Corporate update

under the laws of Guernsey with registration number 45582 (the “Company”) Corporate Update It is now approximately twelve months since the completion of the corporate action in late 2019.  Since that date, the Board of the Company has sought to implement the measures set out in the Company’s circular dated 8 October 2019 (the “ Circular”) to seek to address the discount to net asset value at which the Company’s shares trade. This includes a renewed buyback programme pursuant to which the Company has repurchased 1,629,532 ordinary shares representing circa 10.5% per cent. of the Company’s issued share capital, alongside improving shareholder communications through an updated website and revised newsletters.