The Directors are committed to maintaining a main market standard of corporate governance and intend to comply with those aspects of the QCA Guidelines which they consider appropriate, taking into account the size of the Company and the nature of its business.

The Company's Board currently consists of three Non-Executive Directors. The Independent Directors, Jonathan Gray and Bruce Anderson are regarded by the Company as being independent of the Company, and Pacific Investments, and are free from any business or other relationship that could materially interfere with the exercise of their independent judgment.

Although the Board will have responsibility for the Investment Objectives, policies and strategies, the Company has entered into an Investment Management Agreement under which the Manager is responsible for advising the Company on the management of the Company’s assets in accordance with its Investment Objectives policies and strategies. The Board intends to meet at least quarterly and more frequently as required. All the Directors will have access to the advice and services of the Company Secretary and will be able to gain access to external independent advice should they wish to do so.

The Board will be supplied with regular and timely information concerning the activities of the Company from management so that it is able to exercise its responsibilities and control functions in a proper and effective manner.