GemCap will have designated functions in order to aid the smooth running of the business.

These are as follows:

GemCap will produce the financial statements on behalf of GIF plc. and each of the funds. It will also produce the finances of GIF plc. and, in accordance with any mandate that may be agreed from time to time by the Board, approve or arrange the approval on behalf of the Board of the payment of any fees and expenses relating to GIF plc. and the funds submitted by the administrator.

It will also monitor GIF plc.’s capital levels on a continuous basis and ensure the Board is in a position to manage GIF plc.’s compliance with its regulatory capital requirements.

GemCap will monitor and ensure compliance of each fund with the relevant distribution strategy.

GemCap is responsible for the risk management functions and is functionally independent of portfolio management.

GemCap will be responsible for ensuring that it has a permanent, independent and effective compliance function, the ‘Compliance Officer’

GemCap will monitor the implementation of the investment policies and investment strategy of the funds through the receipt and review of investment manager reports detailed below; and to monitor investment performance on behalf of the Board in accordance with the procedures.

GemCap has a duty to identify, manage and monitor at all times all applicable operational risks of GIF plc. on behalf of the Board.

GemCap will, manage and monitor at all times, all applicable ‘Delegates’ of GIF plc. on behalf of the Board.