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Board of Directors

The Directors are responsible for the determination of the Company's investment policy and strategy and have overall responsibility for the Company's activities including the review of investment activity and performance.

Sir Henry Studholme

Chairman of the Board and Chairman of the Valuation Committee

Sir Henry Studholme was appointed as a Director on 5 January 2011. He is currently the Chairman of the Forestry Commission (England and Scotland). He has owned and managed forestry for over 20 years following a career in manufacturing and finance. He is an Engineering graduate of Cambridge University, a Chartered Accountant (FCA), a Chartered Tax Adviser (CTA) and accredited Commercial Mediator (CEDR). He has worked in an advisory role to the GB Forestry Commission for over a decade and for the last five years has been a GB Commissioner. He was Director and Chairman of the Audit Committee of Integer Ltd from 1993 to 2002, where he was Chairman from 2002 to 2007. Sir Henry was Chairman of the United Kingdom South West of England Regional Development Agency from 2009 to 2012. He is British and resident in the United Kingdom.

Ian Burns

Director and Chairman of the Audit Committee

Ian Burns is a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute Securities and Investment. He is the founder and Executive Director of Via Executive Limited, a specialist management consulting company and the managing director of Regent Mercantile Holdings Limited, a privately owned investment company. Mr. Burns is a non-executive director and audit committee chairman of London listed Twenty Four Income Fund Limited as well as a non-executive director of, Darwin Property Management (Guernsey) Limited, Premier Asset Management (Guernsey) Ltd , Azincourt Uranium Inc. and Montreux Capital Corp (both listed on the Toronto Stock Exchange). Previously Mr Burns was the Finance Director of AIM listed Polo Resources Limited, an executive director of Anson Fund Management Limited and Group Managing Director of Investec Trust. He is a current member of the Society of Trust and Estate Planners Guernsey committee and a committee member of the Guernsey Association of Trustees. He is British and resident in Guernsey.

William (“Bill”) Vanderfelt

Senior Independent Director and Chairman of the Remuneration Committee

William (“Bill”) Vanderfelt trained as a stockbroker and served as Managing Partner of the Petercam Group between 1969 and 2001. Since 2001, Mr Vanderfelt has held a considerable portfolio of non-executive directorships, primarily with investment trusts, including RENN Universal Growth Investment Trust Plc, where he remains an independent director. He is British and resident in Switzerland.

Jane Lewis

Jane Lewis was appointed as a Director in June 2015. She is an investment trust specialist who, until August 2013, was Director of Corporate Finance and Broking at Winterflood Investment Trusts. Prior to this she worked at Henderson Global Investors and Gartmore Investment Management Limited in investment trust business development and at West LB Panmure as an investment trust broker. Jane has a BA and an LLB and also holds the Securities Institute Diploma and the Investment Management Certificate. Jane is a non-executive director of Invesco Perpetual UK Smaller Companies Investment Trust plc. She is resident in the United Kingdom.



Shares offered by the Company have not been and will not be registered under the United States Securities Act of 1933 or with any securities regulatory authority of any State or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US Persons (within the meaning of Regulation S under the Securities Act). The Company has not been and will not be registered as an “investment company” under the United States Investment Company Act of 1940 and investors will not be entitled to the benefits of that Act. In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any province of Australia, Canada, Japan, the Republic of South Africa or any Excluded Territories and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the Shares may be offered, sold, pledged, renounced, distributed, transferred or delivered, directly or indirectly, into or within Australia, Canada, Japan, the Republic of South Africa or any Excluded Territories.

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