Result of AGM

ORDINARY BUSINESS

ORDINARY RESOLUTION 1

To receive and consider the audited accounts, the Directors' report and the Auditor's report for the year ended 31 December 2017.

Result: PASSED

A vote withheld is not a vote in law and cannot be counted in the calculation of the proportion of the votes for or against a resolution. Discretionary votes were voted in favour of each resolution.

ORDINARY RESOLUTION 2

To re-elect Helen Mahy as a Director:

Result: PASSED

ORDINARY RESOLUTION 3

To re-elect Jon Bridel as a Director:

Result: PASSED

ORDINARY RESOLUTION 4

To re-elect Klaus Hammer as a Director:

Result: PASSED

ORDINARY RESOLUTION 5

ORDINARY RESOLUTION 6

That Deloitte LLP be re-appointed as auditors of the Company.

Result: PASSED

ORDINARY RESOLUTION 7

That the Directors be authorised to agree the remuneration of the auditors.

Result: PASSED

ORDINARY RESOLUTION 8

To approve the Directors' remuneration report including the remuneration policy as set out in the Annual Report.

Result: PASSED

ORDINARY RESOLUTION 9

To approve the annual remuneration of each Director for routine business of the Company, for the year ended 31 December 2018.

Result: PASSED

ORDINARY RESOLUTION 10

To approve the Company's dividend policy for the year ending 31 December 2018.

Result: PASSED

SPECIAL BUSINESS

ORDINARY RESOLUTION 11

To authorise the Directors to offer to shareholders the option to elect to receive future dividends wholly or partly in the form of further shares (whether or not of the same class) in the Company rather than cash.

Result: PASSED

ORDINARY RESOLUTION 12

To authorise the Company to make market acquisitions of up to 14.99 per cent. of its own issued Ordinary Shares.

Result: PASSED

ORDINARY RESOLUTION 13

To authorise the Directors to issue shares in the Company or to grant rights to subscribe for or to convert any security into shares in the Company.

Result: PASSED

SPECIAL

RESOLUTION

14

To approve the partial disapplication of the pre-emption rights under Article 7 of the Company's articles of incorporation, thereby giving the Directors the power to allot and issue and/or sell out of treasury up to 10 per cent. of the issued Ordinary Shares at a premium to current net asset value per share on a non-pre-emptive basis by way of tap issues.

Christopher Copperwaite

Aztec Financial Services (Guernsey) Limited

+44 (0)1481 748831