The Board notes the changes to the FCA rules relating to the restrictions on the retail distribution of unregulated collective investment schemes and close substitutes, which came into effect on 1 January 2014.

Following the receipt of legal advice, the Board believes that, because the Company may qualify as an investment trust if it was resident in the UK, the retail distribution of its shares should be unaffected by the proposed changes.

The Company aims to meet the requirements which would need to be satisfied, as an investment trust which could be recommended by IFAs to ordinary retail investors, in accordance with the FCA’s rules relating to non-mainstream investment products.