Director Subcommittees and Responsibilities

As a Guernsey incorporated company and under the AIM rules for companies, the Company is not required to comply with the new Combined Code published by the Financial Reporting Council (the "2005 FRC Code"). The Directors, however, place a high degree of importance on ensuring that high standards of Corporate Governance are maintained and that the Company complies with the Guidance on Corporate Governance in the Finance Sector in Guernsey, issued by the Guernsey Financial Services Commission. As a result, many of the principles set out in the 2005 FRC Code have been adopted.

The Audit Committee is comprised of Nicholas Wilson (Chairman), Quentin Spicer, Peter Hodson and Christopher Whetherhill. It meets at least twice a year and provides a forum through which the Company's auditors report to the board.

The Management Engagement Committee is comprised of Christopher Wetherhill (Chairman), Quentin Spicer, Peter Hodson and Nicholas Wilson. It meets at least once a year and its function is to monitor the performance of the Company's Investment Manager and Administrator in the management of the Company's affairs.

The Nomination Committee is comprised of Peter Hodson (Chairman), Quentin Spicer, Nicholas Wilson and Christopher Wetherhill. It meets at least once a year and its function is to consider the appointment and reappointment of Directors.