
Virtus KAR Emerging Markets Small-Cap Fund
Virtus KAR International Small-Mid Cap Fund
Virtus KAR Developing Markets Fund
Virtus Equity Trust:
Virtus Tactical Allocation Fund
Virtus Variable Insurance Trust:
Virtus Strategic Allocation Series
Virtus Global Funds Plc:
Virtus GF Global Small Cap Fund